Statement re investm't policy

Scottish Mortgage Inv Tst PLC
07 October 2003

                     SCOTTISH MORTGAGE INVESTMENT TRUST PLC

                         STATEMENT RE INVESTMENT POLICY

In anticipation of impending changes to the Listing Rules, the Board of Scottish
Mortgage Investment Trust PLC announces that it has a policy to invest no more
than 15% of gross assets in other listed investment companies.


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  7 October 2003


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