Net Asset Value(s)

Baillie Gifford Japan Trust PLC
02 August 2005


                             Scottish Mortgage Investment Trust PLC         01 August 2005

                            Net Asset Value with Debentures at Par:                475.19p
                  Net Asset Value with Debentures at Market Value*:                448.94p



*All Net Asset Values are calculated using closing mid market price from the
London Stock Exchange










                      This information is provided by RNS
            The company news service from the London Stock Exchange