Director Shareholding

Scottish Mortgage Inv Tst PLC
22 September 2003

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

 1. Name of Company:

SCOTTISH MORTGAGE INVESTMENT TRUST PLC

 2. Name of Director:

JOHN 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:

BENEFICIAL

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

COGENT NOMINEES LIMITED

 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

 7. Number of shares/amount of stock acquired.

3

 8. Percentage of issued class:

0.000001%

 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:

295.00p

13. Date of transaction:

19 SEPTEMBER 2003

14. Date company informed:

22 SEPTEMBER 2003

15. Total holding following this notification:

BENEFICIAL: 5,802

(2,162 MR SCOTT, 3,640 MRS SCOTT)

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

0.00195%

17. Contact: Simon Marriott, Baillie Gifford & Co., 0131 222 4076












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