Portfolio Update

Scottish American Investment Co PLC
06 January 2006

                 THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

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



31 December 2005


No      Holding                                                     % of Total
                                                                        Assets

1.      GlaxoSmithKline                                                  3.5%
2.      Royal Bank of Scotland                                           3.4%
3.      Vodafone                                                         3.4%
4.      Barclays                                                         3.1%
5.      HBOS                                                             2.5%
6.      Petrobras                                                        2.5%
7.      HSBC Holdings                                                    2.2%
8.      BP                                                               2.1%
9.      Imperial Tobacco                                                 2.1%
10.     Aviva                                                            1.9 %





                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  6 January 2006






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