Final Results

F&C Pacific Inv Tst 
19 April 2002


Date:        18 April 2002

Contact:     Charles Brock, F&C Management Ltd, 0207 628 8000 / Emma Chilve,
             Lansons Communications, 0207 294 3606



                        F&C PACIFIC INVESTMENT TRUST PLC

                   Unaudited Preliminary Statement of Results

                       for the year ended 31 January 2002



SUMMARY OF CONSOLIDATED RESULTS
                                                                    31 Jan                   31 Jan                    %
                                                                      2002                     2001               Change
                                                                                        (restated*)
Attributable to equity shareholders

Consolidated net assets                                            £252.4m                  £343.8m                -26.6

Consolidated net assets per share                                  119.65p                  156.33p                -23.5

Dividends per share                                                  1.05p                    1.05p                    -

Ordinary share price                                                98.25p                  124.75p                -21.2


        * Restated to comply with FRS19 'Deferred Tax'.




F&C PACIFIC INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results

for the year ended 31 January 2002


Commenting on these results Christopher Purvis, the Chairman said:

The past year has again proved to be a difficult period for investors in our
region. The bear market in Japan, which started more than eleven years ago, was
even more pronounced this year; other Asian markets also fell. The FTSE Japan
Index fell by 31.9% in sterling terms, whilst the MSCI AC Asia Pacific Free ex
Japan Index fell by 6.1%. Our overall benchmark, which is a 50/50 combination of
these two indices, fell by 19.0%.

The performance of your Company has been poor, both in absolute terms and
relative to the benchmark. The performance was particularly disappointing in the
first half of the year, although it was more stable in the second, as shown in
the table below:



% change over the year ended 31 January
2002, in sterling terms                          First Half            Second Half             Full Year

F&C Pacific NAV                                      -18.4                    -6.2                 -23.5

Share price                                          -17.0                    -5.1                 -21.2
                                                                                    
Benchmark                                            -14.0                    -5.8                 -19.0


During the year, our portfolios in both Japan and the rest of Asia
under-performed their respective benchmarks, primarily because they were not
structured defensively. In Japan the portfolio was overweight in sectors such as
electronics, which suffered from the global economic downturn. Despite the weak
domestic economy, those stocks and sectors that could be labelled 'domestic'
tended to outperform the Japanese indices. Within our portfolio in the rest of
our universe, we did not have enough money invested in Australia or Malaysia,
markets that proved to be more resilient than the rest of the region.

Performance also suffered from being geared during the year. At the start of the
period your Manager's were relatively optimistic about prospects and structured
the portfolio accordingly. Expectations for reform and an economic recovery in
Japan have again been disappointed. Whilst all markets were hit by the events of
11 September, the Japanese market struggled to recover from this; in contrast
there was a dramatic recovery in markets in the rest of Asia.





F&C PACIFIC INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results

for the year ended 31 January 2002



Management

After eighteen months of underperformance following an exceptionally good 1999,
your Board and Manager's took decisive action to reduce the volatility of the
portfolio, reorganize and strengthen the management team and clarify
responsibilities. These actions are intended to increase shareholder value in
the years ahead, with the aim being steadily to outperform the benchmark over
time. We believe that our shareholders wish to see F&C Pacific as a core, stable
and long-term holding, providing growth in a diverse and frequently volatile
region. Our broad geographic mandate provides investors with exposure to all the
major economies of the Pacific region. The results in the second half of the
year demonstrate this move towards less volatile relative performance.


Australian Property

We have now sold our remaining property interests in Perth, Western Australia
and will be liquidating our subsidiary companies. As previously outlined, the
rationale behind this is twofold: firstly, we believe that there are more
attractive investment opportunities in the Pacific region; and secondly, we
believe that our shareholders invest in F&C Pacific seeking diversified exposure
to regional stock markets rather than to property. Gold Estates of Australia was
sold for A$21.1 million, against a book value at the time of sale of A$19.5
million. F&C Pacific has had a long-standing involvement in Perth and I would
like to thank our colleagues on the local Boards and management company for all
their work over the years and to wish them well in the future.


Revenue, Expenses and Dividend

Revenue for the year was considerably lower. This was due to the sale of our
property interests and the lower dividend income from the equity portfolio.
Overall expenses fell slightly. The management fee was unchanged, reflecting the
fact that it is calculated as a percentage of assets on a rolling three-year
basis. The Board is recommending an unchanged dividend of 1.05 pence per share.
It remains our belief that the primary objective of most investors in Asia is
capital growth; as indicated in our last two annual reports, we expect that
future dividends will be low, and in some years there may be no dividend.

Although expenses for the Company are down 6%, the cost of running the Company,
as a percentage of average net assets, has risen from 0.99% to 1.36% because the
net assets have fallen by 23.5%. This remains significantly lower than unit
trusts specialising in the region.





F&C PACIFIC INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results

for the year ended 31 January 2002

Share buy backs and demand for shares



Over the last year the Company has bought back and cancelled 9,020,000 shares at
discounts ranging from 15.0% to 21.3%. This has directly boosted net asset value
per share by 0.7%. The Board will propose to the Annual General Meeting that
powers for further purchases should be taken. We continue to review the level of
discount to net asset value that your shares trade at and believe that, coupled
with the marketing activities of the management company, share buy backs can be
an important factor in addressing supply/demand imbalances that can widen the
discount.

The level of individual ownership of your Company is approximately 50%. Your
Board believes that the Company is a particularly attractive vehicle for those
investors wishing to have a diversified exposure to all the major Pacific
markets. Many of our shareholders invest through the F&C savings plans. The F&C
Private Investor Plan, Pension Plan and Individual Savings Account offer a low
cost and efficient way of buying shares in your Company.


Annual General Meeting

The Annual General Meeting will be held at Stationers' Hall at 12 noon on
Wednesday, 29 May 2002.


Prospects

The Pacific region offers attractive opportunities for investment. With evidence
building that an economic recovery is under way in the United States, economic
prospects for the region appear brighter than they have been for some time and
stock market valuations are attractive in many Asian markets. There are
continuing concerns about the ability of Japan to emerge from this long period
of stagnation. However, Japan remains the world's second largest economy and
should provide good opportunities for us in the future. One of the benefits of
our pan-Asian mandate is that assets can be re-allocated from one part of the
region to another. After such a harsh fall in markets, your Company is now well
poised to benefit from any recovery through a diversified portfolio aimed at
providing outperformance against our benchmark with relatively low risk.

Christopher Purvis

April 2002





F&C PACIFIC INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results

for the year ended 31 January 2002

Consolidated Balance Sheet
                                                                            At 31 Jan 2002                At 31 Jan 2001
                                                                                                             (Restated)*
                                                                                    £'000s                        £'000s
Fixed assets
Tangible assets                                                                          -                         1,397
Investments
Listed investments                                                                 272,629                       370,699
Unlisted at Directors'valuation                                                      5,417                         6,303
                                                                                   278,046                       377,002
Current assets
Freehold land held for resale                                                            -                         8,855
Debtors                                                                              3,855                        18,286
Taxation recoverable                                                                     -                           219
Cash at bank and short-term deposits                                                14,180                        29,489
                                                                                    18,035                        56,849

Current liabilities
Creditors: amounts falling due within one year
Foreign currency loans                                                                   -                      (36,821)
Other                                                                              (4,060)                      (10,423)
                                                                                   (4,060)                      (47,244)

Net current assets                                                                  13,975                         9,605

Total assets less current liabilities                                              292,021                       388,004

Creditors: amounts falling due after more than one year
Foreign currency loans                                                            (39,670)                      (44,143)
Provision for liabilities and charges                                                    -                          (62)
                                                                                  (39,670)                      (44,205)

Net assets                                                                         252,351                       343,799
Capital and reserves
Called up share capital                                                             52,725                        54,980
Capital redemption reserve                                                           4,846                         2,591
Share premium                                                                            5                             5
Capital reserves                                                                   186,202                       275,358
Revenue reserve                                                                      8,573                        10,865
Total shareholders funds - equity                                                  252,351                       343,799

Net asset value per share                                                          119.65p                       156.33p



* Restated to comply with FRS 19 'Deferred Tax'.





F&C PACIFIC INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results

for the year ended 31 January 2002


Geographical distribution of total assets less current liabilities (excluding
loans) at 31 January 2002 was Japan; 39.2%; Taiwan; 8.2%; Australasia; 16.5%;
South Korea; 9.5%; Hong Kong; 8.5%; Others; 18.1%.





F&C PACIFIC INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results

for the year ended 31 January 2002

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

                                                - 2002 -                                -2001-
                                     Revenue         Capital          Total     Revenue        Restated        Restated
                                                                                                Capital           Total
                                      £'000s          £'000s         £'000s      £'000s          £'000s          £'000s 
                                        
        Gains on tangible fixed            
        assets                             -              77             77           -           1,293           1,293


        Losses on fixed asset
        investments                        -        (82,266)       (82,266)           -       (187,363)       (187,363)


        Exchange gains and
        losses                             -           2,614          2,614       (190)         (6,091)         (6,281)

                                       
        Income                         6,032               -          6,032      10,512               -          10,512

                                     
        Management fee               (2,782)               -        (2,782)     (2,796)               -         (2,796)

                                     
        Other expenses               (1,839)            (51)        (1,890)     (3,027)            (93)         (3,120)


        Net return before
        finance costs and              
        taxation                       1,411        (79,626)       (78,215)       4,499       (192,254)       (187,755)

                                     
        Interest payable and
        similar charges              (1,479)               -        (1,479)     (2,891)               -         (2,891)


        Return on ordinary
        activities before               
        taxation                        (68)        (79,626)       (79,694)       1,608       (192,254)       (190,646)

                                        
        Taxation on ordinary
        activities                      (10)             211            201       (740)           (730)         (1,470)


        Return attributable to
        equity shareholders             (78)        (79,415)       (79,493)         868       (192,984)       (192,116)


        Final dividend of 1.05p
        (2001: 1.05p)                (2,214)               -        (2,214)     (2,307)               -         (2,307)

                                     
        Amount transferred from
        reserves                     (2,292)        (79,415)       (81,707)     (1,439)       (192,984)       (194,423)

                                      
        Return per ordinary
        share - pence                 (0.03)         (36.57)        (36.60)        0.39         (87.11)         (86.72)


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

# Restated to comply with FRS 19 'Deferred Tax'.

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





F&C PACIFIC INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results

for the year ended 31 January 2002

Consolidated Cash Flow Statement
                                                                                               2002                 2001
                                                                                             £'000s               £'000s

Net cash inflow from operating activities                                                       966                4,379
Net cash outflow from servicing of finance                                                  (1,542)              (3,218)
Total tax paid                                                                                (494)                (629)
Net cash inflow from financial investment                                                    35,643               57,794
Equity dividends paid                                                                       (2,309)              (2,359)
Net cash inflow before use of                                                                32,264               55,967
liquid resources and financing
Decrease in short term deposits                                                               9,819                3,571

Net cash outflow from financing                                                            (46,351)             (66,128)
Decrease in cash                                                                            (4,268)              (6,590)





During the year to 31 January 2002 the Company purchased for cancellation
9,020,000 ordinary shares of 25p at prices ranging from 94.5p to 133.0p per
share and the total cost amounted to £9,741,000.

The Directors propose a final dividend of 1.05p per share payable on 31 May 2002
to shareholders registered on 3 May 2002.

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 2001 has been extracted
from published accounts for the year ended 31 January 2001 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 29 
April 2002. 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 29 May 2002 at 12 noon.

By order of the Board

Secretary

18 April 2002



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