Exercise of Warrants

Baillie Gifford Shin Nippon PLC
01 May 2003

                        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 2003.

As a result, the number of Ordinary Shares and Warrants in issue remains
unchanged at 30,600,492 Ordinary Shares and  2,517,896 Warrants.

Each Warrant carries the right to subscribe for one ordinary share at 200p each
on 30 April in any of the remaining years 2004 to 2005.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                      1 May 2003


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