Interim Management Statement

Baillie Gifford Japan Trust PLC 06 December 2007 THE BAILLIE GIFFORD JAPAN TRUST PLC Interim Management Statement - 3 months to 30 November 2007 Baillie Gifford Japan Trust PLC aims to pursue long-term capital growth principally through investment in medium to smaller sized Japanese companies which are believed to have above average prospects for growth. Review of the Period • Over the three months to 30 November 2007, the Company's net asset value (at par) fell by 3.8% compared to a fall in the benchmark of 5.0% while the share price fell by 7.1% • After partial sales Juki, Mitsubishi Electric and USS are no longer part of the Top Ten Equity Holdings. Other changes in the Top Ten Equity Holdings were due to market movements. Sector Analysis of Total Assets Top Ten Equity Holdings Name % of % of total Name % of % of total total assets at total assets at assets at 31/08/07 assets at 31/08/07 30/11/07 30/11/07 Chemicals and other materials 10.6 10.6 Japan Tobacco 3.2 3.1 Commerce and services 22.8 23.6 Yamada Denki 3.0 2.6 Electricals and electronics 18.5 17.5 Sumitomo Heavy 2.6 2.7 Financials 7.5 8.9 Asahi Glass 2.6 2.3 Information, communication 2.2 2.3 Inpex Holdings 2.6 2.3 and utilities Manufacturing and machinery 16.5 17.3 Canon 2.6 2.8 Pharmaceuticals and food 6.6 6.2 Itochu 2.5 2.7 Real estate and construction 6.0 6.5 Modec 2.4 2.3 Retail 6.0 5.8 Yaskawa Electric 2.3 2.1 Net Liquid Assets 3.3 1.3 Misumi Group 2.3 2.2 Total 100.0 100.0 Total 26.1 25.1 Performance 3 Months 1 Year 3 Years 5 Years Share Price -7.1% -9.4% 28.2% 104.2% Nav (Par) -3.8% -7.0% 27.6% 90.4% Benchmark -2.4% -4.7% 20.1% 50.6% Source: Fundamental Data Ltd and Datastream. Capital only. Benchmark - On 1 September 2003 the Company changed its benchmark from 75% TOPIX /25% Tokyo Stock Exchange Second Section Index to 100% TOPIX. For the purposes of the above table the returns on both benchmarks for their respective periods have been linked to form a single benchmark. Past performance is not a guide to future performance General Information 30/11/07 31/08/07 Annual management fee (based on net assets) 1.00% 1.00% Share Price 193.0p 207.8p Total assets (before deduction of bank loans) £158.6m £163.1m Total borrowings (loans at par) £27.6m £27.0m Net asset value per share (at par) 211.5p 219.9p Discount of share price to net asset value (at par) (8.7)% (5.5%) Potential Gearing (at par) 21.1% 19.8% Actual Gearing (at par) 17.0% 18.0% Total borrowings (loans at fair) £27.8m £26.9m Net asset value per share (at fair) 211.3p 219.9p Discount of share price to net asset value (at fair) (8.7)% (5.5%) Potential Gearing (at fair) 21.2% 19.8% Actual Gearing (at fair) 17.1% 18.0% This interim management statement and up to date NAV and share price information is available on the Managers' website www.japantrustplc.co.uk. For further information contact:- Anzelm Cydzik on 0131 275 3276 This information is provided by RNS The company news service from the London Stock Exchange
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