Holding(s) in Company

Baillie Gifford Japan Trust PLC
27 May 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 625,000 Ordinary shares on 24 May and a sale of 400,000 shares on 25 May 2004
Asset Value Investors Limited now holds 6,655,000 ordinary shares in the
Company, which equates to 10.75% of the 61,935,000 shares in issue.


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     27 May 2004


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