Ten Largest Investments

Investment Company PLC
05 January 2005


The Investment Company plc

Ten Largest Investments


The Investment Company plc announces that, as at 31 December 2004, its ten
largest investments were as follows:


Investments over 5% of total assets

     Stock                                                                Shares             % of portfolio

1.   Whitbread Hotel Co
     4.5% 'A' cum pref £1                                                546,640
     6.5% 'A' cum pref £1                                                496,037
     7% cum pref £1                                                       86,738                       8.14

2.   REA Holdings
     9% cum pref £1                                                      842,009                       6.82

3.   Delta
     4.5% 2nd cum pref £1                                                767,042
     6% 1st cum pref £1                                                  223,444                       5.81


Investments under 5% of total assets

      Stock                                                              Shares             % of portfolio

4.    Equitable Life Finance
      8% sub gtd bonds 2049                                             500,000                       3.81

5.    Fishguard & Rosslare Railways & Harbour Co
      3.5% gtd preference stock                                         775,999                       3.79

6.    Right Management Consultants
      5p cnv pref                                                       310,000
      8p cnv pref                                                       195,000                       3.71

7.    Peninsular & Oriental Steam Navigation Co
      5% cum pref stock                                                 514,151
      5.5% non-cum pref £1                                               50,000                       3.57

8.    Coats
      4.9% cum pref £1                                                  693,719                       3.39
9.    New Fulcrum Investment Trust
      Ordinary 10p                                                    1,475,000                       3.06

10.   John Cotton Group
      13.25% cum pref £1                                                290,000                       2.84

      Total                                                                                          44.94


This announcement is made in accordance with Paragraph 21.20 (l)(ii) of the
Listing Rules.


5 January 2005


                      This information is provided by RNS
            The company news service from the London Stock Exchange