Interim Results

ABERDEEN NEW DAWN INVESTMENT TRUST PLC
ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
For the six months ended 31 October 2004


Chairman's Statement

I am pleased to report that New Dawn has performed steadily during what has been
a challenging period for global financial markets, characterised by rising
interest rates, surging oil prices, worries over the health of corporate America
and renewed geopolitical risks. The Company's net asset value increased by 2.0%
to 307.4p in the six months to 31 October 2004, marginally underperforming the
benchmark MSCI AC Asia Pacific Index, which rose 2.5%.

Asian economies continued to expand robustly during the six months under review.
Once again, China garnered the most attention. Following a series of
administrative measures imposed earlier in the year to cool overheated sectors
of the economy, the Chinese central bank raised interest rates for the first
time in nine years. As importantly, the ceiling on lending rates charged by
commercial banks was removed, a key first step in the road to a market-based
pricing of credit.

The interest rate cycle also turned elsewhere, for example in Thailand and
India, where the higher cost of oil is nudging up inflation. However, the trend
is not universal. Both South Korea and Hong Kong lowered interest rates, albeit
for different reasons. While the reduction in South Korean rates reflected
sluggish domestic demand, Hong Kong's rate cut was due to high levels of
liquidity in the banking system.

Stock markets blew cold and hot. Caution prevailed through the summer, with last
year's leading performers - Thailand and India - falling prey to profit taking.
But there were good reasons for this: the initial fall in Indian shares was
related to the shock defeat of the incumbent Bharatiya Janata Party at the
general election. However, stocks here have since regained lost ground after the
new government pledged to commit to reform. Meanwhile, Thailand faced a string
of problems ranging from the unrest in the Muslim-dominated south, to renewed
bad lending practices by state-owned banks and a bird flu outbreak. Both
Indonesia and the Philippines shared similar plotlines, with markets staging
late rebounds only after Susilo Bambang Yudhoyono and Gloria Arroyo emerged
winners at the respective presidential polls.

During the period, three new companies were added to the portfolio: the world's
leading chip maker Taiwan Semiconductor Manufacturing Company, as well as Korean
regional banks, Daegu Bank and Pusan Bank. We also added to our positions in
Thailand's Siam Cement and Singapore's Dairy Farm International and Oversea-
Chinese Banking Corporation. To finance these purchases, the Managers top-sliced
our holdings in Korea's Kookmin Bank, John Keells Holdings in Sri Lanka,
Malaysia's Public Bank, Singapore's ST Engineering, and Singapore Airlines.

The biggest question mark as 2005 approaches is the health of the US economy. A
renewed focus on its structural imbalances - especially the burgeoning twin
deficits - has left the US dollar particularly vulnerable. This presents new
problems for Asian governments. On the one hand, allowing regional currencies to
appreciate will put a dent in competitiveness, given Asia's traditional reliance
on exports. On the other hand, stronger Asian currencies will help contain
inflationary pressures - and may attract dollar investors into the region.

Overall, Asia's ability to weather external shocks has improved. There are signs
that rising domestic demand will act as a buffer against falling exports;
China's role as a source of intra-regional demand is growing by the day. So
although the general tone to financial markets in 2005 may be one of caution,
our Managers remain confident that Asia can continue to do well. This is
especially true at the company level, where earnings have remained solid,
profitability is up and balance sheets are stronger. The portfolio currently
trades on a price earnings multiple of 13.3 times based on 2005 earnings, with a
headline dividend yield of 3%.


Richard Clough
Chairman
15 December 2004




Statement of Total Return
(unaudited)
                                  Six months ended           Six months ended
                                   31 October 2004            31 October 2003
                               Revenue  Capital   Total   Revenue  Capital   Total
                                 £'000    £'000   £'000     £'000    £'000   £'000
Gains on investments                 -      564     564         -   19,762  19,762

Income                           1,688        -   1,688     1,219        -   1,219
Investment management fee        (145)    (145)   (290)     (129)    (129)   (258)
Other expenses                   (226)        -   (226)     (163)        -   (163)
Exchange (losses)/gains           (17)      159     142      (30)      206     176
Net return before finance        1,300      578   1,878       897   19,839  20,736
costs and taxation

Interest payable and              (54)     (54)   (108)      (45)     (45)    (90)
similar charges
Net return on ordinary           1,246      524   1,770       852   19,794  20,646
activities before taxation

Taxation on ordinary             (416)       60   (356)     (277)       52   (225)
activities
Transfer to reserves               830      584   1,414       575   19,846  20,421


Return per Ordinary share         3.57     2.51    6.08      2.47    85.30   87.77
(pence):

The revenue column of this statement represents the revenue account of the
Company.
The statement of total return is presented in accordance with the Statement of
Recommended Practice for Financial Statements of Investment Trust Companies
issued in January 2003.
All revenue and capital items are derived from continuing operations.



Balance Sheet
                                          As at             As at            As at
                                31 October 2004   31 October 2003    30 April 2004
                                    (unaudited)       (unaudited)        (audited)
                                          £'000             £'000            £'000
Fixed assets
Listed investments                       78,698            72,176           77,230

Current assets
Debtors                                     404               144              822
Cash at bank and in hand                    680               376            1,216
                                          1,084               520            2,038

Creditors: amounts falling due          (8,242)           (5,338)          (8,947)
within one year
Net current liabilities                 (7,158)           (4,818)          (6,909)
Total assets less current                71,540            67,358           70,321
liabilities

Provision for liabilities and              (29)              (17)            (224)
charges
Net assets                               71,511            67,341           70,097

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             6,094             4,385            6,119
   Capital reserve -                     22,400            20,434           21,791
unrealised
Revenue reserve                           3,538             3,043            2,708
Equity Shareholders' funds               71,511            67,341           70,097

Net asset value per Ordinary             307.35            289.43           301.27
share (pence):




Cash Flow Statement (unaudited)
                                             Six months ended     Six months ended
                                              31 October 2004      31 October 2003
                                                        £'000                £'000
Net cash inflow from operating                          1,051                  963
activities
Net cash outflow from servicing of                      (102)                 (88)
finance
Net tax (paid)/recovered                                 (30)                    5
Net cash outflow from financial                         (492)              (1,451)
investment
Equity dividend paid                                    (884)                (884)
Net cash outflow before financing                       (457)              (1,455)
Net cash inflow from financing                             32                  317
Decrease in cash                                        (425)              (1,138)

Reconciliation of net return before
finance costs and
taxation to net cash inflow from
operation activities
Net revenue before finance costs and                    1,300                  897
taxation
Decrease in accrued income                                608                  263
Decrease in other debtors                                  21                   68
(Decrease)/increase in other creditors                   (44)                    3
Capitalised expenses taken to non-                      (145)                (129)
distributable reserves
Dividend treated as capital repayment                   (391)                    -
Scrip dividends included in investment                  (132)                    -
income
Overseas withholding tax suffered                       (166)                (139)
                                                        1,051                  963

Reconciliation of net cash flow to
movements in net debt
Decrease in cash as above                               (425)              (1,138)
Cash inflow from increase in loans                       (32)                (317)
Change in net debt resulting from cash                  (457)              (1,455)
flows
Exchange movements                                        159                  206
Movements in net debt in the period                     (298)              (1,249)
Opening net debt at 1 May                             (6,332)              (3,251)
Closing net debt at 31 October                        (6,630)              (4,500)

Represented by:
Cash at bank                                              680                  376
Debt falling due within one year                      (7,310)              (4,876)
                                                      (6,630)              (4,500)


Notes:

1. In accordance with stated policy no interim dividend has been declared (2003
- nil).

2. The breakdown of income for the periods to 31 October 2004 and 31 October
2003 was as follows:

                          31 October     31 October
                                2004           2003
Income from                    £'000          £'000
investments
UK dividend income                83             75
Overseas dividends             1,598          1,136
                               1,681          1,211
Other income
Deposit interest                   7              8
Total income                   1,688          1,219

3. The revenue return per Ordinary share is based on net revenue on ordinary
activities after taxation of £830,000 (2003 - £575,000) and on 23,267,133 (2003
- 23,267,133) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the period.

The capital return per Ordinary share is based on a net capital return for the
period of £584,000 (2003 - gains of £19,846,000) and on 23,267,133 (2003 -
23,267,133) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the period.

4. The net asset value per Ordinary share is based on net assets at the period
end, and on 23,267,133 (31 October 2003 and 30 April 2004 - 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 2004 and 31
October 2003 comprises non statutory accounts within the meaning of Section 240
of the Companies Act 1985. The financial information for the year ended 30 April
2004 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
15 December 2004





Independent Review Report to
Aberdeen New Dawn Investment Trust PLC

Introduction
We have been engaged by the Company to review the financial information for the
six months ended 31 October 2004 which comprises the Statement of Total Return,
Balance Sheet, Cash Flow Statement and Notes to the Accounts 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.

This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the Company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company for
our review work, for this report, or for the conclusions we have reached.

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 they
are to be changed in the next annual accounts, in which case, any changes and
the reason 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 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 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 2004.


KPMG Audit Plc
Chartered Accountants
Aberdeen
15 December 2004