Final Results

Baillie Gifford Japan Trust PLC
27 September 2001



                     THE BAILLIE GIFFORD JAPAN TRUST PLC

                    Results for the year to 31 August 2001


                              27 September 2001

Salient points

     Net asset value declined 42.2% in the year to 31 August 2001 compared with
     a fall in the benchmark index of 33.6%, in sterling terms. The main
     negative influence on performance was the overweight position in
     technology-related stocks. In the six months to 31 August 2001 the net
     asset value fell by 13.6% compared with a fall in the benchmark index of
     11.4%. The long-term record remains good.

     Gearing was reduced during the year from £26.4 million to £11.0 million.
     Net gearing at the year-end was equivalent to 2.9% of shareholders' funds
     with potential gearing equivalent to 11.5% of shareholders' funds.

     Valuations on the Japanese stockmarket are now reasonable both in a
     historical context and on some measures when compared to other major
     markets. Whilst sentiment is currently depressed, the Directors believe
     that there are many well-run companies in Japan whose shares sell on
     attractive valuations.

     Share buy backs. The Board proposes to renew the power to buy back up to
     14.99% of its shares at the AGM.

     Annual continuance vote. The Directors believe that the long-term outlook
     for the Japanese economy and companies, together with low share
     valuations, are strong reasons for the Company to continue.

The Baillie Gifford Japan Trust PLC aims to pursue long-term capital growth
principally through investment in medium to smaller sized Japanese companies.
An ISA, PEP Transfer and Share Plan are available.

The Company is managed by Baillie Gifford & Co., the leading independent
Edinburgh based fund management group with around £18 billion under management
and advice.



                                   - ends -


For further information please contact:

Sarah Whitley, Manager

The Baillie Gifford Japan Trust PLC     0131 222 4000

Mike Lord, Director

Broadgate Marketing                     020 7726 6111

Baillie Gifford & Co. is regulated by the FSA.


                     THE BAILLIE GIFFORD JAPAN TRUST PLC


The following is the unaudited preliminary statement for the year to 31 August
2001 which was approved by the Board on 26 September 2001. The Directors of
The Baillie Gifford Japan Trust PLC are recommending to the Annual General
Meeting of the Company to be held on 28 November 2001 that no dividend be paid
for the year ended 31 August 2001.



                     THE BAILLIE GIFFORD JAPAN TRUST PLC

                          STATEMENT OF TOTAL RETURN

              (unaudited and incorporating the revenue account*)

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

Realised (losses)/gains on       -    (1,404)   (1,404)      -  48,117  48,117
investments                           

Unrealised losses on             -   (66,604)  (66,604)      -  (9,192) (9,192)
investments

Currency losses (note 1)         -      (982)     (982)      -  (2,524) (2,524)

Income                         866         -       866     866       -     866

Investment management fee   (1,168)        -    (1,168) (1,751)      -  (1,751)

Other administrative          (207)        -      (207)   (227)      -    (227)
expenses

Net return before finance
costs and taxation            (509)  (68,990)  (69,499) (1,112) 36,401  35,289

Finance costs of borrowings   (135)         -     (135)   (360)      -    (360)

Return on ordinary
activities before taxation    (644)  (68,990)  (69,634) (1,472) 36,401  34,929

Tax on ordinary activities    (127)         -     (127)   (125)      -    (125)

Return on ordinary
activities after taxation     (771)  (68,990)  (69,761) (1,597) 36,401  34,804

Transfer (from)/to reserves   (771)  (68,990)  (69,761) (1,597) 36,401  34,804
                              
Return per ordinary share   (1.21p) (108.22p) (109.43p)(2.51p)+ 57.10p+ 54.59p+
(note 3)                                                      

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

+ Restated for the five for one share split in November 2000 (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 August 2001

                                 (unaudited)

                                                  31 August 2001 31 August 2000
                                                          £'000          £'000
NET ASSETS

Listed overseas equities                                 91,047        165,805

Unlisted equities - traded on the Japanese OTC            5,624         14,347
market

Unlisted equities - Directors' valuation                  1,434               -

Total fixed asset investments                            98,105        180,152

Net liquid assets                                         8,449         11,581

Total assets (before deduction of bank loans)            106,554       191,733

Bank loans (note 4)                                     (11,007)       (26,425)

                                                          95,547       165,308


CAPITAL AND RESERVES

Called-up share capital                                   3,188          3,188

Capital reserves                                         98,390         167,380

Revenue reserve                                          (6,031)        (5,260)

EQUITY SHAREHOLDERS' FUNDS                               95,547        165,308

NET ASSET VALUE PER ORDINARY SHARE (note 5)               149.9p        259.3p+

Ordinary shares in issue (note 5)                     63,750,000    63,750,000+

+ Restated for the five for one share split in November 2000 (see note 5).



                     THE BAILLIE GIFFORD JAPAN TRUST PLC
                        SUMMARISED CASH FLOW STATEMENT

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

NET CASH OUTFLOW FROM OPERATING ACTIVITIES              (625)           (1,067)

NET CASH OUTFLOW FROM SERVICING OF FINANCE              (152)             (356)

TOTAL TAX PAID                                          (125)              (23)

FINANCIAL INVESTMENT

Acquisitions of investments                 (67,371)          (87,110)

Disposals of investments                      81,036          100,559

Realised currency (loss)/gain                (1,740)              217

NET CASH INFLOW FROM FINANCIAL INVESTMENT              11,925           13,666

NET CASH INFLOW BEFORE FINANCING                       11,023           12,220

FINANCING

Shares purchased for cancellation                  -             (881)

Bank loans drawn down                          5,175              892

Bank loans repaid                           (19,835)             (880)

NET CASH OUTFLOW FROM FINANCING                      (14,660)             (869)

(DECREASE)/INCREASE IN CASH                           (3,637)           11,351

RECONCILIATION OF NET CASH FLOW TO MOVEMENT
IN NET DEBT

(Decrease)/increase in cash in the year               (3,637)           11,351

Net cash flow from bank loans                          14,660              (12)

Exchange movement on bank loans                           758           (3,158)

MOVEMENT IN NET DEBT IN THE YEAR                       11,781            8,181

NET DEBT AT 1 SEPTEMBER                              (14,553)          (22,734)

NET DEBT AT 31 AUGUST                                 (2,772)          (14,553)




                     THE BAILLIE GIFFORD JAPAN TRUST PLC

                        TWENTY LARGEST EQUITY HOLDINGS

                               at 31 August 2001

                          
                          Business                             Market      % of
  Name                                                          value     total
                                                                £'000    assets

  Promise                 Consumer finance                      5,420       5.1

  Fast Retailing          Casual wear retailer                  3,902       3.7

  Tokyu                   Diversified conglomerate              3,624       3.4

  Tostem Corporation      Housing materials                     3,440       3.2

  Fuji Heavy Industries   Maker of Subaru brand                 3,228       3.0
                          automobiles

  Noritz                  Kitchen and bath manufacturer         3,173       3.0

  Kawasaki Heavy          Industrial conglomerate               2,969       2.8
  Industries

  Aiful                   Consumer finance                      2,968       2.8

  Takeda Chemical         Pharmaceuticals                       2,833       2.6
  Industries

  Yamatake Corporation    Control systems                       2,814       2.6

  Kobayashi               Household products                    2,783       2.6
  Pharmaceuticals

  Capcom                  Games software                        2,753       2.6

  Nippon Broadcasting     Radio and TV broadcasting             2,615       2.5
  System

  Daiwa Securities Group  Broker                                2,570       2.4

* Goodwill Group          Diversified human resources           2,499       2.3

  C&S                     Convenience stores                    2,474       2.3

  Okumura                 Construction and civil                2,466       2.3
                          engineering

  NTT DoCoMo              Mobile telecommunications             2,335       2.2

  CSK Corporation         Computer services                     2,332       2.2

  Konica                  Films and cameras                     2,331       2.2

                                                               59,529      55.8

* Denotes unlisted holding traded on the OTC market.


                     THE BAILLIE GIFFORD JAPAN TRUST PLC


                                   NOTES
                                                  31 August 2001 31 August 2000
                                                           £'000          £'000

1. Currency losses
   Realised exchange differences                         (2,377)          646
   Movement in unrealised exchange differences            1,395         (3,170)
                                                           (982)        (2,524)
2. No dividend will be declared.

3. Return per ordinary share
   Revenue return                                         (771)         (1,597)
   Capital return                                      (68,990)         36,401

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

4. Bank loans of £11.0 million (Y1.9 billion) have been drawn down under yen
   loan facilities which are repayable between November 2001 and August 2006
   (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 year 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 issued share capital at that date).
   No ordinary shares were bought back in the year under review and, therefore,
   at 31 August 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 set out above does not constitute the Company's
   statutory accounts for the year ended 31 August 2001. The financial
   information for 2000 is derived from the statutory accounts for 2000, which
   have been delivered to the Registrar of Companies. The Auditors have
   reported on the 2000 accounts, their report was unqualified and did not
   contain a statement under section 237(2) or (3) of the Companies Act 1985.
   The statutory accounts for 2001 will be finalised on the basis of the
   financial information presented in this preliminary announcement and will be
   delivered to the Registrar of Companies following the Company's Annual
   General Meeting.