Net Asset Value(s)

Baillie Gifford Shin Nippon PLC
19 December 2007


Baillie Gifford Shin Nippon PLC                                                                        18 December 2007

                                                          Net Asset Value with borrowings at par                162.01p

                                                   Net Asset Value with borrowings at fair value                161.50p


All Net Asset Values are calculated using closing bid market prices


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