Top Ten Investments

Scottish American Investment Co PLC
05 April 2004

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

31 March 2004

No      Holding                                   % of Total
                                                    Assets

1.      Vodafone                                      4.1%
2.      GlaxoSmithKline                               3.2%
3.      Royal Bank of Scotland                        2.9%
4.      Barclays                                      2.7%
5.      HSBC                                          2.7%
6.      British American Tobacco                      2.3%
7.      Gallaher Group                                2.0%
8.      Property - Milton Keynes, Hotel               1.8%
9.      Imperial Tobacco                              1.8%
10.     Aviva                                         1.8%

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    5 April 2004



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