Director Shareholding

Scottish Mortgage & Trust PLC
15 July 2002



Schedule 11 - Notification of interests of Directors and Connected Persons.


 1. Name of Company:

    The Scottish Mortgage & Trust PLC

 2. Name of Director:

    Mr JPHS Scott

 3. Please state whether notification indicates that it is in respect of holding
    of the director named in 2 above or holding of that person's spouse or
    children under the age of 18 or in respect of a non-beneficial interest:

    Director

 4. Name of registered holder(s) and, if more than one holder, the number of
    shares held by each of them (if notified):

    Mr JPHS Scott

 5. Please state whether notification relates to a person(s) connected with the
    director named in 2 above and identify the connected person(s):

    N/A

 6. Please state the nature of the transaction. For PEP transactions please
    indicate whether general/single co PEP and if discretionary/non
    discretionary:

    ISA A/C

 7. Number of shares/amount of stock acquired.

    27

 8. Percentage of issued class:

    0.00001%

 9. Number of shares/amount of stock disposed:

    N/A

10. Percentage of issued class:

    N/A

11. Class of security:

    Ordinary 25p shares

12. Price per share:

    293.00p

13. Date of transaction:

    12 July 2002

14. Date company informed:

    15 July 2002

15. Total holding following this notification:

    Beneficial: 2,115

16. Total percentage holding of issued class following this notification:

    Beneficial: 0.0007%

17. Contact name for queries:

    Simon Marriott

18. Contact telephone number:

    0131 222 4076



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