9 Months Results

Baillie Gifford Japan Trust PLC
14 June 2001




                     The Baillie Gifford Japan Trust PLC

                  Results for the nine months to 31 May 2001

                     THE BAILLIE GIFFORD JAPAN TRUST PLC

                          STATEMENT OF TOTAL RETURN

              (unaudited and incorporating the revenue account +)

               for the nine months    for the nine months    for the year ended
                      ended               ended              31 August 2000
                   31 May 2001          31 May 2000
              Revenue Capital Total Revenue Capital Total  Revenue Capital Total
              £'000   £'000   £'000   £'000  £'000  £'000  £'000   £'000   £'000

Realised gains    -   1,506   1,506     -   46,679 46,679      -   48,117 48,117
on investments
Unrealised        - (48,266)(48,266)    -  (6,815) (6,815)     -  (9,192)(9,192)
losses on
investments
Currency          -    (981)   (981)   -   (1,966) (1,966)     -  (2,524)(2,524)
losses (note 1)
Income          845       -      845    797     -      797     866    -      866
Investment     (920)      -    (920) (1,352)    -  (1,352) (1,751)    -  (1,751)
management fee
Other          (152)      -    (152)   (176)    -    (176)   (227)    -    (227)
administrative
expenses
Net return     (227)(47,741)(47,968)   (731) 37,898 37,167 (1,112) 36,401 35,289
before finance
costs and
taxation
Finance costs  (121)     -     (121)   (268)      -  (268)   (360)    -    (360)
of borrowings
Return on      (348)(47,741)(48,089)   (999) 37,898 36,899 (1,472) 36,401 34,929
ordinary
activities
before
taxation
Tax on         (124)     -     (124)   (118)       - (118)   (125)     -   (125)
ordinary
activities
Return on      (472)(47,741)(48,213) (1,117) 37,898 36,781 (1,597) 36,401 34,804
ordinary
activities
after taxation
Transfer       (472)(47,741)(48,213) (1,117) 37,898 36,781 (1,597) 36,401 34,804
(from)/to
reserves
Return per   (0.74p)(74.89p)(75.63p)(1.75p)*59.45p*57.70p*(2.51p)*57.10p*54.59p*
ordinary share                                  
  (note 3)


+ The revenue column of this statement is the profit and loss account of the
Company.

* Restated for five for one share split (see note 5).

All revenue and capital items in the above statement derive from continuing
operations.

                     THE BAILLIE GIFFORD JAPAN TRUST PLC

                           SUMMARISED BALANCE SHEET

                                at 31 May 2001

                                 (unaudited)


                                           31 May 2001         31 August 2000
                                                 £'000                  £'000
NET ASSETS
Listed overseas equities                       111,324                165,805
Unlisted equities - traded on the                5,669                 14,347
Japanese OTC market
Total fixed asset investments                  116,993                180,152
Net liquid assets                                6,026                 11,581
Total assets (before deduction of              123,019                191,733
bank loans)
Bank loans (note 4)                            (5,924)                (26,425)
                                               117,095                165,308
CAPITAL AND RESERVES
Called-up share capital                          3,188                  3,188
Capital reserves                               119,639                167,380
Revenue reserve                                (5,732)                 (5,260)
EQUITY SHAREHOLDERS' FUNDS                     117,095                165,308

NET ASSET VALUE PER ORDINARY SHARE              183.7p                 259.3p*
Ordinary shares in issue (note 5)           63,750,000             63,750,000*

 * Restated for five for one share split (see note 5).


                     THE BAILLIE GIFFORD JAPAN TRUST PLC
                        SUMMARISED CASH FLOW STATEMENT

                                  (unaudited)
                                              Nine months           Year to
                                                  to             31 August 2000
                                              31 May 2001
                                              £'000  £'000        £'000   £'000

NET CASH OUTFLOW FROM OPERATING ACTIVITIES           (723)              (1,067)
NET CASH OUTFLOW FROM SERVICING OF FINANCE            (93)                (356)

TOTAL TAX PAID                                        (60)                 (23)

FINANCIAL INVESTMENT

Acquisitions of investments                  (53,937)            (87,110)

Disposals of investments                       69,573             100,559

Realised currency (losses)/gains              (1,647)                 217

NET CASH INFLOW FROM FINANCIAL INVESTMENT           13,989               13,666
                                                    
NET CASH INFLOW BEFORE FINANCING                    13,113               12,220

FINANCING

Net (outflow)/inflow from bank loans         (19,835)                 12
(repaid)/drawn down
Shares purchased for cancellation                 -                (881)
NET CASH OUTFLOW FROM FINANCING                   (19,835)                (869)
(DECREASE)/INCREASE IN CASH                        (6,722)               11,351
RECONCILIATION OF NET CASH FLOW TO MOVEMENT
IN NET DEBT
(Decrease)/increase in cash in period         (6,722)              11,351
Net outflow/(inflow) from bank loans           19,835                (12)
Exchange movement on bank loans                   666             (3,158)
MOVEMENT IN NET DEBT                                13,779                8,181
NET DEBT AT 1 SEPTEMBER 2000                      (14,553)             (22,734)
NET DEBT AT 31 MAY 2001                              (774)             (14,553)


                     THE BAILLIE GIFFORD JAPAN TRUST PLC
                        TWENTY LARGEST EQUITY HOLDINGS

                                at 31 May 2001

                          Business                             Market      % of
                                                                value     total
Name                                                            £'000    assets

Fast Retailing            Casual wear retailer                  6,155       5.0
Promise                   Consumer finance                      5,626       4.6
Capcom                    Games software                        4,237       3.5
Tostem Corporation        Housing materials                     3,937       3.2
Fuji Heavy Industries     Maker of Subaru brand                 3,816       3.2
                          automobiles
Kobayashi Pharmaceutical  Household products                    3,729       3.0
NTT DoCoMo                Mobile telecommunications             3,728       3.0
Tokyu                     Diversified conglomerate              3,676       3.0
Nippon Broadcasting       Radio and TV broadcasting             3,626       2.9
System
Takeda Chemical           Pharmaceutical manufacturer           3,584       2.9
Industries
Noritz                    Kitchen and bath manufacturer         3,501       2.8
Yamatake Corporation      Control systems                       3,441       2.8
Daiwa Securities Group    Broker                                3,391       2.8
Rohm                      Semiconductors                        3,301       2.7
Kyocera                   Electronic components                 3,154       2.6
Konica                    Films and camera                      3,124       2.5
Sanyo Electric            LCDs, batteries and devices           2,967       2.4
Anritsu                   Network measuring equipment           2,846       2.3
Kawasaki Heavy Industries Industrial conglomerate               2,793       2.3
*H.I.S.                   Discount travel agency                2,757       2.2
                                                               73,389      59.7

* Denotes holding traded on the Japanese OTC market.



                     THE BAILLIE GIFFORD JAPAN TRUST PLC

                                    NOTES


                                         31 May 2001  31 May 2000 31 August 2000
                                               £'000        £'000        £'000
1.Currency losses

  Realised exchange differences
  Movement in unrealised exchange differences (2,283)       254          646

                                               1,302     (2,220)      (3,170)
                                                (981)    (1,966)      (2,524)

2. No interim dividend will be declared.


3. Return per ordinary share
                                                (472)    (1,117)      (1,597)
        Revenue return

        Capital return                       (47,741)    37,898       36,401


Return per ordinary share is based on the above totals of revenue and capital
and on 63,750,000 (31 May 2000 and 31 August 2000 - 63,750,000) ordinary
shares, being the weighted average number of ordinary shares in issue during
the period (see note 5).

4. A bank loan of £5.9 million (Y1.0 billion) has been drawn down under a yen
loan facility which is repayable in November 2001 (31 August 2000 - £26.4
million (Y4.1 billion)).

5. At the AGM in November 2000 shareholders approved a resolution to
sub-divide each of the Company's ordinary shares of 25p each into five
ordinary shares of 5p each, which increased the number of ordinary shares in
issue from 12,750,000 to 63,750,000. The net asset value per share and the
return per share figures for the prior periods have been restated.

6. At the AGM shareholders also approved the renewal of the Company's
authority to buy back its own ordinary shares in respect of 9,556,125 ordinary
shares of 5p each (equivalent to 14.99% of its share capital at that date). No
ordinary shares were bought back in the period under review and, therefore, at
31 May 2001 the Company's authority to buy back its own shares remained
unchanged at 9,556,125 ordinary shares of 5p each.

7. The financial information for the year ended 31 August 2000 has been
extracted from the full accounts, which have been filed with the Registrar of
Companies and which contain an unqualified Auditor's Report.

8. The accounting policies applied in calculating the quarterly figures are
consistent with those used in the Annual Financial Statements.