Holding(s) in Company

Baillie Gifford Japan Trust PLC
30 January 2002

                      The Baillie Gifford Japan Trust PLC

                        Disclosure of Interest in Shares

The Baillie Gifford Japan Trust PLC has today been advised by the Co-operative
Insurance Society Limited that they hold 2,624,547 ordinary shares in the
Company, which equates to 4.13% of the issued share capital.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 30 January 2002



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