Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
22 May 2006



                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 19 May 2006, the Company purchased for cancellation 898,939 ordinary shares
at a price of 469.98p, bringing the total number of ordinary shares bought back
to 76,373,824.

There remains 284,346,176 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     22 May 2006


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