Top Ten Investments-Replace

Scottish American Investment Co PLC
06 January 2004


The following announcement replaces RNS Announcement 8713T released 17:40 5/01/
04. The only change being an expansion of the description for the investment
ranked number 8 in the list.


                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.       Property - Milton Keynes, Hotel                                 1.8%
9.       AstraZeneca                                                     1.5%
10.      European Inv Bank '95 F/R '05                                   1.5%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  6 January 2004



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