Portfolio Update

Scottish American Investment Co PLC
06 July 2005

                 THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

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



30 June 2005


No      Holding                                            % of Total
                                                            Assets

1.      Vodafone                                             4.2%
2.      GlaxoSmithKline                                      3.7%
3.      Royal Bank of Scotland                               3.6%
4.      Barclays                                             2.9%
5.      British American Tobacco                             2.7%
6.      HSBC Holdings                                        2.4%
7.      Shell Transport & Trading                            2.1%
8.      Imperial Tobacco                                     2.0%
9.      Aviva                                                1.9%
10.     Diageo                                               1.8%





                                                           Baillie Gifford & Co.
                                                           Company Secretaries
                                                                   6 July 2005








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