Director Shareholding

Scottish Mortgage & Trust PLC
10 October 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:

Director & Lady Sanderson of Bowden (spouse)

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

Lord Sanderson of Bowden

Lady Sanderson of Bowden

 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:

Lord Sanderson ISA                           6 shares

Lady Sanderson ISA                          10 shares

Lady Sanderson Mixed PEP                     5 shares

Lady Sanderson PEP                          24 shares

 7. Number of shares/amount of stock acquired.

45

 8. Percentage of issued class:

0.00001%

 1. Number of shares/amount of stock disposed:

N/A

 2. Percentage of issued class:

N/A

 3. Class of security:

Ordinary 25p shares

 4. Price per share:

260.00p

 5. Date of transaction:

20 September 2002

 6. Date company informed:

09 October 2002

 7. Total holding following this notification:

Beneficial: 65,984

Non Beneficial: 2,000

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

Beneficial: 0.0217%

Non Beneficial: 0.0007%

 9. Contact name for queries:

Simon Marriott

10. Contact telephone number:

0131 222 4076


                      This information is provided by RNS
            The company news service from the London Stock Exchange