Final Results

Scottish American Investment Co PLC
9 February 2000


           THE SCOTTISH AMERICAN INVESTMENT COMPANY PLC (SAINTS)

    Preliminary Results (unaudited) for the year ended 31st December 1999

Continuing Growth in Net Asset Value

SAINTS' net asset value per share rose 23.9 per cent in 1999. This was just
behind the gain of 24.1 per cent in our benchmark and ahead of the FTSE -
All-Share Index of 21.3 per cent.  

The increased emphasis on growth companies in the UK produced a particularly
strong relative performance in the second half of the year.  The net asset
value also benefited from excellent performances in Continental European,
Japanese and Pacific Rim portfolios and the effects of buying back shares.
Investment performance in North America was disappointing.

Dividend

The reorganisation of the UK equity portfolio towards growth means that
SAINTS' income will be slightly less than the total proposed dividend of 5.51p
per share, but the shortfall is made up by a transfer from Revenue Reserves. 
The dividend is, however, slightly higher than the 5.45p paid in 1998. The
proposed final dividend of 1.38p per share will be paid on 3rd April 2000 to
shareholders on the register on 3rd March 2000.

Gearing

SAINTS' investors are aware of the benefits of gearing and in December 1999,
we took advantage of conditions in the market for fixed interest securities
and made a further issue of our existing 2022 Debenture Stock.  We raised £31
million at an all-in annual cost after expenses of 6 per cent and have been
able to take advantage of comparatively high interest rates for short-term
deposits while searching out opportunities for long-term equity investments.

Share Buy-Back

At our Annual General Meeting in March 1999 the Board was given power to make
purchases of SAINTS' own shares within the limits permitted by the Stock
Exchange.  That authority was extended at an Extraordinary General Meeting in
August.  Stewart Ivory managed the buying back of shares under the Board's
policy guidelines and by 31st December 1999 we had bought in a total of 54.8
million shares (24.5 per cent of the share capital as at 31st December 1998)
at prices which increased the net asset value of the remaining shares by 7.4p
per share.  We will seek a further general authority to buy in a further 14.99
per cent at the forthcoming Annual General Meeting.   

At the beginning of 1999, SAINTS had already succeeded in attracting private
shareholders with about two-thirds of our shares owned by individual
investors.  This has increased following the buy-backs which absorbed mainly
shares sold by institutions.  The proportion of the present share capital now
owned by private investors is well over 80 per cent.

Investment Manager

Marcus Brooks took over responsibility for the overall investment management
in October.  Marcus joined Stewart Ivory six years ago and has managed SAINTS
UK assets for the last three years.  He will continue to be directly
responsible for this part of the portfolio and now also leads the team of
geographical specialists responsible for international investments.


Management Fee

A new management fee structure has been agreed with our investment manager,
Stewart Ivory. The fee is based on gross assets and will include a performance
element. The new arrangements mean that with effect from 1st January 2000 the
basic fee will be at a reduced level; performance above the benchmark will
enable our managers to earn a higher fee, conversely a shortfall against the
benchmark will result in a further reduction.

Outlook    

The general economic outlook around the world appears relatively benign, but
not free from risk.  Some equity markets look fully valued and, although the
US economy has remained robust, rising interest rates there will eventually
moderate growth.  Economic growth is accelerating encouragingly in both Europe
and Asia so our present investment strategy is to emphasise these areas.

Results 

Attached is a copy of the preliminary results.  These are presented in a
format which summarises the information which will be given in the forthcoming
Annual Report and Accounts. 

For further information, please contact:

Teddy Tulloch
Stewart Ivory & Company Limited               0131 226 3271

Marcus Brooks
Stewart Ivory & Company Limited               0131 226 3271

9 February 2000
 
                      STATEMENT OF TOTAL RETURN (UNAUDITED)
                       FOR THE YEAR ENDED 31 DECEMBER 1999

                                                   1999          1998         
                                                
                                               £'000  £'000  £'000   £'000
                                                
 
Dividends and interest receivable              16,955        23,533           
 Other income                                   2,123         1,537          
                                               19,078        25,070        
     
                                                 
Expenses                                      (3,910)        (3,014)          
 Interest                                     (4,737)        (5,251)         
 
Income before tax                              10,431        16,805           
Tax                                           (1,372)        (2,515)          
 Income attributable to shareholders            9,059         14,290          
  Dividends                                   (10,092)       (12,186)        
  
Special dividend                                 -           (2,236)          

Transferred from Revenue Reserve              (1,033)          (132)          
   
                                                 
                                                 
Return attributable to shareholders:
                                                 
Income                                               9,059           14,290
Capital                                            101,808           58,523
Total                                              110,867           72,813
                                                 
                                                 
                                                 
Total return per share                              55.38p           32.56p
Income return per share                              4.53p            6.39p
Dividend per share (net)                             5.51p            5.45p
Additional special dividend per share (net)            -              1.00p




              Summary Balance Sheet (unaudited) as at 31 December 1999 
                           
                                                     1999             1998
                                                     £'000            £'000
                            
Total Investments                                  654,806          702,681
Net Current Assets /(Liabilities)                   61,252             (103)
Creditors due after one year:                                  
Equities Index Unsecured Loan Stock              (119,972)         (100,258)
Debenture Stocks                                  (56,072)          (25,166)
Total Net Assets                                   540,014           577,154
                            
Net Asset Value per share                           319.9p            258.1p



  Summary Cash Flow Statement (unaudited) for the year ended 31 December 1999

                                                      1999             1998
                                                     £'000            £'000
                                  
Cash and deposits at the start of the year           6,272           18,615
Income less administrative expenses                 16,021           19,330
Cash paid in respect of interest and dividends     (18,136)         (17,361)
Taxation                                              (701)            (743)
Cash received/(paid) in respect 
of capital transactions                             62,549          (13,558)
Currency loss on foreign currency loans                -                (11)
Cash and deposits at the year end                   66,005            6,272


Reconciliation of total income as shown in the Statement of Total Return to
income less administrative expenses in the Cash Flow Statement

                                                     1999             1998
                                                    £'000            £'000
                            
Total income per the Statement of Total Return     19,078           25,070
Total expenses per the Statement of Total Return   (3,910)          (3,014)
Decrease/(Increase) in dividends accounted for
but for which the cash had not been received 
at the year end                                       966             (175)
Decrease/(Increase) in other debtors                  982             (375)
Increase in other creditors                            28               53
Tax credits suffered on UK dividends               (1,123)          (2,229)
Income less admin. expenses per Cash 
flow Statement                                     16,021           19,330

Note

The preliminary statement is not the Company's statutory accounts.  The
statutory accounts for the year ended 31st December 1998 have been delivered
to the Registrar of Companies and contained an audit report which was
unqualified and did not contain statements under Section 237(2) or (3) of the
Companies Act 1985.