Portfolio Update

Scottish American Investment Co PLC
06 October 2005

                 THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

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



30 September 2005


No     Holding                                                           % of Total
                                                                           Assets

1.     Vodafone                                                             4.3%
2.     GlaxoSmithKline                                                      3.7%
3.     Royal Bank of Scotland                                               3.2%
4.     Barclays                                                             2.8%
5.     Petrobras                                                            2.6%
6.     BP                                                                   2.5%
7.     HSBC                                                                 2.3%
8.     HBOS                                                                 2.3%
9.     British American Tobacco                                             2.2%
10.    Imperial Tobacco                                                     2.1%

% Total Assets calculated based on assets valued on a mid basis.







                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  6 October 2005








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