1st Quarter Results

Baillie Gifford Japan Trust PLC
13 December 2000





                     The Baillie Gifford Japan Trust PLC

               Results for the three months to 30 November 2000

                               13 December 2000

                     THE BAILLIE GIFFORD JAPAN TRUST PLC

                          STATEMENT OF TOTAL RETURN

              (unaudited and incorporating the revenue account*)

                         for the three months       for the three months ended
                         ended                      30 November 1999          
                         30 November 2000                                     
                         Revenue  Capital  Total    Revenue   Capital  Total  
                         £'000    £'000    £'000    £'000     £'000    £'000  
  Realised gains on         -      5,786    5,786      -      14,080    14,080 
  investments                                                                 
  Unrealised                -    (34,438) (34,438)     -      33,104    33,104 
  (losses)/gains on                                                
  investments                                                                 
  Currency                  -        228      228       -     (1,618)   (1,618)
  gains/(losses) (note                                                        
  1)                                                                          
  Income                  347          -      347     282          -       282  
  Investment             (350)         -     (350)   (446)         -      (446) 

  management fee                                                              
  Other administrative    (53)         -      (53)    (38)          -      (38) 
  expenses                                                                    
  Net return before       (56)   (28,424) (28,480)   (202)     45,566   45,364 
  finance costs and                                                
  taxation                                                                    
  Finance costs of        (92)         -      (92)    (91)          -      (91) 
  borrowings                                                                  
  Return on ordinary     (148)   (28,424) (28,572)   (293)     45,566   45,273 
  activities before                                                         
  taxation                                                                    
  Tax on ordinary         (51)         -      (51)    (41)          -      (41) 
  activities                                                                  
  Return on ordinary     (199)   (28,424)  (28,623)  (334)     45,566   45,232 
  activities after                                                          
  taxation                                                                    
  Transfer (from)/to     (199)   (28,424)  (28,623)   (334)    45,566   45,232 
  reserves                                                                  
  Return per           (0.31p)    (44.59p)  (44.90p)  (0.52p)+  71.47p+  70.95p+
  ordinary                                                                  
  share (note                                                                 
  3)                                                                          


                                                for the year ended              
                                                  31 August 2000                
        
                                                   Revenue  Capital   Total   
                                                     £'000    £'000     £'000   
  Realised gains on investments                          -   48,117    48,117
  Unrealised (losses)/gains on                           -   (9,192)   (9,192)
  investments                                                                 
  Currency gains/(losses) (note 1)                       -   (2,524)   (2,524)
  Income                                               866         -      866
  Investment management fee                        (1,751)         -   (1,751)
  Other administrative expenses                      (227)         -     (227)
  Net return before finance costs                  (1,112)    36,401    35,289
  and taxation                                                                
  Finance costs of borrowings                        (360)         -     (360)
  Return on ordinary activities                    (1,472)    36,401    34,929
  before taxation                                                             
  Tax on ordinary activities                         (125)         -     (125)
  Return on ordinary activities                    (1,597)    36,401    34,804
  after taxation                                                              
  Transfer (from)/to reserves                      (1,597)    36,401    34,804
  Return per ordinary share (note 3)              (2.51p)+   57.10p+   54.59p+
 


* The revenue column of this statement is the profit and loss account of the
Company.

+ Restated for five for one share split (see note 5).

All revenue and capital items in the above statement derive from continuing
operations.



                     THE BAILLIE GIFFORD JAPAN TRUST PLC

                           SUMMARISED BALANCE SHEET

                             at 30 November 2000

                                 (unaudited)
                                                  30 November         31 August
                                                        2000              2000
                                                       £'000             £'000
NET ASSETS
Listed overseas equities                             117,555            165,805
                                                                       
Unlisted equities - traded on the                      4,819             14,347
Japanese OTC market
Total fixed asset investments                         122,374           180,152
                                                                      
Net liquid assets                                      20,679            11,581

Total assets (before deduction of bank                143,053           191,733
loans)                                                                 
Bank loans (note 4)                                   (6,368)          (26,425)
                                                                       
                                                     136,685           165,308
                                                                       
CAPITAL AND RESERVES
Called-up share capital                                 3,188            3,188
Capital reserves                                      138,956          167,380
                                                                       
Revenue reserve                                       (5,459)           (5,260)
                                                                        
EQUITY SHAREHOLDERS' FUNDS                           136,685           165,308
                                                                       
 NET ASSET VALUE PER ORDINARY SHARE                214.4p               259.3p+
Ordinary shares in issue (note 5)              63,750,000           63,750,000+


+ Restated for five for one share split (see note 5).



                     THE BAILLIE GIFFORD JAPAN TRUST PLC
                        SUMMARISED CASH FLOW STATEMENT

                                  (unaudited)
                                               Three months to          Year to

                                              30 November 2000   31 August 2000
                                               £'000  £'000        £'000  £'000
NET CASH OUTFLOW FROM OPERATING ACTIVITIES            (413)              (1,067)
NET CASH OUTFLOW FROM SERVICING OF FINANCE             (93)               (356)

TOTAL TAX PAID                                          (4)                (23)

FINANCIAL INVESTMENT

Acquisitions of investments                   (12,433)           (87,110)

Disposals of investments                      41,786             100,559

Realised currency gains                            6                 217

NET CASH INFLOW FROM FINANCIAL INVESTMENT            29,359              13,666
                                                     
NET CASH INFLOW BEFORE FINANCING                     28,849              12,220
FINANCING

Net (outflow)/inflow from bank loans 
(repaid)                                     (19,835)                12
/drawn down
Shares purchased for cancellation                  -               (881)
NET CASH OUTFLOW FROM FINANCING                      (19,835)              (869)

INCREASE IN CASH                                      9,014              11,351

RECONCILIATION OF NET CASH FLOW TO MOVEMENT
IN NET FUNDS/(DEBT)

Increase in cash in period                     9,014              11,351
Net outflow/(inflow) from bank loans          19,835                (12)
Exchange movement on bank loans                  222              (3,158)
MOVEMENT IN NET FUNDS/(DEBT)                         29,071               8,181
NET DEBT AT 1 SEPTEMBER 2000                         (14,553)           (22,734)
NET FUNDS/(DEBT) AT 30 NOVEMBER 2000
                                                     14,518             (14,553)



                     THE BAILLIE GIFFORD JAPAN TRUST PLC
                        TWENTY LARGEST EQUITY HOLDINGS

                              at 30 November 2000
                            Business                           Market      % of
                                                                value     total
 Name
                                                                £'000    assets
Fast Retailing              Casual wear retailer                6,888       4.8
Rohm                        Specialist semiconductors           6,201       4.3
Promise                     Consumer finance                    5,529       3.9
Kyocera                     Telecoms and electronics            4,432       3.1
Takeda Chemical Industries  Pharmaceutical manufacturer         4,369       3.0
Nippon Broadcasting System  Radio and TV broadcasting           4,183       2.9
Sumitomo Bakelite           Specialist electronic               3,926       2.7
                            materials
Fuji Heavy Industries       Maker of Subaru brand               3,874       2.7
                            automobiles
Capcom                      Games software                      3,850       2.7
Yamatake Corporation        Control systems                     3,821       2.7
Fanuc                       Robot and equipment                 3,696       2.6
                            manufacturer
Kobayashi Pharmaceutical    Household products                  3,688       2.6
Nippon Electric Glass       Specialist glass                    3,553       2.5
Murata Manufacturing        Electrical components               3,536       2.5
Yamada Denki                Consumer electronics retailer       3,399       2.4
Minebea                     Miniature bearings                  3,394       2.4
* Toys R Us Japan           Toy retail chain                    3,095       2.2
Noritz                      Kitchen and bath manufacturer       2,955       2.1
Matsushita Kotobuki         HDD manufacturer                    2,797       2.0
Electronics
Kuraya Sanseido Inc.        Pharmaceutical wholesaler           2,721       1.9
                                                               79,907      56.0

* Denotes holding traded on the Japanese OTC market.



                     THE BAILLIE GIFFORD JAPAN TRUST PLC

                                    NOTES
                        30 November 2000    30 November 1999     31 August 2000

                                   £'000               £'000              £'000
 1. Currency gains/
    (losses)
                                  
     Realised exchange             (631)                 319              646
differences                                           
                                                                     
     Movement in                   859                 (1,937)         (3,170)
unrealised exchange
differences
                                    228                (1,618)         (2,524)
                                                                    

 2. No interim dividend will be declared.


3.     Return per ordinary share

Revenue return                                    (199)      (334)      (1,597)

Capital return                                 (28,424)     45,566       36,401


    Return per ordinary share is based on the above totals of revenue and
    capital and on 63,750,000 (30 November 1999 and 31 August 2000 -
    63,750,000) ordinary shares, being the weighted average number of ordinary
    shares in issue during the period (see note 5).


 4. A bank loan of £6.4 million (Y1.0 billion) has been drawn down under a yen
    loan facility, which is repayable in November 2001 (31 August 2000 - £26.4
    million (Y4.1 billion)).

 5. At the AGM in November 2000 shareholders approved a resolution to
    sub-divide each of the Company's ordinary shares of 25p each into five
    ordinary shares of 5p each, which increased the number of ordinary shares
    in issue from 12,750,000 to 63,750,000. The net asset value per share and
    the return per share figures for the prior periods have been restated.

 6. At the AGM shareholders also approved the renewal of the Company's
    authority to buy back its own ordinary shares in respect of 9,556,125
    ordinary shares of 5p each (equivalent to 14.99% of its share capital at
    that date). No ordinary share were bought back in the period under review
    and, therefore, at 30 November 2000 the Company's authority to buy back
    its own shares remained unchanged at 9,556,125 ordinary shares of 5p each.

 7. The financial information for the year ended 31 August 2000 has been
    extracted from the full accounts, which will be filed with the Registrar
    of Companies and which contain an unqualified Auditor's Report.

 8. The accounting policies applied in calculating the quarterly figures are
    consistent with those used in the Annual Financial Statements.