Dividend Declaration

Scottish American Investment Co PLC
25 November 2004


           The Scottish American Investment Company P.L.C. ('SAINTS')

                            Third Interim Dividend.


The Board of SAINTS announces that it is declaring a third interim dividend of
1.47p per ordinary share in respect of the year to 31 December 2004, payable on
7 January 2005 to shareholders on the register at the close of business on 10
December 2004. The ex-dividend date is 8 December 2004.


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                25 November 2004


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