Issue of Equity

The Scottish American Investment Company P.L.C.

Legal Entity Identifier: 549300NF03XVC5IFB447

Owing to demand in the market, the Company announces the allotment of 200,000 new Ordinary Shares of 25p each fully paid on 1 May 2020.  Following the allotment there are 149,485,943 Ordinary Shares in issue.  These shares were issued for cash on 1 May 2020 at a price of 376.5p per share and at a premium to the prevailing net asset value.

Baillie Gifford & Co Limited

Company Secretaries

1 May 2020

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