Director Shareholding

Scottish Mortgage & Trust PLC
21 July 2003


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

 1. Name of Company:

THE SCOTTISH MORTGAGE & TRUST PLC

 2. Name of Director:

JOHN SCOTT

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:

BENEFICIAL

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

COGENT NOMINEES LIMITED

 4. 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

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

INVESTMENT TRUST SHARE PLAN

 6. Number of shares/amount of stock acquired.

30

 7. Percentage of issued class:

0.00001%

 8. Number of shares/amount of stock disposed:

N/A

 9. Percentage of issued class:

N/A

10. Class of security:

ORDINARY 25P SHARES

11. Price per share:

273.00p

12. Date of transaction:

11 JULY 2003

 1. Date company informed:

21 JULY 2003

 2. Total holding following this notification:

2,159

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

0.0007%

 4. Contact: Simon Marriott, Baillie Gifford & Co., 0131 222 4076






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