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27 January 2006

The Scottish Investment Trust PLC

Annual General Meeting 27 January 2006

At the Company's annual general meeting today John Kennedy, Manager, gave a presentation on the Company's results for the year to 31 October 2005.

All resolutions before the meeting were passed including an ordinary resolution to amend the Company's objectives to the following:

"to provide investors, over the longer term, with above average returns through a diversified portfolio of international equities and to achieve dividend growth ahead of UK inflation."

The following was passed as a special resolution:-

"THAT the Company is authorised, in accordance with S166 of the Companies Act 1985 ("the Act") and in substitution for any pre-existing such authority other than the authority being sought at the EGM being convened by the notice in a circular to shareholders dated on or about 21 December 2005 ("the Circular"), to make market purchases (within the meaning of S163(3) of the Act) of ordinary stock units of 25p each ("ordinary stock units"), provided that:

1. the maximum number of ordinary stock units hereby authorised to be purchased shall be 14.99% of the issued ordinary stock immediately following completion of the repurchase by the Company of its own stock pursuant to the Tender Offer set out in the Circular or, if applicable, on the lapsing of the said Tender Offer;
2. the minimum price which may be paid for an ordinary stock unit shall be 25p;
3. the maximum price (exclusive of expenses) which may be paid for an ordinary stock unit shall be the higher of
   1. 105% of the average of the middle market quotations (as derived from the Daily Official List of the London Stock Exchange) for the five business days immediately preceding the date of purchase and
   2. the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out;
4. unless previously varied, revoked or renewed, the authority hereby conferred shall expire on 26 April 2007, save that the Company may, prior to such expiry, enter into a contract to purchase ordinary stock units under such authority which will or might be executed wholly or partly after the expiration of such authority and may make a purchase of ordinary stock pursuant to any such contract."