Statement re investm't policy

Baillie Gifford Shin Nippon PLC
23 October 2003


                       BAILLIE GIFFORD SHIN NIPPON PLC

                       STATEMENT RE INVESTMENT POLICY


In anticipation of impending changes to the Listing Rules, the Board of Baillie
Gifford Shin Nippon PLC announces that it has a policy to invest no more than
15% of gross assets in other listed investment companies.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 23 October 2003


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