Holding(s) in Company

Baillie Gifford Japan Trust PLC
14 December 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 70,000 ordinary shares, the AEGON UK plc Group of Companies now holds
3,660,000 ordinary shares in the Company, which equates to 5.91% of the
61,935,000 ordinary shares in issue.



                                                           Baillie Gifford & Co.

                                                           Company Secretaries

                                                           14 December 2004


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