Portfolio Update

Scottish American Investment Co PLC
04 October 2004

                 THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

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



30 September 2004


No      Holding                                                       % of Total
                                                                        Assets

1.      Vodafone Group                                                    4.2%
2.      GlaxoSmithKline                                                   3.6%
3.      Royal Bank of Scotland                                            3.5%
4.      Barclays                                                          3.1%
5.      HSBC                                                              2.9%
6.      British American Tobacco                                          2.2%
7.      Aviva                                                             1.9%
8.      Imperial Tobacco                                                  1.8%
9.      Property - Milton Keynes, Hotel                                   1.8%
10.     Diageo                                                            1.7%





                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  4 October 2004






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