Interim Results

Aberdeen New Dawn Invest Trust PLC
13 December 2002


ABERDEEN NEW DAWN INVESTMENT TRUST PLC

ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS

For the six months ended 31 October 2002



Chairman's Statement

The Company's Net Asset Value declined by 18.5% to 206.67p during the six months
to 31 October 2002, outperforming its benchmark, the MSCI AC Asia Pacific
ex-Japan Index, which fell 19.4%. Compared with the Net Asset Value as at 31
October 2001 the NAV increased by 10.1% in the twelve month period to 31 October
2002, against the benchmark which increased by 4.8% during the same period.

After a buoyant six month period to 30 April 2002, global stock markets reversed
direction in the ensuing six months. Volatility, corporate earnings and rising
concerns of a US-Iraq war caused investor sentiment to weaken. A string of
financial scandals in the US added to negative perceptions there. Asian markets
were inevitably buffeted. Economic data in Asia, however, showed signs of
sustained improvement, thanks mainly to improved domestic demand across the
region.

Individual markets showed their usual volatility, with Sri Lanka, Pakistan and
New Zealand being the only markets in positive territory in the period, up
29.0%, 17.9% and 6.4% respectively. Taiwan and Korea were down 31.0% and 20.8%,
while the Bali bombing hurt Indonesia, which declined 35.0%. Our Managers have
used the set back in Korea to increase gradually the Company's exposure there,
which, in addition to a strengthening economy, is also experiencing an
improvement in corporate governance. In Hong Kong there is selective value, for
example, medium-sized banks, as well as in China-based manufacturers.

In Southeast Asia, Thailand has been the best growth story, albeit stock choice
remains constrained, with a cloud still hanging over indebted financials, and
sectors like domestic property got ahead of themselves fuelled by low interest
rates. Consumer stocks across the region, including peripheral markets like
Indonesia and even Sri Lanka, have done well. The portfolio's biggest
underweight position remains Australia where quality is rarely an issue - but
valuations are.

Asia appears inexpensive; the average market price earnings ratio for the region
is around 13.3 times for this year, which compares with the S&P 500 on 29.4x.
Our portfolio is on an even lower multiple, with an historic dividend yield of
4.3%. This defensive strategy should hold up well in falling markets. Equally,
in an atmosphere of global risk aversion, short-term catalysts for a market
rally are in short supply.

In this regard Asia is perhaps out on a limb. It is ahead of the global cycle
and its companies have already learnt to confront the deflationary forces now
afflicting the West. That means debt has been paid down, cost control is
critical given weak pricing power, and top-line growth steady. We anticipate
earnings growth of around 10-12% over the next twelve months.

The hope, if not immediate expectation, is that the region can generate its own
momentum. Intra-regional trade is picking up and China is becoming a source of
demand - principally for intermediate goods that are for final export. This
should eventually result in more specialisation across the region. Perhaps the
most dynamic theme is the enfranchisement of consumers to whom the banks have
historically given less attention because of government policies to encourage
exports.

Governments generally are becoming less interventionist as they become more
comfortable with policy options and a younger generation comes to power. All of
this gives cause for optimism, indeed provides underpinning for themes we are
positioned for in the portfolio. The next twelve months may see global events
dominate, but it would be a major surprise if Asian markets failed to rally at
some point.

Finally, we are pleased to announce that Cazenove & Co. has replaced HSBC as the
Company's stockbrokers.

Richard Clough

Chairman

13 December 2002





Statement of Total Return (unaudited)
                                                       Six months ended                      Six months ended
                                                        31 October 2002                       31 October 2001
                                                 Revenue      Capital        Total      Revenue      Capital       Total
                                                   £'000        £'000        £'000        £'000        £'000       £'000
Losses on investments                                  -     (11,648)     (11,648)            -      (4,644)     (4,644)
Income                                             1,196            -        1,196        1,100            -       1,100
Investment management fee                          (116)        (116)        (232)        (102)        (102)       (204)
Other expenses                                     (185)            -        (185)        (182)            -       (182)
Exchange (losses)/gains                             (33)          308          275           11          (7)           4
Net return before finance costs and taxation         862     (11,456)     (10,594)          827      (4,753)     (3,926)
Interest payable and similar charges                (50)         (50)        (100)         (58)         (58)       (116)
Return on ordinary activities before                 812     (11,506)     (10,694)          769      (4,811)     (4,042)
taxation
Tax on ordinary activities                         (245)           50        (195)        (250)           49       (201)
Transfer to/(from) reserves                          567     (11,456)     (10,889)          519      (4,762)     (4,243)
Return per Ordinary share (pence):                  2.44      (49.24)      (46.80)         2.23      (20.46)     (18.23)


The revenue column of this statement represents the profit and loss account of
the Company.


The statement of total return is presented as recommended by the Statement of
Recommended Practice for 'Financial Statements of Investment Trust Companies'.


All revenue and capital items in the above statement are derived from continuing
operations.







Balance Sheet
                                                                             At                    At                 At
                                                                31 October 2002       31 October 2001      30 April 2002
                                                                    (unaudited)           (unaudited)          (audited)
                                                                          £'000                 £'000              £'000
Fixed assets
Investments                                                              52,475                45,844             61,787
Current assets
Debtors                                                                     259                   194                323
Cash at bank and in hand                                                    292                   808                835
                                                                            551                 1,002              1,158
Creditors: amounts falling due within one year                          (4,921)               (3,187)            (3,906)
Net current liabilities                                                 (4,370)               (2,185)            (2,748)
Total assets less current liabilities                                    48,105                43,659             59,039
Provision for liabilities and charges                                      (19)                     -               (64)
Net assets                                                               48,086                43,659             58,975
Share capital and reserves
Called-up share capital                                                   5,817                 5,817              5,817
Share premium account                                                     9,317                 9,317              9,317
Special reserve                                                          14,138                14,138             14,138
Other reserves:
Redemption reserve                                                       10,207                10,207             10,207
Capital reserve - realised                                                5,569                 7,009              5,711
Capital reserve - unrealised                                                305               (5,337)             11,619
Revenue reserve                                                           2,733                 2,508              2,166
Total equity shareholders' funds                                         48,086                43,659             58,975
Net asset value per Ordinary share (pence):                              206.67                187.64             253.47







Cash Flow Statement (unaudited)
                                                                                Six months ended       Six months ended
                                                                                 31 October 2002        31 October 2001
                                                                                           £'000                  £'000
Net cash inflow from operating activities                                                    646                    740
Net cash outflow from servicing of finance                                                  (95)                  (116)
Net tax (paid)/recovered                                                                    (56)                     41
Net cash (outflow)/inflow from financial investment                                      (2,308)                  1,915
Equity dividends paid                                                                      (698)                  (616)
Net cash (outflow)/inflow before financing                                               (2,511)                  1,964
Net cash inflow/(outflow) from financing                                                   1,660                (2,044)
Decrease in cash                                                                           (851)                   (80)
Reconciliation of operating revenue to net cash inflow from
operating activities
Net revenue before finance costs and taxation                                                862                    827
Decrease in accrued income                                                                   153                    174
Increase in other debtors                                                                    (1)                      -
Decrease in other creditors                                                                 (58)                   (26)
Capitalised expenses taken to non-distributable reserves                                   (116)                  (102)
UK income tax deducted at source                                                               -                      4
Scrip dividends                                                                             (67)                      -
Overseas withholding tax deducted at source                                                (127)                  (137)
                                                                                             646                    740
Reconciliation of net cash flow to movements in net debt
Decrease in cash as above                                                                  (851)                   (80)
Cash (inflow)/outflow from (increase)/decrease in loans                                  (1,660)                  2,000
Exchange movements                                                                           308                    (7)
Movements in net (debt)/funds in the period                                              (2,203)                  1,913
Opening net debt at 1 May                                                                (2,165)                (4,105)
Closing net debt at 31 October                                                           (4,368)                (2,192)
Represented by:
Cash at bank                                                                                 292                    808
Debt falling due within one year                                                         (4,660)                (3,000)
                                                                                         (4,368)                (2,192)





Notes:




1. In accordance with stated policy no interim dividend has been declared (2001
- nil).


2. The breakdown of income for the periods to 31 October 2002 and 31 October
2001 was as follows:
                                                     31-Oct-02    31-Oct-01
Income from investments                                  £'000        £'000
Franked investment income                                   66           60
Unfranked investment income                              1,113        1,021
                                                         1,179        1,081
Other income
Deposit interest                                            17           19
Total income                                             1,196        1,100


3. The revenue return per Ordinary share is based on net revenue on ordinary
activities after taxation of £567,000 (2001 - £519,000) and on 23,267,133 (2001
- 23,271,231) Ordinary shares, being the weighted average number of Ordinary
shares in issue for the period.


The capital return per Ordinary share is based on net capital losses of
£11,456,000 (2001 - losses of £4,762,000) and on 23,267,133 (2001 - 23,271,231)
Ordinary shares, being the weighted average number of Ordinary shares in issue
for the period.


4. The net asset value per Ordinary share is based on net shareholders' funds at
the period end, and on 23,267,133 (31 October 2001 - 23,267,133; 30 April 2002 -
23,267,133) Ordinary shares, being the number of Ordinary shares in issue at the
period end.


5. The financial information for the six months ended 31 October 2002 and 31
October 2001 comprises non-statutory accounts within the meaning of Section 240
of the Companies Act 1985. The financial information for the year ended 30 April
2002 has been extracted from published accounts that have been delivered to the
Registrar of Companies and on which the report of the auditors was unqualified.
The interim accounts have been prepared on the same basis as the annual
accounts.




Aberdeen Asset Management PLC

Secretaries

13 December 2002







Independent Review Report by KPMG Audit Plc to

Aberdeen New Dawn Investment Trust PLC

Introduction

We have been instructed by the Company to review the financial information for
the six months ended 31 October 2002 which comprises the Statement of Total
Return, Balance Sheet, Cash Flow Statement and Notes to the Accounts. We have
read the other information contained in the Interim Report and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.

Directors' Responsibilities

The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the Interim Report in accordance with the Listing
Rules of the Financial Services Authority,

which require that the accounting policies and presentation applied to the
interim figures should be consistent with those applied in preparing the
preceding annual accounts except where any changes, and the reasons for them,
are disclosed.

Review Work Performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of management and applying analytical
procedures to the financial information and underlying financial data and based
thereon, assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with United Kingdom Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly, we do not express an audit
opinion on the financial information.

Review Conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 October 2002.

KPMG Audit Plc

Chartered Accountants

Aberdeen

13 December 2002


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