Holding(s) in Company

Baillie Gifford Japan Trust PLC
30 January 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 200,000 ordinary 5p shares, The Bank of England Pensions Fund now
holds 1,900,000 ordinary shares in the Company, which equates to 3.02% of the
issued share capital.

                                                           Baillie Gifford & Co.

                                                          Managers & Secretaries

                                                                 30 January 2003


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