Special Resolutions Passed

Scottish Mortgage & Trust PLC
09 July 2003

               THE SCOTTISH MORTGAGE & TRUST PLC (THE 'COMPANY')

                         PASSING OF SPECIAL RESOLUTIONS



At the ninety-fourth Annual General Meeting of the Company held on 3 July 2003,
shareholders approved the following special resolutions:

•        A resolution renewing the Company's authority to make market purchases
of up to 14.99 per cent of the Company's current issued share capital, being
44,566,036 shares. Such authority unless previously varied, revoked or renewed
will expire at the conclusion of the Annual General Meeting of the Company to be
held in 2004 or 2 January 2005, whichever is the earlier. Future purchases of
shares will only be made at prices which, after allowing for costs, will enhance
the net asset value of the Company. Under the previous share buy-back authority
granted on 4 July 2002 the Company made market purchases for cancellation of
10,004,573 shares, representing 3.26 per cent of the 14.99 per cent authority
granted at that date.



•        That, the name of the Company be changed to 'Scottish Mortgage
Investment Trust PLC' with effect from such date as the Directors shall
determine, not being later than 31 August 2003.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     9 July 2003


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