Portfolio Update

Baillie Gifford Shin Nippon PLC
07 November 2006

                         BAILLIE GIFFORD SHIN NIPPON PLC

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



31 October 2006


No      Holding                                                    % of Total
                                                                     Assets

1.      USS Company                                                    3.4%
2.      Suruga Corp                                                    2.6%
3.      Pronexus                                                       2.6%
4.      Nabtesco                                                       2.6%
5.      Message                                                        2.5%
6.      Aruze                                                          2.4%
7.      Ryobi                                                          2.3%
8.      Funai Zaisan Consultants                                       2.3%
9.      Fintech Global                                                 2.3%
10.     Moshi Moshi Hotline                                            2.3%





                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 7 November 2006


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