Statement re. Press Comment

Scottish American Investment Co PLC
12 September 2003






CLARIFICATION NOTE                                           September 12, 2003





                           RESPONSE TO PRESS ARTICLE
                        RE: SAINTS 2003 INTERIM RESULTS



In response to today's article in The Herald by Ian McConnell, the Board of The
Scottish American Investment Company Plc (SAINTS) has issued the following
statement:


Immediately following the announcement of the Company's Interim Results to the
Stock Exchange on 31 July 2003 it was brought to the Company's attention that
two sections within the Chairman's Statement, covering the investment background
and market outlook, appeared to draw heavily on the comparable paragraphs in the
interim report of another investment trust. This error was identified prior to
printing the interim report and corrected accordingly.


Following further investigations by the management company, First State
Investments, it has recently become apparent that a similar situation had
occurred with the Annual Report & Accounts for 2002. The individual within First
State Investments responsible for the initial drafts is being suspended pending
the conclusion of investigations.


Mr Brian Ivory, Chairman of SAINTS, confirmed however the accuracy of the
financial statements, and of the sentiments expressed in both the 2003 Interim
Report and the 2002 Annual Report & Accounts.





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