Holding(s) in Company

Baillie Gifford Japan Trust PLC
14 January 2002

                     The Baillie Gifford Japan Trust PLC

                       Disclosure of Interest in Shares

The Baillie Gifford Japan Trust PLC has been advised by the Co-operative
Insurance Society Limited that they hold 2,478,631 ordinary shares in the
Company, which equates to 3.89% of the issued share capital.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                               14 January 2002