Dividend Declaration

Scottish American Investment Co PLC
12 January 2001

THE SCOTTISH AMERICAN INVESTMENT COMPANY PLC

Interest on the Equities Index Unsecured Loan Stock 2004 for the period 1st
October to 31st December 2000 has been calculated at pounds sterling 12.31 per
1,000 units of stock. Interest will be paid on 15th January 2001 to holders
registered on 31st December 2000.