Director Shareholding

SchroderJapan Growth Fund PLC
21 May 2001

             NOTIFICATION OF INTEREST OF DIRECTORS AND CONNECTED

                                   PERSONS

All relevant boxes should be completed in block capital letters.

1.    Name of company                      2.     Name of director
      Schroder Japan Growth Fund plc              Keisuke Egashira

3.    Please state whether notification    4.     Name of registered holder(s)
      indicates that it is in respect of          and, if more than one holder,
      holding of the director named in 2          the number of shares held by
      above or holding of that person's           each of them (if notified)
      spouse or children under the age of
      18 or in respect of a non-beneficial        Lloyds TSB Registrars Savings
      interest                                    Nominees Limited are the
                                                  registered holder of shares
                                                  in the Schroder Investment
      Director only                               Trust Dealing Service

5.    Please state whether notification    6.     Please state the nature of
      relates to a person(s) connected            the transaction. For PEP
      with the director named in 2 above          transactions please indicate
      and identify the connected person(s)        whether general/single co PEP
                                                  and if discretionary/non
                                                  discretionary
      N/A

7.    Number of    8.    Percentage 9.    Number of   10.   Percentage of
      shares/            of issued        shares/           issued class
      amount of          class            amount of
      stock                               stock
      acquired                            disposed
      2,605              0.0021%          -                 -

11.   Class of     12.   Price per  13.   Date of     14.   Date company
      security           share            transaction       informed

                                                            Information
                                                            received from
                                                            Lloyds TSB
                                                            Registrars, the
                                                            Administrator on
      Ordinary           95.50p           2 May 2001        17 May 2001
      Shares

15.   Total holding following   16.   Total percentage holding of issued class
      this notification               following this notification
      39,273 Ordinary Shares          0.031%

If a director has been granted options by the company please complete the
following boxes.

17. Date of grant                         18. Period during which or date on
                                              which exercisable

19. Total amount paid (if any) for grant  20. Description of shares or
    of the option                             debentures involved: class,
                                              number



21. Exercise price (if fixed at time of   22. Total number of shares or
    grant) or indication that price is to     debentures over which options
    be fixed at time of exercise              held following this notification


23. Any additional information            24. Name of contact and telephone
                                              number for queries.
    Director not yet informed
                                              John Spedding - 020 7658 3206

25. Name and signature of authorised company official responsible for making
    this notification

    Date of notification 18 May 2001      John Spedding

    For SCHRODER INVESTMENT MANAGEMENT LIMITED

    Secretaries