Transaction in Own Shares

For immediate release

THE SCOTTISH INVESTMENT TRUST PLC

8 March 2017

Transaction in own shares

And

Total Voting Rights

Further to the announcement made by the Board of The Scottish Investment Trust PLC (the "Company") on 1 February 2017, and in accordance with the terms of the repurchase agreement described therein between the Company and Aviva Investors Global Services Limited ("Aviva") acting as agent (in its capacity as investment manager) for and on behalf of Friends Life Limited ("Friends Life") (the "Repurchase"), the Company has today repurchased for cancellation 11,402,090 Ordinary Shares in the Company from Friends Life (the "Aviva Shares").

The Repurchase was undertaken at a price of 786.06p per Ordinary Share, representing a 10.75 per cent. discount to the Company's Net Asset Value per Ordinary Share (the "NAV") as at close of business on 7 March 2017. For the purpose of the Repurchase, the NAV was calculated cum income and with borrowings at market value. Following the Repurchase, there will be an uplift to the NAV per Ordinary Share (cum income, with borrowings at market value) of 1.37 per cent which will be reflected in the NAV calculated as at close of business today

Upon cancellation of the Aviva Shares, the Company's issued share capital will be 84,223,593 Ordinary Shares of 25p each, each carrying a voting right.

The above figure (84,223,593) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries

The Scottish Investment Trust PLC + 44 (0) 131 225 7781

James Will (Chairman)Alasdair McKinnon (Manager)

Canaccord Genuity (Financial Adviser) + 44 (0) 20 7523 8000

Robbie Robertson

Andrew ZychowskiLucy Lewis