Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
20 March 2008

                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 20 March 2008, the Company purchased 60,000 ordinary shares at a price of
580.147p.  The shares purchased will be held in Treasury. The total number of
ordinary shares bought back amounts to 86,730,103.

Following the purchase of the above shares 273,989,897 ordinary shares of 25p
each will remain in issue. A total of 10,356,279 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 (273,989,897) 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

                                                                   20 March 2008


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