Holding in Company

Baillie Gifford Shin Nippon PLC
4 January 2001

We have today been informed that following a purchase of 500,000 ordinary 10p
shares on 03 January 2001, A&OT Investments now holds 2,800,000 shares in
Baillie Gifford Shin Nippon PLC, which represents 8.80% of the issued share
capital of 31,805,492.