Holding(s) in Company

Baillie Gifford Japan Trust PLC
25 February 2003


                      The Baillie Gifford Japan Trust PLC

                        Disclosure of Interest in Shares

The Baillie Gifford Japan Trust PLC has today been advised that following a
purchase of 50,000 ordinary 5p shares, the Tattersall Advisory Group now holds
3,823,000 ordinary shares in the Company, which equates to 6.07% of the issued
share capital.

                                                           Baillie Gifford & Co.
                                                          Managers & Secretaries
                                                                25 February 2003


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