Interim Management Statement

RNS Number : 8677S

Baillie Gifford Shin Nippon PLC

27 May 2009

This announcement replaces the Baillie Gifford Shin Nippon PLC Interim Management Statement released on 11 May 2009 under RNS Number 0517S at 16.00. The Benchmark performance number quoted in the first bullet point under 'Review of the Period' and the Benchmark performance numbers in the 'Performance' table have been amended.

BAILLIE GIFFORD SHIN NIPPON PLC

Interim Management Statement - 3 months to 30 April 2009

Baillie Gifford Shin Nippon PLC aims to pursue long term capital growth through investment principally in small Japanese companies which are believed to have above average prospects for growth.

Review of the Period

	Over the period, the Company's net asset value (at fair value) fell by 15.6% compared to a fall in the benchmark of 12.7%. The share price fell by 2.1%.
	Changes in the Top 10 Equity Holdings were due mainly to market movements. Intage fell out of the Top 10 following a partial sale.
	During the period the Company repaid ¥250 million of its Yen loan, reducing the borrowings to ¥1,150 million.

Sector Analysis of Total Assets			Top Ten Equity Holdings
Name	% of total assets at 30/04/09	% of total assets at 31/01/09	Name	% of total assets at 30/04/09	% of total assets at 31/01/09
Manufacturing and machinery	26.2	26.0	EPS	3.7	3.7
Commerce and services	19.7	21.8	Nabtesco	3.6	2.3
Retail	19.0	20.4	Pronexus	3.5	3.6
Info. comm. and utilities	8.4	7.4	USJ	3.1	2.4
Electricals and electronics	6.0	5.4	Message	3.0	2.7
Pharmaceuticals and food	5.5	5.6	Shoei	2.8	2.3
Real estate and construction	3.0	2.4	Don Quijote	2.7	2.4
Financials	2.6	2.5	H.I.S.	2.6	2.7
Chemicals and other materials	2.0	0.7	Hamakyorex	2.5	3.3
Net liquid assets	7.6	7.8	Daikokutenbussan	2.5	2.9
Total	100.0	100.0	Total	30.0	28.3

Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	(2.1)	(26.9)	(64.8)	(43.3)
NAV (at par)	(15.7)	(29.9)	(62.1)	(43.9)
Benchmark	(12.7)	(1.4)	(37.3)	(13.6)

Source: Thomson Financial Datastream/HSBC/Baillie Gifford & Co. Capital only.

Benchmark - a composite index comprising the Tokyo Second Section Index, the TOPIX Small Index and the JASDAQ Index, weighted by market capitalisation, in sterling terms.

Past performance is not a guide to future performance

General Information
	30/04/09	31/01/09
Annual management fee (based on net assets)	1.00%	1.00%
Share Price	93.8p	95.8p
Total assets (before deduction of bank loans)	£40.1m	£49.1m

Total borrowings (loans at par)	£7.9m	£10.8m
Net asset value per share (at par)	103.7p	123.0p
Discount of share price to net asset value (at par)	9.5%	22.1%
Potential Gearing (at par)	24.5%	28.3%
Actual Gearing (at par)	15.1%	18.0%

Total borrowings (loans at fair)	£8.0m	£11.0m
Net asset value per share (at fair)	103.2p	122.3p
Discount of share price to net asset value (at fair)	9.1%	21.7%
Potential Gearing (at fair)	25.1%	29.0%
Actual Gearing (at fair)	15.7%	18.7%