Director Shareholding

Scottish Mortgage & Trust PLC
03 December 2002


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

 1. Name of Company:

The Scottish Mortgage & Trust PLC

 2. Name of Director:

Lord Sanderson of Bowden

 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 & Lady Sanderson of Bowden (spouse)

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

Lord Sanderson of Bowden

Lady Sanderson of Bowden

 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:

Lord Sanderson ISA                          20 shares

Lady Sanderson ISA                          40 shares

Lady Sanderson Mixed PEP                    21 shares

Lady Sanderson PEP                          95 shares

 7. Number of shares/amount of stock acquired.

176

 8. Percentage of issued class:

0.00006%

 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:

266.50p

13. Date of transaction:

29 November 2002

14. Date company informed:

03 December 2002

15. Total holding following this notification:

Beneficial: 66,160

Non Beneficial: 2,000

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

Beneficial: 0.022%

Non Beneficial: 0.0007%

17. Contact name for queries:

Simon Marriott

18. Contact telephone number:

0131 222 4076


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