Intends to Vote in Favour of All Resolutions and Proposals

CHICAGO , Jan. 26, 2026 /PRNewswire/ -- Marlton Partners L.P. (together with its affiliates and group members, "Marlton" or "we"), an investment firm focused on investing in closed-end funds and investment trusts and beneficial owners of stock of Baillie Gifford Shin Nippon plc (XLON: BGS) ("BGS" or the "Company"), today issued the following statement in response to the BGS Board of Directors' (the "Board") interconditional proposals to be voted upon at the general meeting of shareholders to be convened on 18 February 2026.

Marlton supports the interconditional proposals put forward by the Board and intends to vote in favour of all resolutions and proposals. The proposals substantially reflect suggested remedies Marlton first put to the Board in September 2025. These proposals represent, in our view, an appropriate and proportionate response to the Company's recent performance outcomes, and potential shareholder liquidity issues. Marlton intends to vote in favour of all resolutions and proposals on 18 February 2026, and encourages shareholders to do likewise.

Specifically, Marlton's support reflects three key considerations:

1. A tender offer provides shareholders with an equitable 'point-in-time' opportunity to realise value at- or near-NAV. This is more transparent and fair than reliance on ongoing share repurchases, which structurally expropriate value from exiting shareholders.
   
   
2. Rebasing the conditional monitoring period appropriately aligns performance evaluation with the tenure of Mr Lum, the current lead manager, ensuring accountability while avoiding retrospective assessment for periods outside the manager's control.
   
   
3. Advancing the tender offer into 2026, rather than maintaining the current pace of buybacks followed by a comparably sized tender in 2027, represents a more proportionate approach that better preserves Shin Nippon's scale and long-term viability as a standalone investment trust within a consolidating sector.

About Marlton Partners L.P.
Marlton Partners L.P. is a Chicago-based, privately held investment firm led by James C. Elbaor. The firm has a proven track record of success in investing in closed-end funds and acquires significant ownership positions in other assets where it believes long-term value can be enhanced through active ownership. Mr. Elbaor holds a B.A. from New York University and an M.B.A. from Columbia University. For more information about Marlton Partners L.P., please visit https://MarltonLLC.com.

Media Contact:
ASC Advisors
Taylor Ingraham
(203 992 1230)
tingraham@ascadvisors.com 

Investors Contact:
James C. Elbaor (214-405-4141)
James@marltonllc.com

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