Exercise of Warrants

Baillie Gifford Shin Nippon PLC
1 May 2002

                        Baillie Gifford Shin Nippon PLC

                              Exercise of Warrants

Baillie Gifford Shin Nippon PLC announces that no applications to subscribe for
Ordinary Shares were received at the close of business on 30 April 2002.

As a result, the number of Ordinary Shares and Warrants in issue have not
changed and remain at 30,900,492 Ordinary Shares  and  33,418,523 Warrants.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                      1 May 2002



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