Scottish Mortgage Investment Trust PLC

Legal Entity Identifier: 213800G37DCS3Q9IJM38

Allotment of Shares from Treasury

On 23 May 2017, owing to demand in the market, the Company announces the issuance of 850,000 Ordinary Shares of 5p each fully paid from Treasury.  Following the issuance there will be 1,377,269,485 Ordinary Shares in issue (excluding the remaining 44,461,395 shares held in Treasury).  These shares were issued for cash on 23 May 2017 at a price of 388.2p per share and at a premium to the prevailing net asset value.

Baillie Gifford & Co Limited

Company Secretaries

23 May 2017

Regulated Information Classification: Acquisition or disposal of the

issuer's own shares