Top Ten Investments

Baillie Gifford Shin Nippon PLC
03 February 2004


                         BAILLIE GIFFORD SHIN NIPPON PLC

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


31 January 2004

No      Holding                                             % of Total
                                                              Assets

1.      Fuji Seal                                               3.4%
2.      Goodwill Group                                          3.3%
3.      Arisawa Manufacturing                                   3.1%
4.      Sumisho Lease                                           3.0%
5.      Bandai                                                  2.6%
6.      USS                                                     2.5%
7.      SES                                                     2.4%
8.      Seiko                                                   2.4%
9.      Leopalace 21                                            2.3%
10.     Sanyo Shinpan Finance                                   2.2%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 3 February 2004


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