Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
22 June 2005

                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 21 June 2005, the Company purchased for cancellation 600,000 ordinary shares
at a price of 357.10p, bringing the total number of ordinary shares bought back
to 66,744,885.

There remain 293,975,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    22 June 2005


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