Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
16 July 2007


                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities


On 13 July 2007, the Company purchased 516,086 ordinary shares at a price of
615.07p.  The shares purchased will be held in Treasury. The total number of
ordinary shares bought back amounts to 84,599,910.

Following the purchase and cancellation of the above shares 276,120,090 ordinary
shares of 25p each will remain in issue. A total of 8,226,086 shares which have
been purchased by the Company are being held in Treasury.  Shares will only be
re-sold from Treasury at (or at a premium to) the Net Asset Value per Ordinary
share.

The above figure (276,120,090) may be used by shareholders as the denominator
for the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, Scottish Mortgage
Investment Trust PLC under the FSA's Disclosure and Transparency Rules.


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    16 July 2007



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