Holding(s) in Company

Baillie Gifford Japan Trust PLC
13 March 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 150,000 ordinary shares in the Company.

This brings their total holding in the Company to 5,582,450 ordinary shares,
which equates to 8.79% of the 63,475,000 shares in issue.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   13 March 2002



                      This information is provided by RNS
            The company news service from the London Stock Exchange