Final Results

RNS Number : 5573P

Baillie Gifford Japan Trust PLC

05 October 2011

 



Press Release

The Baillie Gifford Japan Trust PLC

Results for the year to 31 August 2011

Over the year to 31 August 2011, The Baillie Gifford Japan Trust's net asset value per share (after deducting borrowings at fair value) increased by 15.3% and the share price increased by 25.1%. The Benchmark index* increased by 1.4% (in sterling terms) over this period.

¾ Good relative and absolute performance was due mainly to stock selection, notably the investments in Start Today, Gree and Don Quijote.  Not holding Tokyo Electric Power also contributed significantly.

¾  Although the market was volatile, turnover remained at a low level (10.6% versus 16.7% for the year to 31 August 2010) as the Managers' view of individual prospects for companies did not change significantly.  Nine new holdings have been bought in the period and seven have been sold.

¾  The Japanese economy grew strongly in 2010 but events in March have contributed to a sharp decline in Japan's expected economic growth in the current year.  However, confidence levels have recovered and at the moment Japan is seeing a preponderance of positive economic surprises; a situation that compares favourably with other developed countries.

¾  Company balance sheets continue to improve and a record proportion of companies have no net debt.  Share buy-backs are increasing as valuations look cheap to managements and Management Buy Outs are increasing too, possibly due to the market yielding significantly more than bonds.  The strength of the yen is a positive for companies seeking to buy businesses abroad.

¾  The Managers remain focussed on finding growth from business models that disrupt outmoded domestic business practices , those where innovation delivers strong prospects and those that can benefit from structural demand trends such as increasing automation.

¾  It is extremely difficult to predict currency movements and currencies can appear cheap or dear for long periods of time.  Considering this, the Board has resolved that the Company will not engage in currency hedging.

* The Company's Benchmark index is the TOPIX total return (in sterling terms).

The 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. At 31 August 2011, the Company had total assets of £162.2m (before deduction of bank loans of £28.5m).

Baillie Gifford & Co, the Edinburgh based fund management group with around £65 billion under management and advice as at 4 October 2011, is appointed as investment managers and secretaries to The Baillie Gifford Japan Trust PLC.

Past performance is not a guide to future performance. The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stock markets in which the Company invests and by the supply and demand for the Company's shares. You should view your investment as long term. You can find up to date performance information about The Baillie Gifford Japan Trust PLC on the Company website at www.japantrustplc.co.uk.

4 October 2011

- Ends-

For further information please contact:

Sarah Whitley, Manager

The Baillie Gifford Japan Trust PLC

Tel: [phone]

Roland Cross, Director

Broadgate Mainland Marketing

Tel: [phone]

Chairman's Statement

It was another roller coaster ride for Japanese equities over the year. The strong yen turned a loss in local currency into a gain in sterling terms. Over the year your Company's net asset value (after deducting borrowings at fair value) rose by 15.3% compared with a gain of 1.4% in the benchmark TOPIX index (in sterling terms) total return. The share price appreciated by 25%.

Stock selection over the year was again good and gearing added to the performance. Further performance details can be found in the Managers' Report.  Outperformance of the comparative index this year has been notable.  In the 30 years of the Trust's existence, there have been six occasions when it has outperformed the comparative index by more than ten percentage points.

Investment income increased by 2.3% over the year reflecting higher dividends. Expenses rose, mainly because of the effect of increasing net assets on the management fee. Overall revenue gain per share was 0.38p. No dividend is payable as the revenue reserve remains in deficit.

Gearing

Net gearing amounted to 18% of net assets at the start of the year and ended the year at the same level. A tranche of the Company's loans was replaced during the year at a higher cost because of the higher margins being charged by banks. With the low cost of yen loans we believe that borrowing to invest in Japanese equities is a sensible strategy. Gross borrowings are 3.55bn yen.

 Currency Hedging

It is extremely difficult to predict currency movements and currencies can appear cheap or dear for long periods of time. Your Board has therefore decided that it will not engage in currency hedging.

 Share Capital

The Company did not exercise its share buy back powers during the year; however, your Board believes that it is important that the Company retains this power and so, at the Annual General Meeting, it is seeking to renew this facility. The Company also has authority to issue new shares and to reissue any shares held in treasury up to 5% of the Company's issued share capital for cash on a non-pre-emptive basis.  Shares would only be issued/reissued at a premium to net asset value, thereby enhancing net asset value per share for existing shareholders.  The Directors will only seek to utilise this authority if they believe that it will be in the best interests of the Company to do so.

 Continuance Vote

Our shareholders have the right to vote annually on whether the Company should continue in business, and will again have the opportunity to do so at the Annual General Meeting to be held on 29 November 2011.

Last year the Company received support for its continuance from 99.8% of those voting.  Your Directors are of the opinion that despite the continuing macro economic problems, there remains attractive opportunities in selected, well-run companies.

Given the favourable outlook, I and my fellow Directors intend where possible to vote our own shareholdings in favour of the resolution and hope that shareholders will feel disposed to do likewise.

Outlook

Most Japanese companies have recovered from the earthquake and tsunami which devastated part of Japan in March. Japanese equities continue to look lowly valued against other world equity markets but the companies are facing headwinds from weaker economic growth around the world and a strong yen in an uncertain political environment at home. The Manager has in the past sought out companies with good growth prospects and your Board is confident that this can continue.

Past performance is not a guide to future performance.

Managers' Report

Performance

During the year to 31 August 2011 the Japanese stock market was affected both by global factors, such as concerns about the global recovery, and uniquely by the impact of the major natural disaster of the earthquake and tsunami in March.  In the first half of the Company's year the stock market rose steadily as earnings continued to recover from the global financial crisis and then, after the March disasters, fell sharply in a week.  Confidence and the market then recovered gradually until concerns about the global situation predominated in the summer and, as with other markets, the Japanese stock market fell sharply in July and August.   Against this background  the net asset value per share, with borrowings deducted at fair value, rose by 15.3%, owing primarily to strong stock selection, whilst the benchmark index declined by 2.1% in local currency terms.  The yen strengthened against sterling by 3.7% over the period and adjusted for this the benchmark rose by 1.4%. 

Details of the attribution of performance by sector are shown on page 9. All sectors, except one, contributed to the relative outperformance.  There were eleven individual stock holdings which each contributed more than 0.5% to the outperformance and only two poor performers detracting by a similar amount.  The largest contributor was Start Today, which we added to during the year, which more than tripled in share price over the period as the strength of its on-line business became better appreciated.  Gree, the mobile gaming company, doubled and Don Quijote, the somewhat unusual retail format, continued to do well.  Unusually, not owning a bad company, Tokyo Electric Power, also contributed significantly; its share price has fallen by more than 80% since the earthquake.

Poorly performing holdings included companies such as Accordia Golf, several of whose golf courses were damaged during the earthquake and where a period of self restraint reduced player numbers and SBI, the online broker, where the business is linked to stock market levels. 

Portfolio

Although the market was volatile during the year our view of individual prospects for companies did not change that much and therefore turnover fell to 11% for the year.  This remains consistent with our long term investment style and our focus on prospects for companies three to five years ahead. 

However, we have made significant investments during the year  in new internet related holdings such as Digital Garage, So-Net, GMO Internet, Next and Zappallas.   Descriptions of some of these companies are shown on pages 12 to 14 along with comments on the largest holdings.  The internet stocks are listed in a variety of industry sectors, but most are concentrated in the Information, Communication and Utilities sector and the weighting of that rose from 7% to 13% of the portfolio as a result of additions to the sector and strong performance.  Other changes to the portfolio were less significant. 

During the year we have been examining growth prospects within Japan by thinking about growth opportunities in a mature economy and focusing on areas for innovation, disruption or growth from outside Japan.  We view companies in the internet arena as offering innovation and therefore growth that is in the main independent of the state of the economy.  We also believe that growth as a strategy remains very undervalued in Japan, despite being relatively rare.  The portfolio characteristics diagram on page 11 demonstrates that despite owning a higher quality portfolio than the benchmark  Japan Trust does not pay any valuation premium for faster growing companies.  Our stocks also have higher return characteristics and stronger balance sheets. 

Economy & Political Developments

The Japanese economy grew strongly in 2010 as recovery from the Global Financial crisis continued, but the triple disaster in March has led to sharp declines in Japan's expected economic growth for the current year.  The shock to the supply chain, the sharp reduction in power generation capacity and the consequent falls in industrial production led to economic contraction in the economy in the April to June quarter.  Adding to these concerns are the impacts on exports from the strengthening of the yen and the weakening in global demand currently being witnessed.  However, there will be significant reconstruction spending in Tohoku and this will provide the domestic economy with some stimulus in the coming quarters.  Also there are early signs of recovery in the housing and property markets in Japan and after many years of decline housing starts are growing strongly.  Consumers in Japan are also less burdened by debt and unemployment levels are lower than in most other developed economies, whilst some areas within the labour market are tightening.  Confidence levels have recovered from the earthquake and at the moment, Japan is seeing a preponderance of positive rather than negative economic surprises; a situation that compares favourably with other developed countries. 

Following the resignation of Prime Minister Kan, Yoshihiko Noda was appointed by the ruling DPJ as the third Prime Minister since they took power in 2009.  The Government's immediate response to the challenges of the earthquake and tsunami was judged positively, but many commentators have been critical since.  There has been much frustration felt in the disaster-affected areas.  There is pressure from some groups for Japan to join the Trans Pacific Partnership (TPP), the broadly based trade agreement that could benefit Japan significantly.  Some currently protected interests could however be impacted and the DPJ's preparedness to rise to the challenge remains uncertain.  The other area on which progress is being signaled is privatisation.  Japan has significant state owned assets, including stakes in quoted companies such as our holdings in Japan Tobacco and Inpex, and the government is discussing the necessary legislative changes to enable sales.  This would both reduce the tax or debt burden for rebuilding and should also free company managements. 

Japanese Corporate Developments

Although the government response to the March disasters was poor, Japanese companies have managed to rebuild their disrupted supply chains much more quickly than was initially expected.  There is now a widespread reassessment of how to build resilience into business models, which include greater geographic diversification of production as well as more intense scrutiny of the entire supply chain.  There have been continued improvements in balance sheets and a record proportion of companies now have no debt.  The strength of the yen, which reflects both currency weakness elsewhere and the role of Japan as a major net creditor nation with domestically owned government debt, is being used as a positive by companies buying businesses abroad.  Capital spending is being increased significantly overseas as well, with the focus on Asia. 

The other impact of the currency is to make Japanese exports more expensive and further cost cutting and relocation of production is needed to cope.  For most of the manufacturing and exporting companies in the portfolio we believe that their competitive advantages will allow them to retain business, but that reported profits will be impacted in the short term. 

As well as using cash balances to buy other companies there has been a recent pick up in share buy-backs as valuations look cheap to managements.  Banks are willing to fund Management Buy Outs (MBOs) and given the very low valuations that Japanese shares sell on the number of these deals has been steadily increasing.  Dividends are also likely to continue rising and the stock market continues to yield significantly more than bonds, possibly another factor in MBO activity.   Companies are also thinking about how to structure their organisations more globally,  increasing their usage of English and hiring more overseas graduates, particularly Chinese. 

Outlook

The global demand background is uncertain and Japan remains a low growth economy in the medium term.  However, Japan does not have the difficulties of many other developed economies and at the moment has its own recovery dynamic.  Its major export markets are also the other Asian countries where prospects still look encouraging.  We continue to stress the difference between macro economic developments and the prospects for the companies within the portfolio.  We remain focused on finding growth from business models that disrupt outmoded domestic industries, those where innovation delivers strong prospects and those that can benefit from structural demand trends such as increasing automation in Asia. 

Past performance is not a guide to future performance.

Portfolio Performance Attribution for the
Year to 31 August 2011* (unaudited)

Computed relative to the benchmark (TOPIX total return (in sterling terms)) with net income reinvested

Portfolio breakdown	Benchmark asset allocation			Baillie Gifford Japan asset allocation		Performance†			Contribution attributable to:
						BG Japan %	TOPIX total return %	Contribution to relative return %	Stock selection %	Asset allocation %	Gearing %
	01/09/10 %		31/08/11 %	01/09/10 %	31/08/11 %
Information, communication and utilities	11.6	9.6		6.3	13.4	50.8	(14.8)	6.2	5.6	0.6	-
Retail	3.6	4.1		10.2	10.7	38.1	13.5	2.9	2.0	0.9	-
Commerce and services	11.9	12.3		26.1	22.5	12.0	5.2	1.8	1.5	0.3	-
Electricals and electronics	14.3	13.9		16.0	14.9	6.6	0.1	1.0	1.0	-	-
Manufacturing and machinery	19.2	19.4		14.9	11.5	13.0	4.3	1.0	1.1	(0.1)	-
Pharmaceuticals and food	7.8	8.4		5.7	7.2	10.3	5.4	0.4	0.3	0.1	-
Chemicals and other materials	13.0	13.8		8.0	8.7	11.7	6.5	0.2	0.4	(0.2)	-
Financials	14.4	13.7		9.4	7.5	(6.7)	(5.0)	0.2	(0.2)	0.4	-
Real estate and construction	4.2	4.8		3.4	3.6	(8.4)	13.3	(0.8)	(0.7)	(0.1)	-
Total (excluding gearing)	100.0	100.0		100.0	100.0	15.0	1.4	13.4	11.3	1.8	-
Impact of gearing						1.2	-	1.2	-	-	1.2
Total (including gearing)#						16.4	1.4	14.8	11.3	1.8	1.2

Past performance is not a guide to future performance.

Source: Statpro/Baillie Gifford & Co.

Contributions cannot be added together, as they are geometric; for example, to calculate how a return of 15.0% against a benchmark return of 1.4% translates into a relative return of 13.4%, divide the portfolio return of 115.0 by the benchmark return of 101.4 and subtract one, multiplied by 100. In addition, the total contribution figures include a residual element that relates to changes in weightings mid-month, which cannot be attributed to individual sectors. Consequently, the contributions for the individual sectors do not sum to the total contribution figures.

*      The performance attribution table is based on total assets.

†      The returns are total returns (net income reinvested), calculated on a monthly linked method.

#      The total return performance of 16.4% excludes expenses and, therefore, differs from the NAV return (after deducting borrowings at fair value) of 15.3% as a result.

Income Statement (unaudited)

The following is the unaudited preliminary statement for the year to 31 August 2011 which was approved by the Board on 4 October 2011. No dividend is payable.

	For the year ended 31 August 2011			For the year ended 31 August 2010
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Gains on investments	-	18,266	18,266	-	3,640	3,640
Currency losses (note 2)	-	(930)	(930)	-	(3,248)	(3,248)
Income (note 3)	2,664	-	2,664	2,605	-	2,605
Investment management fee	(1,331)	-	(1,331)	(1,188)	-	(1,188)
Other administrative expenses	(313)	-	(313)	(267)	-	(267)
Net return before finance costs and taxation	1,020	17,336	18,356	1,150	392	1,542
Finance costs of borrowings	(596)	-	(596)	(530)	-	(530)
Net return on ordinary activities before taxation	424	17,336	17,760	620	392	1,012
Tax on ordinary activities	(186)	-	(186)	(173)	-	(173)
Net return on ordinary activities after taxation	238	17,336	17,574	447	392	839
Net return per ordinary share (note 5)	0.38p	27.99p	28.37p	0.72p	0.63p	1.35p

All revenue and capital items in this statement derive from continuing operations. No operations were acquired or discontinued during the year.

A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement.

Balance Sheet (unaudited)

	At 31 August 2011		At 31 August 2010
	£'000	£'000	£'000	£'000
Fixed assets
Investments		158,284		137,752
Current assets
Debtors	191		211
Cash and deposits	4,162		6,093
	4,353		6,304
Creditors
Amounts falling due within one year	(419)		(14,363)
Net current assets/(liabilities)		3,934		(8,059)
Total assets less current liabilities		162,218		129,693
Creditors
Amounts falling due after more than one year		(28,511)		(13,560)
Total net assets		133,707		116,133
Capital and reserves
Called up share capital		3,097		3,097
Share premium		22,110		22,110
Capital redemption reserve		203		203
Capital reserve		115,553		98,217
Revenue reserve		(7,256)		(7,494)
Shareholders' funds		133,707		116,133
Net asset value per ordinary share (after deducting borrowings at fair value)		215.2p		186.7p
Net asset value per ordinary share (after deducting borrowings at par value)		215.9p		187.5p
Ordinary shares in issue (note 8)		61,935,000		61,935,000

Reconciliation of Movements in Shareholders' Funds (unaudited)

For the year ended 31 August 2011

	Share capital £'000	Share premium £'000	Capital redemption reserve £'000	Capital reserve* £'000	Revenue reserve £'000	Shareholders' funds £'000
Shareholders' funds at 1 September 2010	3,097	22,110	203	98,217	(7,494)	116,133
Net return on ordinary activities after taxation	-	-	-	17,336	238	17,574
Shareholders' funds at 31 August 2011	3,097	22,110	203	115,553	(7,256)	133,707

For the year ended 31 August 2010

	Share capital £'000	Share premium £'000	Capital redemption reserve £'000	Capital reserve* £'000	Revenue reserve £'000	Shareholders' funds £'000
Shareholders' funds at 1 September 2009	3,097	22,110	203	97,825	(7,941)	115,294
Net return on ordinary activities after taxation	-	-	-	392	447	839
Shareholders' funds at 31 August 2010	3,097	22,110	203	98,217	(7,494)	116,133

*      The capital reserve balance as at 31 August 2011 includes investment holding gains of £16,594,000 (2010 - £19,756,000)

Cash Flow Statement (unaudited)

	At 31 August 2011		At 31 August 2010
	£'000	£'000	£'000	£'000
Net cash inflow from operating activities		920		1,095
Servicing of finance
Interest paid	(658)		(511)
Net cash outflow from servicing of finance		(658)		(511)
Financial investment
Acquisitions of investments	(17,954)		(24,026)
Disposals of investments	15,688		23,204
Exchange differences on settlement of investment transactions	26		(87)
Net cash outflow from financial investment		(2,240)		(909)
Net cash outflow before financing		(1,978)		(325)
Financing
Bank loans drawn down	13,651		5,515
Bank loans repaid	(13,538)		(5,516)
Net cash inflow/(outflow) from financing		113		(1)
Decrease in cash		(1,865)		(326)
Reconciliation of net cash flow to movement in net debt
Decrease in cash in the year		(1,865)		(326)
Net cash flow from bank loans		(113)		1
Exchange differences on bank loans		(890)		(4,028)
Exchange differences on cash		(66)		636
Movement in net debt in the year		(2,934)		(3,717)
Net debt at 1 September		(21,415)		(17,698)
Net debt at 31 August		(24,349)		(21,415)
Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities
Net return before finance costs and taxation		18,356		1,542
Gains on investments		(18,266)		(3,640)
Other exchange differences		40		(549)
Exchange differences on bank loans		890		4,028
Amortisation of fixed interest book cost		-		(2)
Decrease/(increase) in accrued income		23		(95)
Increase in other debtors		(1)		(7)
Increase/(decrease) in creditors		66		(17)
Overseas tax suffered		(188)		(165)
Net cash inflow from operating activities		920		1,095

Twenty Largest Holdings as at 31 August 2011 (unaudited)

Name	Business	2011		2010
		Value £'000	% of total assets*	Value £'000
Itochu	Trading conglomerate	6,401	3.9	5,167
Don Quijote	Discount store operator	5,667	3.5	3,905
Japan Tobacco	Tobacco manufacturer	4,913	3.0	3,762
KDDI	Mobile telecommunications	4,559	2.8	3,125
Start Today	Internet fashion retailer	4,559	2.8	1,490
Rakuten	Internet retailer	4,498	2.8	3,198
Gree	Social network games	3,965	2.4	1,516
Canon	Printers and copiers	3,852	2.4	3,540
Mitsubishi Electric	Industrial electric conglomerate	3,748	2.3	3,188
Misumi Group	Precision machinery parts distributer	3,551	2.2	3,115
Yamada Denki	Major consumer electronics retailer	3,474	2.1	3,136
Inpex	Oil and gas producer	3,400	2.1	2,420
Otsuka Corp	IT solutions for companies	3,386	2.1	3,441
Osaka Securities Exchange	Stock exchange	3,374	2.1	3,244
HIS	Travel agency	3,348	2.1	2,726
Asics	Sports shoes and clothing	3,294	2.0	2,109
Sysmex	Medical equipment	3,269	2.0	2,913
Shimadzu	Environmental testing equipment	3,159	2.0	2,910
Asahi Glass	TV, car and construction glass	3,142	1.9	3,323
So-Net Entertainment	Internet operator and investor	3,084	1.9	-
		78,643	48.4	58,228

*      Before deduction of bank loans

Notes (unaudited)

1.	The financial information within this preliminary announcement has been extracted from the unaudited financial statements for the year to 31 August 2011 and has been prepared on the basis of the accounting policies set out in the Company's Annual Financial Statements at 31 August 2010.
	In accordance with The Financial Reporting Council's guidance on going concern and liquidity risk issued in 2009, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern. The Company's assets, the majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly. All borrowings require the prior approval of the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular basis. In accordance with the Company's Articles of Association, shareholders have the right to vote annually at the Annual General Meeting on whether to continue the Company. The Directors have no reason to believe that the continuation resolution will not be passed at the Annual General Meeting. Accordingly, the financial statements have been prepared on the going concern basis as it is the Directors' opinion that the Company will continue in operational existence for the foreseeable future. If the continuation resolution is not passed, the Articles provide that the Directors shall convene a General Meeting within three months at which a special resolution will be proposed to wind up the Company voluntarily. If the Company is wound up, its investments may not be realised at their full market value.
	The Directors consider the Company's functional currency to be sterling as the Company's shareholders are predominantly based in the UK and the Company is subject to the UK's regulatory environment.
2.	Currency Losses	31 August 2011 £'000	31 August 2010 £'000
	Exchange differences on bank loans	(890)	(4,028)
	Other exchange differences	(40)	780
		(930)	(3,248)
3.	Income	31 August 2011 £'000	31 August 2010 £'000
	Income from investments and interest receivable	2,664	2,605
4.	No final dividend will be declared.

5.	Net Return per Ordinary Share	2011				2010
		Revenue	Capital	Total	Revenue		Capital	Total
	Net return on ordinary activities after taxation	0.38p	27.99p	28.37p	0.72p		0.63p	1.35p
	Revenue return per ordinary share is based on the net revenue return on ordinary activities after taxation of £238,000 (2010 - £447,000), and on 61,935,000 ordinary shares, being the number of ordinary shares in issue throughout each year. Capital return per ordinary share is based on the net capital return for the financial year of £17,336,000 (2010 - £392,000), and on 61,935,000 ordinary shares, being the number of ordinary shares in issue throughout each year. There are no dilutive or potentially dilutive shares in issue.
6.	Bank loans of £28.5 million (¥3.55 billion) have been drawn down under yen loan facilities which are repayable between August 2013 and August 2014 (31 August 2010 - £27.5 million (¥3.55 billion)). The ¥1,800 million loan with ING was repaid on 31 May 2011 and was replaced with a new ¥1,800 million loan with Scotiabank Europe PLC which expires on 19 May 2014.
7.	Transaction costs incurred on the purchase and sale of investments are added to the purchase costs or deducted from the sales proceeds, as appropriate. During the year, transaction costs on purchases amounted to £14,000 (31 August 2010 - £18,000) and transaction costs on sales amounted to £13,000 (31 August 2010 - £17,000).
8.	At 31 August 2011 the Company had authority to buy back 9,284,056 shares. No shares were bought back during the year. Under the provisions of the Company's Articles of Association share buy backs are funded from the capital reserve.
9.	The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 August 2011. The financial information for 2010 is derived from the statutory accounts for 2010 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2010 accounts, their report was unqualified and did not contain a statement under sections 495 to 497 of the Companies Act 2006. The statutory accounts for 2011 will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting.
10.	The Report and Accounts will be available on the Company's page of the Managers' website www.japantrustplc.co.uk on or around 26 October 2011‡.

‡      Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.

None of the views expressed in this document should be construed as advice to buy or sell a particular investment.

 

END

 

 

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