Directorate Change

Scottish Mortgage Inv Tst PLC
26 February 2004

                     Scottish Mortgage Investment Trust PLC

                            Appointment of Directors

               Michael Gray and Lord Strathclyde join the Board.

The Board of Scottish Mortgage Investment Trust PLC announces the appointment of
Michael Gray and The Rt. Hon. Lord Strathclyde as Directors of the Company with
effect from 26 February 2004.

Dr Michael Gray OBE DL, 56, comes from Galashiels. As Chairman and Chief
Executive he led the growth of McQueen International over a 17 year period as it
evolved from being a printing company into a global enterprise providing a range
of support services to technology companies. On McQueen's acquisition, he become
Senior Vice President of Sykes Enterprises Inc., a global NASDAQ quoted
outsourcing services company. He retired from Sykes in 1999 and currently has
many business, community, charity and sporting interests and responsibilities.
He is a Director of the Scottish Community Foundation and a former Director of
Scottish Enterprise.

Lord Strathclyde, 44, is currently the Leader of the Opposition in the House of
Lords. His parliamentary career to date includes extensive ministerial
experience at the Departments of Employment, the Environment, Trade and Industry
and the Scottish Office. Prior to entering politics in 1988 as a Government
Whip, Lord Strathclyde worked in the City for the insurance brokers, Bain Dawes.
Lord Strathclyde is also Chairman of London based hedge fund manger Trafalgar
Capital Management and a Director of Trafalgar Asset Management Limited.

The Chairman of Scottish Mortgage Investment Trust, Sir Donald MacKay,
commented:

'I am very happy to welcome two such impressive individuals to the Board.  It is
increasingly important that investment trust boards have strong and
independently minded directors to represent the best interests of shareholders.
 Michael and Thomas both have first class records of achievement along with
excellent experience of the worlds of industry and politics respectively.  They
will add real depth and breadth to our Board.'

Both appointments fall to be ratified at the Annual General Meeting of the
Company to be held in July 2004.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                26 February 2004


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