Issue of Equity

The Baillie Gifford Japan Trust PLC

Legal Entity Identifier : 54930037AGTKN765Y741

Owing to demand in the market, the Company announces the allotment of 350,000 new Ordinary Shares of 5p each fully paid on 19 January 2018. Following the allotment there are 87,989,925 Ordinary Shares in issue. These shares were issued for cash on 19 January 2018 at a price of 866.0p per share and at a premium to the prevailing net asset value.

Baillie Gifford & Co Limited

Company Secretaries

19 January 2018

Regulated Information Classification: Acquisition or disposal of the issuer's own shares