Director Shareholding

Scottish Mortgage Inv Tst PLC
28 January 2005


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:

     DIRECTOR AND SPOUSE

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):

     SEE 3 ABOVE

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.

     TRANSFER OF 220,000 ORDINARY SHARES FROM SPOUSE

8.   Percentage of issued class:

     0.0744%

9.   Number of shares/amount of stock disposed:

     SEE 7

10.  Percentage of issued class:

     N/A

11.  Class of security:

     ORDINARY 25P SHARES

12.  Price per share:

     N/A  TRANSFER FROM SPOUSE

13.  Date of transaction:

     28th January 2005

14.  Date company informed:

     28th January 2005

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: Doreen Nic, Baillie Gifford & Co., 0131 275 3179



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