Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
19 July 2004

                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 16 July 2004, the Company purchased for cancellation 1,700,000 ordinary
shares at a price of 287.00p, bringing the total number of ordinary shares
bought back to 65,114,885.

There remain 295,605,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    16 July 2004


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