1st Quarter Results

Baillie Gifford Japan Trust PLC 12 December 2001 The Baillie Gifford Japan Trust PLC Results for the three months to 30 November 2001 12 December 2001 THE BAILLIE GIFFORD JAPAN TRUST PLC STATEMENT OF TOTAL RETURN (unaudited and incorporating the revenue account*) for the three months ended for the three months ended 30 November 2001 30 November 2000 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Realised - (3,007) (3,007) - 5,786 5,786 (losses)/ gains on investments Unrealised - (4,661) (4,661) - (34,438) (34,438) losses on investments Currency - 56 56 - 228 228 gains/(losses) (note 1) Income 271 - 271 347 - 347 Investment (224) - (224) (350) - (350) management fee Other (42) - (42) (53) - (53) administrative expenses Net return 5 (7,612) (7,607) (56) (28,424) (28,572) before finance costs and taxation Finance costs (34) - (34) (92) - (92) of borrowings Return on (29) (7,612) (7,641) (148) (28,424) (28,480) ordinary activities before taxation Tax on (40) - (40) (51) - (51) ordinary activities Return on (69) (7,612) (7,681) (199) (28,424) (28,623) ordinary activities after taxation Transfer from (69) (7,612) (7,681) (199) (28,424) (28,623) reserves Return per (0.11p) (11.96p) (12.07p) (0.31p) (44.59p) (44.90p) ordinary share (note 3) for the year ended 31 August 2001 Revenue Capital Total £'000 £'000 £'000 Realised (losses)/ gains on investments - (1,404) (1,404) Unrealised losses on investments - (66,604) (66,604) Currency gains/(losses) (note 1) - (982) (982) Income 866 - 866 Investment management fee (1,168) - (1,168) Other administrative expenses (207) - (207) Net return before finance costs and (509) (68,990) (69,499) taxation Finance costs of borrowings (135) - (135) Return on ordinary activities before (644) (68,990) (69,634) taxation Tax on ordinary activities (127) - (127) Return on ordinary activities after (771) (68,990) (69,761) taxation Transfer from reserves (771) (68,990) (69,761) Return per ordinary share (note 3) (1.21p) (108.22p) (109.43p) * The revenue column of this statement is the profit and loss account of the Company. 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 2001 (unaudited) 30 November 2001 30 November 2000 31 August 2001 £'000 £'000 £'000 NET ASSETS Listed overseas 84,501 117,555 91,047 equities Unlisted equities - traded on the 4,135 4,189 5,624 Japanese OTC/Nasdaq Japan markets - Directors' 1,367 - 1,434 valuation Total fixed asset 90,003 122,374 98,105 investments Net liquid assets 7,999 20,679 8,449 Total assets 98,002 143,053 106,554 (before deduction of bank loans) Bank loans (note 4) (10,252) (6,368) (11,007) 87,750 136,685 95,547 CAPITAL AND RESERVES Called-up share 3,183 3,188 3,188 capital Capital reserves 90,668 138,956 98,390 Revenue reserve (6,101) (5,459) (6,031) EQUITY 87,750 136,685 95,547 SHAREHOLDERS' FUNDS NET ASSET VALUE 137.8p 214.4p 149.9p PER ORDINARY SHARE Ordinary shares in 63,650,000 63,750,000 63,750,000 issue (note 5) THE BAILLIE GIFFORD JAPAN TRUST PLC SUMMARISED CASH FLOW STATEMENT (unaudited) Three Three months to months to Year to 30 November 30 November 31 August 2001 2000 2001 £'000 £'000 £'000 NET CASH OUTFLOW (255) (413) (625) FROM OPERATING ACTIVITIES NET CASH OUTFLOW (21) (93) (152) FROM SERVICING OF FINANCE TOTAL TAX PAID (5) (4) (125) FINANCIAL INVESTMENT Acquisitions of (11,882) (12,433) (67,371) investments Disposals of 12,826 41,786 81,036 investments Realised currency (132) 6 (1,740) (losses)/gains NET CASH INFLOW FROM 812 29,359 11,925 FINANCIAL INVESTMENT NET CASH INFLOW 531 28,849 11,023 BEFORE FINANCING FINANCING Net outflow from (568) (19,835) (14,660) bank loans repaid Shares purchased for (115) - - cancellation NET CASH OUTFLOW (683) (19,835) (14,660) FROM FINANCING (DECREASE)/INCREASE (152) 9,014 (3,637) IN CASH RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT (Decrease)/increase (152) 9,014 (3,637) in cash in period Net outflow from 568 19,835 14,660 bank loans Exchange movement on 188 222 758 bank loans MOVEMENT IN NET DEBT 604 29,071 11,781 NET DEBT AT 1 (2,772) (14,553) (14,553) SEPTEMBER 2001 NET DEBT/(FUNDS) AT (2,168) 14,518 (2,772) 30 NOVEMBER 2001 THE BAILLIE GIFFORD JAPAN TRUST PLC TWENTY LARGEST EQUITY HOLDINGS at 30 November 2001 Name Business Market value % of total £'000 assets Promise Consumer finance 4,069 4.1 Takeda Chemical Pharmaceuticals 3,745 3.8 Industries Aiful Consumer finance 3,192 3.3 Fast Retailing Casual wear retailer 3,122 3.2 Tostem Inax Holdings Housing materials 3,050 3.1 Funai Audio-visual outsourcing 2,990 3.0 Yamatake Corporation Control systems 2,871 2.9 Noritz Kitchen and bath 2,850 2.9 manufacturer CSK Corporation Computer services 2,631 2.7 Nippon Broadcasting Radio and TV broadcasting 2,606 2.7 System Yamada Denki Consumer electronics 2,598 2.6 retailer Takuma Waste incinerator 2,569 2.6 manufacturer NTT DoCoMo Mobile telecommunications 2,531 2.6 Kyocera Electronic components 2,521 2.6 Bandai Maker of toys and 2,482 2.5 character goods Tokyu Diversified conglomerate 2,440 2.5 Kobayashi Household products 2,402 2.4 Pharmaceuticals SMC Pneumatic control 2,347 2.4 equipment Konica Films and cameras 2,247 2.3 C & S Convenience stores 2,219 2.3 55,482 56.5 THE BAILLIE GIFFORD JAPAN TRUST PLC NOTES 30 November 2001 30 November 31 August 2001 £'000 2000 £'000 £'000 1.Currency gains/(losses) Realised exchange (428) (631) (2,377) differences Movement in unrealised 484 859 1,395 exchange differences 56 228 (982) 2. No interim dividend will be declared. 3. Return per ordinary share Revenue return (69) (199) (771) Capital return (7,612) (28,424) (68,990) Return per ordinary share is based on the above totals of revenue and capital and on 63,650,000 (30 November 2000 and 31 August 2000 - 63,750,000) ordinary shares, being the weighted average number of ordinary shares in issue during the period. 4. Bank loans of £10.3 million (Y1.8 billion) have been drawn down under yen loan facilities which are repayable in August 2006 (31 August 2001 £11.0m (Y1.9 billion),30 November 2000 £6.4 million (Y1.0 billion)). 5. During the period under review 100,000 ordinary shares with a nominal value of £5,000 were bought back for a total consideration of £115,000 in accordance with the authority granted at the AGM in November 2000. At the AGM in November 2001 shareholders approved the renewal of the Company's authority to buy back its own ordinary shares in respect of 9,541,135 ordinary shares of 5p each (equivalent to 14.99% of its share capital at that date). At 30 November 2001 the Company's authority to buy back its own shares remained unchanged at 9,541,135 ordinary shares of 5p each. 6. The financial information for the year ended 31 August 2001 has been extracted from the full accounts, which will be filed with the Registrar of Companies and which contain an unqualified Auditor's Report. 7. The accounting policies applied in calculating the quarterly figures are consistent with those used in the Annual Financial Statements.

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