Portfolio Update

Baillie Gifford Shin Nippon PLC
04 August 2004


                         BAILLIE GIFFORD SHIN NIPPON PLC
   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets


31 July 2004

No      Holding                                          % of Total Assets 

1.      Arisawa Manufacturing                                   2.8%
2.      Fuji Seal                                               2.8%
3.      Sumisho Lease                                           2.8%
4.      Goldcrest                                               2.7%
5.      USS                                                     2.5%
6.      Sanyo Shinpan Finance                                   2.5%
7.      Seiko                                                   2.3%
8.      Arrk                                                    2.2%
9.      Bandai                                                  2.2%
10.     S E S                                                   2.1%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                   4 August 2004

                      This information is provided by RNS
            The company news service from the London Stock Exchange