Director Shareholding

Scottish Mortgage & Trust PLC
13 September 2002



Schedule 11 - Notification of interests of Directors and Connected Persons.

 1. Name of Company:

The Scottish Mortgage & Trust PLC

 2. Name of Director:

Lord Sanderson of Bowden

 3. Please state whether notification indicates that it is in respect of holding
    of the director named in 2 above or holding of that person's spouse or
    children under the age of 18 or in respect of a non-beneficial interest:

Non Beneficial

 4. Name of registered holder(s) and, if more than one holder, the number of
    shares held by each of them (if notified):

Lady Sanderson

 5. Please state whether notification relates to a person(s) connected with the
    director named in 2 above and identify the connected person(s):

N/A

 6. Please state the nature of the transaction. For PEP transactions please
    indicate whether general/single co PEP and if discretionary/non
    discretionary:

N/A

 7. Number of shares/amount of stock acquired.

N/A

 8. Percentage of issued class:

N/A

 9. Number of shares/amount of stock disposed:

ECW Trust Fund:       13,750

FGR Trust Fund:       13,750

CDRS Trust Fund:       5,000

10. Percentage of issued class:

0.0107%

11. Class of security:

Ordinary 25p shares

12. Price per share:

270.00p

13. Date of transaction:

12 September 2002

14. Date company informed:

12 September 2002

15. Total holding following this notification:

Beneficial: 65,939

Non Beneficial: 2,000

16. Total percentage holding of issued class following this notification:

Beneficial: 0.0216%

Non Beneficial: 0.0007%

17. Contact name for queries:

Simon Marriott

18. Contact telephone number:

0131 222 4076


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