Portfolio Update

Scottish American Investment Co PLC
06 July 2006

                 THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

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



30 June 2006


No      Holding                                                    % of Total
                                                                     Assets

1.      GlaxoSmithKline                                               4.0%
2.      Royal Bank of Scotland                                        3.9%
3.      HSBC Holdings                                                 3.4%
4.      BP                                                            3.3%
5.      Barclays                                                      3.1%
6.      Petrobras                                                     2.6%
7.      HBOS                                                          2.3%
8.      Royal Dutch Shell 'B'                                         2.2%
9.      Rio Tinto                                                     2.2%
10.     Aviva                                                         2.0 %





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     6 July 2006


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