Holding in Company

Baillie Gifford Japan Trust PLC
25 January 2001


The Baillie Gifford Japan Trust PLC has today been advised by AEGON UK plc
Group of Companies, that they have purchased 100,000 ordinary shares in the
Company.

This brings their total holding in the Company to 6,392,450 ordinary shares,
which equates to 10.03% of the issued share capital.


                                                         Baillie Gifford & Co.

                                                        Managers & Secretaries