Portfolio Update

Scottish American Investment Co PLC
05 October 2006

                 THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

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



30 September 2006


No      Holding                                                       % of Total
                                                                          Assets

1.      Royal Bank of Scotland                                              4.1%
2.      GlaxoSmithKline                                                     3.7%
3.      HSBC Holdings                                                       3.4%
4.      Barclays                                                            3.3%
5.      BP                                                                  3.0%
6.      HBOS                                                                2.6%
7.      Petrobras                                                           2.4%
8.      Royal Dutch Shell 'B'                                               2.1%
9.      Aviva                                                               2.0%
10.     Rio Tinto                                                           1.9%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries

                                                                  5 October 2006


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