Portfolio Update

Baillie Gifford Shin Nippon PLC
02 May 2007


                         BAILLIE GIFFORD SHIN NIPPON PLC

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

30 April 2007

No      Holding                                               % of Total
                                                                Assets

1.      Shinko Plantech                                          3.6%
2.      Pronexus                                                 3.3%
3.      Funai Zaisan Consultants                                 3.0%
4.      Nabtesco                                                 2.9%
5.      Moshi Moshi Hotline                                      2.8%
6.      Message                                                  2.6%
7.      Aruze                                                    2.5%
8.      H I S                                                    2.5%
9.      Juki                                                     2.4%
10.     Suruga Corporation                                       2.3%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                      2 May 2007

                      This information is provided by RNS
            The company news service from the London Stock Exchange