Final Results, etc

BAILLIE GIFFORD JAPAN TRUST PLC
29 September 1999



                     THE BAILLIE GIFFORD JAPAN TRUST PLC                      
                    RESULTS FOR THE YEAR TO 31 AUGUST 1999                    
        PRESS ENQUIRIES: SARAH WHITLEY UNTIL 5.00PM TEL [phone]


* For the full year net asset value per share up by 127.9% versus a rise of
  76.6% in TOPIX, after adjusting for the 34.1% rise in yen against sterling
  over the period.

* Strong performance from several of the largest holdings helped the
  outperformance as the market focused on the growth areas of the economy.

* Over the six months to 31 August 1999 net asset value per share up by 85.7%
  to 1,023.6p, an all time high.

* TOPIX up by 40.3% in sterling terms over same period.

* Share Buy-Back - a total of 450,000 shares, representing 3.4% of issued
  share capital have been bought back at a discount and cancelled, which
  enhanced the net asset value per share.

* Japanese economy showing clear signs of recovery with two consecutive
  quarters of growth.  Government policy remains stimulative and we anticipate
  growth of around 1% in the current fiscal year to March 2000.

* Stockmarket has risen strongly, and further upside is possible as recovery
  gains strength, new areas of the economy continue to expand and
  profitability rebounds.

* Directors recommend voting in favour of the continuance of the company at
  the AGM on 19 November 1999.



The following is the unaudited preliminary statement for the year to 31 August
1999 which was approved by the Board on 29 September 1999.  The Board of The
Baillie Gifford Japan Trust PLC are recommending to the Annual General Meeting
of the Company to be held on 19 November 1999 that no dividend be paid for the
year ended 31 August 1999.


                     THE BAILLIE GIFFORD JAPAN TRUST PLC                      
                          STATEMENT OF TOTAL RETURN                           
              (unaudited and incorporating the revenue account*)              
      
                      for the year ended 31 August 1999                       

                                        Revenue        Capital        Total
                                         £'000          £'000         £'000

Gains/(losses) on investments              -           79,093        79,093
Currency (losses)/gains (note 1)           -           (4,009)       (4,009)

Income (note 2)                         1,149             -           1,149
Investment management fee                (933)            -            (933)
Other administrative expenses            (213)            -            (213)
                                      ----------------------------------------
NET RETURN BEFORE FINANCE COSTS
AND TAXATION                                3          75,084        75,087 
Finance costs of borrowings              (243)            -            (243)
                                      ----------------------------------------
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION                          (240)         75,084        74,844
Tax on ordinary activities                (85)            -             (85)
                                      ----------------------------------------
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                           (325)         75,084        74,759
                                      ========================================
TRANSFER (FROM)/TO RESERVES              (325)         75,084        74,759
                                      ========================================
RETURN PER ORDINARY SHARE (note 4)     (2.47p)        571.16p       568.69p
                                      ========================================


                     THE BAILLIE GIFFORD JAPAN TRUST PLC                      
                          STATEMENT OF TOTAL RETURN                           
                    (incorporating the revenue account*)                      
            
                      for the year ended 31 August 1998                       

                                        Revenue        Capital        Total
                                         £'000          £'000         £'000

Gains/(losses) on investments              -          (17,076)      (17,076)
Currency (losses)/gains (note 1)           -              478           478

Income (note 2)                           834             -             834
Investment management fee                (667)            -            (667)
Other administrative expenses            (111)            -            (111)
                                      ----------------------------------------
NET RETURN BEFORE FINANCE COSTS
AND TAXATION                               56         (16,598)      (16,542) 
Finance costs of borrowings              (193)            -            (193)
                                      ----------------------------------------
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION                          (137)        (16,598)      (16,735)
Tax on ordinary activities                (68)            -             (68)
                                      ----------------------------------------
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                           (205)        (16,598)      (16,803)
                                      ========================================
TRANSFER (FROM)/TO RESERVES              (205)        (16,598)      (16,803)
                                      ========================================
RETURN PER ORDINARY SHARE (note 4)     (1.55p)       (125.74p)     (127.29p)
                                      ========================================
                    

* 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                      
                            SUMMARY OF NET ASSETS                             
                              AT 31 AUGUST 1999                               
                                 (unaudited)                                 
==============================================================================
                                            31 AUGUST 1999    31 AUGUST 1998
                                                £'000             £'000
==============================================================================
Investments at market value                    154,616            67,573
Net liquid (liabilities)/assets                   (857)            1,008
                                            --------------    --------------
Total assets before bank loans                 153,759            68,581
Bank loans (note 5)                            (23,255)           (9,305)
                                            --------------    --------------
EQUITY SHAREHOLDERS' FUNDS                     130,504            59,276
                                            ==============    ==============

Net asset value per ordinary share            1,023.6p            449.1p

Ordinary shares in issue                    12,750,000        13,200,000


                                  
                     THE BAILLIE GIFFORD JAPAN TRUST PLC                      
                          DISTRIBUTION OF NET ASSETS
                                31 AUGUST 1999                                
                           
==============================================================================
                                       31 AUGUST 1999          31 AUGUST 1998 
                                             %                       % 
==============================================================================

Equities                                   96.2                     81.1
Convertibles                                3.6                      0.3
Warrants                                    0.8                      0.4
                                       --------------          --------------
Total equity investments                  100.6                     81.8

UK government bonds                          -                      16.7
Net liquid (liabilities)/assets            (0.6)                     1.5
                                       --------------          --------------
Total assets before bank loans            100.0                    100.0

Bank loans                                (15.1)                   (13.6)
                                       --------------          --------------
EQUITY SHAREHOLDERS' FUNDS                 84.9                     86.4
                                       ==============          ==============


                     THE BAILLIE GIFFORD JAPAN TRUST PLC                      
                                    NOTES 

==============================================================================
                                            31 AUGUST 1999     31 AUGUST 1998
                                                £'000              £'000
==============================================================================

1. CURRENCY (LOSSES)/GAINS
   Realised exchange differences                   (69)            (1,494)   
   Movement in unrealised exchange 
   differences                                  (3,940)             1,972
                                            --------------     --------------
                                                (4,009)               478
                                            ==============     ==============

2. INCOME
   Income from investments and interest 
   receivable                                    1,149                834     
   Other income                                    NIL                NIL


3. No dividend will be recommended by the Directors.    


4. RETURN PER ORDINARY SHARE
   Revenue return                                 (325)              (205)   
   Capital return                               75,084            (16,598)
   
   Return per ordinary share is based on the above totals for revenue and   
   capital and on 13,146,027 (1998 - 13,200,000) ordinary shares, being the 
   weighted average number of shares in issue during the year.                
                

5. Bank loans of £23.3 million (Y4.1 billion) have been drawn down under yen
   loan facilities which are repayable between November 2000 and November 2001
   (31 August 1998 - £9.3 million (Y2.2 billion)).  


6. The financial information set out above does not constitute the Company's 
   statutory accounts for the year ended 31 August 1999.  The financial 
   information for 1998, is derived from the statutory accounts for 1998 which
   have been delivered to the Registrar of Companies.  The Auditors have 
   reported on the 1998 accounts, their report was unqualified and did not 
   contain a statement under section 237(2) or (3) of the Companies Act 1985.
   The statutory accounts for 1999 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.


Managers, Secretaries and Registered Office
Baillie Gifford & Co
1 Rutland Court
EDINBURGH
EH3 8EY