Director Shareholding

Scottish American Investment Co PLC
01 May 2003


Schedule 11 - Notification of interests of Directors and Connected Persons

1 Name of company:

The Scottish American Investment Company Plc (SAINTS)

2 Name of director:

Mr William Berry

3 Please state whether notification indicates that it is in respect of holding
of the director named in 2 above or holding of that person's spouse or children
under the age of 18 or in respect of a non- beneficial interest:

Director & Spouse

4 Name of registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified):


5 Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s):


6 Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary:

The SAINTS Mixed PEP Scheme invests in SAINTS and other companies' shares which
are selected by the Plan Managers. The purchase noted in Section 7 has been
financed by the receipt of dividends / interest into the Scheme. The sale noted
in Section 9 was a discretionary sale by the Plan Managers.

7 Number of shares/amount of stock acquired:

320 Ordinary shares on 8th April 2003 at £1.23 in spouse's name

8 Percentage of issued class:


9 Number of shares/amount of stock disposed:

847 Ordinary shares on 8th April 2003 at £1.2275 in director's name

10 Percentage of issued class:


11 Class of security:

Ordinary 25p shares

12 Price per share:

As above

13 Date of transaction:

As above

14 Date company informed:

1st May 2003

15 Total holding following this notification:


16 Total percentage holding of issued class following this notification:


If a director has been granted options by the company, please complete the
following fields:

17 Date of grant:


18 Period during which or date on which exercisable:


19 Total amount paid (if any) for grant of the option:


20 Description of shares or debentures involved: class, number:


21 Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise:


22 Total number of shares or debentures over which options held following this
notification:


23 Contact name for queries:

Shona Darling of First State Investment Management (UK) Limited

24 Contact telephone number:

0131 473 2200

25 Name of company official responsible for making notification:


Additional Information:







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