Director Shareholding

Baillie Gifford Japan Trust PLC
02 February 2004

Schedule 11 - Notification of interests of Directors and Connected Persons.

THE BAILLIE GIFFORD JAPAN TRUST PLC

 1. Name of Director:

NICK BANNERMAN

 2. Please state whether notification indicates that it is in respect of holding
    of the director named in 2 above or holding of that person's spouse or
    children under the age of 18 or in respect of a non-beneficial interest:

BENEFICIAL

 3. Name of registered holder(s) and, if more than one holder, the number of
    shares held by each of them (if notified):

BAILLIE GIFFORD SHARE PLAN

 4. Please state whether notification relates to a person(s) connected with the
    director named in 2 above and identify the connected person(s):

N/A

 5. Please state the nature of the transaction. For PEP transactions please
    indicate whether general/single co PEP and if discretionary/non
    discretionary:

N/A

 6. Number of shares/amount of stock acquired.

351

 7. Percentage of issued class:

0.001%

 8. Number of shares/amount of stock disposed:

N/A

 9. Percentage of issued class:

N/A

10. Class of security:

ORDINARY 5P SHARES

11. Price per share:

141.50p

12. Date of transaction:

30 JANUARY 2004

13. Date company informed:

2 FEBRUARY 2004

14. Total holding following this notification:

351

15. Total percentage holding of issued class following this notification:

0.001%

16. Contact: Simon Marriott, Baillie Gifford & Co., 0131 275 3177












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