Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
08 June 2005

                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities


On 7 June 2005, the Company purchased for cancellation 650,000 ordinary shares
at a price of 352.00p, bringing the total number of ordinary shares bought back
to 66,144,885.

There remain 294,575,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    08 June 2005


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