Final Results

Baillie Gifford Shin Nippon PLC
8 March 2002


                        BAILLIE GIFFORD SHIN NIPPON PLC

                    Results for the year to 31 January 2002



Baillie Gifford Shin Nippon PLC outperformed its comparative index. Over the
twelve months to 31 January 2002, the net asset value per share (NAV) of Shin
Nippon declined by 22.3% to 123.5p, compared to a fall in sterling terms of
24.4% in its principal comparative index*. Despite the market falls during the
year, the Board believes that the long-term outlook for Japanese smaller
companies remains attractive.

   •  Performance. Over the year, Shin Nippon's relative performance was helped by good stock picking,
      with a focus on domestic non-cyclical growth areas, and in particular the services sector.

      Shin Nippon ranked first out of four against the AITC Japanese Smaller Company Sector over the year.

      In the six months to 31 January 2002 NAV fell by 22.8% compared with a fall of 21.3% in its
      principal comparative index*.
      
   •  Increased Gearing. At the start of the year the Company had a net cash position of 4.0% of net
      assets. This was gradually used to increase the Company's gearing, reflecting the Managers' belief
      that the long-term outlook for smaller companies remains positive. The year ended with net gearing
      equivalent to 15.1% of shareholders' funds.

      Economy. There is growing evidence that the Japanese economy is nearing a cyclical bottom with both
      output indicators and sentiment surveys trending upward. Whilst the pace of political reform remains
      frustrating, Japan's industrial sector remains closely tied into world economic activity and any
      upturn in the global economy is likely to feed through to the stockmarket.

      Market Outlook. Whilst sentiment has been poor over the past year, the Manager, Mark Urquhart,
      remains optimistic that companies which continue to produce good earnings and cash flow growth will
      be rewarded by the stockmarket over time.


* The Company's principal comparative index is a market-capitalisation weighted
composite index of the Tokyo Second Section Index, the TOPIX Small Index and the
JASDAQ OTC Index, in sterling terms.







Baillie Gifford Shin Nippon PLC aims to achieve capital growth through
investment in smaller Japanese companies including those quoted on the
Over-The-Counter market. The Company has total assets of £48 million. An ISA and
Share Plan are available.

The Company is managed by Baillie Gifford & Co., the leading independent
Edinburgh based fund management group with around £22 billion funds under
management and advice.

8 March 2002







For further information please contact:

Mark Urquhart, Manager,

Baillie Gifford Shin Nippon PLC     0131 222 4000

Mike Lord, Director,

Broadgate Marketing                 020 7726 6111





                        BAILLIE GIFFORD SHIN NIPPON PLC

The following is the unaudited preliminary statement for the year to 31 January
2002 which was approved by the Board on 7 March 2002. The Board of Baillie
Gifford Shin Nippon PLC are recommending to the Annual General Meeting of the
Company to be held on 2 May 2002 that no dividend be paid for the year ended 31
January 2002.



                           STATEMENT OF TOTAL RETURN

               (unaudited and incorporating the revenue account*)

                                              For the year ended                          For the year ended

                                               31 January 2002                              31 January 2001

                                   Revenue      Capital      Total             Revenue      Capital       Total

                                   £'000        £'000        £'000             £'000        £'000         £'000
Realised(losses)/gains on
investments                                  -         (378)          (378)              -         9,611          9,611
Unrealised losses on investments             -      (10,755)       (10,755)              -       (49,791)       (49,791)

Currency gains/(losses)                      -          391            391               -          (963)          (963)
(note 1)
Income                                     451            -            451             418             -            418
Investment management fee                 (473)           -           (473)           (636)            -           (636)
Other administrative expenses             (168)           -           (168)           (177)            -           (177)
Net return before finance costs
and taxation                              (190)     (10,742)       (10,932)           (395)      (41,143)       (41,538)
                                          
Finance costs of borrowings               (214)           -           (214)           (345)            -           (345)
Return on ordinary activities
before taxation                           (404)     (10,742)       (11,146)           (740)      (41,143)       (41,883)
                                          
Tax on ordinary activities                 (51)           -            (51)            (55)            -            (55)
Return on ordinary activities
after taxation                            (455)     (10,742)       (11,197)           (795)      (41,143)       (41,938)
Transfer from reserves                    (455)     (10,742)       (11,197)           (795)      (41,143)       (41,938)
Return per ordinary share               (1.46p)     (34.37p)       (35.83p)         (2.50p)     (129.37p)      (131.87p)
(note 3)

There was no dilution of the above returns in either year.


* The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations.



                        BAILLIE GIFFORD SHIN NIPPON PLC

                            SUMMARISED BALANCE SHEET

                               at 31 January 2002

                                  (unaudited)

                                                                                                         
                                                                           31 January 2002              31 January 2001
                                                                                     £'000                        £'000
NET ASSETS
                                                                                    32,693                       36,972
Listed overseas equities
Unlisted - traded on the OTC/Nasdaq Japan markets                                    9,819                       10,213
- Directors' valuation                                                               1,085                          753
Total equities                                                                      43,597                       47,938

Net liquid assets                                                                    4,629                       13,243
Total assets (before deduction of bank loans)                                       48,226                       61,181
Bank loans (note 4)                                                                (10,050)                     (11,183)
                                                                                    38,176                       49,998
CAPITAL AND RESERVES
Called-up share capital                                                              3,090                        3,146
Capital reserves                                                                    38,579                       49,890
Revenue reserve                                                                     (3,493)                      (3,038)
Equity shareholders' funds                                                          38,176                       49,998


Net asset value per ordinary share .(note 5)                                         123.5p                       158.9p

Ordinary shares in issue (note 6)                                               30,900,492                   31,455,492

There was no dilution of net asset value at either date.



                        BAILLIE GIFFORD SHIN NIPPON PLC

                        SUMMARISED CASH FLOW STATEMENT

                                  (unaudited)
                                                                           Year to                         Year to
                                                                       31 January 2002                 31 January 2001
                                                                     £'000         £'000             £'000        £'000

NET CASH OUTFLOW FROM OPERATING ACTIVITIES                                         (226)                          (483)
NET CASH OUTFLOW FROM SERVICING OF FINANCE                                         (224)                          (359)
TOTAL TAX PAID                                                                      (51)                           (55)
FINANCIAL INVESTMENT
Acquisitions of investments                                       (29,046)                        (36,309)
Disposals of investments                                           22,379                          53,248
Realised currency loss                                               (742)                           (300)
NET CASH (OUTFLOW)/INFLOW FROM FINANCIAL INVESTMENT                              (7,409)                        16,639

NET CASH (OUTFLOW)/INFLOW BEFORE FINANCING                                       (7,910)                        15,742
FINANCING
Shares repurchased                                                   (953)                           (129)
Bank loans repaid                                                       -                          (6,194)
NET CASH OUTFLOW FROM FINANCING                                                    (953)                        (6,323)
(DECREASE)/INCREASE IN CASH                                                      (8,863)                         9,419
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET (DEBT)/
FUNDS
(Decrease)/increase in cash in the year                                          (8,863)                         9,419
Net outflow from bank loans                                                           -                          6,194
Exchange movement on bank loans                                                   1,133                           (663)
MOVEMENT IN NET (DEBT)/FUNDS IN THE YEAR                                         (7,730)                        14,950
NET FUNDS/(DEBT) AT 1 FEBRUARY                                                    1,977                        (12,973)
NET (DEBT)/ FUNDS AT 31 JANUARY                                                  (5,753)                         1,977





                        BAILLIE GIFFORD SHIN NIPPON PLC

                        TWENTY LARGEST EQUITY HOLDINGS

                              at 31 January 2002

                                         Business
                                                                                                 Market value % of total
  Name
                                                                                                        £'000     assets

      Aeon Credit Service                Credit card company                                            1,849        3.8
      Venture Link                       Franchise support and development                              1,655        3.4
      Nissin                             Consumer loans and business finance                            1,565        3.2
      Kose                               Cosmetics                                                      1,485        3.1
      Yamada Denki                       Consumer electronics retailer                                  1,378        2.9
      USS Company                        Second-hand cars                                               1,324        2.7
*     Dodwell BMS                        Industrial and security equipment                              1,312        2.7
*     Cawachi                            Drugstore chain                                                1,214        2.5
      Koei                               Games software                                                 1,180        2.4
      Hokuto                             Mushroom cultivator                                            1,140        2.4
*     Fuji Seal                          Packaging and shrink-wrap materials                            1,095        2.3
*     Kappa Create                       Revolving sushi restaurants                                    1,062        2.2
      Konami Sports                      Operator of fitness clubs                                        984        2.0
*     Goodwill Group                     Diversified human resources                                      965        2.0
      Eneserve                           Alternative power generation                                     952        2.0
      Nippon Thompson                    Needle roller bearings                                           903        1.9
      Avex                               Music production and distribution                                835        1.7
      CSK Network System                 Business software                                                817        1.7
*     Nissin Healthcare Food Service     Food catering for hospitals                                      787        1.6
      Maruwa Company                     Ceramic components                                               762        1.6
                                                                                                       23,264       48.1

* Denotes unlisted holdings traded on the Japanese OTC market


                        BAILLIE GIFFORD SHIN NIPPON PLC


                                     NOTES
                                                                         31 January 2002                 31 January 2001
                                                                                   £'000                           £'000
1.     Currency gains/(losses)
       Realised exchange differences                                               (742)                            (64)
       Unrealised exchange differences                                             1,133                           (899)
                                                                                     391                           (963)

2.     No interim dividend will be declared.

3.     Return per ordinary share
       Revenue return                                                              (455)                           (795)
       Capital return                                                           (10,742)                        (41,143)

       Return per ordinary share is based on the above returns and on 31,253,095 (2001 - 31,802,043) ordinary shares,
       being the weighted average number of ordinary shares in issue during the year.

4.     Bank loans of £10.1 million (Y1.9 billion) have been drawn down under Yen loan facilities which are repayable
       between July 2002 and May 2005 (31 January 2001 - £11.2 million (Y1.9 billion).

5.     Net asset value per ordinary share is based on net assets of £38,176,000 (2001 - £49,998,000) and 30,900,492
       (2001 - 31,455,492) ordinary shares, being the number of ordinary shares in issue at the year end.

6.     During the year 555,000 ordinary shares with a nominal value of £55,500 were bought back for a total
       consideration of £625,000 in accordance with the authority granted at the AGM in May 2001. At 31 January 2002 the
       Company had authority to buy back a further 4,334,448 shares.

7.     The financial information set out above does not constitute the Company's statutory accounts for the year ended
       31 January 2002. The financial information for 2001 is derived from the statutory accounts for 2001, which have
       been delivered to the Registrar of Companies. The Auditors have reported on the 2001 accounts, their report was
       unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory
       accounts for 2002 will be finalised on the basis of the financial information presented in this preliminary
       announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting.




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