Portfolio Update

Scottish American Investment Co PLC
05 January 2005



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



31 December 2004


No      Holding                                                     % of Total
                                                                       Assets

1.      Vodafone                                                         4.3%
2.      Royal Bank of Scotland                                           3.6%
3.      GlaxoSmithKline                                                  3.5%
4.      Barclays                                                         3.2%
5.      HSBC Holdings                                                    2.8%
6.      British American Tobacco                                         2.3%
7.      Imperial Tobacco                                                 2.0%
8.      Aviva                                                            2.0%
9.      Property - Milton Keynes, Hotel                                  1.8%
10.     Diageo                                                           1.7%





                                                           Baillie Gifford & Co.     
                                                             Company Secretaries
                                                                  5 January 2005






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