Holding in Company

Baillie Gifford Japan Trust PLC
8 May 2001


                     The Baillie Gifford Japan Trust PLC

                       Disclosure of Interest in Shares

The Baillie Gifford Japan Trust PLC has today been advised that the
Co-operative Insurance Society Limited holds 2,415,397 ordinary shares in the
Company, which equates to 3.82% of the issued share capital.


                                                         Baillie Gifford & Co.

                                                        Managers & Secretaries