Holding(s) in Company

Baillie Gifford Japan Trust PLC
08 January 2003

                      The Baillie Gifford Japan Trust PLC

                        Disclosure of Interest in Shares



The Baillie Gifford Japan Trust PLC has today been advised by AEGON UK plc Group
of Companies, that they have sold 182,450 ordinary shares in the Company.

This brings their total holding in the Company to 4,400,000 ordinary shares,
which represents 6.99% of the 62,935,000 shares in issue.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  8 January 2003


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