Interim Results - 6 Months to 31 October 1999

Aberdeen New Dawn Investment Trust PLC
7 December 1999

            ABERDEEN NEW DAWN INVESTMENT TRUST PLC
               ANNOUNCEMENT OF UNAUDITED RESULTS
           for the six months ended 31 October 1999
                               

In the six months ended 31 October 1999 the Company's
undiluted net asset value per share rose 16.4% to 202.36p,
resulting in an advance of 66.8% over twelve months. This
compares very favourably with a rise in our benchmark index,
the MSCI AC Asia Pacific ex Japan Index of 3.4% in the six
months and 44.6% over a twelve month period. When we last
reported, markets were rapidly putting the uncomfortable
experience of the crisis behind them. Investor confidence had
returned, liquidity was rising and economies appeared on the
mend.

The past six months have seen many stock markets consolidating
after the frenetic rise of a year ago. This has been caused by
the supply of new equity, US interest rate rises and certain
local problems which also surfaced. For example, worries over
Daewoo's massive debt problems halted Korea's rise, while
Thailand's revelation that non-performing loans were still
deteriorating saw its market reverse sharply. Indonesia became
captive to its fast-changing political situation.

The bigger picture, however, has been encouraging with
impressive GDP rebounds, growth broadening out from its export
base, sound trade balances and stable currencies.

The economic risks are primarily those of policy failure, with
bad loans, poor credit growth and unemployment all creating
potential drag. Generally, the degree to which governments are
prepared to acknowledge structural problems and address them
through market-led reforms (rather than rely on growth) has
been a reasonable guide to market performance, and will remain
so in the future.

I believe the single most significant event to have occurred
in the region has been the admission of China into the World
Trade Organisation. One has to go back to when Japan was
included in 1955 to understand the longer term implications
and potential upside for the Chinese economy. Of vital
importance is China's acknowledgement that it is now part of
the capitalist world.

Taiwan has recovered well from the earthquakes. India (12% of
the portfolio) with its successful election results has seen
its stock market be one of the best performers over the past
six months. The election in Malaysia has confirmed Dr Mahathir
as prime minister for his fifth term, vindicating, in many
ways, his unorthodox control of the economy in the aftermath
of the Asian crisis. Capital controls have been removed and
there is a probability the currency will appreciate when
controls on it are repealed.

Markets have lately been capable of de-coupling from Wall
Street, reflecting the region's contra-cyclical potential to
global investors. Earnings have been at the top end of
estimates. Whereas profits were scarce a year ago, we are now
seeing some good numbers. Looking forward, we advance towards
the millennium with increased confidence for the New Dawn
region. The fund remains geared and we believe that there will
be many opportunities arising for our Managers to take
advantage of in order to enhance your Company's net asset
value.

Richard Clough
Chairman
7 December 1999


The unaudited results were:

Statement of total return (incorporating the revenue account *)
For the six months to 31 October 1999

                                              Six months ended
                                              31 October 1999
                                                (unaudited)
                                        Revenue     Capital     Total
                                          £'000       £'000     £'000
                                                           
Gains on investments                          -       7,397     7,397
                                                           
Income                                      630           -       630
Investment management fee                  (259)          -      (259)
Other expenses                             (157)          -      (157)
Exchange losses                               -         274       274
                                           ----       -----     -----
Net return before finance                                  
costs and taxation                          214       7,671     7,885
Interest payable and                                       
similar charges                            (261)          -      (261)
                                           ----       -----     -----
Net return on ordinary                                     
activities before taxation                  (47)      7,671     7,624
Tax on ordinary activities                   (3)          -        (3)
                                           ----       -----     -----
                                            (50)      7,671     7,621
Repurchase of Warrants                        -        (293)     (293)
                                           ----       -----     -----
Transfer (from)/to reserves                 (50)      7,378     7,328
                                           ====       =====     =====
Return per Ordinary share                                  
(pence)
Basic                                     (0.19)      28.75     28.56
Fully -diluted                            (0.19)      28.08     27.89
                                           ====       =====     =====



                                               Six months ended
                                               31 October 1998
                                                 (unaudited)
                                        Revenue     Capital     Total
                                          £'000       £'000     £'000
                                                           
Losses on investments                         -     (11,696)  (11,696)
                                                           
Income                                    1,005           -     1,005
Investment management fee                  (209)          -      (209)
Other expenses                             (194)          -      (194)
Exchange losses                              (7)       (111)     (118)
                                          -----      ------    ------
Net return/(loss) before                                   
finance costs and taxation                  595     (11,807)  (11,212)
Interest payable and                  
similar charges                              (5)          -        (5)
                                          -----      ------    ------
Net return/(loss) on                                       
ordinary activities before taxation         590     (11,807)  (11,217)
Tax on ordinary activities                 (252)          -      (252)
                                          -----      ------    ------
Transfer to/(from) reserves                 338     (11,807)  (11,469)
                                          =====      ======    ======
Return per Ordinary share                                  
(pence)                                                    
Basic                                      0.78      (27.37)   (26.59)
Fully-diluted                              0.78      (27.37)   (26.59)
                                          =====      ======    ======
                                                      



* The Statements of total return presented above are in
accordance with the Statement of Recommended Practice for
Financial Statements of Investment Trust Companies.  These
statements amalgamate the information previously included
within the revenue account and the statement of total
recognised gains and losses.


Balance Sheet of the Company as at 31 October 1999
                                 31 October    31 October      30 April
                                       1999          1998          1999     
                                 (unaudited)   (unaudited)     (audited)
                                      £'000         £'000         £'000
                                                         
Fixed assets                                        
Investments                          58,326        46,699        47,818
                                                    
Current assets                                      
Debtors                                 446           808         2,841
Cash at bank and in hand              1,670         4,693         5,046
                                     ------        ------        ------
                                      2,116         5,501         7,887
Creditors: amounts falling                          
due within one year                  (8,487)         (431)      (11,103)
                                     ------        ------        ------
Net current (liabilities)/assets     (6,371)        5,070        (3,216)
                                     ------        ------        ------
Total assets less current                           
liabilities                          51,955        51,769        44,602
Provision for liabilities                           
and charges                             (14)            -             -
                                     ------        ------        ------
Net assets                           51,941        51,769        44,602
                                     ======        ======        ======
                                                    
Capital and reserves                                
Called-up share capital               6,417        10,669         6,414
Share premium account                 9,172             -         9,172
Special Reserve                      18,459        50,000        18,451
Other reserves                                      
    Redemption reserve                9,573         3,159         9,573
    Capital reserve - realised        4,506         9,658         4,203
    Capital reserve - unrealised      2,162       (23,674)       (4,913)
Revenue reserve                       1,652         1,957         1,702
                                     ------        ------        ------
Total equity shareholders' funds     51,941        51,769        44,602
                                     ======        ======        ======
Net asset value per Ordinary                        
share (pence):
Basic                                202.36        121.31        173.84
                                     ======        ======        ======
Fully-diluted                        193.89        119.87        167.91
                                     ======        ======        ======
Notes:-

1  In  accordance with stated policy no interim  dividend  has
   been declared (1998 - nil).
2  The  basic revenue return per Ordinary share is based on  a
   net  loss on ordinary activities after taxation of  £50,000
   (1998 - net revenue of £338,000) and on 25,662,063 (1998  -
   43,139,313)  Ordinary  shares of 25p,  being  the  weighted
   average  number  of  Ordinary shares in  issue  during  the
   period.  The  basic  capital return per Ordinary  share  is
   based  on  net  capital  gains of £7,378,000  (1998  -  net
   capital  losses of £11,807,000) and on 25,662,063  (1998  -
   43,139,313)  Ordinary  shares of 25p,  being  the  weighted
   average  number  of  Ordinary shares in  issue  during  the
   period.
3  The  fully-diluted  returns per Ordinary  share  have  been
   calculated in accordance with FRS 14 and by reference to  a
   weighted  average number of Ordinary shares  of  26,278,600
   (1998 - 43,139,313).
4  The  fully-diluted net asset values per Ordinary  share  as
   at  31  October 1999 and 30 April 1999 have been calculated
   on  the  assumption  that the A and B  Warrants  in  issue,
   being  647,323 (30 April - 743,081) and 2,616,437 (30 April
   -  2,996,998) respectively, were exercised on the first day
   of  the  financial period at 95.88p and 135p  per  Ordinary
   share, giving a weighted average of 28,931,095 (30 April  -
   29,397,414)  Ordinary shares. The fully-diluted  net  asset
   value  calculations exclude the Series C  Warrants  on  the
   assumption  that  the  Series  C  Warrants  would  not   be
   exercised  as  the exercise price exceeded  the  basic  net
   asset   value.  The  fully-diluted  net  asset  value   per
   Ordinary  share  as at 31 October 1998 has been  calculated
   on  the  assumption  that the 2,564,500 Series  A  Warrants
   were exercised on the first day of the financial period  at
   95.88p  per  share, giving a weighted average of 45,238,595
   Ordinary   shares.  The  fully-diluted  net   asset   value
   calculation excludes the Series B and Series C warrants  on
   the  assumption  that the Series B and  Series  C  Warrants
   would not be exercised as the exercise prices exceeded  the
   basic net asset value.
5  As  at  31  October  1999  there were  25,667,335  Ordinary
   shares of 25p each in issue; at 31 October 1998 there  were
   42,674,095  Ordinary shares of 25p and  at  30  April  1999
   there  were 25,657,335 Ordinary shares of 25p each.  As  at
   31  October  1999  there were 647,323  Series  A  Warrants,
   2,616,437  Series  B  Warrants  and  2,629,182   Series   C
   Warrants; at 31 October 1998 there were 2,564,500 Series  A
   Warrants,   2,996,998  Series  B  Warrants,  and  2,629,182
   Series  C  Warrants;  at 30 April 1999 there  were  743,081
   Series   A  Warrants,  2,996,998  Series  B  Warrants   and
   2,629,182 Series C Warrants.
6  The  Company  bought  back  65,000  and  20,758  Series   A
   Warrants  at 85p and 104p each respectively on 18 June  and
   21  July  1999,  and 65,000, 265,561 and  50,000  Series  B
   Warrants  at  45.5p,  60p and 51p each respectively  on  18
   June, 14 July and 21 September 1999.
7  The  financial information for the year ended 30 April 1999
   has  been  abridged from published accounts that have  been
   delivered  to the Registrar of Companies and on  which  the
   report of the auditors was unqualified.
8  Copies   of   the  Interim  Report  will   be   posted   to
   shareholders  and further copies may be obtained  from  One
   Bow Churchyard, Cheapside, London, EC4M 9HH.



Aberdeen Asset Management PLC - Secretaries
7 December 1999

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 set out above and 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 Listing Rules of the London
Stock Exchange 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 they are to be changed in the
next annual accounts in which case any changes, and the
reasons for them, are to be disclosed.

Review work performed

We conducted our review in accordance with guidance contained
in Bulletin 1999/4: Review of Interim financial information
issued by the Auditing Practices Board. 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 is
substantially less in scope than an audit performed in
accordance with 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 1999.


KPMG Audit Plc
Chartered Accountants
Aberdeen
7 December 1999