Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
30 December 2005

                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 30 December 2005, the Company purchased for cancellation 200,000 ordinary
shares at a price of 476.0p, bringing the total number of ordinary shares bought
back to 72,144,885.

There remains 288,575,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                30 December 2005


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