Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
29 July 2005

                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 28 July 2005, the Company purchased for cancellation 100,000 ordinary shares
at a price of 390.00p, bringing the total number of ordinary shares bought back
to 67,244,885.

There remain 293,475,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    29 July 2005


                      This information is provided by RNS
            The company news service from the London Stock Exchange     
POSPKCKQCBKKOOB