Net Asset Value(s)

Baillie Gifford Japan Trust PLC
26 February 2008


                             The Baillie Gifford Japan Trust PLC                                       25 February 2008

                                                        Net Asset Value with borrowings at par                  187.93p

                                                 Net Asset Value with borrowings at fair value                  187.49p


             All Net Asset Values are calculated using closing bid market prices




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