Holding in Company

BAILLIE GIFFORD JAPAN TRUST PLC  
13 July 1999

Schedule 10 - Notification of Major Interests in Shares

1   Name of company:
BAILLIE GIFFORD JAPAN TRUST PLC

2   Name of shareholder having a major interest:
THE BANK OF ENGLAND PENSION FUND

3   Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18:


4   Name of registered holder(s) and, if more than one holder, the number of
shares held by each of them:
THE SECURITIES MANAGEMENT TRUST LTD

5   Number of shares/amount of stock acquired:


6   Percentage of issued class:


7   Number of shares/amount of stock disposed:
100,000

8   Percentage of issued class:
0.76%

9   Class of security:
ORDINARY 25P SHARES

10  Date of transaction:
12 JULY 1999

11  Date company informed:
13 JULY 1999

12  Total holding following this notification:
635,000

13  Total percentage holding of issued class following this notification:
4.81%

14  Contact name for queries:
SCOTT HOOK

15 Contact telephone number:
0131 222 4040

16  Name of company official responsible for making notification:


17  Date of notification:


Additional Information: