Holding(s) in Company

SchroderJapan Growth Fund PLC
30 June 2003



                                                                    30 June 2003


                    Substantial Share Interest Notification

We are writing to advise you that the Company was informed on 30 June 2003 that,
following a sale of 41,696 shares on 26 June 2003, Legal & General Group Plc are
the beneficial owners of 3,748,440 shares in the Company representing 2.99% of
the 125,003,500 shares in issue. The shares are registered in the name of HSBC
Global Custody Nominee (UK) Limited with various account designations.

Enquiries:
John Spedding
Schroder Investment Management Limited
Tel: [phone]



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