Holding(s) in Company

Baillie Gifford Japan Trust PLC
04 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 200,000 Ordinary shares on 23 April 2004 Asset Value Investors Limited now
holds 8,930,000 ordinary shares in the Company, which equates to 14.42% of the
61,935,000 shares in issue.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                      4 May 2004


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