Holding(s) in Company

Baillie Gifford Japan Trust PLC
20 October 2006


                      The Baillie Gifford Japan Trust PLC

                               Holding in Company

The Baillie Gifford Japan Trust PLC have today been advised by Aegon Asset
Management UK that they have a material interest in 2,475,511 ordinary shares in
the Company.

This represents 3.997% of the ordinary shares in issue.



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 20 October 2006


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