Portfolio Update

Baillie Gifford Shin Nippon PLC
04 May 2004

                         BAILLIE GIFFORD SHIN NIPPON PLC

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



30 April 2004


No      Holding                                                  % of Total
                                                                   Assets

1.      Goodwill Group                                               3.3%
2.      Arisawa Manufacturing                                        3.0%
3.      Sumisho Lease                                                2.6%
4.      OMC Card                                                     2.5%
5.      USS                                                          2.5%
6.      SES                                                          2.5%
7.      Arrk                                                         2.4%
8.      Fuji Seal                                                    2.4%
9.      MEW Information Systems                                      2.3%
10.     Sanyo Shinpan Finance                                        2.1%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                      4 May 2004






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