Holding(s) in Company

Baillie Gifford Japan Trust PLC
09 December 2002

                      The Baillie Gifford Japan Trust PLC

                        Disclosure of interest in shares





The Baillie Gifford Japan Trust PLC has today been advised that Aberdeen Asset
Managers Limited holds 8,050,000 ordinary shares in the Company, which equates
to 12.79% of the 62,935,000 shares in issue.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 9 December 2002


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