Director Shareholding

Scottish American Investment Co PLC
03 March 2005


Schedule 11 - Notification of interests of Directors and Connected Persons.

THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

 1. Name of Director:

MR ERIC HAGMAN

 2. 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:

NOTIFICATION IN RESPECT OF WIFE OF DIRECTOR (NAMED IN 1).  RESULTANT HOLDING
TRANSFERRED TO DIRECTOR'S NAME.

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

NOT ADVISED

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

MRS VALERIE HAGMAN (WIFE) & DIRECTOR

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

N/A

 6. Number of shares/amount of stock acquired.

700

 7. Percentage of issued class:

0.0005%

 8. Number of shares/amount of stock disposed:

N/A

 9. Percentage of issued class:

N/A

10. Class of security:

ORDINARY 25P SHARES

11. Price per share:

181.90p

12. Date of transaction:

22 FEBRUARY 2005

13. Date company informed:

3 MARCH 2005

14. Total holding following this notification:

2,000 (TRANSFERRED TO MR E HAGMAN ON 1 MARCH 2005)

15. Total percentage holding of issued class following this notification:

0.0015%

Contact: Contact: Hazel Williamson, Baillie Gifford & Co., 0131 275 3188


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