3rd Quarter Results

Baillie Gifford Japan Trust PLC
14 June 2002



                      THE BAILLIE GIFFORD JAPAN TRUST PLC

                   Results for the nine months to 31 May 2002


                       THE BAILLIE GIFFORD JAPAN TRUST PLC
                             STATEMENT OF TOTAL RETURN
               (unaudited and incorporating the revenue account*)

                                                                                                                  
                              For the nine months ended    For the nine months ended           For the year ended
                                      31 May 2002                  31 May 2001                    31 August 2001
                            Revenue   Capital     Total  Revenue   Capital     Total   Revenue     Capital       Total
                              £'000     £'000     £'000    £'000     £'000     £'000     £'000       £'000       £'000

  Realised (losses)/gains         -  (10,588)  (10,588)        -     1,506     1,506         -     (1,404)     (1,404)
  on investments                                                                                                      

  Unrealised                      -     8,381     8,381        -  (48,266)  (48,266)         -    (66,604)    (66,604)
  gains/(losses) on                                                                                                   
  investments                                                                                                         

  Currency gains/(losses)         -       151       151        -     (981)     (981)         -       (982)       (982)
  (note 1)                                                                                                            

  Income                        742         -       742      845         -       845       866           -         866

  Investment management       (648)         -     (648)    (920)         -     (920)   (1,168)           -     (1,168)
  fee                                                                                                                 

  Other administrative        (139)         -     (139)    (152)         -     (152)     (207)           -       (207)
  expenses                                                                                                            

  Net return before            (45)   (2,056)   (2,101)    (227)  (47,741)  (47,968)     (509)    (68,990)    (69,499)
  finance costs and                                                                                                   
  taxation                                                                                                            

  Finance costs of             (85)         -      (85)    (121)         -     (121)     (135)           -       (135)
  borrowings                                                                                                          

  Return on ordinary          (130)   (2,056)   (2,186)    (348)  (47,741)  (48,089)     (644)    (68,990)    (69,634)
  activities before                                                                                                   
  taxation                                                                                                            

  Tax on ordinary             (110)         -     (110)    (124)         -     (124)     (127)           -       (127)
  activities                                                                                                          

  Return on ordinary          (240)   (2,056)   (2,296)    (472)  (47,741)  (48,213)     (771)    (68,990)    (69,761)
  activities after                                                                                                    
  taxation                                                                                                            

  Transfer from reserves      (240)   (2,056)   (2,296)    (472)  (47,741)  (48,213)     (771)    (68,990)    (69,761)

  Return per                (0.38p)   (3.23p)   (3.61p)  (0.74p)  (74.89p)  (75.63p)   (1.21p)   (108.22p)   (109.43p)
  ordinary share                                                                                                      
  (note 3)                                                                                                            

*  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 31 May 2002
                                  (unaudited)
                                                                       31 May           31 May        31 August
                                                                        2002              2001            2001
                                                                       £'000             £'000           £'000          
NET ASSETS
Listed equities                                                       91,413          111,324           91,047
Unlisted equities                                                      8,846            5,669            7,058
Total fixed asset investments                                        100,259          116,993           98,105
Net liquid assets                                                      2,459            6,026            8,449
Total assets (before deduction of bank loans)                        102,718          123,019          106,554
Bank loans (note 4)                                                   (9,913)          (5,924)         (11,007)
                                                                      92,805          117,095           95,547


CAPITAL AND RESERVES
Called-up share capital                                                3,167            3,188            3,188
Capital reserves                                                      95,909          119,639           98,390
Revenue reserve                                                       (6,271)          (5,732)          (6,031)
EQUITY SHAREHOLDERS' FUNDS                                            92,805          117,095           95,547


NET ASSET VALUE PER ORDINARY SHARE                                     146.5p           183.7p           149.9p
Ordinary shares in issue (note 5)                                 63,335,000       63,750,000       63,750,000




                        THE BAILLIE GIFFORD JAPAN TRUST PLC

                         SUMMARISED CASH FLOW STATEMENT
                                   (unaudited)


                                                         For the nine        For the nine      
                                                            months to           months to    For the year to
                                                               31 May              31 May          31 August
                                                                 2002                2001               2001
                                                                £'000               £'000              £'000

NET CASH OUTFLOW FROM OPERATING ACTIVITIES                      (435)               (723)              (625)
                                                                
NET CASH OUTFLOW FROM SERVICING OF FINANCE                       (62)                (93)              (152)

TOTAL TAX PAID                                                   (54)                (60)              (125)
FINANCIAL INVESTMENT
Acquisitions of investments                                  (33,946)            (53,937)           (67,371)
Disposals of investments                                      31,475              69,573             81,036
Realised currency losses                                        (376)             (1,647)            (1,740)
NET CASH (OUTFLOW)/ INFLOW FROM FINANCIAL INVESTMENT          (2,847)             13,989             11,925
NET CASH (OUTFLOW)/INFLOW BEFORE FINANCING                    (3,398)             13,113             11,023
                                                            
FINANCING
Net outflow from bank loans repaid                              (568)            (19,835)           (14,660)
Shares purchased for cancellation                               (446)                   -                 -
NET CASH OUTFLOW FROM FINANCING                               (1,014)            (19,835)           (14,660)
DECREASE IN CASH                                              (4,412)             (6,722)            (3,637)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Decrease in cash in the period                                (4,412)            (6,722)             (3,637)
Net outflow from bank loans                                      568             19,835              14,660


Exchange movement on bank loans                                  527                666                 758
MOVEMENT IN NET DEBT IN THE PERIOD                            (3,317)             13,779             11,781
NET DEBT AT START OF PERIOD                                   (2,772)            (14,553)           (14,553)
NET DEBT AT END OF PERIOD                                     (6,089)              (774)             (2,772)




                            THE BAILLIE GIFFORD JAPAN TRUST PLC

                              TWENTY LARGEST EQUITY HOLDINGS
                                      at 31 May 2002


                                                                                          Market
                                                                                           value   % of total 
                                                                                           £'000       assets
Tostem Inax Holdings                  Housing materials                                    3,624          3.5
Yamada Denki                          Consumer electronics retailer                        3,361          3.3
KDDI                                  Telecommunications                                   3,286          3.2
Aiful                                 Consumer finance                                     3,018          2.9
Promise                               Consumer finance                                     2,853          2.8
CSK Corporation                       Computer services                                    2,750          2.7
Konica                                Digital imagery                                      2,687          2.6
Nippon T&T                            Telecommunications                                   2,670          2.6
Kyocera                               Electronic components                                2,646          2.6
Nippon Broadcasting System            Radio and TV broadcasting                            2,627          2.6
Tokyu                                 Diversified conglomerate                             2,577          2.5
NTT DoCoMo                            Mobile telecommunications                            2,554          2.5
Bandai                                Maker of toys, cartoons and character goods          2,521          2.4
Noritz                                Kitchen and bath manufacturer                        2,469          2.4
Takuma                                Waste incinerator manufacturer                       2,346          2.3
Funai Electric                        Outsourced consumer electronics manufacturer         2,316          2.2
Fuji Heavy Industries                 Maker of Subaru brand automobiles                    2,305          2.2
Kobayashi Pharmaceuticals             Household products                                   2,222          2.2
Takeda Chemical Industries            Pharmaceuticals                                      2,216          2.2
Hokuetsu Paper Mills                  Paper maker                                          2,191          2.1
                                                                                          53,239         51.8



                          THE BAILLIE GIFFORD JAPAN TRUST PLC

                                        NOTES
                                                                31 May            31 May           31 August
                                                                  2002              2001                2001
                                                                 £'000             £'000               £'000
1.    Currency gains/(losses)

      Realised exchange differences                              (672)           (2,283)             (2,377)
      Movement in unrealised exchange differences                 823             1,302                1,395
                                                                  151              (981)               (982)


2.    No interim dividend will be declared.

3.    Return per ordinary share
      Revenue return                                             (240)             (472)               (771)
      Capital return                                           (2,056)          (47,741)            (68,990)


      Return per ordinary share is based on the above totals of revenue and capital and on 63,536,813 (31
      May 2001 and 31 August 2001 - 63,750,000) ordinary shares, being the weighted average number of
      ordinary shares in issue during the period.

4.    Bank loans of £9.9 million (Y1.8 billion) have been drawn down under yen loan facilities which are
      repayable in August 2006 (31 May 2001 - £5.9 million (Y1.0 billion); 31 August 2001 - £11.0 million (Y
      1.9 billion)).

5.    During the period the Company bought back 415,000 ordinary shares with a total nominal value of
      £20,750 for a consideration of £446,000.  The Company's authority to buy back its own ordinary shares
      was last renewed at the AGM in November 2001 in respect of 9,541,135 ordinary shares (equivalent to
      14.99% of its share capital at that date).  At 31 May 2002 the Company had authority to buy back a
      further 9,226,135 ordinary shares.

6.    The financial information for the year ended 31 August 2001 has been extracted from the full accounts,
      which have been 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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