Portfolio Update

Scottish American Investment Co PLC
02 October 2007

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



30 September 2007


No      Holding                                                      % of Total
                                                                        Assets

1.      Petrobras                                                          4.8%
2.      Royal Bank of Scotland                                             3.6%
3.      Brazil CPI Linked 15/05/2045                                       3.5%
4.      Cambium Global Timberland                                          3.5%
5.      Glaxosmithkline                                                    3.5%
6.      Barclays                                                           3.0%
7.      British American Tobacco                                           2.4%
8.      Aviva                                                              2.1%
9.      HBOS                                                               2.1%
10.     Vodafone Group                                                     1.9%





                                                           Baillie Gifford & Co.
                                                             Company Secretaries   
                                                                  2 October 2007


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