Scottish Mortgage Investment : Inv Tst PLC - Issue of Equity

Scottish Mortgage Investment Trust PLC

Allotment of Shares from Treasury

On 19 December 2014, owing to demand in the market, the Company announces the issuance of 800,000 Ordinary Shares of 5p each fully paid from Treasury.  Following the issuance there will be 1,236,574,485 Ordinary Shares in issue (excluding the remaining 185,156,395 shares held in Treasury).  These shares were issued for cash on 19 December 2014 at a price of 245p per share and at a premium to the prevailing net asset value.

Baillie Gifford & Co Limited

Company Secretaries

19 December 2014