Net Asset Value(s)

Scottish Mortgage Inv Tst PLC
03 January 2006


                             Scottish Mortgage Investment Trust PLC       30 December 2005

                    Net Asset Value  at BID with Debentures at Par:                552.37p
           Net Asset Value at BID with Debentures at Market Value*:                524.16p
                     Net Asset Value at MID with Debentures at Par:                553.40p
           Net Asset Value at MID with Debentures at Market Value*:                525.19p





*As of 1 January 2006 all Net Asset Values will be calculated using closing bid
market prices.










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