Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
22 August 2006



                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities


On 22 August 2006, the Company purchased for cancellation 450,000 ordinary
shares at a price of 477.66p, bringing the total number of ordinary shares
bought back to 76,823,824.

There remains 283,896,176 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  22 August 2006


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