Portfolio Update

Baillie Gifford Shin Nippon PLC
01 August 2007


                         BAILLIE GIFFORD SHIN NIPPON PLC

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


31 July 2007

No      Holding                                                    % of Total
                                                                      Assets

1.      Shinko Plantech                                                 3.8%
2.      Funai Zaisan Consultants                                        3.4%
3.      Juki                                                            3.2%
4.      Nabtesco                                                        3.2%
5.      Pronexus                                                        2.9%
6.      Moshi Moshi Hotline                                             2.7%
7.      Modec                                                           2.7%
8.      Harakosan                                                       2.4%
9.      Suruga Corporation                                              2.3%
10.     Tecmo                                                           2.3%



                                                            Baillie Gifford & Co
                                                             Company Secretaries
                                                                   1 August 2007



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