Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
17 May 2006

                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 16 May 2006, the Company purchased for cancellation 580,000 ordinary shares
at a price of 489.66p, bringing the total number of ordinary shares bought back
to 75,474,885.

There remains 285,245,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     16 May 2006


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