Ten Largest Investments

Investment Company PLC
15 April 2005



The Investment Company plc

Ten Largest Investments

The Investment Company plc announces that, as at 31 March 2005, 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                     6.97

2.   REA Holdings                                
     9% cum pref £1                             960,009                     6.93

3.   Delta
     4.5% 2nd cum pref £1                       867,042
     6% 1st cum pref £1                         223,444                     5.73



Investments under 5% of total assets


      Stock                                     Shares            % of portfolio

4.    Equitable Life Finance
      8% sub gtd bonds 2049                     600,000                     4.04

5.    Right Management Consultants
      5p cnv pref                               310,000
      8p cnv pref                               245,000                     3.57

6.    New Fulcrum Investment Trust
      Ordinary 10p                            1,475,000                     3.56

7.    Fishguard & Rosslare Railways & Harbour Co
      3.5% gtd preference stock                 775,999                     3.41

8.    Coats
      4.9% cum pref £1                          693,719                     3.19


9.    Peninsular & Oriental Steam Navigation Co
      5% cum pref stock                         514,151
      5.5% non-cum pref £1                       50,000                     2.99

10.   Dunlop Plantations
      6% cum pref £1                            538,493                     2.66

      Total                                                                43.05

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


15 April 2005


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