Holding(s) in Company

Baillie Gifford Japan Trust PLC
01 April 2005


                      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 100,000 Ordinary shares on 30 March 2005 Asset Value Investors Limited now
holds 4,905,000 ordinary shares in the Company, which equates to 7.92% of the
61,935,000 shares in issue.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    1 April 2005


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