Portfolio Update

Baillie Gifford Shin Nippon PLC
04 November 2005



                         BAILLIE GIFFORD SHIN NIPPON PLC

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

31 October 2005

No      Holding                                        % of Total
                                                          Assets

1.      Suruga Corp                                         2.7%
2.      Sumisho Lease                                       2.2%
3.      Kenedix                                             2.2%
4.      Nakanishi Inc.                                      2.1%
5.      Sanyo Shinpan Finance                               2.1%
6.      Arrk                                                2.1%
7.      Tokyo Livable                                       2.0%
8.      Ryobi                                               2.0%
9.      Park24                                              1.9%
10.     Sumitomo Warehouse                                  1.9%

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 4 November 2005




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