Chairman's Statement

SchroderJapan Growth Fund PLC
20 April 2004


                                                                   20 April 2004


                      Chairman's Statement - Board Changes


Having been Chairman since the Company's launch in 1994, I feel that now is an
appropriate time to step down and I will retire as Chairman of the Board and as
a Director of your Company with effect from today. I am pleased to announce that
the Board has appointed Jonathan Taylor to succeed me as Chairman, also with
effect from today.


I am also pleased to announce that the Board has appointed John Scott as an
independent non-executive Director, again with effect from today.


Mr Scott, 51, commenced his career with Jardine Matheson, with whom he was based
in Hong Kong for six years.  He subsequently joined Lazard Brothers & Co.,
Limited in London where he worked for 20 years, including 14 years as an
executive director, until his retirement in 2001.  During the 1990's he was
seconded to Lazard's Tokyo office for 3 years, where he was responsible for
Lazard Brothers' activities in Japan.


Mr. Scott has considerable experience of investment trusts, being a
non-executive Director of Scottish Mortgage Investment Trust PLC, Dunedin Income
Growth Investment Trust PLC and Martin Currie Pacific Trust plc.  He is also a
Director of Xaar plc and QuikTrak Networks plc, both quoted companies, and of
other financial and industrial companies including the insurance broker Miller
Holdings Limited.


Mr. Scott holds a degree in Economics from Cambridge University and an MBA from
INSEAD, France. He is a Member of the Securities Institute and a Fellow of the
Chartered Insurance Institute.


It is confirmed that there are no details to be disclosed concerning Mr. Scott
under paragraph 6.F.2(b) to (g) of the UK Listing Rules.


Jeremy Hill

Chairman


Enquiries:

John Spedding

Schroder Investment Management Limited

Tel: [phone]

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