Exercise of Warrants

SchroderJapan Growth Fund PLC
14 December 2000

The Company announces that 4 Warrantholders applied to exercise their
subscription rights over 3,100 Ordinary shares of 10p each in accordance with
the Terms and Conditions of Warrants in the Company. Consequently, application
has been made to the London Stock Exchange for the listing of these ordinary
shares.

Following the allotment of these shares, the Company's issued share capital has
increased to 125,003,500 Ordinary shares. There are a further 24,996,500
Warrants in issue which can be exercised at the subscription price of 100p per
share on 30 November (or if not a business the next business day) in any of the
years 2001 to 2004 both inclusive.

Enquiries:
Christine Higgens
Schroder Investment Management Limited               Tel: [phone]