Final Results

F&C Pacific Inv Tst 
06 May 2005


Date:              6 May 2005


Contact:           James Budden                Christopher Purvis
                   Witan Investment Services   Chairman
                   020 7818 3121               Pacific Investment Trust PLC
                                               020 7221 6985


                        F&C PACIFIC INVESTMENT TRUST PLC
                   Unaudited Preliminary Statement of Results
                       for the year ended 31 January 2005

SUMMARY OF RESULTS

                                          31 January 2005         31 January 2004               % Change

Net assets                                        £198.1m                 £209.9m                   -5.6

Net assets per share                              128.88p                 122.74p                   +5.0

Dividend per share                                  1.05p                   1.05p                      -

Share price                                       115.00p                 110.75p                   +3.8




Commenting on these results, Christopher Purvis the Chairman said:

Dear Shareholder,

Introduction | In addition to reporting on the results for the financial year
ended 31 January 2005, I am pleased to be able to give details of the new
management arrangements which were announced on 22 March 2005, the planning of
which commenced during the year under review.

We have introduced a new management structure for your Company. This includes
the appointment of a new executive and commercial manager as well as two new
investment managers together with a new company secretary, fund accountant and
administrator. We believe the strengths of our new investment managers are
likely to lead to better performance in the future. In addition, we believe that
by putting in place this new structure, we have increased our flexibility and
reduced our dependence on any one investment management group for the provision
of all these services. In addition, we have reduced our dependence on any one
investment style or approach.

Witan Investment Services Limited ('Witan'), which is a wholly owned subsidiary
of Witan Investment Trust plc, an independent global investment trust, takes on
the newly created role of commercial and executive manager ('Executive Manager')
with responsibility for the commercial management of the Company, including
advising on, liaising with and monitoring the Company's investment managers and
other third party service providers. Witan will also have responsibility for the
marketing of the Company, and it is expected that this will include the
administration and servicing of savings plans.

Your two new investment managers are Aberdeen Asset Managers Limited
('Aberdeen') and Nomura Asset Management U.K. Limited ('Nomura') (together, the
'Investment Managers'), who between them, take the place of F&C Management
Limited ('F&C Management'). They will be given 50 per cent of your assets each
to manage, and each will have the same benchmark as now: the MSCI AC Asia
Pacific Free Index, denominated in sterling.

As part of the changes, arrangements have been made for a tender offer of up to
50 per cent of the Company's issued share capital for those shareholders wishing
to realise shares in the Company, and a matching facility for those wishing to
increase their investment. Details were sent to shareholders on 25 April 2005
and are expected to be approved at the Extraordinary General Meeting convened
for 18 May 2005 along with a change of the Company's name to Witan Pacific
Investment Trust PLC.


Performance in the year under review | The table below illustrates the market
environment and the performance of your Company during the year ended 31 January
2005:

                                                             % increase

NAV per share (total return)                                      5.9

Benchmark                                                        10.3

Share price                                                       3.8

Discount                                                            %

31 January 2004                                                   9.8

31 January 2005                                                  10.8



The markets in which your Company invests continued to perform well during the
year, after a strong performance in the previous year. But once again the return
of the Company was lower than that of the benchmark. The underperformance arose
primarily because F&C Management invested in smaller and medium sized companies
in Japan, which rose less than the index. This disappointing result, coming
after four consecutive years in which your Company performed less well than the
benchmark, was a matter of growing concern to your Board as the year progressed.

Objectives and management | In October 2004, after the announcement that the
lead manager, Christian Dangerfield, was leaving F&C Management, and in the
light of the continuing disappointing investment performance, your Board
undertook a review of the Company's objectives and its management arrangements.
As part of this process, we took into account the views of those of our major
shareholders to whom we had spoken as part of our regular programme of
shareholder contact.

Your Company provides its investors with a broad-based exposure to equity
markets across the Pacific region. The Board understands that many investors,
who consider that the Pacific region is attractive, choose to invest in the
region through an investment trust which gives coverage of all of the major
markets and whose managers make the asset allocation decisions between the
various markets, as well as selecting stocks for the portfolio. Your Company is
one of a small number of trusts that provides this service.

Your Board believes that the case for a pan-Pacific mandate is now even stronger
because of current economic trends, in particular with the integration of the
region's economies. Within this context the Board believes that investment
managers should be able to exploit investment opportunities across the region
and be able to switch between the different markets and industries. In assessing
investment performance, the Board measures the successes and failures of an
investment manager by comparing performance against a benchmark index.


New management structure | We undertook a search process in which a number of
potential investment managers were interviewed. We concluded that there would be
considerable benefit in appointing two managers, together with an Executive
Manager to oversee the Investment Managers and the other service providers to
the Company. We believe that this approach will engage the expertise of fund
managers with particular knowledge of the region as a whole and that the blend
should serve to improve returns for investors. The Board is convinced that a
strategy which blends investment approaches and investment styles is more likely
to result in outperformance for shareholders over a market cycle. Furthermore
the Board believes the flexibility inherent in the new management structure
where each service provider is separately employed will enhance the smooth
operation of the Company and avoids the risks inherent in being tied to a
particular investment house or investment style for all aspects of the
management of the Company.


Appointment of Executive Manager and new Investment Managers | After the year
end, your Board appointed Witan as Executive Manager and Aberdeen and Nomura as
the new Investment Managers. Witan has experience in this field. Both the
Aberdeen and Nomura groups have significant resources and excellent records of
investment in the Pacific region.


Benchmark | Having concluded in our review that the investment objective and
policy of the Company should not be changed, your Board also decided that the
benchmark against which investment performance would be measured would remain
the MSCI AC Asia Pacific Free Index, denominated in sterling. Both of the
Investment Managers will be assuming a pan-Pacific mandate, initially on the
basis of 50 per cent of the Company's assets each. They will have responsibility
for asset allocation decisions and gearing levels for their own portfolios,
within parameters set by the Board. They may invest across the whole Asia
Pacific region, including Australasia and India.


Gearing policy | The Company will continue with its existing policy towards
gearing and will, if necessary, put in place bank facilities such that each
Investment Manager may utilise borrowings within agreed parameters set and
monitored by the Board.


Fund accounting, secretarial and custody arrangements | BNP Paribas Fund
Services UK Limited ('BNP') has been appointed to provide fund accounting and
secretarial services to the Company in place of F&C Management. JPMorgan Chase
Bank will continue to act as custodian.


Expenses and dividend | The Board believes that the overall costs of operating
the Company under these new management arrangements (excluding performance fee
arrangements) are likely to be less than the costs have been. The total expense
ratio in the year under review, excluding the payment of a fee under the
performance fee arrangements by F&C Management to the Company of £644,000, was
0.8 per cent (including the payment of the fee it was 0.5 per cent).

Your Board is recommending an unchanged dividend of 1.05 pence per share.


New savings scheme and PEP/ISA arrangements | Notwithstanding the Company's new
management arrangements with Aberdeen and Nomura, the savings scheme
arrangements in which existing investors currently participate will remain in
place for the time being. As Witan will have responsibility for the marketing of
the Company, it is expected that this will include the administration and
servicing of any new savings schemes launched in due course.

Buybacks and discount management | During the year, 17,332,590 shares (10.1 per
cent of the shares in issue at the beginning of the period) were purchased for
cancellation at an average discount to net asset value of 11.6 per cent. Buying
back shares at a discount has raised net asset value per share by approximately
1.2 per cent. There have been no buybacks since the Company's year end.

As a result of the Company's tender offer and the appointment of the new
Investment Managers, Aberdeen and Nomura, the Board expects the discount of the
Company to perform at least in line with its peers. In the past the Board has
shown a willingness to use share buy backs and will do so again in order to
manage the discount appropriately.

The Board will propose to the Annual General Meeting that powers for further
purchases should be taken.


Directors | Les Atkinson and Kevin Jones stand for re-election to the Board at
the Annual General Meeting. Les plays important roles as Senior Independent
Director and as Chairman of the Nominations Committee, as well as bringing great
breadth of business experience to our deliberations. Kevin's consultancy
background, with his particular knowledge of China and Japan is of great value;
and he chairs our Audit Committee with great skill. The Board recommends to you
the re-election of both of them.

Annual General Meeting | We hope that you will be able to attend the Company's
Annual General Meeting. The Annual General Meeting this year will again be held
at Stationers' Hall, at 12 noon on Tuesday 21 June 2005. It will be an
opportunity for you to hear directly from the new managers.

Conclusion | Your Company has had a number of years of disappointing
performance. The new arrangements are designed to correct this: to provide those
investors wishing to have broad exposure to the region with an investment
vehicle that consistently outperforms its benchmark. Your Board will continue to
pursue this objective with vigilance and energy.

Christopher Purvis | May 2005



Balance Sheet
at 31 January
                                                                                2005                   2004
                                                                              £'000s                 £'000s
Fixed assets
Investments
Listed outside Great Britain                                                 205,955                231,456
Unlisted at Directors' valuation                                               3,689                  2,952
                                                                             209,644                234,408

Current assets
Debtors                                                                          986                  4,879
Cash at bank and short-term deposits                                           5,488                  3,666
                                                                               6,474                  8,545

Current liabilities
Creditors: amounts falling due within one year
Loans                                                                       (14,845)               (24,887)
Other                                                                        (3,219)                (8,185)
                                                                            (18,064)               (33,072)


Net current liabilities                                                     (11,590)               (24,527)

Net assets                                                                   198,054                209,881

Capital and Reserves
Called up share capital                                                       38,420                 42,750
Capital redemption reserve                                                    19,151                 14,821
Share premium                                                                      5                      5
Capital reserves                                                             133,637                145,061
Revenue reserve                                                                6,841                  7,244

Total shareholders' funds - equity                                           198,054                209,881


Net asset value per ordinary share - pence                                    128.88                 122.74



The geographical distribution of investments at 31 January 2005 was: Japan -
53.3%, Australia - 12.6%, Singapore - 8.4%, Hong Kong - 6.8%, South Korea -
3.8%, Taiwan - 3.4%, China - 2.4%, Malaysia - 2.3%, Indonesia - 2.1%, India -
1.9%, Thailand - 1.6%, New Zealand - 1.3%, Vietnam - 0.1%.



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


                                                                   2005                                    2004

                                      Revenue      Capital        Total      Revenue      Capital         Total
                                       £'000s       £'000s       £'000s       £'000s       £'000s        £'000s
Gains on
Investments                                 -        7,400        7,400            -       53,257       53,257


Exchange gains/(losses)                     4        (259)        (255)            7          137          144


Income                                  3,962            -        3,962        4,814            -        4,814


Management fee                        (1,158)            -      (1,158)      (1,117)            -      (1,117)


Performance related management
fee                                         -          644          644            -          619          619


Other expenses                          (597)         (59)        (656)        (625)         (60)        (685)


Net return before finance costs
and taxation                            2,211        7,726        9,937        3,079       53,953       57,032
                                     


Interest payable and similar
charges                                 (395)            -        (395)        (121)            -        (121)
                                     

Return on ordinary activities
before taxation                         1,816        7,726        9,542        2,958       53,953       56,911
                                    

Taxation on ordinary activities         (616)        (193)        (809)        (957)        (186)      (1,143)

                                       

Return attributable to equity
shareholders                            1,200        7,533        8,733        2,001       53,767       55,768
                                       

Dividends on ordinary shares


Proposed final of 1.05p (2004:
nil)                                  (1,603)            -      (1,603)            -            -            -
                                    


Dividend in lieu of a final
dividend nil (2004: 1.05p)                  -            -            -      (1,773)            -      (1,773)
                                            


Amount transferred
(from)/to reserves                      (403)        7,533        7,130          228       53,767       53,995


Return per ordinary share -
pence                                    0.74         4.63         5.37         1.10        29.56        30.66
                                        



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

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




Cash Flow Statement
For the year ended 31 January

                                                                      2005            2004
                                                                    £'000s          £'000s


Net cash inflow from operating activities                            2,054           3,398
Interest paid                                                        (402)            (93)
Taxation (paid)/received                                             (685)             414
Net cash inflow/(outflow) from capital expenditure and
financial investment                                                34,958         (2,535)
Equity dividends paid                                              (1,785)         (1,967)

Net cash inflow/(outflow) before use of liquid resources
and financing                                                       34,140           (783)

Increase in short-term deposits                                    (3,826)             (9)


Net cash (outflow)/inflow from financing                          (28,644)           2,958

Increase in cash                                                     1,670           2,166





Notes

The Board propose a final dividend of 1.05p per share (2004 - 1.05p per share in
lieu of a final dividend) payable on 24 June 2005 to shareholders on the
register at close of business on 13 May 2005.

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 2004 has been extracted from published accounts for
the year ended 31 January 2004 that have been delivered to the Registrar of
Companies and on which the report of the auditors has been unqualified.

As the Company liquidated its three trading subsidiaries during the year ended
31 January 2004 consolidated accounts have not been prepared for the year ended
31 January 2005.  The comparatives for the year ended 31 January 2004 are also
on a company only basis.

The Annual General Meeting will be held at Stationers' Hall, Ave Maria Lane,
London EC4 at 12 noon on Tuesday 21 June 2005.

The Report and Accounts will be posted to shareholders in late May 2005. Copies
may be obtained during normal business hours from the offices of BNP Paribas
Services UK Limited, 55 Moorgate London EC2R  6PA.




By order of the Board

F&C Management Limited, Secretary

5 May 2005


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