Portfolio Update

Baillie Gifford Shin Nippon PLC
01 November 2007


                         BAILLIE GIFFORD SHIN NIPPON PLC
   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets


31 October 2007

No      Holding                                    % of Total
                                                       Assets

1.      Shinko Plantech                                4.7%
2.      Nabtesco                                       3.7%
3.      Juki                                           3.2%
4.      Moshi Moshi Hotline                            3.2%
5.      Aruze                                          3.2%
6.      Tecmo                                          2.8%
7.      Suruga Corporation                             2.7%
8.      Modec                                          2.5%
9.      Funai Zaisan Consultants                       2.5%
10.     Message                                        2.5%



                                                            Baillie Gifford & Co
                                                             Company Secretaries
                                                                 1 November 2007



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