Final Results - Year Ended 31 January 2000

Baillie Gifford Shin Nippon PLC
25 February 2000


Baillie Gifford Shin Nippon PLC
Results for the year to 31 January 2000

Baillie Gifford Shin Nippon PLC (Shin Nippon) 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 £109 million.  An
ISA and Share Plan are available.

Shin Nippon is managed by Baillie Gifford & Co., the leading independent
Edinburgh based fund management group with £21 billion under management and
advice.

Salient points

Net asset value per share up by 257.4% to 286.3p on a diluted basis (FRS14). 
Benchmark Tokyo Stock Exchange Second Section index was up by 139.8%, as
adjusted for the 10.1% rise in the yen over the year.

Performance in the second half of the Company's year was also strong with a
rise of 55.5% in the diluted NAV compared with a gain of 26.3% in the Second
Section, adjusted into sterling.

Shin Nippon remains geared with net gearing of 14% at the year end. 

Japanese smaller companies have been one of the top performing asset classes
in the world over the past year.  Opportunities for investing in dynamic
growth companies have increased significantly.

Japanese economy has begun to improve, although inadequacy of some data makes
short term picture ambiguous.  IT spending likely to rise significantly during
2000, helping economy to recover.  Demand in growth areas such as telecoms,
PCs and Internet remains strong.

The Board remains optimistic about opportunities in Japan. Despite definite
improvements in industrial production and output from the service sector,
there is still some evidence of negative GDP growth.  The opportunities from
the massive growth potential for Internet-related stocks and the emergence of
M&A activity, however, makes the Board optimistic about the outlook in Japan.

Supporters of the AITC's 'its' campaign.  Shin Nippon has contributed to 'its'
and is increasing its marketing to derive maximum spin-off advantage. 
Increased enquiries have already been noted.

                                                                         
For further information please contact:

Sarah Whitley, Manager
Baillie Gifford Shin Nippon Trust PLC                                   
0131 222 4000

Gill Meekison, Director
Baillie Gifford & Co                                                      
0131 222 4000

Mike Lord, Director
Broadgate Marketing                                                        
020 7726 6111

Baillie Gifford & Co. is regulated by IMRO. 

BAILLIE GIFFORD SHIN NIPPON PLC

The following is the unaudited preliminary statement for the year to 31
January 2000 which was approved by the Board on 24 February 2000.  The Board
of Baillie Gifford Shin Nippon PLC are recommending to the Annual General
Meeting of the Company to be held on 27 April 2000 that no dividend be paid
for the year ended 31 January 2000.

                          STATEMENT OF TOTAL RETURN                           
              (unaudited and incorporating the revenue account*)  

                      for the year ended 31 January 2000
                                            
                                              Revenue     Capital    Total    
  
                                              £'000       £'000      £'000
      
Gains on investments                          -           68,973     68,973
Currency losses (note 1)                      -           (1,322)    (1,322)  
                                            
Income (note 2)                               415         -          415      
Investment management fee                    (694)        -          (694)
Other administrative expenses                (150)        -          (150)
                                           
Net return before finance                    (429)       67,651      67,222
costs and taxation 
Finance costs of borrowings                  (255)        -          (255)    
                        
Return on ordinary activities
before taxation                              (684)       67,651       66,967
Tax on ordinary activities                   (47)        -            (47)    
                                        
Return on ordinary activities                (731)       67,651        66,920
after taxation       
                
Transfer (from)/to reserves                  (731)       67,651       66,920
     
Return per ordinary share                    (2.30p)     212.71p      210.41p 
(note 4)                       


                                                                              
                    for the year ended 31 January 1999                        
                                        
                                             Revenue      Capital      Total
                                                                       
                                             £'000        £'000        £'000
      
Gains on investments                         -            2,411        2,411
Currency losses (note 1)                     -            (906)        (906)

Income (note 2)                              648          -            648
Investment management fee                   (232)         -            (232)
Other administrative expenses               (113)         -            (113)

Net return before finance                   303          1,505         1,808
costs and taxation 
Finance costs of borrowings                 (183)         -            (183)

Return on ordinary activities               120           1,505        1,625
before taxation
Finance costs of borrowings                 (34)          -            (34)

Return on ordinary activities               86            1,505        1,591
after taxation

Transfer (from)/to reserves                 86            1,505        1,591


Return per ordinary share                   0.27p         4.73p        5.00p
(note 4)                          


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

                                                                              
                           SUMMARISED BALANCE SHEET                           
                              at 31 January 2000                              
                                 (unaudited)                                  
              
                                 31 January 2000        31 January 1999

                                 £'000                  £'000


NET ASSETS                       68,529                 17,894        
Listed overseas                                         
                            
Unlisted traded on OTC market    37,196                 10,656                
      
                            
Total equities                   105,725                28,550
                            
                            
UK government bond               -                      4,466
                            
Net liquid assets                3,382                  309
                            
Total assets (before deduction   109,107                33,325
of bank loans)                                      
                            
Bank loans (note 5)              (16,714)               (7,852)
                            
                                 92,393                 25,473
                            
                            
CAPITAL AND RESERVES                            
Called-up share capital          3,181                  3,181
                            
Capital reserves                 91,455                 23,804
                            
Revenue reserve                  (2,243)                (1,512)
                            
Equity shareholders' funds       92,393                 25,473
                            
Net asset value per ordinary     290.5p                 80.1p 
share (note 6):                            
Basic                                        
                            
Diluted (FRS14)                  286.3p                 80.1p
                            
Fully diluted                    283.9p                 80.1p
                            
Ordinary shares in issue         31,805,357             31,805,357


                                                                              
                           TWENTY LARGEST HOLDINGS                            
                              at 31 January 2000                              

Name             Business                         Market value   % of total
                                                  £'000          assets 

Hikari Tsushin   Mobile telecommunications        6,393          5.9
Yamada Denki     Consumer electronics retailer    5,037          4.6
Fast Retailing   Casual wear retailer             4,439          4.1
Okinawa Cellular 
Telephone        Mobile phone operator            4,107          3.8
OBIC             Computer systems and software    3,631          3.3
Aiful            Consumer finance                 3,218          2.9
Mobile Telecom 
International    Mobile telecommunications        3,170          2.9
                 content       
Aeon Credit      Credit card company              2,967          2.7
Service              
Drake Beam       Outplacement agency              2,853          2.6
Morin-Japan                  
Paris Miki       Retailer of spectacles           2,830          2.6
Fuji Machine     Production robots                2,769          2.5
Manufacturing             
H.I.S.           Discount travel agent            2,694          2.5
Avex             Music production                 2,638          2.4
Fancl            Specialist cosmetics and food    2,637          2.4
Japan Business   Computer hardware and software   2,512          2.3
Computer         seller   
Goodwill         Human resource outsourcing       2,490          2.3
Taiyo Yuden      Capacitors and electronic        2,335          2.1
                 parts       
Taiyo Ink        Specialist inks for electronics  2,265          2.1
Manufacturing    
Nidec            Specialist industrial components 2,101          1.9
Hirose Electric  Electrical and optical           2,040          1.9
                 connectors
              
                                                  63,126         57.8
                   

                                    NOTES                                     

                                             31 January 2000   31 January 1999
                                             £'000             £'000    
                                                 

1.     Currency losses
       Realised exchange differences         360 +               (230)
       Movement in unrealised exchange       
       differences                           (1,682)             (676)
                                             (1,322)             (906)
                  

+Includes realised loss on forward contracts of 
£280,000.

2.     Income
       Income from investments and interest   415                648
       receivable       
       Other income                           Nil                Nil

3.     No interim dividend will be declared.

4.     Return per ordinary share
       Revenue return                         (731)              86
       Capital return                         67,651             1,505

Return per ordinary share is based on the above totals for revenue and capital
and on 31,805,357 ordinary shares, being the number of ordinary shares in
issue throughout each period.  There was no dilution of the above returns. 
The number of outstanding warrants throughout each period was 2,518,031.

5.    Bank loans of £16.7 million (yen 2.9 billion) have been drawn down     
      under yen loan facilities which are repayable between December 2000 and
      May 2005 (31 January 1999 - £7.9 million (yen 1.5 billion)).

6.    Net asset value per ordinary share is based on net assets of            
      £92,393,000 (1999 - £25,473,000) and 31,805,357 ordinary shares, being  
      the number of ordinary shares in issue at each date. The diluted net    
      asset per ordinary share, calculated in accordance with Financial       
      Reporting Standard 14 (FRS 14) is 286.3p.  This is based on net assets  
      of £92,393,000 and on 32,276,208 ordinary shares, being the number of   
      ordinary shares in issue at the year end plus the notional number of    
      ordinary shares that would have been issued for no consideration using a
      year end ordinary share price of 246p.   The fully diluted net asset   
      value per ordinary share has been calculated on the assumption that the
      warrants in issue were fully exercised at the year end at 200p each    
      resulting in net assets of £97,429,000 and 34,323,388 ordinary shares
      in issue.There was no dilution of net asset value at 31 January 1999.   
              
                                                                              
7.   The financial information set out above does not constitute the          
     Company's statutory accounts for the year ended 31 January 2000.  The    
     financial information for 1999, is derived from the statutory accounts   
     for 1999 which have been delivered to the Registrar of Companies.  The   
     Auditors have reported on the 1999 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 2000 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.