Statement re investm't policy

Baillie Gifford Japan Trust PLC
07 October 2003

                      THE BAILLIE GIFFORD JAPAN TRUST PLC

                         STATEMENT RE INVESTMENT POLICY



In anticipation of impending changes to the Listing Rules, the Board of The
Baillie Gifford Japan Trust PLC announces that it has a policy to invest no more
than 15% of gross assets in other listed investment companies.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  7 October 2003


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