Portfolio Update

Baillie Gifford Shin Nippon PLC
06 May 2005


                         BAILLIE GIFFORD SHIN NIPPON PLC

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


30 April 2005

No      Holding                                           % of Total
                                                            Assets

1.      Sanyo Shinpan Finance                                2.3%
2.      USS Company                                          2.2%
3.      Kennedix                                             2.1%
4.      Arrk                                                 2.0%
5.      Sumisho Lease                                        2.0%
6.      Goldcrest                                            2.0%
7.      Tokyu Livable                                        2.0%
8.      Nissin                                               1.9%
9.      Ryobi                                                1.8%
10.     CKD                                                  1.8%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                      6 May 2005




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