Portfolio Update

Baillie Gifford Shin Nippon PLC
04 August 2006


                         BAILLIE GIFFORD SHIN NIPPON PLC

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



31 July 2006


No      Holding                                                                  % of Total
                                                                                   Assets

1.      USS Company                                                                 3.6%
2.      Suruga Corp                                                                 2.6%
3.      Sumisho Lease                                                               2.5%
4.      Nabtesco                                                                    2.4%
5.      Asia Securities Printing                                                    2.4%
6.      Plenus                                                                      2.3%
7.      Moshi Moshi Hotline                                                         2.3%
8.      Ryobi                                                                       2.3%
9.      Funai Zaisan Consultants                                                    2.3%
10.     Tokyu Livable Inc                                                           2.1%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries

                                                                   4 August 2006


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