Directorate Change

Scottish Mortgage Inv Tst PLC
02 July 2004


                     Scottish Mortgage Investment Trust PLC


                              Retiral of Director


The Board of Scottish Mortgage Investment Trust PLC announce that The Earl of
Portarlington retired from the Board at the conclusion of the Annual General
Meeting held on 1 July 2004.


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    02 July 2004


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