Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
03 August 2005

                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 3 August 2005, the Company purchased for cancellation 200,000 ordinary shares
at a price of 391.00p, bringing the total number of ordinary shares bought back
to 67,444,885.

There remain 293,275,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   3 August 2005


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