Re Investment Manager

SchroderJapan Growth Fund PLC
28 January 2004

                                                                 28 January 2004

The Board of Schroder Japan Growth Fund plc announces that it has been informed
by its Investment Manager, Schroder Investment Management Limited, that Mr Denis
Clough will, with effect from May 2004, be taking a leave of absence from
Schroders and will no longer be available to manage the portfolio. Mr Clough,
who has been responsible, on behalf of the Investment Manager, for the
management of the Company's investment portfolio since June 1999, will continue
to be responsible for the management of the portfolio for the time being.
Another member of Schroders' Japanese equity team has been proposed as a
replacement for Mr Clough and will be considered by the Board as soon as
possible. A further announcement will be made in the near future.


Enquiries:

John Spedding

Schroder Investment Management Limited

Tel: [phone]


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