Final Results

Baillie Gifford Shin Nippon PLC
28 February 2005


                        BAILLIE GIFFORD SHIN NIPPON PLC

                    Results for the year to 31 January 2005

For the year to 31 January 2005, Shin Nippon's net asset value rose by 23.0% and
the share price rose by 30.8%+. The Board and Managers are optimistic about
future returns in Japanese small capitalisation equities.

•    We had strong returns in the Real estate and construction and Financials 
     sectors, which were the main contributors to the rise in the net asset 
     value.

•    The comparative index* rose by 26.2% in the year.

•    In the six months to 31 January 2005, the Company's net asset value per 
     share rose by 4.9% compared to an 8.6% rise in the comparative index*.

•    After particularly positive returns in the first three months of the 
     Company's financial year, Japanese equities became more volatile owing to 
     a slowdown in domestic economic growth and a range of global concerns.

•    As a consequence of the continuing upwards earnings momentum, valuations 
     are low by historical standards.

•    The Company has maintained its gearing which contributed positively to 
     performance over the last year.  At the year end, net gearing stood at 9% 
     of shareholders' funds.

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

+ Past performance is no guarantee of future performance

Shin Nippon aims to achieve long-term capital growth principally through
investment in small Japanese companies which are believed to have above average
prospects for capital growth.  At 31 January 2005 the Company had total assets
of £68.6m (before deduction of bank loans of £14.4m).

The Company is managed by Baillie Gifford & Co., an Edinburgh based fund
management group.

25 February 2005                                    - ends -

For further information please contact:

Alistair Way, Manager,
Baillie Gifford & Co.                  0131 275 2000

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
2005 which was approved by the Board on 25 February 2005.  No dividend is
payable.


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

                                         For the year ended                      For the year ended
                                           31 January 2005                        31 January 2004

                                 Revenue     Capital     Total           Revenue     Capital     Total
                                 £'000       £'000       £'000           £'000       £'000       £'000

Gains on investments                      -       10,270     10,270               -      16,235          16,235


Currency gains (note 1)                   -          253        253               -          42             42
Income                                  598            -        598             524           -            524
Investment management fee              (531)           -       (531)           (389)          -           (389)
Other administrative expenses          (199)           -       (199)           (160)          -           (160)
Net return before finance costs
and taxation                           (132)      10,523     10,391             (25)     16,277         16,252

Finance costs of borrowings            (226)           -       (226)           (170)          -           (170)
Return on ordinary activities
before taxation                        (358)      10,523     10,165            (195)     16,277         16,082

Tax on ordinary activities              (34)           -        (34)            (43)          -            (43)
Return on ordinary activities
after taxation                         (392)      10,523     10,131            (238)     16,277         16,039

Transfer (from)/to reserves            (392)      10,523     10,131            (238)     16,277         16,039

Return per ordinary share            (1.28p)      34.39p      33.11p         (0.78p)      53.14p         52.36p
(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 this statement derive from continuing
operations.



                         BAILLIE GIFFORD SHIN NIPPON PLC

                            SUMMARISED BALANCE SHEET
                               at 31 January 2005
                                  (unaudited)
                                                                       31 January 2005           31 January 2004
                                                                                 £'000                     £'000
NET ASSETS
Listed overseas equities                                                        58,459                   38,320
Unlisted - traded on the OTC market                                                  -                   10,791
               - other unlisted                                                  1,035                      809
Total equities                                                                  59,494                   49,920

Net liquid assets                                                                9,092                    1,451

Total assets (before deduction of bank loans)                                   68,586                   51,371

Bank loans (note 4)                                                           (14,350)                   (7,266)
Net assets                                                                      54,236                   44,105

CAPITAL AND RESERVES
Called-up share capital                                                          3,060                    3,060
Capital reserves                                                                55,706                   45,183

Revenue reserve                                                                (4,530)                   (4,138)
Equity shareholders' funds                                                      54,236                   44,105


Net asset value per ordinary share (note 5)                                     177.2p                    144.1p

Ordinary shares in issue (note 6)                                           30,600,497                30,600,492



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 2005           31 January 2004
                                                                 £'000       £'000           £'000       £'000

NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES                          (226)                        118

NET CASH OUTFLOW FROM SERVICING OF FINANCE                                   (174)                       (168)

TOTAL TAX PAID                                                                (35)                        (44)

FINANCIAL INVESTMENT
Acquisitions of investments                                   (20,940)                    (19,423)
Disposals of investments                                       21,275                      18,588
Realised currency gain                                            367                         207

NET CASH INFLOW/(OUTFLOW) FROM FINANCIAL INVESTMENT                           702                        (628)

NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING                                    267                        (722)

FINANCING
Shares repurchased                                                  -                        (220)
Bank loans drawn down                                            9,423                           -
Bank loans repaid                                              (2,453)                           -

NET CASH INFLOW/(OUTFLOW)FROM FINANCING                                     6,970                        (220)

INCREASE/(DECREASE) IN CASH                                                 7,237                        (942)

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Increase/(decrease) in cash in the year                                     7,237                        (942)
Net inflow from bank loans                                                 (6,970)                          -
Exchange movement on bank loans                                              (114)                       (165)

MOVEMENT IN NET DEBT IN THE YEAR                                              153                      (1,107)
NET DEBT AT 1 FEBRUARY                                                     (5,222)                     (4,115)
NET DEBT AT 31 JANUARY                                                     (5,069)                     (5,222)


                                       BAILLIE GIFFORD SHIN NIPPON PLC

                                       TWENTY LARGEST EQUITY HOLDINGS
                                             at 31 January 2005
                                                (unaudited)

    Name                                   Business                                         Market      % of
                                                                                             value     total
                                                                                             £'000    assets

     Goldcrest                             Condominium developer                             1,716       2.5
     USS Company                           Second-hand car auctioneer                        1,537       2.2
     Sanyo Shinpan Finance                 Consumer loans and credit cards                   1,513       2.2
     Sumisho Lease                         Specialist leasing operator                       1,485       2.2
     Fuji Seal                             Packaging and shrink-wrap materials               1,481       2.2
     Arrk                                  Design consulting                                 1,427       2.1
     Fullcast                              Blue collar staffing services                     1,333       1.9
     CKD                                   Pneumatic machinery                               1,303       1.9
     Sodick                                Manufacturer of electric machinery                1,303       1.9
     SES                                   Wafer polishing equipment                         1,284       1.9
     Point                                 Clothing stores                                   1,269       1.9
     Arisawa Manufacturing                 Specialist industrial materials                   1,254       1.8
     Nippon Light Metal                    Aluminium producer                                1,229       1.8
     Nissin                                Consumer loans and business finance               1,204       1.8
     Tokyo Livable                         Real estate business                              1,184       1.7
     Kose                                  Cosmetics                                         1,179       1.7
     Nippon Thompson                       Needle roller bearings                            1,168       1.7
     SMBC Friend                           Retail broker                                     1,158       1.7
     Kennedy-Wilson Japan                  Real estate finance                               1,150       1.7
     Sankyo                                Pachinko machines                                 1,148       1.7
                                                                                            26,325      38.5


                              BAILLIE GIFFORD SHIN NIPPON PLC

                                             NOTES
                                          (unaudited)


                                                                  31 January 2005               31 January 2004
                                                                            £'000                         £'000
1.   Currency gains

     Realised exchange differences                                            603                          207
     Unrealised exchange differences                                        (350)                         (165)
                                                                              253                           42

2.   No dividend will be declared.

3.   Return per ordinary share
     Revenue return                                                         (392)                         (238)
     Capital return                                                        10,523                       16,277

     Return per ordinary share is based on the above returns and on 30,600,496 (2004 - 30,631,725) ordinary
     shares, being the weighted average number of ordinary shares in issue during the year.

4.   Bank loans of £14.4 million (Y2.8 billion) have been drawn down under yen loan facilities which are
     repayable between May 2005 and August 2011 (31 January 2004 - £7.3 million (Y1.4 billion)).

5.   There was no dilution to net asset value per share at either date.  The 2,517,891 outstanding warrants
     at 31 January 2005 are exercisable at 200p each on 30 April 2005, which is the final exercise date.

6.   At 31 January 2005 the Company had authority to buy back 4,587,013 shares in accordance with the
     authority granted at the AGM in April 2004. No shares were bought back during the year under review.

7.   The financial information set out above does not constitute the Company's statutory accounts for the
     year ended
     31 January 2005.  The financial information for 2004 is derived from the statutory accounts for 2004,
     which have been delivered to the Registrar of Companies.  The Auditors have reported on the 2004
     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 2005 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.

     None of the views expressed in this document should be construed as advice to buy or sell a particular
     investment.




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