Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
01 March 2007

                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 28 February 2007, the Company purchased 525,000 ordinary shares at a price of
545.6p.  The shares purchased will be held in Treasury. The total number of
ordinary shares bought back amounts to 78,558,824.

There remains 282,161,176 ordinary shares in issue.  A total of 2,185,000 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.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   01 March 2007


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