Portfolio Update

Baillie Gifford Shin Nippon PLC
05 February 2007


                         BAILLIE GIFFORD SHIN NIPPON PLC

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


31 January 2007

No      Holding                                                                  % of Total
                                                                                   Assets

1.      USS Company                                                                 3.4%
2.      Message                                                                     3.4%
3.      Pronexus                                                                    3.2%
4.      Suruga Corp.                                                                2.8%
5.      Funai Zaisan Consultants                                                    2.7%
6.      Shinko Plantech                                                             2.7%
7.      Nabtesco                                                                    2.6%
8.      Moshi Moshi Hotline                                                         2.5%
9.      Fintech Global                                                              2.4%
10.     Horiba                                                                      2.3%

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 5 February 2007


                      This information is provided by RNS
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