The Scottish American Investment Company P.L.C.

Legal Entity Identifier: 549300NF03XVC5IFB447

Owing to demand in the market, the Company announces the allotment of 150,000 new Ordinary Shares of 25p each fully paid on 22 May 2017.  Following the allotment there are 133,720,943 Ordinary Shares in issue.  These shares were issued for cash on 22 May 2017 at a price of 348.75p per share and at a premium to the prevailing net asset value.

Baillie Gifford & Co Limited

Company Secretaries

22 May 2017

Regulated Information Classification: Acquisition or disposal of the issuer's own shares