Directors' Dealings

SCHRODER JAPAN GROWTH FUND PLC


                            DEALINGS BY DIRECTORS

1)   NAME OF COMPANY

SCHRODER JAPAN GROWTH FUND PLC

2)   NAME OF DIRECTOR

KELSUKE EGASHIRA

3)   Please state whether notification indicates that it is in
     respect of holding of the Director named in 2 above
     or holding of that person's spouse or children under
     the age of 18 or in respect of a non-beneficial interest

DIRECTOR ONLY

4)   Name of the registered holder(s) and, if more than
     one holder, the number of shares held by each of 
     them. (If notified)

BANK OF SCOTLAND SP NOMINEES LIMITED AS A REGISTERED HOLDER OF SHARES IN THE
SCHRODER INVESTMENT TRUST DEALING SERVICE

5)   Please state whether notification relates to a
     person(s) connected with the Director named in 2
     above and identify the connected person(s)

N/A

6)   Please state the nature of the transaction. For
     PEP transactions please indicate whether
     general/single co PEP and if discretionary/non
     discretionary

N/A

7)   Number of shares/amount of
     stock acquired

1,741

8)   (0.0014%)
    of issued Class

9)   Number of shares/amount
     of stock disposed

N/A

10)  ( N/A %)
    of issued Class

11)  Class of security

ORDINARY SHARES

12)  Price per share

90 1/2P

13)  Date of transaction

22 JULY 1999

14)  Date company informed

BANK OF SCOTLAND, THE ADMINISTRATOR ON 23 JULY 1999

15)  Total holding following this notification

24,286 ORDINARY SHARES

16)  Total percentage holding of issued class following 
     this notification      

0.019%

      IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE COMPLETE 
                              THE FOLLOWING BOXES

17)  Date of grant

N/A

18)  Period during which or date on which exercisable

N/A

19)  Total amount paid (if any) for grant of the option

N/A

20)  Description of shares or debentures involved:
     class, number.

N/A

21)  Exercise price (if fixed at time of grant) or indication
     that price is to be fixed at time of exercise

N/A

22)  Total number of shares or debentures over which
     options held following this notification

N/A

23)  Any additional information

DIRECTOR NOT YET INFORMED

24)  Name of contact and telephone number for queries

CHRISTINE HIGGENS  TEL: [phone]

25)  Name and signature of authorised company official
     responsible for making this notification

     Date of Notification....23 JULY 1999................