Portfolio Update

Baillie Gifford Shin Nippon PLC
05 May 2006

                         BAILLIE GIFFORD SHIN NIPPON PLC

   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets



30 April 2006


No      Holding                                                   % of Total
                                                                     Assets

1.      USS Company                                                   3.3%
2.      H I S                                                         2.5%
3.      Plenus                                                        2.4%
4.      Sumisho Lease                                                 2.3%
5.      Nabtesco                                                      2.2%
6.      Suruga Corp                                                   2.2%
7.      Sankyo                                                        2.1%
8.      Ryobi                                                         2.1%
9.      Park 24                                                       2.1%
10.     Sanyo Shinpan Finance                                         2.1%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                      5 May 2006


                      This information is provided by RNS
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