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6 October 2003

THE SCOTTISH INVESTMENT TRUST PLC
ANNOUNCEMENT OF APPOINTMENT OF NEW CHAIRMAN AND NEW MANAGER

The Scottish Investment Trust PLC (SIT) is pleased to announce that Mr Douglas McDougall, OBE has been appointed non-executive Chairman of the Company with effect from Monday 6 October 2003. Mr McDougall is a former Senior Partner of Baillie Gifford & Co., and former Chairman of IMRO and the Association of Investment Trust Companies.

With the appointment of his successor, Sir Angus Grossart now retires from the Board.

Scottish Investment Trust also announces the retirement of Ian McLeish as Manager with effect from 31 December 2003. He has served SIT for 30 years, including 17 as Joint Manager and Manager. He will be succeeded by John Kennedy who is currently Head of Investment.

Sir George Mathewson, Chairman of the Nomination Committee commented:

“We conducted a very thorough search to find the right Chairman to succeed Sir Angus. We are delighted that Douglas has agreed to accept the appointment. His experience and knowledge of the industry will be a great asset to us in the years ahead. We are also delighted to have someone of John's ability as our new Manager when Ian retires.

The Board extends its thanks to Sir Angus for his commitment and leadership as a Director and Chairman over the years and to Ian for his long and substantial contribution to SIT.”

Enquiries:

Sir George Mathewson
Tel: 0131 523 5800

Angus Maitland
Tel: 020 7379 5151

Notes:

Douglas McDougall

Age
59

1965
Graduated from Oxford University

1965
Joined Baillie Gifford & Co

1969
Partner, Baillie Gifford & Co

1989-1999
Joint Senior Partner, Baillie Gifford & Co

Former Chairman of IMRO, of the Association of Investment Trust Companies and of The Institutional Fund Managers Association. Chairman of the Law Debenture Corporation plc, 3i Bioscience Investment Trust plc, Foreign & Colonial Eurotrust plc, The Independent Investment Trust plc and Pacific Horizon Investment Trust plc. A director of The Herald Investment Trust plc and The Monks Investment Trust plc.

No information is required to be disclosed under paragraphs 6F2(b) to (g) of the Listing Rules.

John Kennedy

Age
40

1986
Graduated from St Andrews University.

1986-1991
Corporate banking London and Edinburgh mainly with Barclays. Qualified as Associate of Chartered Institute of Bankers

1991-1992
MBA, Edinburgh University Management School

1992-2003
The Scottish Investment Trust PLC

Direct experience on UK, European and US portfolios. Head of Investment since April 2002.

Associate of UK Society of Investment Professionals