Director Shareholding

Scottish Mortgage Inv Tst PLC
03 November 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.

2,523

 8. Percentage of issued class:

0.000849%

 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:

298.00p

13. Date of transaction:

      31 OCTOBER 2003

14. Date company informed:

      3 NOVEMBER 2003

15. Holding following this notification:

      BENEFICIAL: 15,421

      (11,781 MR SCOTT; 3,640 MRS SCOTT)

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

      0.00519%

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










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