Holding(s) in Company

Baillie Gifford Japan Trust PLC
10 February 2004

                      The Baillie Gifford Japan Trust PLC

                        Disclosure of Interest in Shares



The Baillie Gifford Japan Trust PLC has today been advised that following a sale
of 250,000 ordinary 5p shares, the Tattersall Advisory Group now holds 2,922,000
ordinary shares in the Company, which equates to 4.72% of the issued share
capital.



                                                           Baillie Gifford & Co.

                                                          Managers & Secretaries

                                                                10 February 2004


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