Holding(s) in Company

Baillie Gifford Japan Trust PLC
14 March 2003

                      The Baillie Gifford Japan Trust PLC

                        Disclosure of Interest in Shares


The Baillie Gifford Japan Trust PLC has today been advised that following the
sale of 1,000,000 ordinary 5p shares, the Co-operative Insurance Society Limited
now no longer has a notifiable interest of ordinary shares in the Company.


                                                           Baillie Gifford & Co.

                                                          Managers & Secretaries

                                                                   14 March 2003


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