Net Asset Value(s)

Baillie Gifford Shin Nippon PLC
05 February 2008


Baillie Gifford Shin Nippon PLC                                                                         4 February 2008

                                                           Net Asset Value with borrowings at par               148.07p

                                                    Net Asset Value with borrowings at fair value               147.30p


All Net Asset Values are calculated using closing bid market prices


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