Holding(s) in Company

Baillie Gifford Japan Trust PLC
10 December 2002


                      The Baillie Gifford Japan Trust PLC
                        Disclosure of interest in shares


The Baillie Gifford Japan Trust PLC has today been advised by Aberdeen Asset
Managers Ltd that they have purchased 150,000 ordinary shares in the Company.

This brings their total holding in the Company to 8,200,000 ordinary shares,
which equates to 13.03% of the 62,935,000 shares in issue.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                10 December 2002


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