Portfolio Update

Baillie Gifford Shin Nippon PLC
07 February 2006

                         BAILLIE GIFFORD SHIN NIPPON PLC

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



31 January 2006


No      Holding                                                                  % of Total
                                                                                   Assets

1.      Park24                                                                      2.5%
2.      Nabtesco                                                                    2.2%
3.      Japan Asia Investment                                                       2.1%
4.      Hamakyorex                                                                  2.1%
5.      H I S                                                                       2.1%
6.      ARRK                                                                        2.1%
7.      Plenus                                                                      2.0%
8.      Seijo                                                                       2.0%
9.      Fullcast                                                                    2.0%
10.     Ryobi                                                                       2.0%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 6 February 2006



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