Final Results

SchroderJapan Growth Fund PLC
4 October 2001



                                                               04 October 2001

Press Release



                             Preliminary Results

 The Directors of Schroder Japan Growth Fund plc announce the unaudited
preliminary results for the year ended 31 July 2001.

                                 For the year ended       For the year ended
                                     31 July 2001             31 July 2000

                              Revenue  Capital    Total Revenue Capital   Total
                                £'000    £'000    £'000   £'000   £'000   £'000
Realised gains on investments       -    6,159    6,159       -  22,135  22,135
Realised exchange rate              -    (358)    (358)       -     715     715
(losses) / gains
Unrealised losses on                - (31,101) (31,101)       - (4,988) (4,988)
investments
Realised exchange losses on         -    (897)    (897)       -       -       -
the loan facility
Unrealised exchange gains /         -    2,798    2,798       - (2,858) (2,858)
(losses) on the loan facility
Income                          1,406        -    1,406   1,273       -   1,273
Investment management fee and (1,727)        -  (1,727) (1,844)       - (1,844)
administrative expenses
(Deficit )/return before        (321) (23,399) (23,720)   (571)  15,004  14,433
finance costs and taxation
Interest payable                (343)        -    (343)   (320)       -   (320)
(Deficit)/return on ordinary    (664) (23,399) (24,063)   (891)  15,004  14,113
activities before taxation
Tax on ordinary activities      (204)        -    (204)   (188)       -   (188)
(Deficit)/return attributable   (868) (23,399) (24,267) (1,079)  15,004  13,925
to equity shareholders
Basic and diluted (deficit)/  (0.69)p (18.72)p (19.41)p (0.86)p  12.00p  11.14p
return per ordinary
share-pence






                                                 Year ended 31   Year ended 31
                                                     July 2001       July 2000
Abridged Cash Flow Statement                             £'000           £'000

Net cash outflow from operating activities               (363)           (839)

Net cash outflow from returns on investments             (341)           (427)
and servicing of finance

Total tax paid                                           (178)           (181)

Net cash (outflow)/ inflow from financial              (2,753)           7,725
investment

Net cash (outflow)/ inflow from financing                (376)             703

Net cash (outflow)/ inflow                             (4,011)           6,981


                                                As at 31 July     As at 31 July
                                                         2001              2000
Assets                                                  £'000             £'000

Listed investments                                    132,536           154,882

Net current liabilities                               (5,424)          (17,553)

Creditors: amounts falling due after one             (14,047)                 -
year

Net Assets                                            113,065           137,329


Net asset value per share - undiluted pence            90.45p           109.86p

Net asset value per share - diluted pence                 N/A           108.22p






The principal investment objective of the Company is to achieve capital growth
from an actively managed portfolio principally comprising securities listed on
the Japanese stockmarkets, with the aim of achieving growth in excess of the
TSE First Section Total Return Index over the longer term.

Notes

The above financial information is unaudited and does not amount to statutory
accounts under Section 240 of the Companies Act 1985 (as amended). The
information given for the financial year ended 31 July 2001 does not
constitute the Company's statutory accounts for that financial year. Statutory
accounts for the financial year ended 31 July 2000 have been reported on by
the Company's auditors and delivered to the Registrar of Companies. The report
of the auditors was unqualified and did not contain a statement under Section
237(2) or (3) of the Companies Act 1985.

The statutory accounts for the year ended 31 July 2001 will be finalised on
the basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.

This announcement is prepared on the basis of the accounting policies as set
out in the most recent published set of annual financial statements.



Statement by the Chairman, Mr Jeremy Hill:


Key Events


  * Decrease of 17.67% in net asset value per share during the year ended 31
    July 2001 compared with a decrease in the Company's benchmark index of
    23.96%.

  * Outperformance of the Company's AITC peer group.

  * Appointment of Teather and Greenwood as the Company's broker, following
    the withdrawal of Merrill Lynch from the investment trust sector in April
    2001.

  * As in previous years, no final dividend payment has been proposed for
    the year ended 31 July 2001.

Performance

During the year ended 31 July 2001 the net asset value of the Company
decreased by 17.67% as compared with a decrease in the Tokyo Stock Exchange
'TSE' First Section Total Return Index of 23.96%. The Yen declined by 8.45%
against sterling during the year. The absolute performance of the Company was
disappointing but relative performance, both against the benchmark and the
peer group, was more encouraging.

The share price discount has remained volatile during the year ended 31 July
2001, and the Board has continued to monitor the discount on a regular basis.

Directors

On 3 October 2001 Ms Phillipa Gould, who was appointed as a Director of the
Company on 1 June 2001, resigned as a Director following her decision to
retire from Schroders. I am pleased to announce that Mr Jan Kingzett was
appointed as a Director of the Company with effect from 3 October 2001. Mr
Kingzett has worked for Schroders since 1977. He is currently based in London
as one of the directors responsible for Schroders' Pacific business.

Mr Kingzett was born in 1955, and was educated at Cambridge University. He
joined Schroders initially as an investment analyst, before being seconded to
Tokyo in 1979. He subsequently worked in the Singapore office, returning to
London in 1985 as a Pacific fund manager. He was made a director of Schroder
Investment Management in 1987. He was appointed to the board of their Japanese
fund management subsidiary at its launch in 1986, and chaired their Japanese
investment trust company from 1992 to 1997. He is currently Vice Chairman of
Schroders' Japanese subsidiary, as well as being on the board of their Hong
Kong, Singapore, and Australian subsidiaries.

His UK directorships outside of the Schroder Group include Schroder
AsiaPacific Fund plc, a UK-listed investment trust, and Thos. Agnew & Sons
Ltd, a London fine art gallery.

Corporate Broker

In April 2001, the Company was advised by Merrill Lynch that it was to
withdraw from the investment trust sector. Following presentations from a
number of broking institutions, the Board selected Teather and Greenwood to
provide corporate broking services to the Company, and their appointment
became effective in June 2001.

Gearing

During the year the Company maintained loan facilities totalling Yen 4 billion
with Allied Irish Banks plc, of which Yen 1.5 billion is repayable on 29 April
2002 and the remaining Yen 2.5 billion is repayable on 29 August 2004.

Share and Warrant Purchases

The Company has powers to buy back its own shares and warrants. The share buy
back facility is one of a number of tools that may be used to enhance
shareholder value. To date, the Directors have not utilised the authority
given to them and no purchases have been made. Your Board believes that there
are other tools which may be used to address the discount of the Company's
shares, in particular sustained good performance compared to peer group
companies.

A resolution to renew the share buy back authority is included in the Notice
of the Annual General Meeting.

Formal guidelines relating to the purchase of warrants have been adopted by
the Board. The Directors believe that, when market conditions are favourable,
the Company should purchase warrants at a cost that will enhance the diluted
net asset value per share.

Warrantholders' Circular

On 30 November 2001, warrantholders will have the sixth annual opportunity to
exercise their subscription rights. I have written separately to them
reminding them of this opportunity and setting out the steps they must take if
they wish to exercise their subscription rights. Warrantholders are reminded,
however, that they will have further opportunities to exercise their
subscription rights in any of the years 2002 to 2004, and that they should
consider carefully the timing and effects of exercising such rights.

AITC Marketing Campaign

The Association of Investment Trust Companies ('AITC') introduced a generic
marketing campaign for investment trusts in 1999, to increase awareness of the
investment trust as a suitable investment vehicle for private investors. Your
Board believes that the AITC has succeeded in raising awareness of the
investment trust industry, and the Company will support the Association's
proposed IFA-directed marketing campaign.

Outlook

Notwithstanding a worsening Japanese economic environment, and a global
downturn which has been made worse by recent tragic events in the US, we
remain cautiously optimistic for a restructuring-led improvement in the stock
market in Japan.

We anticipate that recovery will be assisted by possible limited recovery in
the electronics sector and continued restructuring efforts by Japanese
companies, which, as I reported last year, have already produced beneficial
results for some companies. Lower valuations in the medium and small company
sectors, towards which the Company's portfolio has a bias, should also create
opportunities with reduced absolute levels of risk.



Annual General Meeting

The Annual General Meeting will be held on Thursday 15 November 2001 and
shareholders are invited to attend. The meeting will follow our usual format,
which includes a presentation by the investment manager on the prospects for
the Japanese economy and on investment strategy.



Jeremy Hill

Chairman



Annual Report and Accounts

The Annual Report and Accounts will be mailed to registered shareholders at
their registered addresses in October 2001. Copies of the Annual Report and
Accounts will be made available at the Company's registered office, 31 Gresham
Street, London, EC2V 7QA.



Enquiries:



John Spedding      (0207 658 3206)

Schroder Investment Management Limited

04 October 2001