Year End Results

Baillie Gifford Japan Trust PLC
28 September 2000


                      THE BAILLIE GIFFORD JAPAN TRUST PLC                     
                     RESULTS FOR THE YEAR TO 31 AUGUST 2000                   

                                                
SALIENT POINTS

NAV up 26.7% to 1,296.5p per share in the year to 31 August, compared with a
rise of 17.7% in the Company's benchmark index.  The benchmark comprises a 75%
weighting in TOPIX and 25% weighting in the Tokyo Stock Exchange Second
Section Index (both indices expressed in sterling terms).

NAV fell 10.4% in the six months to 31 August, compared with a fall of 3.4% in
the Company's benchmark.  This followed a strong performance in the first half
of the Company's year when NAV rose 41.4% to 1,447.0p per share against a rise
of 22.0% in the benchmark.

Share price increased by 42.6% in the year to 31 August.  This was the highest
share price return within the AITC Japanese investment trust sector over one
year.  The NAV return was the second highest in the sector.                   
    
Company benefited from significant 'New Japan' holdings over the first six
months.  The Company has had large holdings in industries such as electronics
and communications, which have excellent growth prospects.  However in recent
months the market has been particularly volatile and declining in such stocks.

Japanese corporate profits are rising strongly.  The Company believes that
Japan's economy is recovering, which combined with rising profit forecasts
positions the market for a period of improved performance.

Annual continuation vote.  The Board believes that the improved economic
conditions, combined with the Company's good performance are positive reasons
for the Company's continuation.  The Directors will vote their shares
accordingly at the AGM on 24 November.

Share buy backs.  The Board proposes to renew the Company's power to buy back
up to 14.99% of its shares at the AGM.

Stock split proposed to increase liquidity and marketability.  The Board is
proposing that shares are split in the ratio of 5 new shares for each existing
share to reduce the nominal value per ordinary share from 25p to 5p.

Supporters of the AITC's 'its' campaign.  The Baillie Gifford Japan Trust PLC
has contributed to the second year of 'its' and is increasing its marketing to
derive maximum spin-off advantage.

The Baillie Gifford Japan Trust PLC aims to pursue long term capital growth
principally through investment in medium and smaller sized Japanese companies.

The Company is managed by Baillie Gifford & Co., the leading independent
Edinburgh based fund management group with around £22 billion under management
and advice.

    
For further information please contact:

Sarah Whitley, Manager,
The Baillie Gifford Japan Trust PLC      0131 222 4000

Mike Lord, Director,
Broadgate Marketing                      020 7726 6111


Baillie Gifford & Co. is regulated by IMRO.


                     THE BAILLIE GIFFORD JAPAN TRUST PLC 

The following is the unaudited preliminary statement for the year to 31 August
2000 which was approved by the Board on 27 September 2000.  The Board of The
Baillie Gifford Japan Trust PLC are recommending to the Annual General Meeting
of the Company to be held on 24 November 2000 that no dividend be paid for the
year ended 31 August 2000.
                     

                          STATEMENT OF TOTAL RETURN                           
              (unaudited and incorporating the revenue account*)    
                                                                              
                    For the year ended 31 August 2000                         
             
==============================================================================
                                       Revenue        Capital        Total
                                        £'000          £'000         £'000
==============================================================================
Gains on investments                      -           38,925        38,925  
Currency losses (note 1)                  -           (2,524)       (2,524)
Income                                    866            -             866  
Investment management fee              (1,751)           -          (1,751)
Other administrative expenses            (227)           -            (227)
                                      ----------------------------------------
NET RETURN BEFORE FINANCE COSTS
AND TAXATION                           (1,112)        36,401        35,289   
Finance costs of borrowings              (360)          -             (360)
                                      ----------------------------------------
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION                        (1,472)        36,401        34,929
Tax on ordinary activities               (125)          -             (125)
                                      ----------------------------------------
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                         (1,597)        36,401        34,804
                                      ========================================
TRANSFER (FROM)/TO RESERVES            (1,597)        36,401        34,804
                                      ========================================
RETURN PER ORDINARY SHARE (note 3)     (12.53p)       285.50p       272.97p
                                      ========================================


                          STATEMENT OF TOTAL RETURN                           
                     (incorporating the revenue account*)    
                                                                              
                       For the year ended 31 August 1999                  
          
==============================================================================
                                       Revenue        Capital        Total
                                        £'000          £'000         £'000
==============================================================================
Gains on investments                      -            79,093        79,093
Currency losses (note 1)                  -            (4,009)       (4,009)  
Income                                  1,149             -           1,149   
Investment management fee                (933)            -            (933)
Other administrative expenses            (213)            -            (213)
                                      ----------------------------------------
NET RETURN BEFORE FINANCE COSTS
AND TAXATION                                3          75,084        75,087   
Finance costs of borrowings              (243)            -           (243)
                                      ----------------------------------------
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION                          (240)         75,084        74,844
Tax on ordinary activities                (85)            -             (85)
                                      ----------------------------------------
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                           (325)         75,084        74,759
                                      ========================================
TRANSFER (FROM)/TO RESERVES              (325)         75,084        74,759
                                      ========================================
RETURN PER ORDINARY SHARE (note 3)     (2.47p)        571.16p       568.69p
                                      ========================================


* The revenue column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.


                     THE BAILLIE GIFFORD JAPAN TRUST PLC                      
                           SUMMARISED BALANCE SHEET                           
                                at 31 August 2000                             
                                    (unaudited)                               
                                                                     
==============================================================================
                                               31 AUGUST 2000   31 AUGUST 1999
                                                     £'000             £'000
==============================================================================
NET ASSETS
Listed overseas equities                           165,805          139,230
Unlisted equities - traded on the 
Japanese OTC market                                 14,347            15,386
                                          ----------------    --------------
Total fixed asset investments                      180,152           154,616
Net liquid assets/(liabilities)                     11,581              (857)
                                          ----------------    --------------
Total assets (before deduction of   
bank loans)                                        191,733           153,759
Bank loans (note 4)                                (26,425)          (23,255)
                                          ----------------    --------------
                                                   165,308           130,504
                                          ================    ==============

CAPITAL AND RESERVES

Called-up share capital                              3,188             3,188
Capital reserves                                   167,380           130,979
Revenue reserve                                     (5,260)           (3,663)
                                          ----------------    --------------
EQUITY SHAREHOLDERS' FUNDS                         165,308           130,504
                                          ================    ==============

NET ASSET VALUE PER ORDINARY SHARE                1,296.5p          1,023.6p
Ordinary shares in issue (note 5)               12,750,000        12,750,000


                     THE BAILLIE GIFFORD JAPAN TRUST PLC                      
                       TWENTY LARGEST EQUITY HOLDINGS
                                at 31 August 2000                             
  
==============================================================================
                                                                        % OF
                                                      MARKET VALUE     TOTAL  
NAME                     BUSINESS                           £'000     ASSETS  
==============================================================================
1.   Rohm                Specialist semiconductors           6,709       3.5
2.   Kyocera             Telecoms equipment and electronic   5,890       3.1
                         components
3.   Fast Retailing      Casual wear retailer                5,517       2.9 
4.   Nippon Broadcasting             
     System              Radio and TV broadcasting           5,470       2.9
5.   Sumitomo Bakelite   Specialist electronic materials     5,453       2.8
6.   Taiyo Yuden         Capacitors and electronic parts     5,391       2.8
7.   Promise             Consumer finance                    5,095       2.7
8.   Yamatake
     Corporation         Control systems                     5,093       2.7
9.   Matsumotokiyoshi    Pharmacy retail chain               4,950       2.6
10.  DDI                 Telecom operator                    4,873       2.5
11.  Fanuc               Robot and equipment manufacturer    4,860       2.5
12.  Nichicon            Capacitors                          4,818       2.5
13.  Chugai 
     Pharmaceutical      Pharmaceutical manufacturer         4,653       2.5
14.  Kobayashi           
     Pharmaceutical      Household products                  4,435       2.3
15.  Minebea             Miniature bearings                  4,180       2.2
16.  Takeda Chemical              
     Industries          Pharmaceutical manufacturer         4,067       2.1
17.  Takefuji            Consumer finance                    3,969       2.1
18.  Murata              
     Manufacturing       Electrical components               3,968       2.1
19.  Capcom              Games software                      3,935       2.0
20.  *H.I.S.             Discount travel agency              3,921       2.0
                                                          --------    ------
                                                            97,247      50.8
                                                          ========    ======

* denotes holding traded on the Japanese OTC market




                     THE BAILLIE GIFFORD JAPAN TRUST PLC                      
                        SUMMARISED CASH FLOW STATEMENT                        
                                 (unaudited)

==============================================================================
                                         YEAR TO                 YEAR TO
                                       31 AUGUST 2000         31 AUGUST 1999
                                    £'000        £'000     £'000       £'000
==============================================================================
NET CASH (OUTFLOW)/INFLOW FROM                  
OPERATING ACTIVITIES                            (1,067)                  465

NET CASH OUTFLOW FROM SERVICING                   
OF FINANCE                                        (356)                 (269)

TOTAL TAX PAID                                     (23)                 (184)

FINANCIAL INVESTMENT
Acquisitions of investments       (87,110)               (48,812)
Disposals of investments          100,559                 39,136
Realised currency gain                217                    390
                                  --------               --------
NET CASH INFLOW/(OUTFLOW) FROM 
FINANCIAL INVESTMENT                            13,666                (9,286)
                                               --------              --------
NET CASH INFLOW/(OUTFLOW) BEFORE 
FINANCING                                       12,220                (9,274)

FINANCING
Net proceeds from bank loans 
drawn down                             12                  9,968
Shares repurchased                   (881)                (2,650)
                                  ---------              --------
NET CASH (OUTFLOW)/INFLOW FROM 
FINANCING                                         (869)                7,318
                                               --------              --------
INCREASE/(DECREASE) IN CASH                     11,351               (1,956)
                                               --------              --------
RECONCILIATION OF NET CASH FLOW 
TO MOVEMENT IN NET DEBT             
Increase/(decrease) in cash 
in period                          11,351                 (1,956)    
Net cash received from bank 
loans drawn down                      (12)                (9,968) 
Exchange movement on bank loans    (3,158)                (3,982)   
                                  ----------             --------     
MOVEMENT IN NET DEBT IN THE 
PERIOD                                           8,181               (15,906) 

NET DEBT AT 1 SEPTEMBER 1999                   (22,734)               (6,828)
                                               --------              --------
NET DEBT AT 31 AUGUST 2000                     (14,553)              (22,734)
                                               ========              ========
                                 

                     THE BAILLIE GIFFORD JAPAN TRUST PLC                      
                                    NOTES 

==============================================================================
                                  31 AUGUST 2000       31 AUGUST 1999
                                         £'000            £'000         
==============================================================================

1.Currency losses
  Realised exchange differences           646              (69)
  Movement in unrealised exchange 
  differences                          (3,170)          (3,940)
                                     ---------        ---------               
                                       (2,524)          (4,009)
                                     =========        =========

2.No interim dividend will be declared.    

3.Return per ordinary share
  Revenue return                       (1,597)            (325)   
  Capital return                       36,401           75,084
   
  Return per ordinary share is based on the above totals for revenue and   
  capital and on 12,750,000 (1999 - 13,146,027)ordinary shares, being the    
  weighted average number of ordinary shares in issue during the year.    

4.Bank loans of £26.4 million (Y4.1 billion) have been drawn down under yen
  loan facilities which are repayable between November 2000 and November 2001
  (1999 - £23.3 million (Y4.1 billion)).

5.At the AGM in November 1999 authority was granted to the Company to buy back
  1,911,225 ordinary shares (equivalent to 14.99% of its issued share capital
  at that date).  No ordinary shares were bought back in the year under
  review and, therefore, at 31 August 2000 the Company's authority to buy back
  its ordinary shares remained unchanged at 1,911,225 shares.  During the year
  to 31 August 1999 450,000 ordinary shares were bought back in accordance    
  with the authority granted at the AGM in November 1998.

6.The financial information set out above does not constitute the Company's   
  statutory accounts for the year ended 31 August 2000.  The financial        
  information for 1999 is derived from the statutory accounts for 1999 which  
  have been delivered to the Registrar of Companies.  The Auditors have       
  reported on the 1999 accounts, their report was unqualified and did not     
  contain a statement under section 237 (2) or (3) of the Companies Act 1985. 
  The statutory accounts for 2000 will be finalised on the basis of the       
  financial information presented in this preliminary announcement and will be
  delivered to the Registrar of Companies following the Company's Annual      
  General Meeting.


Managers, Secretaries and Registered Office
Baillie Gifford & Co
1 Rutland Court
EDINBURGH
EH3 8EY