Portfolio Update

Scottish American Investment Co PLC
05 April 2005


                 THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.
   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets


31 March 2005


No      Holding                                                    % of Total
                                                                     Assets

1.      Vodafone                                                      4.5%
2.      Royal Bank of Scotland                                        3.8%
3.      GlaxoSmithKline                                               3.4%
4.      Barclays                                                      3.0%
5.      British American Tobacco                                      2.4%
6.      HSBC Holdings                                                 2.4%
7.      Aviva                                                         2.0%
8.      Imperial Tobacco                                              2.0%
9.      Property - Milton Keynes, Hotel                               1.8%
10.     Diageo                                                        1.7%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    5 April 2005


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