Holding(s) in Company

SchroderJapan Growth Fund PLC
20 January 2003

20 January 2003

RNS

Old Broad Street

London

EC2N 1HP


Dear Sirs

                    Substantial Share Interest Notification


We are writing to advise you that the Company was informed on 20 January 2003
that, following a transfer into management of 102,463 shares on 15 January 2003,
Legal & General Investment Management have an interest in 3,790,136 shares in
the Company representing 3.03% of the 125,003,500 shares in issue. The shares
are registered in the name of HSBC Global Custody Nominee (UK) Limited.

Yours faithfully,


John Spedding

For SCHRODER INVESTMENT MANAGEMENT LIMITED

Secretaries


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