Top Ten Investments

Scottish American Investment Co PLC
05 January 2004

                THE SCOTTISH AMERICAN INVESTMENT COMPANY P.L.C.

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



31 December 2003


No       Holding                                               % of Total Assets

1.       HSBC Holdings                                                4.2%
2.       Vodafone Group                                               4.0%
3.       BP                                                           3.5%
4.       GlaxoSmithKline                                              3.0%
5.       Shell Transport & Trading                                    2.3%
6.       Scottish Oriental Small Co's                                 2.2%
7.       Royal Bank of Scotland                                       2.1%
8.       Milton Keynes                                                1.8%
9.       AstraZeneca                                                  1.5%
10.      European Inv Bank '95 F/R '05                                1.5%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  5 January 2004






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