Ten Largest Investments

Investment Company PLC
27 July 2005




The Investment Company plc


Ten Largest Investments


The Investment Company plc announces that, as at 30 June 2005, its ten largest
investments were as follows:


Investments over 5% of total assets


     Stock                                       Shares           % of portfolio

1.   Whitbread Hotel Co
     4.5% 'A' cum pref £1                        546,640
     6.5% 'A' cum pref £1                        496,037
     7% cum pref £1                               86,738               7.11

2.   REA Holdings
     9% cum pref £1                               960,009              6.88

3.   Delta
     4.5% 2nd cum pref £1                         867,042
     6% 1st cum pref £1                           223,444              5.87



Investments under 5% of total assets


      Stock                                       Shares          % of portfolio
4.    Equitable Life Finance
      8% sub gtd bonds 2049                       600,000              4.07

5.    Peninsular & Oriental Steam

      Navigation Co
      5% cum pref stock                           514,151
      5.5% non-cum pref £1                        150,000              3.89

6.    Coats International
      6% red pref stock £1                        624,347              3.71

7.    Right Management Consultants
      5p cnv pref £1                              310000
      8p cnv pref £1                              245000               3.56

8.    Fishguard & Rosslare Railways & Harbour Co
      3.5% gtd pref stock £1                      775,999              3.45

9.    Stanelco
      Ordinary 0.1p                             2,000,000              2.99

10.   New Fulcrum Investment Trust
      Ordinary 10p                              1,475,000              2.91

      Total                                                           44.44




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