Result of AGM

Baillie Gifford Japan Trust PLC
28 November 2001


                     THE BAILLIE GIFFORD JAPAN TRUST PLC

                   Annual General Meeting, 28 November 2001


    At the AGM held today, all resolutions were passed, including those
    detailed below:

  * Shareholders voted to approve the continuance of the Company until the
    AGM to be held in respect of the year ending 31 August 2002. A total of
    27,740,513 votes were cast, representing 43.6% of the Company's issued
    share capital, with 96.4% of those voting supporting the resolution.

  * Shareholders authorised the Company to renew its share buy back
    authority.


        Shareholders approved a special resolution renewing the Company's
        authority to make market purchases of up to 14.99 per cent of the
        Company's issued share capital, being 9,541,135 ordinary shares of 5p.

        Such authority will expire at the conclusion of the AGM to be held in
        2002 or 27 May 2003, whichever is earlier, unless previously varied,
        revoked or renewed.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                              28 November 2001