Holding in Company

Baillie Gifford Japan Trust PLC
12 July 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 2,462,153 ordinary shares in the
Company, which equates to 3.86% of the issued share capital.


                                                         Baillie Gifford & Co.

                                                        Managers & Secretaries