Holding(s) in Company

SchroderJapan Growth Fund PLC
20 January 2004

                                                                 20 January 2004

                    Substantial Share Interest Notification

We are writing to advise you that the Company was informed on 20 January 2004
that, following a transfer into management on 14 January 2004 of 250,000 shares,
Legal & General Group Plc companies are the beneficial owners of 3,894,704
shares in the Company representing 3.11% 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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