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28 January 2005

THE SCOTTISH INVESTMENT TRUST PLC
Annual General Meeting 28 January 2005

At the company’s annual general meeting today John Kennedy, Manager, gave a presentation on the company’s results for the year to 31 October 2004 and on the new portfolio structure and investment approach which has seen the company’s listed holdings reduced from over 200 to around 130 currently.

The Chairman, Douglas McDougall, thanked Sir Paul Nicholson, who retired from the board today, for his contribution to the company over the last six years and confirmed that Hamish Buchan has been appointed chairman of the audit committee.

All resolutions before the meeting were passed. The following was passed as a special resolution:-

“THAT the Company is authorised, in accordance with S166 of the Companies Act 1985 (“the Act”) and in substitution for any pre-existing such authority, to make market purchases (within the meaning of S163(3) of the Act) of ordinary stock units of 25p each (“ordinary stock units”), provided that:

(a) the maximum number of ordinary stock units hereby authorised to be purchased shall be 14.99% of the issued ordinary stock on the date this resolution is passed;

(b) the minimum price which may be paid for an ordinary stock unit shall be 25p;

(c) the maximum price (exclusive of expenses) which may be paid for an ordinary stock unit shall be 105% of the average of the middle market quotations (as derived from the Daily Official List of the London Stock Exchange) for the five business days immediately preceding the date of purchase; and

(d) unless previously varied, revoked or renewed, the authority hereby conferred shall expire on 27 July 2006, save that the Company may, prior to such expiry, enter into a contract to purchase ordinary stock units under such authority which will or might be executed wholly or partly after the expiration of such authority and may make a purchase of ordinary stock pursuant to any such contract.”