Top Ten Investments

Baillie Gifford Japan Trust PLC
02 March 2004

                         BAILLIE GIFFORD JAPAN TRUST PLC

   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets

29 February 2004


No      Holding                                                 % of Total
                                                                    Assets

1.      Goodwill Group                                                 3.2%
2.      UFJ Holdings                                                   3.1%
3.      Leopalace 21                                                   3.0%
4.      Sumitomo Realty & Development                                  2.8%
5.      Aiful                                                          2.8%
6.      Tokyu                                                          2.6%
7.      Konica Minolta                                                 2.6%
8.      Yamada Denki                                                   2.5%
9.      Uniden                                                         2.4%
10.     JFE Holdings                                                   2.4%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    2 March 2004



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