Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
18 July 2005




                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 15 July 2005, the Company purchased for cancellation 400,000 ordinary shares
at a price of 384.60p, bringing the total number of ordinary shares bought back
to 67,144,885.

There remain 293,575,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    15 July 2005


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