The Scottish American Investment Company P.L.C.

Legal Entity Identifier: 549300NF03XVC5IFB447

Owing to demand in the market, the Company announces the allotment of 100,000 new Ordinary Shares of 25p each fully paid on 23 January 2020.  Following the allotment there are 148,020,943 Ordinary Shares in issue.  These shares were issued for cash on 23 January 2020 at a price of 432.0p per share and at a premium to the prevailing net asset value.

Baillie Gifford & Co Limited

Company Secretaries

23 January 2020

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