Dividend Declaration

Scottish Mortgage Inv Tst PLC
26 February 2004

                     Scottish Mortgage Investment Trust PLC

                            Second Interim Dividend

As indicated in October, the Board of Scottish Mortgage Investment Trust PLC
announces that it is declaring a second interim dividend of 4.40p pence per
share in respect of the year to 31 March 2004 to enable PEP and ISA holders to
make a final reclaim of tax before the advantage is abolished.

This dividend will be paid on 1 April 2004 to shareholders on the register on 12
March 2004.

The Board has indicated that the total for the year is likely to rise in line
with the 4.8% increase in the first payment as announced on 30 October 2003.


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                26 February 2004


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