Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
12 October 2005

                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 12 October 2005, the Company purchased for cancellation 3,000,000 ordinary
shares at a price of 409.50p, bringing the total number of ordinary shares
bought back to 70,444,885.

There remains 290,275,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 12 October 2005


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