Holding(s) in Company

Baillie Gifford Japan Trust PLC
20 April 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 200,000 Ordinary shares on 16 April 2004 Asset Value Investors Limited now
holds 9,580,000 ordinary shares in the Company, which equates to 15.47% of the
61,935,000 shares in issue.


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                   20 April 2004


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