Portfolio Update

Baillie Gifford Japan Trust PLC
04 September 2007



                      THE BAILLIE GIFFORD JAPAN TRUST PLC
   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets


31 August 2007


  No   Holding                                          % of Total Assets
  --   -------                                          -----------------

   1.  Japan Tobacco                                          3.1%
   2.  Canon                                                  2.8%
   3.  Itochu                                                 2.7%
   4.  Sumitomo Heavy Industries                              2.7%
   5.  Juki                                                   2.6%
   6.  Mitsubishi Electric                                    2.6%
   7.  Yamada Denki                                           2.6%
   8.  USS Company                                            2.5%
   9.  Asahi Glass                                            2.3%
  10.  KDDI                                                   2.3%


                                                            Baillie Gifford & Co
                                                             Company Secretaries
                                                                4 September 2007


                      This information is provided by RNS
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