Holding(s) in Company

Baillie Gifford Japan Trust PLC
08 March 2006

The issuer advises that the following replaces the Net Asset Value released 8
March 2006 at 11.12am under RNS number 4784Z


                      The Baillie Gifford Japan Trust PLC

                        Disclosure of interest in shares



The Baillie Gifford Japan Trust PLC has today been advised that following two
sales of 250,000 Ordinary shares Asset Value Investors Limited no longer hold a
notifiable interest in the Company.



                                                            Baillie Gifford & Co

                                                             Company Secretaries

                                                                    8 March 2006


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