Preliminary Interim Results

Aberdeen New Dawn Invest Trust PLC
6 December 2000

ABERDEEN NEW DAWN INVESTMENT TRUST PLC
ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
for the six months ended 31 October 2000

Chairman's Statement

In the six month period under review to 31 October 2000, the net asset value
of your Company fell 10.3% to 212.4p per Ordinary share giving back some of
the gains achieved in the previous six months. This compared favourably with a
fall in the MSCI AC Asia Pacific ex-Japan index of 16.3% for the same period,
during which time our share price rose just under 4% reflecting a narrowing of
the discount. 

The New Dawn area has seen the earlier bullish macro-economic story moderate.
In particular, earnings downgrades for US technology companies have pointed to
slowing growth for Asian technology manufacturers that dominate regional
exports. Locally, lack of leadership is hampering several countries. President
Estrada in the Philippines faces the prospect of impeachment and his
counterpart in Indonesia is struggling to implement economic reform.
Thailand's politics have similarly condemned bank reform to the slow lane,
leaving a logjam of corporate debt and non-performing loans. Even Taiwan,
after the election of the first ever non-KMT president, has struggled in the
face of corruption scandals and poor policy-making. 

To add to these problems, the economic recovery is vulnerable to higher oil
prices and a slowdown in the US. Yet the situation may not be as negative as
stock markets indicate. True, the structural issues must be confronted,
otherwise there will be a drag on credit growth, which will affect economic
well-being and deter new investment. But Asian GDP growth will improve to
around 5-6% this year, much of which appears sustainable. 

Growth in China remains robust with third quarter GDP up 8.2% year-on-year,
and at least 7% is expected for the year. In Hong Kong, domestic exports rose
14.6% year-on-year in September, and re-exports by 19.5%. Australia's economy
is expanding well and its safe haven status has resulted in its market being
the only one in the region to rise in sterling terms in the past six months.
Singapore has also performed relatively well with a fall of only 5.8%, helped
by continuing government deregulation.

Generally, the portfolio has seen earnings revisions on the upside - the best
companies today are much better users of capital than before the crisis. The
current lull in the stock market provides us with an opportunity to pick up
good stocks cheaply. 

I am confident that the Fund's relatively conservative approach has been
right. Our underweighting of many of the technology-led markets (eg Korea and
Taiwan) and the associated 'high growth' counters now looks shrewd. As
investors become more interested in fundamentals amid an overall stickier
patch for regional - and perhaps global - equities, we would expect to
maintain our outperformance.

                                                               Richard Clough
6 December 2000                                                      Chairman

 


The unaudited results were:

Statement of total return (incorporating the revenue account *)
For the six months ended 31 October 2000

                                                    Six months ended
                                                    31 October 2000
                                                       (unaudited)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000
              
Losses on investments                             -       (3,607)      (3,607)
                     
Income                                          948            -          948
Investment management fee                       (70)        (210)        (280)
Other expenses                                 (187)           -         (187)
Exchange losses                                 (16)         (49)         (65)
                                             ______       ______       ______
Net return/(loss) before
finance costs and taxation                      675       (3,866)      (3,191)
Interest payable and similar charges            (65)        (196)        (261)
                                             ______       ______       ______
Return/(loss) on ordinary
activities before taxation                      610       (4,062)      (3,452)
Tax on ordinary activities                     (240)         115         (125)
                                             ______       ______       ______
Return/(loss) on ordinary
activities after taxation                       370       (3,947)      (3,577)
Repurchase of Warrants                            -       (2,359)      (2,359)
                                             ______       ______       ______
Transfer to/(from) reserves                     370       (6,306)      (5,936)
                                             ======       ======       ======
Return per Ordinary share (pence):                     
Basic                                          1.50       (25.59)      (24.09)
                                             ======       ======       ======
Fully-diluted                                   n/a          n/a          n/a
                                             ======       ======       ======


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

                                                    Six months ended
                                                    31 October 1999
                                                       (unaudited)
                                                        (restated)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000

Gains on investments                              -        7,397        7,397
                     
Income                                          627            -          627
Investment management fee                      (259)           -         (259)
Other expenses                                 (157)           -         (157)
Exchange gains                                    -          274          274
                                             ______       ______       ______
Net return before finance
costs and taxation                              211        7,671        7,882
Interest payable and similar charges           (261)           -         (261)
                                             ______       ______       ______
(Loss)/return on ordinary 
activities before taxation                      (50)       7,671        7,621
Tax on ordinary activities                        -            -            -
                                             ______       ______       ______
(Loss)/return on ordinary
activities after taxation                       (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
                                             ======       ======       ======


* The Statements of total return presented above are in accordance with the
Statement of Recommended Practice for Financial Statements of Investment Trust
Companies. 
 
Balance Sheet of the Company as at 31 October 2000

                                       31 October    31 October      30 April
                                             2000          1999          2000
                                       (unaudited)   (unaudited)     (audited)
                                            £'000         £'000         £'000

Fixed assets                     
Investments                                56,182        58,326        66,200
                                           ______        ______        ______
Current assets                     
Debtors                                       348           446         2,277
Cash at bank and in hand                    2,041         1,670           165
                                           ______        ______        ______
                                            2,389         2,116         2,442
Creditors: amounts falling
due within one year                        (6,391)       (8,487)      (10,439)
                                           ______        ______        ______
Net current liabilities                    (4,002)       (6,371)       (7,997)
                                           ______        ______        ______
Total assets less current liabilities      52,180        51,955        58,203
Provision for liabilities and charges           -           (14)            -
                                           ______        ______        ______
Total net assets                           52,180        51,941        58,203
                     
Capital and reserves                     
Called-up share capital                     6,141         6,417         6,145
Share premium account                       9,317         9,172         9,179
Special reserve                            16,453        18,459        16,712
Other reserves:                     
    Redemption reserve                      9,883         9,573         9,845
    Capital reserve - realised              7,473         4,506         8,786
    Capital reserve - unrealised            1,289         2,162         6,282
Revenue reserve                             1,624         1,652         1,254
                                           ______        ______        ______
Total equity shareholders' funds           52,180        51,941        58,203
                                           ======        ======        ======
Net asset value per Ordinary share (pence):
Basic                                      212.44        202.36        236.78
                                           ======        ======        ======
Fully-diluted                                 n/a        193.89        225.71
                                           ======        ======        ======


Cash Flow Statement
For the six months ended 31 October 2000

                                        Six months ended    Six months ended
                                         31 October 2000     31 October 1999
                                              (unaudited)         (unaudited)
                                                   £'000               £'000

Net cash inflow from operating activities            520                 288
              
Net cash outflow from servicing of finance          (199)               (234)
              
Net tax recovered                                    237                   7
              
Net cash inflow/(outflow)
from financial investment                          6,397              (2,695)
              
Equity dividends paid                               (403)               (423)
                                                  ______              ______
Net cash inflow/(outflow) before financing         6,552              (3,057)
              
Net cash outflow from financing                   (4,627)               (549)
                                                  ______              ______
Increase/(decrease) in cash                        1,925              (3,606)
                                                  ======              ======
Reconciliation of operating revenue to net
cash inflow from operating activities              
Net revenue before interest payable and taxation     675                 211
Decrease in accrued income                           191                 145
Increase in other debtors                             (6)                (20)
(Decrease)/increase in other creditors                (2)                 24
Capitalised expenses taken
to non-distributable reserves                       (210)                  -
UK income tax deducted at source                     (27)                (18)
Overseas withholding tax suffered                   (101)                (54)
                                                  ______              ______
                                                     520                 288
                                                  ======              ======
Reconciliation of net cash
flow to movements in net debt              
              
Increase/(decrease) in cash as above               1,925              (3,606)
Cash outflow from decrease in loans                2,000                   -
Exchange movements                                   (49)                230
                                                  ______              ______
Movement in net funds in the year                  3,876              (3,376)
Net debt at 1 May                                 (7,835)             (2,954)
                                                  ______              ______
Net debt at 31 October                            (3,959)             (6,330)
                                                  ======              ======
Represented by:              
Cash at bank                                       2,041               1,670
Debt falling due within one year                  (6,000)             (8,000)
                                                  ______              ______
                                                  (3,959)             (6,330)
                                                  ======              ======

Notes:-

1  In accordance with stated policy no interim dividend has been declared
(1999 - nil).

2  The basic revenue return per Ordinary share is based on earnings of
£370,000 (1999 - deficit of  £50,000) and on 24,643,495 (1999 - 25,662,063)
Ordinary shares, being the weighted average number of Ordinary shares in issue
for the period. 

The basic capital return per Ordinary share is based on net capital losses of
£6,306,000 (1999 - gains of £7,378,000) and on 24,643,495 (1999 - 25,662,063)
Ordinary shares, being the weighted average number of Ordinary shares in issue
for the period.
       
The fully-diluted returns per Ordinary share for 1999 have been calculated in
accordance with FRS 14 and by reference to a weighted average number of
Ordinary shares of 26,278,600. There is no dilution for 2000 as there were no
Warrants outstanding at the period end.

3  From 1 May 2000 investment management fees and finance costs have been
allocated 75% to capital reserve - realised and 25% to revenue account, in
accordance with the Board's expected long term returns in the form of capital
gains and income respectively for the investment portfolio of the Company.

4  The basic net asset value per Ordinary share is based on net shareholders'
funds at the period end, and on 24,562,133 (31 October 1999 - 25,667,335; 30
April 2000 - 24,581,436) Ordinary shares, being the number of Ordinary shares
in issue at the period end. 

There is no fully-diluted net asset value per Ordinary share shown for the
period to 31 October 2000, as there were no Warrants outstanding.  The
fully-diluted net asset values for 31 October 1999 and 30 April 2000 have been
calculated on the assumption that the A and B Warrants in issue at the period
end (31 October 1999 - 647,323 and 2,616,437; 30 April 2000 - 528,583 and
2,241,888) were converted on the first day of the financial period at 95.88p
and 135p per share respectively (31 October 1999 - total 28,931,095 Ordinary
shares; 30 April 2000 - total 27,351,907 Ordinary shares). The fully diluted
net asset value calculation excludes 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.

5  The Company bought back for cancellation 453,796 and 33,290 Series A
Warrants at 124.5p and 108p each respectively on 22 May and 20 July 2000, and
1,712,046, 330,000 and 55,830 Series B Warrants at 85.25p, 78p and 66p each
respectively on 22 May, 25 May and 20 July 2000.

The Company also bought back for cancellation 130,000 and 25,000 Ordinary
shares at 166p and 175p each respectively on 1 June and 8 June 2000.

During the period 26,872 Series A Warrants were exercised, each at a cash
premium of 70.88p, 108,805 Series B Warrants were exercised, each at a cash
premium of 110p and 20 Series C Warrants were exercised, each at a cash
premium of 245p, resulting in 135,697 new Ordinary shares being issued.

The final exercise date for the outstanding Warrants, being 14,625 Series A
Warrants, 35,207 Series B Warrants and 2,629,162 Series C Warrants, was 8
August 2000.  

6  The financial information for the six months ended 31 October 2000 and 31
October 1999 comprise non-statutory accounts within the meaning of Section 240
of the Companies Act 1985. The financial information for the year ended 30
April 2000 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.
 
7  Copies of the Interim Report will be posted to shareholders in due course
and further copies may be obtained from the registered office, One Bow
Churchyard, Cheapside, London, EC4M 9HH.

Aberdeen Asset Management PLC - Secretaries
6 December 2000



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 Financial Services Authority 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 2000. 


KPMG Audit Plc
Chartered Accountants 
Aberdeen
6 December 2000