Holding(s) in Company

Baillie Gifford Japan Trust PLC
16 August 2002

                      The Baillie Gifford Japan Trust PLC

                        Disclosure of interest in shares

The Baillie Gifford Japan Trust PLC has today been advised by Legal & General
Investment Management, that they have purchased 250,000 ordinary shares in the
Company.

This brings their total holding in the Company to 2,004,503 ordinary shares,
which equates to 3.16% of the 63,335,000 shares in issue.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  16 August 2002




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