AGM Statement

Scottish Mortgage Inv Tst PLC
01 July 2005


                     Scottish Mortgage Investment Trust PLC

                                 AGM Statement


At the 96th Annual General Meeting of Scottish Mortgage Investment Trust PLC
held on 30 June 2005, the Manager, James Anderson said that that, in his view,
there was currently an abundance of good investment opportunities available to
global trusts.  This view was largely driven both by the continuing rapid
development of a number of large economies including those of China, India and
Brazil and also by the prospect of continued and sustained earnings growth from
well managed businesses throughout the world.

The Chairman, Sir Donald MacKay, noted that this optimistic view had been
reflected in the Company's performance in the current financial year to date.
Since 31 March 2005 net asset value (NAV) had increased by 8% while the
Benchmark Index, consisting of 50% FTSE All-Share Index and 50% FTSE World Ex-UK
Index in sterling terms, had risen by 5%.  Over the twelve months to the date of
the meeting, NAV had risen by 22% and the Benchmark by 13%.

All of the Resolutions that were put to the meeting were passed.


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     1 July 2005


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