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28 February 2003

AGM Statement

At the AGM in Edinburgh today, shareholders re-elected the Chairman, Sir Angus Grossart, by an overwhelming majority. 89.5% of shareholders' proxies lodged supported his re-election, 6.2% did not and 4.3% abstained. The challenge to his re-election came from Hermes and the proxies indicate that despite Hermes' protracted campaign they were able to attract very little support. Proxies were received in respect of 47.1% of the shares outstanding.

Commenting on the strong endorsement by SIT shareholders, Sir Angus Grossart said:

"This vote involved much more than the re-election of the Chairman. The challenge from Hermes arose from previous attempts by them to change the structure of SIT, a move which was very much against the interests of our private shareholders and which was firmly rejected by the Board. The overwhelming vote in favour of myself and therefore also the Board vindicates the stance it has taken on the future independence and structure of the company and also clearly demonstrates our shareholders' negative reaction to the lengthy and disruptive campaign conducted against the Board.

"The Board and management of SIT will continue to concentrate their efforts on the long-term interests of all SIT shareholders."

All other resolutions were passed by substantial majorities.