Final Results

F&C Pacific Inv Tst 
22 April 2004

Date:        22 April 2004

Contact:    Christian Dangerfield, F&C Management Limited, 020 7628 8000//
            Lisa Stanley, Lansons Communications, 020 7294 3692 / 07766 143636


                       F&C PACIFIC INVESTMENT TRUST PLC
                   Unaudited Preliminary Statement of Results
                       for the year ended 31 January 2004

SUMMARY OF CONSOLIDATED RESULTS

                                          31 January 2004         31 January 2003               % Change

Consolidated net assets                           £209.9m                 £176.9m                  +18.6

Consolidated net assets per share                 122.74p                  93.33p                  +31.5

Dividend per share                                  1.05p                   1.05p                      -

Share price                                       110.75p                  81.25p                  +36.3


Commenting on these results, Christopher Purvis the Chairman said:

Dear Shareholder,

STOCKMARKETS

This was a rewarding year for investors in equities. Markets all around the
world recovered sharply after three years of losses: from 31 January 2003 to 31
January 2004, the Morgan Stanley World Index (the 'World Index') rose by 27.38%,
measured in sterling.

The recovery in the Pacific region was even more pronounced. In the first
quarter of 2003, the Japanese equity market hit a 20 year low, while a number of
the other Asian markets fell to levels last seen during the financial crisis in
1997. Although all world markets were depressed at that time, the Pacific region
suffered particularly from concerns relating to the SARS virus and the situation
in North Korea. Initially, Asian markets responded somewhat hesitantly to signs
that the global economy was emerging from a prolonged period of weakness; in the
first six months of your Company's year, the region's benchmark rose broadly in
line with the World Index. However, in the second half, global interest in the
region began to accelerate and the region significantly outperformed the rest of
the world. Over the whole year our benchmark index rose by 34.18% (in sterling
terms).

PERFORMANCE

The table below illustrates the market environment and the performance of your
Company during the year under review.

                                                      % increase

NAV per share (total return)                              32.64%

Benchmark                                                 34.18%

Share price                                               36.31%

Discount at:

31 January 2003                                           12.94%

31 January 2004                                            9.77%

The net asset value per share of your Company rose by 32.64%. While it is good
to see such a recovery, it is disappointing to report that this rise was lower
than that of the benchmark. The underperformance arose primarily because our
Manager took a cautious view of the recovery in Japan, with a relatively low
exposure to the Japanese market and with investments in Japan concentrated in
stocks that were not geared to a recovery in the economy; thus we failed to
benefit fully from the dramatic turnaround in sentiment towards Japan. The
exposure to Japan was increased towards the end of the year.

The share price outperformed the benchmark during the year, as the discount to
net asset value at which your Company trades continued to narrow.

PERFORMANCE FEE

The Company provides its shareholders with a broad-based exposure to equity
markets across the Pacific region. Many investors who consider that this region
is important and attractive and would like it represented in their portfolios
choose to invest in the region through a company which gives coverage of all the
major markets and whose managers make the asset allocation decisions between the
various markets, as well as selecting stocks for the portfolio. The Board
measures the successes and failures of F&C Management by comparing its
performance against an index.

Last year we announced that with effect from 1 February 2003 a two way
performance fee was being introduced. There is a base management fee of 0.6% of
net assets. The performance fee allows for the payment of an additional 0.15%
for each 1% of outperformance and the payment to the Company by F&C Management
of 0.15% for each 1% of underperformance of the Index. The minimum total fee
payable is 0.25% of net assets and the maximum total fee payable is 1.15% of net
assets.

During the year under review the Company's portfolio has underperformed the
Index. After excluding from the calculation the positive impact on net asset
value from the buy backs that took place during the year the total fee for the
year is the minimum payable i.e. 0.25% of net assets and this resulted in a fee
payable by F&C Management to the Company of £619,000 (including irrecoverable
VAT).

REVENUE, EXPENSES AND DIVIDEND

The expense ratio is down from 1.47% last year to 0.60% this year, primarily as
a result of the new fee structure. Following the introduction of the new
performance fee, the expense ratio is likely in future to fluctuate from year to
year to a greater extent than in the past.

On 25 February 2004 your Board announced a dividend of 1.05 pence per ordinary
share for the year ended 31 January 2004, in lieu of a final dividend, due to
the fact that the 10% dividend tax credit was being withdrawn for equity ISA and
PEP holders at the end of the tax year, on 5 April 2004.

BENCHMARK

At the end of the financial year we announced that, with effect from 1 February
2004, being the start of the Company's new financial year, the benchmark against
which the performance of the portfolio is measured will be the MSCI AC Asia
Pacific Free Index.

Previously, the benchmark was a composite index which comprised 50% Japan and
50% the rest of the region. That benchmark was set by the Board in 1999 at a
time when the market capitalisation of Japan was approximately 75% of the total
market capitalisation of the Asia Pacific region and the Board believed that
shareholders wanted a more balanced exposure to the region. Now Japan
constitutes approximately 60% of the MSCI AC Asia Pacific Free Index and the
Board believes that a single index is a more suitable and clearer measure of the
Company's portfolio performance.

MANAGEMENT

During the year fundamental changes were made in the management team responsible
for your Company. In June 2003 F&C Management announced the appointment of
Christian Dangerfield as Lead Fund Manager of your Company, and he was able to
take over responsibility for the investment management of the Company's
portfolio in November. He has had over 15 years' experience of investment in
Asia having been at AIB Govett for 11 years, most recently as Chief Investment
Officer, Asia, based in Singapore, and previously head of the Asian equity desk,
based in London. He has also worked in Tokyo, for Cazenove & Co, during the
early 1990s. He has had a successful performance record, notably in the
management of pan-Pacific funds with the same mandate as that of your Company.
Towards the end of the Company's financial year F&C Management also appointed
Kerry Goh, who also has had long experience in the region, as deputy manager; he
also has had a good record, particularly in managing Japanese portfolios.
Christian Dangerfield and Kerry Goh are now working with the rest of F&C's
Pacific team; with the addition of Christian and Kerry this now comprises 6
executives. There have also been changes in the structure of the management team
and the Pacific specialists are working closely with the global team at F&C led
by Tony Broccardo, Chief Investment Officer, in the management of your Company.

SHARE BUY-BACKS

During the year, 18,546,823 shares (9.8% of the shares in issue at the beginning
of the period) were repurchased for cancellation at an average discount to net
asset value of 14.8%. Buying back shares at a discount has raised net asset
value per share by approximately 1.4%.  4,019,934 shares have been bought back
and cancelled since the Company's year end. The Board will propose to the Annual
General Meeting that powers for further purchases should be taken.

Your Board continues to monitor the discount to net asset value at which your
shares trade and believes that share buy-backs, coupled with the marketing
activities of the management company, are an important factor in addressing the
supply/demand imbalances that can widen the discount.

During the year, the proportion of shares owned by private investors and private
client stockbrokers continued to rise. Your Board believes that the Company,
providing as it does a broad exposure to markets in the Pacific region, is
particularly suited to the requirements of the private investor.

DIRECTORS

It was with great sadness that the Board announced on 28 October 2003 that Eric
Elstob had died after a long illness. Eric was appointed to the Board in 1984.
He was involved with the investment trust industry for all of his career in the
City. He had a wealth of experience of international markets, particularly those
in the Far East, having managed investments there since 1968. His experience and
contribution to the Company, as Manager, Director and as Deputy Chairman,
demonstrated through his considerable knowledge, his independent mind and his
great wit, was much respected and appreciated by his fellow Directors, who all
miss him enormously.

The Board appointed Sarah Bates as a non-executive Director with effect from 1
January 2004. Sarah has considerable experience of the investment management
industry, having joined the industry in 1980. Most recently she was chief
executive of INVESCO Institutional UK (which included their investment trust
activities) and was managing director of their investment trust business in the
1990s. Sarah stands for election by shareholders at the forthcoming Annual
General Meeting and the Board recommends her election in the belief that her
considerable experience of the investment management industry is already
bringing important insights to the Board and her election would be in the
interests of the Company.

CORPORATE GOVERNANCE

Your Board continues to be committed to high standards of corporate governance
and has considered the application to the Company of the revised Combined Code
on Corporate Governance issued by the Financial Reporting Council and the
principles and rec-ommendations of the new Code on Corporate Governance issued
by the Association of Investment Trust Companies, both published in July 2003.

ANNUAL GENERAL MEETING

The Board continues to encourage communication with all shareholders. The
Chairman and other Directors have met with some shareholders during the course
of the year. An ideal opportunity to hear more of the views of shareholders is
at the Company's Annual General Meeting. The Annual General Meeting this year
will be held at Stationers' Hall, at 12 noon on Friday 28 May 2004. I look
forward to welcoming as many of you as are able to attend.

OUTLOOK

We believe that the outlook for stockmarkets in the Pacific region remains
attractive, notwithstanding the rises seen over the last year.  While there are
risks particularly of a fall in the United States market from which it would be
difficult for Asian markets to remain immune, Asian markets are less severely
stretched in their valuations than those in other parts of the world and the
economic prospects of the region appear attractive. Your Board believes that,
with a strengthened management and increasingly powerful drivers for growth in
Asia, the Company should now be able to deliver improved long-term performance
to you its shareholders.



Christopher Purvis
April 2004



Consolidated Balance Sheet
at 31 January
                                                                                2004                   2003
                                                                              £'000s                 £'000s
Fixed assets
Investments
Listed outside Great Britain                                                 231,456                175,470
Unlisted at Directors' valuation                                               2,952                  1,629
                                                                             234,408                177,099

Current assets
Debtors                                                                        4,879                  4,902
Taxation recoverable                                                               -                  1,221
                                                                               4,879                  6,123
Cash at bank and short-term deposits                                           3,666                  3,584
                                                                               8,545                  9,707

Current liabilities
Creditors: amounts falling due within one year
Loans                                                                       (24,887)                (5,072)
Other                                                                        (8,185)                (4,824)
                                                                            (33,072)                (9,896)

Net current liabilities                                                     (24,527)                  (189)

Net assets                                                                   209,881                176,910

Capital and Reserves
Called up share capital                                                       42,750                 47,387
Capital redemption reserve                                                    14,821                 10,184
Share premium                                                                      5                      5
Capital reserves                                                             144,397                111,826
Revenue reserve                                                                7,908                  7,508
Total shareholders' funds - equity                                           209,881                176,910

Net asset value per ordinary share - pence                                    122.74                  93.33


The geographical distribution of investments at 31 January 2004 was: Japan -
47.9%, Australia - 10.2%, Hong Kong - 10.1%, South Korea - 8.8%, Taiwan - 7.7%,
Singapore - 4.5%, China - 3.8%, India - 2.0%, Malaysia - 1.9%, Thailand - 1.9%,
Indonesia - 1.1%, Vietnam - 0.1%.

Statement of Consolidated Total Return (incorporating the Revenue Account*) for
the year ended 31 January

                                                                   2004                                   2003

                                      Revenue      Capital        Total      Revenue      Capital        Total
                                       £'000s       £'000s       £'000s       £'000s       £'000s       £'000s
Gains/(losses) on
Investments                                 -       51,229       51,229            -     (56,431)     (56,431)

Exchange gains/(losses)                   177          137          314         (10)        (431)        (441)

Income                                  4,839            -        4,839        5,222            -        5,222

Management fee                        (1,117)            -      (1,117)      (2,459)            -      (2,459)

Performance related management
fee                                         -          619          619            -            -            -

Other expenses                          (644)         (63)        (707)        (763)         (66)        (829)

Net return before finance costs
and taxation                            3,255       51,922       55,177        1,990     (56,928)     (54,938)

Interest payable and similar
charges                                 (121)            -        (121)      (1,563)            -      (1,563)
                                        
Return on ordinary activities
before taxation                         3,134       51,922       55,056          427     (56,928)     (56,501)

Taxation on ordinary activities         (961)        (349)      (1,310)          484          346          830

Return attributable to equity
shareholders                            2,173       51,573       53,746          911     (56,582)     (55,671)

Dividends on ordinary shares

Dividend in lieu of a final
dividend 1.05p  (2003: nil)           (1,773)            -      (1,773)            -            -            -

Proposed final of nil
(2003: 1.05p)                               -            -            -      (1,976)            -      (1,976)

Amount transferred
to/(from) reserves                        400       51,573       51,973      (1,065)     (56,582)     (57,647)

Return per ordinary share -
pence                                    1.20        28.35        29.55         0.45      (27.70)      (27.25)
                                         



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

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



Consolidated Cash Flow Statement
For the year ended 31 January

                                                                                    2004                    2003
                                                                                  £'000s                  £'000s


Net cash inflow from operating activities                                          3,408                   1,473
Interest paid                                                                       (93)                 (1,704)
Taxation received/(paid)                                                             176                   (448)
Net cash (outflow)/inflow from capital expenditure and
financial investment
                                                                                 (4,661)                  44,444
Equity dividends paid                                                            (1,967)                 (2,200)
Net cash (outflow)/inflow before use of liquid resources
and financing                                                                    (3,137)                  41,565
                                                                                 
Decrease in short-term deposits                                                      424                   3,077
Net cash inflow/(outflow) from financing                                           2,958                (54,713)
Increase/(decrease) in cash                                                          245                (10,071)



Notes

The Board propose that no final dividend payment be made (2003 - 1.05p per
share). On 25 February 2004, the Board announced a dividend of 1.05p per share
(2003 - nil) in lieu of a final dividend. This dividend was paid on 2 April 2004
to shareholders on the register at close of business on 12 March 2004.

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 2003 has been extracted from published accounts for
the year ended 31 January 2003 that have been delivered to the Registrar of
Companies and on which the report of the auditors has been unqualified.

The Annual General Meeting will be held at Stationers' Hall, Ave Maria Lane,
London EC4 on Friday 28 May 2004 at 12 noon.

The Report and Accounts will be posted to shareholders in late April 2004.
Copies may be obtained during normal business hours from the Company's
Registered Office, Exchange House, Primrose Street, London EC2A  2NY.

By order of the Board

F&C Management Limited, Secretary

21 April 2004


                      This information is provided by RNS
            The company news service from the London Stock Exchange