Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
23 October 2007




                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities


On 22 October 2007, the Company purchased 600,000 ordinary shares at a price of
668.07p. The shares purchased will be held in Treasury. The total number of
ordinary shares bought back amounts to 85,879,757.

Following the purchase and cancellation of the above shares 274,840,243 ordinary
shares of 25p each will remain in issue. A total of 9,505,933 shares which have
been purchased by the Company are being held in Treasury. Shares will only be
re-sold from Treasury at (or at a premium to) the Net Asset Value per Ordinary
share.

The above figure (274,840,243) may be used by shareholders as the denominator
for the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, Scottish Mortgage
Investment Trust PLC under the FSA's Disclosure and Transparency Rules.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 23 October 2007


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