Portfolio Update

Scottish American Investment Co PLC
05 April 2006

                 THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

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



31 March 2006


No      Holding                                                                  % of Total
                                                                                   Assets

1.      Royal Bank of Scotland                                                      3.9%
2.      GlaxoSmithKline                                                             3.8%
3.      Barclays                                                                    3.6%
4.      HSBC Holdings                                                               3.3%
5.      Petrobras                                                                   2.6%
6.      HBOS                                                                        2.3%
7.      BP                                                                          2.2%
8.      Rio Tinto                                                                   2.1%
9.      Aviva                                                                       2.0%
10.     Royal Dutch                                                                1.7 %





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    5 April 2006






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