Net Asset Value(s)

Baillie Gifford Japan Trust PLC
26 September 2007


The Baillie Gifford Japan Trust PLC                                                                   25 September 2007

                                                        Net Asset Value with borrowings at par                  214.32p

                                                 Net Asset Value with borrowings at fair value                  214.32p


All Net Asset Values are calculated using closing bid market prices


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