Transaction in Own Shares

Scottish Mortgage Inv Tst PLC
28 October 2005


                     Scottish Mortgage Investment Trust PLC

                           Purchase of Own Securities

On 28 October 2005, the Company purchased for cancellation 1,500,000 ordinary
shares at a price of 397.0p, bringing the total number of ordinary shares bought
back to 71,944,885.

There remains 288,775,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 28 October 2005


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