Director Shareholding

Scottish Mortgage Inv Tst PLC
04 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:

MICHAEL MAXWELL GRAY

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):

TURCAN CONNELL NOMINEES

 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:

N/A

 7. Number of shares/amount of stock acquired.

1,000

 8. Percentage of issued class:

0.00034%

 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:

313.70p

13. Date of transaction:

      2 MARCH 2004

14. Date company informed:

      4 MARCH 2004

15. Holding following this notification:

      BENEFICIAL: 272,900

      NON BENEFICIAL: 12,500

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

      0.096%

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










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