Director Shareholding

Scottish Mortgage Inv Tst PLC
25 March 2004


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

1.   Name of Company:

SCOTTISH MORTGAGE INVESTMENT TRUST PLC

2.   Name of Director:

GEOFFREY ARTHUR BALL

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):



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:

SALE FROM PERSONAL PENSION

PURCHASE IN OWN NAME

7. Number of shares/amount of stock acquired.

9,000

8. Percentage of issued class:

0.003%

9. Number of shares/amount of stock disposed:

9,000

10. Percentage of issued class:

0.003%

11. Class of security:

ORDINARY 25P SHARES

12. Price per share:

300.50p

13. Date of transaction:

      24 MARCH 2004

14. Date company informed:

      24 MARCH 2004

15. Holding following this notification:

      BENEFICIAL: 19,000

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

      0.006%

17. Contact: Simon Marriott, Baillie Gifford & Co., 0131 275 3177










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