Holding in Company

Baillie Gifford Japan Trust PLC
19 December 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 2,579,387 ordinary shares in the
Company, which equates to 4.05% of the issued share capital.



                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                              19 December 2001