Net Asset Value(s)

Baillie Gifford Japan Trust PLC
03 January 2006


        Net Asset Value with Loans at Par for The Baillie Gifford Japan Trust PLC as at 30
                                                                             December 2005

 Net Asset Value at BID                                                            280.48p
 Net Asset Value at MID                                                            280.48p
*As of 1 January 2006 all Net Asset Values will be calculated using closing bid market
prices.




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