Change of Name

Scottish Mortgage & Trust PLC
01 August 2003

              THE SCOTTISH MORTGAGE AND TRUST PLC (THE 'COMPANY')

                                 CHANGE OF NAME

                                 1 August 2003

With effect from today (Friday 1 August 2003), as approved at the Annual General
Meeting of the Company held on 3 July 2003, the Company has changed it's name
from 'The Scottish Mortgage and Trust PLC' to 'Scottish Mortgage Investment
Trust PLC'. This change seeks to clarify the nature of the Company for the
retail investor market.

                                     -ends-

Baillie Gifford manages £1.8 billion in six investment trusts:

Scottish Mortgage Investment Trust PLC
The Monks Investment Trust PLC
Mid Wynd International Investment Trust PLC
The Baillie Gifford Japan Trust PLC
Baillie Gifford Shin Nippon PLC
Pacific Horizon Investment Trust PLC

For further information, please contact:

Robert O'Riordan
Baillie Gifford & Co                   0131 222 4000

Katie Singleton / Roland Cross
Broadgate                              020 7726 6111

or visit our website: www.bailliegifford.com

Baillie Gifford & Co and Baillie Gifford & Co Ltd are authorised and regulated
by the Financial Services Authority.

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