Holding in Company

Baillie Gifford Japan Trust PLC
2 January 2002

                     The Baillie Gifford Japan Trust PLC

                       Disclosure of interest in shares

The Baillie Gifford Japan Trust PLC has been advised by AEGON UK plc Group of
Companies, that they have sold 50,000 ordinary shares in the Company.

This brings their total holding in the Company to 6,062,450 ordinary shares,
which equates to 9.52% of the 63,650,000 shares in issue.



                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                                2 January 2002