Investment Policy

Scottish American Investment Co PLC
31 October 2003


THE SCOTTISH AMERICAN INVESTMENT COMPANY PLC

Investment Policy

The Board of The Scottish American Investment Company Plc (the 'Company') notes
the publication of the Investment Entities (Listing Rules and Conduct of
Business) Instrument 2003 and confirms that it is the Company's policy to invest
no more than 15% of its gross assets in other listed investment companies
(including listed investment trusts).







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