Exercise of Warrants

Baillie Gifford Shin Nippon PLC
05 May 2004


                        Baillie Gifford Shin Nippon PLC

                              Exercise of Warrants

Baillie Gifford Shin Nippon PLC announces the allotment of 5 Ordinary Shares of
10p each on the exercise of the same number of the Company's Warrants. These
shares are fully paid and rank pari passu with the existing Ordinary Shares in
issue.

Following this exercise of warrants, there will be 30,600,497 Ordinary Shares in
issue and  2,517,891 Warrants.

Application has been made to the London Stock Exchange and UK Listing Authority
for the admission of these shares to the Official List.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                      5 May 2004


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