Portfolio Update

Scottish American Investment Co PLC
05 July 2004



                 THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets



30 June 2004


No      Holding                                                                  % of Total
                                                                                   Assets

1.      Vodafone                                                                    3.9%
2.      GlaxoSmithKline                                                             3.4%
3.      Royal Bank of Scotland                                                      2.8%
4.      Barclays                                                                    2.8%
5.      HSBC                                                                        2.8%
6.      British American Tobacco                                                    2.4%
7.      Aviva                                                                       2.0%
8.      Diageo                                                                      1.8%
9.      Property - Milton Keynes, Hotel                                             1.8%
10.     Imperial Tobacco                                                            1.8%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     5 July 2004






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