Portfolio Update

Baillie Gifford Shin Nippon PLC
04 February 2008

                         BAILLIE GIFFORD SHIN NIPPON PLC

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



31 January 2008


No      Holding                                                    % of Total
                                                                     Assets

1.      Pronexus                                                      4.1%
2.      Shinko Plantech                                               3.6%
3.      Nabtesco                                                      2.9%
4.      Aruze                                                         2.6%
5.      Message                                                       2.6%
6.      Moshi Moshi Hotline                                           2.5%
7.      Modec                                                         2.5%
8.      Shoei                                                         2.5%
9.      Nakanishi                                                     2.3%
10.     EPS                                                           2.2%





                                                            Baillie Gifford & Co
                                                             Company Secretaries
                                                                 4 February 2008


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