Issue of Equity

SchroderJapan Growth Fund PLC
08 February 2005

                                                                 8 February 2005


                              Allotment of Shares


Statement Re: listing application


The Company announces that it has applied to the UK Listing Authority (for
admission to the Official List) and to the London Stock Exchange (for admission
to trading on the London Stock Exchange's market for listed securities) for a
listing of 4,700 ordinary shares to be issued pursuant to the exercise of
warrants.

Following the allotment of shares the issued capital of the Company is
125,008,200 ordinary shares of 10p each.

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Enquiries:

 John Spedding
 Schroder Investment Management Limited            020 7658 3206


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