Net Asset Value(s)

Baillie Gifford Shin Nippon PLC
22 August 2007


Baillie Gifford Shin Nippon PLC                                                                          21 August 2007

                                                            Net Asset Value with borrowings at par              180.31p

                                                     Net Asset Value with borrowings at fair value              180.40p


All Net Asset Values are calculated using closing bid market prices


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