Holding(s) in Company

Baillie Gifford Japan Trust PLC
28 March 2003


                      The Baillie Gifford Japan Trust PLC

                        Disclosure of interest in shares



The Baillie Gifford Japan Trust PLC has today been advised that Aberdeen Asset
Managers Limited holds 9,090,000 ordinary shares in the Company, which equates
to 14.68% of the 61,935,000 shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   28 March 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange