Share Buy Back Authority

Baillie Gifford Shin Nippon PLC
8 May 2001

               BAILLIE GIFFORD SHIN NIPPON PLC (THE 'COMPANY')

                        RENEWAL OF BUY BACK AUTHORITY

At the Annual General Meeting of the Company held earlier today, shareholders
approved a resolution renewing the Company's authority to make market
purchases of up to 14.99 per cent of the Company's current issued share
capital, being 4,684,448 shares.

Such authority will expire on the date of the Company's Annual General Meeting
to be held in 2002 unless previously varied, revoked or renewed. Future
purchases of shares will only be made at prices, which, after allowing for
costs, will enhance the net asset value of the Company.

Under the previous share buy-back authority granted on 24 August 2000 the
Company made market purchases for cancellation of 555,000 shares, representing
1.74 per cent of the 14.99 per cent authority granted at that date. Such
purchases increased net asset value per share for shareholders by
approximately 0.4 per cent.


                                                         Baillie Gifford & Co.

                                                           Company Secretaries