Proposed Share Split

Baillie Gifford Japan Trust PLC
25 October 2000


                     THE BAILLIE GIFFORD JAPAN TRUST PLC                      
                               25 OCTOBER 2000                                
                                                                              
                     ANNOUNCEMENT OF INTENDED SHARE SPLIT                     
                             

THE BOARD OF THE BAILLIE GIFFORD JAPAN TRUST PLC ANNOUNCES THAT IT HAS TODAY
DESPATCHED TO SHAREHOLDERS THE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED
31 AUGUST 2000.

THE BOARD FURTHER ANNOUNCES THAT THE ANNUAL REPORT AND ACCOUNTS WILL ALSO
CONTAIN DETAILS OF THE COMPANY'S PROPOSAL TO DIVIDE EACH ORDINARY SHARE OF 25P
IN THE SHARE CAPITAL OF THE COMPANY INTO FIVE NEW ORDINARY SHARES OF 5P EACH.

SHAREHOLDERS WILL BE GIVEN THE OPPORTUNITY TO CONSIDER AND, IF THOUGHT FIT,
APPROVE THE SPECIAL RESOLUTION REQUIRED TO EFFECT THIS CAPITAL REORGANISATION
AT THE ANNUAL GENERAL MEETING OF THE COMPANY ON 24 NOVEMBER 2000.

THE EXPECTED TIMETABLE FOR THE SHARE SPLIT IS AS FOLLOWS:

FRIDAY 24 NOVEMBER               ANNUAL GENERAL MEETING
                                 RECORD DATE


MONDAY 27 NOVEMBER               DEALINGS IN NEW 5P ORDINARY SHARES BEGIN

FOR FURTHER DETAILS PLEASE CONTACT:

SARAH WHITLEY, MANAGER
THE BAILLIE GIFFORD JAPAN TRUST PLC      0131 222 4000

GILL MEEKISON, DIRECTOR
BAILLIE GIFFORD & CO                     0131 222 4000

TOM DURIE, DIRECTOR
HSBC INVESTMENT BANK PLC                 020 7336 2004