Net Asset Value(s)

Baillie Gifford Shin Nippon PLC
21 August 2007


Baillie Gifford Shin Nippon PLC                                                                          20 August 2007

                                                            Net Asset Value with borrowings at par              175.69p

                                                     Net Asset Value with borrowings at fair value              175.78p


All Net Asset Values are calculated using closing bid market prices


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