Final Results

Foreign & Col. Pacific Inv Tst PLC
20 April 2001


Date      20 April 2001
Contact:  Charles Brock             Andrew Waterworth/Louise Dolan
          Foreign & Colonial        Financial Dynamics
          0207 628 8000             0207 831 3113




                FOREIGN & COLONIAL PACIFIC INVESTMENT TRUST PLC
                    Unaudited Preliminary Statement of Results
                      for the year ended 31 January 2001





Highlights



- The past year has proved to be a difficult period for investors in the
Pacific region, with significant falls in both the Japanese and other Asian
stock markets.


- Over the year to 31 January 2001, our benchmark fell by 15.0%. Our net asset
value (NAV) per share fell by 35.7% and share price by 33.6%. The most
important factor behind this under-performance was poor stock selection in
Japan.



- This poor performance should be put into the context of an excellent year in
1999/00 for both absolute and relative performance, when the NAV per share
rose by 77.4% against a benchmark rise of 56.7%. Over the two-year period
ended 31 January 2001 the share price rose by 19.0%.


- Although the full impact of the global economic slowdown has yet to be felt
in Asia, we remain of the view that the region is on track for a sustainable
recovery after a bleak few years. Markets are cheap and discounting bad news
on economies and corporate profits.


- Decision made to reduce gearing to 15%.


- We have reduced the portfolio's exposure to property; we have sold the
Gateways shopping Centre and our half interest in the office building at 190
St George's Terrace.


- The Company has bought back 8,790,000 shares over the year.


- The Company now has 20,000 investors via the Foreign & Colonial savings
plans and the level of individual ownership is now over 50%.



SUMMARY OF CONSOLIDATED RESULTS


                                                      31 Jan    31 Jan        %
                                                        2001      2000   Change
Attributable to equity shareholders


Consolidated net assets                              £342.5m   £554.1m    -38.2


Consolidated net asset value per share                155.7p    242.3p    -35.7


Consolidated net asset value per share - diluted*        n/a    233.5p      n/a


Share price                                          124.75p   188.00p    -33.6

Consolidated net revenue                              £0.87m    £3.00m    -71.0

Consolidated earnings per share                        0.39p     1.30p    -70.0

Dividends per share                                    1.05p     1.85p    -43.2



  * There is no dilution at 31 January 2001



Extracts from Chairman's Statement

Commenting on these results Christopher Purvis, the Chairman said:



The past year has proved to be a difficult period for investors in our region,
with significant falls in both the Japanese and other Asian stock markets.
Over the year to 31 January 2001, the FTSE Japan Index fell by 17.9% in
sterling terms. Our benchmark for the rest of the region, the MSCI AC Asia
Pacific Free ex Japan Index, fell by 12.1%. Our overall benchmark, which is a
50/50 combination of these two indices, fell by 15.0%.

The relative performance of the portfolio has been disappointing, with a fall
of 35.7% in net asset value and of 33.6% in share price over the year. The
most important factor behind this under-performance was poor stock selection
in Japan, where our portfolio fell in value by 32.8% due to our low exposure
to those elements of the stock market representing industries in which we have
less confidence in the medium term but which performed relatively well over
the past year. The portfolio in the rest of Asia also under-performed, falling
by 23.5%; the main contributors to this being a large underweight position in
Australia, a market which performed comparatively well and a corresponding
overweight position in Taiwan, which did not. The fact that the Company
remained geared during a period of falling markets was also a significant
negative factor.




% change over the year ended 31 January 2001, in sterling terms*
Share price                                                              -33.6%
Share price total return                                                 -33.1%
Net asset value per share                                                -35.7%
Benchmark+                                                               -15.0%
FTSE Japan Index                                                         -17.9%
MSCI AC Asia Pacific Free ex Japan Index                                 -12.1%



+ The Company's benchmark is a combination of 50% FTSE Japan and 50% MSCI AC
Asia Pacific Free ex Japan. All Index numbers are on a total return basis.



This poor performance should be put into the context of an excellent year in
1999/2000 for both absolute and relative performance, when the NAV per share
rose by 77.4% against a benchmark rise of 56.7%. Over the two-year period
ended 31 January 2001 the share price rose by 19.0%.



Markets and Investment Strategy

Our markets started the year on an optimistic note with regional economies
performing well, indications that the Japanese economy was recovering and
strong profit growth from companies across the region. However, the markets
were soon to be buffeted by a number of negative factors.



A tightening of global liquidity led to foreign investors exiting the region
and the collapse of the NASDAQ market in the United States had significant
adverse repercussions on technology shares across our region. Japan's slide
back to economic weakness was not helped by the lack of strong political
leadership and the sharp slowdown in the US economy led to fears that regional
export growth will slow dramatically.



During the year, the Company made an investment in the F&C New@sia fund,
through which will be gained diversified exposure to new markets, sectors and
companies throughout Asia. All additional management fees paid due to this
investment are fully rebated back to the Company.  While initial performance
has been disappointing we believe that exposure to these markets will be
rewarding in the long-term.



The Company remained geared throughout the year. Any gearing clearly hurts
performance in falling markets and exaggerates the impact of poor performance
within the portfolio. In November the Yen Convertible Bond was redeemed as
debt. Towards the end of the year, the decision was made to reduce gearing to
15%.



Australian Property

Reflecting the change in the Company's objective to emphasise total return
predominantly through growth in capital, the decision was taken to reduce
exposure to property in Perth, where little scope for capital gain is
forecast. Over the year, we have sold the Gateways Shopping Centre and our
half interest in the office building at 190 St George's Terrace.



Revenue, Expenses and Dividend

Revenue for the year was materially lower than for the preceding year. This
was a direct result of our move to a fully invested position during 1999/2000
when we invested the cash reserves that had been built up during the Asian
crisis. The dividend yield available from investing in Asian shares is much
lower than the return from cash or bonds. No interim dividend was paid, as
foreshadowed in the last annual report. However, the Board is recommending an
unchanged final dividend of 1.05p per share.

Excluding the Australian property operations, the cost of running your
Company, as a percentage of average shareholder funds, amounted to 0.99%. This
is significantly lower than unit trusts specialising in the region.



Discount, Marketing and Share Buy-backs

The Board has continued to keep under careful review the level of discount to
net asset value at which your shares trade. Over the last year the Company has
bought back and cancelled 8,790,000 shares at discounts ranging from 17.7% to
19.9%.



The Board will propose to the Annual General Meeting that powers for further
such purchases should be taken. Increased marketing activities by the
management company, together with support for the AITC its campaign, is also
aimed to increase demand for your shares.



Annual General Meeting

The Annual General Meeting will be held at Stationers' Hall at 12 noon on 31
May. I look forward to welcoming as many of you as are able to attend.



Prospects

Although the full impact of the global economic slowdown has yet to be felt in
Asia, we remain of the view that the region is on track for a sustainable
recovery after a bleak few years. Japan has started to take action on the
economy and the banking and corporate sectors are demonstrating a willingness
to restructure and reform. Sentiment towards Japan is poor and, at these
levels, the market is cheap both compared to its own history and when compared
to other global markets. Markets in the rest of Asia are also at low valuation
levels, even assuming a poor year for profits in 2001. The improvement in
global and local liquidity conditions should aid sentiment towards these
markets. The news flow is likely to remain poor whilst uncertainty about the
US led economic slowdown persists and at a time when Sino-US relations are
strained.  We believe that at some point the markets will start to discount a
recovery in economies and in corporate profitability.



We remain confident that the Asian region will over time deliver superior
levels of economic growth and corresponding superior stock market returns. It
is the objective of your Company to provide broad exposure to all the major
stock markets in the region and, through having a widely diversified
portfolio, to deliver superior returns with a comparatively low level of
volatility. Your Company is well placed to benefit from an anticipated
recovery in regional markets over the coming years.



Christopher Purvis

April 2001



 Consolidated Balance Sheet
                                                         At 31 Jan    At 31 Jan
                                                              2001         2000
                                                            £'000s       £'000s
Fixed assets
Tangible assets                                              1,397       18,035
Investments
Listed Investments                                         370,699      625,851
Unlisted at Directors'valuation                              6,303        8,406
                                                           377,002      634,257
Current assets
Freehold land held for resale                                8,855        6,756
Debtors                                                     18,286        5,341
Taxation recoverable                                           219          735
Cash at bank and short-term deposits                        29,489       35,710
                                                            56,849       48,542

Current liabilities
Creditors: amounts falling due within one year
Foreign currency loans                                    (36,821)     (20,172)
Yen convertible bonds                                            -     (57,636)
Other                                                     (10,423)     (25,553)
                                                          (47,244)    (103,361)

Net current assets/(liabilities)                             9,605     (54,819)

Total assets less current liabilities                      388,004      597,473
Creditors: amounts falling due after more than
one year
Foreign currency loans                                    (44,143)     (43,227)
Provision for liabilities and charges                      (1,410)        (101)
                                                          (45,553)     (43,328)

Net assets                                                 342,451      554,145
Capital and reserves
Called up share capital                                     54,980       57,176
Capital redemption reserve                                   2,591          394
Share premium                                                    5            -
Capital reserves                                           274,010      484,271
Revenue reserve                                             10,865       12,304
Total shareholders funds - equity                          342,451      554,145

Net asset value per share- basic                            155.7p       242.3p
Net asset value per share - diluted                            n/a       233.5p

n/a - There is no dilution at 31 January 2001



Geographical distribution of total assets less current liabilities (excluding
loans) at 31 January 2001 was Japan - 53.5%; Taiwan - 11.4%; Australasia 8.2%;
South Korea - 6.7%; Hong Kong - 4.9%; Others - 15.3%.

Consolidated Statement of Total Return (incorporating the revenue account*) 

                                                                              
                            - 2001 -                         -2000-           
                  Revenue    Capital      Total  Revenue    Capital      Total
                   £'000s     £'000s     £'000s   £'000s     £'000s     £'000s
  Gains on              -      1,293      1,293        -         11         11
  tangible                                                                    
  fixed assets                                                                
  (Losses)/gains        -  (187,363)  (187,363)        -    254,795    254,795
  on fixed                                                                    
  asset                                                                       
  investments                                                                 
  Exchange          (190)    (6,091)    (6,281)       91   (10,868)   (10,777)
  gains and                                                                   
  losses on                                                                   
  currency                                                                    
  balances                                                                    
  Income           10,512          -     10,512   12,620          -     12,620
  Management fee  (2,796)          -    (2,796)  (2,722)          -    (2,722)
  Other expenses  (3,027)       (93)    (3,120)  (3,182)       (57)    (3,239)
  Net return        4,499  (192,254)  (187,755)    6,807    243,881    250,688
  before                                                                      
  finance costs                                                               
  and taxation                                                                
  Interest        (2,891)          -    (2,891)  (2,488)          -    (2,488)
  payable and                                                                 
  similar                                                                     
  charges                                                                     
  Return on         1,608  (192,254)  (190,646)    4,319    243,881    248,200
  ordinary                                                                    
  activities                                                                  
  before                                                                      
  taxation                                                                    
  Taxation on       (740)    (2,078)    (2,818)  (1,321)          -    (1,321)
  ordinary                                                                    
  activities                                                                  
  Return              868  (194,332)  (193,464)    2,998    243,881    246,879
  attributable                                                                
  to equity                                                                   
  shareholders                                                                
  Dividends on    (2,307)          -    (2,307)  (4,203)          -    (4,203)
  ordinary                                                                    
  shares                                                                      
  (equity)                                                                    
  Amount          (1,439)  (194,332)  (195,771)  (1,205)    243,881    242,676
  transferred                                                                 
  (from)/ to                                                                  
  reserves                                                                    
  Return per        0.39p   (87.72)p   (87.33)p    1.30p    105.93p    107.23p
  ordinary                                                                    
  share - pence                                                               
  Return per          n/a        n/a        n/a      n/a     92.56p     94.17p
  ordinary                                                                    
  share                                                                       
  (diluted) -                                                                 
  pence                                                                       

* The revenue column of this statement is the profit and loss account of the
Group.

n/a - There is no dilution.
 




Consolidated Cash Flow Statement
                                                              2001        2000
                                                            £'000s      £'000s


Net cash inflow from operating activities                    4,379       7,645
Cash outflow from servicing of finance                     (3,218)     (2,412)
Total tax paid                                               (629)     (1,974)
Net cash inflow/(outflow) from financial
  investment                                                57,794    (21,020)
Equity dividends paid                                      (2,359)     (4,260)
Net cash inflow/(outflow) before use of

  liquid resources and financing                            55,967    (22,021)
Decrease in short term deposits                              3,571      12,261

Net cash (outflow)/inflow from financing                  (66,128)      19,186


(Decrease)/increase in cash                                (6,590)       9,426







During the year to 31 January 2001 Company purchased for cancellation
8,790,000 ordinary shares of 25p at prices ranging from 164p to 198p per share
and the total cost amounted to £15,929,000.

The Directors propose a final dividend of 1.05p per share payable on 01 June
2001 to shareholders registered on 04 May 2001.

The above financial information comprises non-statutory accounts within the
meaning of Section 240 of the Companies Act 1985.

The financial information for the year ended 31 January 2000 has been
extracted from published accounts for the year ended 31 January 2000 which
have been delivered to the Registrar of Companies and on which the report of
the auditors was unqualified.

The Audited Report and Accounts will be posted to shareholders on
or around 30 April 2001. Copies may be obtained during normal
business hours from the Company's Registered Office, Exchange
House, Primrose Street, London EC2A 2NY.

The Annual General Meeting will be held at Stationers' Hall, Ava Maria Lane,
London EC4 on Thursday 31 May 2001 at 12 noon.



By order of the Board
Secretary
19 April 2001