Change of Portfolio Manager

Baillie Gifford Shin Nippon PLC
26 April 2007



                        BAILLIE GIFFORD SHIN NIPPON PLC

                          Change of portfolio manager


The Board has been informed that Alistair Way has decided to leave Baillie
Gifford with effect from 27 April.  Baillie Gifford has, following consultation
with the independent Board members, appointed John MacDougall as Alistair Way's
successor.

The team-based approach adopted by the Managers to stock-picking, with the
emphasis on sector responsibility rather than research by size of company,
should ensure a smooth transition.

Having graduated from Oxford, John MacDougall (CFA Charter Holder) joined
Baillie Gifford in 2000 and has been part of the Japanese department since 2001.
During this time, he has covered a variety of sectors.  He has been managing
client money since 2004 and has been the informal back-up for Alistair Way on
managing Japanese smaller companies money for the past two years.  In addition
to his responsibilities within the department, John MacDougall is currently a
member of Baillie Gifford's Global Real Estate Sector research group (of which
is he currently Chair) and a member of Baillie Gifford's Global Alpha Portfolio
group.  Sarah Whitley remains as head of the Japanese department at Baillie
Gifford, which is ten strong (this includes two investment assistants) with
average experience of eleven years.

The directors welcome John MacDougall and wish Alistair Way well for the future
and thank him for his work with the board over the past 3 1/2 years


                                                            Baillie Gifford & Co
                                                        Managers and Secretaries
                                                                   26 April 2007


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