Portfolio Update

Baillie Gifford Shin Nippon PLC
02 February 2005


                         BAILLIE GIFFORD SHIN NIPPON PLC

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


31 January 2005


No      Holding                                                       % of Total
                                                                          Assets

1.      Goldcrest                                                           2.5%

2.      USS                                                                 2.2%

3.      Sanyo Shinpan Finance                                               2.2%

4.      Sumisho Lease                                                       2.2%

5.      Fuji Seal                                                           2.1%

6.      ARRK                                                                2.1%

7.      Fullcast                                                            1.9%

8.      CKD                                                                 1.9%

9.      Sodick                                                              1.9%

10.     S E S                                                               1.9%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 2 February 2005



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