Portfolio Update

Scottish American Investment Co PLC
04 January 2007

                 THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

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



31 December 2006


No      Holding                                                    % of Total
                                                                       Assets

1.      Royal Bank of Scotland                                           4.2%
2.      Barclays                                                         3.4%
3.      Glaxosmithkline                                                  3.4%
4.      HSBC Holdings                                                    3.1%
5.      Petrobras                                                        2.7%
6.      Brazil CPI Linked 2045                                           2.7%
7.      HBOS                                                             2.6%
8.      BP                                                               2.3%
9.      Royal Dutch Shell 'B'                                            2.0%
10.     Rio Tinto                                                        1.9%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  4 January 2007


                      This information is provided by RNS
            The company news service from the London Stock Exchange