Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
09 May 2005

                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 6 May 2005, the Company purchased for cancellation 380,000 ordinary shares at
a price of 332.02p, bringing the total number of ordinary shares bought back to
65,494,885.

There remain 295,225,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     09 May 2005


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