Holding(s) in Company

Baillie Gifford Japan Trust PLC
02 May 2003

                      The Baillie Gifford Japan Trust PLC

                        Disclosure of Interest in Shares



The Baillie Gifford Japan Trust PLC has today been advised that the AEGON UK plc
Group of Companies own 4,300,000 ordinary shares in the Company, which equates
to 6.94% of the 61,935,000 ordinary shares in issue.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                      2 May 2003


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