Portfolio Update

Scottish American Investment Co PLC
03 January 2008


                 THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

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


31 December 2007

No      Holding                                               % of Total
                                                                Assets

1.      Petrobras                                                5.4%
2.      Brazil CPI Linked 15/05/2045                             3.7%
3.      Royal Bank of Scotland                                   3.6%
4.      Cambium Global Timberland                                3.4%
5.      Glaxosmithkline                                          3.2%
6.      Barclays                                                 3.0%
7.      British American Tobacco                                 2.5%
8.      HBOS                                                     2.2%
9.      Vodafone Group                                           2.1%
10.     Aviva                                                    1.7%

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  3 January 2008


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