Holding(s) in Company

Scottish American Investment Co PLC
04 March 2004

                The Scottish American Investment Company P.L.C.

                        Disclosure of Interest in Shares



The Scottish American Investment Company P.L.C. has today been advised that
following a sale of 5,590,000 ordinary 25p shares on 2 March 2004, Advance UK
Trust plc no longer holds an interest in the Company.



                                                           Baillie Gifford & Co.

                                                          Managers & Secretaries

                                                                    4 March 2004


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