Interim Results

Hansa Trust PLC
29 November 2002



                                HANSA TRUST PLC

                      Announcement of Interim Results for
                       six months ended 30 September 2002


Hansa Trust PLC today announces its interim results for six months ended 30
September 2002.


Financial Highlights


                                                               (Unaudited)                    (Audited)
                                                          Six months ended                   Year ended
                                                              30 September                     31 March
                                                                      2002                         2002
                                                                     £'000                        £'000

Total income                                                         1,591                        2,584
Return on ordinary activities before taxation                          898                        1,144

Net asset value per Ordinary share                                  288.2p                       371.5p
Net asset value per 'A' Ordinary share                              288.2p                       371.5p
Capital return per share                                           (85.2)p                      (42.4)p
Revenue return per share                                              3.7p                         4.9p
Dividend per Ordinary and 'A' Ordinary share                          1.8p                         5.0p


The following are attached:

•    Chairman's Statement
•    Consolidated Statement of Total Return
•    Consolidated Balance Sheet
•    Consolidated Cash Flow Statement
•    Notes to the interim accounts



For further information please contact:


Peter Gardner               Hansa Capital Limited               020 7647 5750

David Haggie                Haggie Financial Limited            020 7417 8989



HANSA TRUST PLC

CHAIRMAN'S STATEMENT


PERFORMANCE


During the six months to 30 September 2002, the net asset value per share fell
by 22.4% from 371.5p to 288.2p, compared to a fall of 29.6% for the Company's
benchmark, the FTSE All share Index.


The comparative figures for the medium and long term are as follows: over one
year the Company's net asset value per share fell by 14.9% compared to a fall of
23.0%, over three years the Company's net asset value per share fell by 10.0%
compared to a fall of 36.3%, over five years the Company's net asset value per
share rose by 2.8% compared to a fall of 26.6% and over ten years the Company's
net asset value per share rose by 183.6% compared to a rise of 49.4%.



At 30 September 2002 the discount on the Ordinary shares was 15.8% (17.2% as at
28 March 2002) and on the 'A' shares was 16.7% (17.9% as at 28 March 2002).



RESULTS AND DIVIDENDS



The revenue return for the period on ordinary activities after taxation amounted
to £898,000, of which £432,000 will be distributed to shareholders by way of an
interim dividend, and £466,000 will be transferred to reserves. The loss on the
capital account amounted to 85.2p per share.



The Board has declared an interim dividend of 1.8p per share, payable on 23
December 2002 to both the Ordinary and 'A' Ordinary shareholders on the register
of members on 13 December 2002.





OUTLOOK



I am pleased to announce that Mr Alex Hammond-Chambers has joined the Board. He
is a well-known and respected figure in the fund management industry and the
Company will undoubtly benefit from his extensive knowledge and experience of
financial markets.



I would like to take this opportunity to share some of our thoughts on the
Company's performance benchmark. We are very conscious of recent returns to
shareholders and have been reflecting on the appropriateness of our benchmark,
the FTSE All Share Index. There is little consolation in outperforming a falling
index if it entails losing capital. In the more sober markets that we now find
ourselves we believe setting a benchmark that reflects a positive absolute
return on investment is more appropriate and is more aligned with shareholders
interests. We hope to share the conclusions of our deliberations with you soon.



Finally, we are working closely with our advisers to ensure that the investment
strategy remains appropriate for delivering value to shareholders.



Jamie Borwick
Chairman
29 November 2002




HANSA TRUST PLC
CONSOLIDATED STATEMENT OF TOTAL RETURNS
Incorporating the revenue account for the six months ended 30 September 2002


                                    (Unaudited)                       (Unaudited)                         (Audited) 
                                 Six months ended                  Six months ended                        Year ended 
                                30 September 2002                 30 September 2001                     31 March 2002 
                      Revenue   Capital     Total      Revenue   Capital      Total     Revenue    Capital      Total 
                         £000      £000      £000         £000      £000       £000        £000       £000       £000 

  Losses on                 -   (20,449)  (20,449)           -   (18,793)  (18,793)           -   (10,141)   (10,141) 
  investments                                                                                                         
  Exchange                  -         -         -            -      (27)       (27)           -       (29)       (29)   
  (losses)/gains                                                                                           
  on currency                                                                                                         
  balances                                                                                                            

  Income                1,591         -     1,591        1,896         -      1,896       2,584          -      2,584 
  Investment            (300)         -     (300)        (341)         -      (341)       (641)          -      (641) 
  management                                                                                                          
  fees                                                                                                                
  Other expenses        (220)         -     (220)        (220)         -      (220)       (484)          -      (484) 
  Net                   1,071   (20,449)  (19,378)       1,335   (18,820)  (17,485)       1,459   (10,170)    (8,711) 
  return/(loss)                                                                                                       
  before finance                                                                                                      
  costs and                                                                                                           
  taxation                                                                                                            
  Interest              (173)         -     (173)        (156)         -      (156)       (315)          -      (315) 
  payable and                                                                                                         
  similar                                                                                                             
  charges                                                                                                             

  Return/(loss)           898   (20,449)  (19,551)       1,179   (18,820)  (17,641)       1,144   (10,170)    (9,026) 
  on ordinary                                                                                                         
  activities                                                                                                          
  before                                                                                                              
  taxation                                                                                                            

  Taxation                  -         -         -            -         -          -          23          -         23 
  charge on                                                                                                           
  ordinary                                                                                                            
  activities                                                                                                          

  Return/(loss)           898   (20,449)  (19,551)       1,179   (18,820)  (17,641)       1,167   (10,170)    (9,003) 
  on ordinary                                                                                                         
  activities                                                                                                          
  after taxation                                                                                                      

  Dividend on           (432)         -     (432)        (432)         -      (432)     (1,165)          -    (1,165) 
  Ordinary and                                                                                                        
  'A' Ordinary                                                                                                        
  shares                                                                                                              
  (equity)                                                                                                            
  Transfer                466   (20,449)  (19,983)         747   (18,820)  (18,073)           2   (10,170)   (10,168) 
  to/(from)                                                                                                           
  reserves                                                                                                            

  Return/(deficit)       3.7p   (85.2)p   (81.5)p         4.9p   (78.4)p    (73.5)p        4.9p    (42.4)p    (37.5)p 
  per Ordinary                                                                                                      
  share                                                                                                               



HANSA TRUST PLC

CONSOLIDATED BALANCE SHEET


                                             (Unaudited)                (Unaudited)                 (Audited)
                                            30 September               30 September                  31 March
                                                    2002                       2001                      2002
                                                    £000                       £000                      £000

Fixed assets - investments                        76,648                     91,541                    89,345

Current assets

Debtors                                              919                        407                       231
Investments                                          175                        430                        43
Cash at bank                                         113                        942                       488
                                                   1,207                      1,779                       762

Creditors
Amounts falling due within one year              (8,681)                   (12,068)                     (950)

Net current liabilities                          (7,474)                   (10,289)                     (188)

Net Assets                                        69,174                     81,252                    89,157



Capital and reserves

Called up share capital                            1,200                      1,200                     1,200
Capital reserve - realised                        82,474                     83,702                    81,800
Capital reserve - unrealised                    (16,749)                    (6,178)                     4,374
Revenue reserve                                    2,249                      2,528                     1,783
Total shareholders' funds                         69,174                     81,252                    89,157


Net asset value per Ordinary and 'A'
Ordinary shares                                   288.2p                     338.6p                    371.5p
                                                 


HANSA TRUST PLC

CONSOLIDATED CASH FLOW STATEMENT

for the six months ended 30 September


                                                         (Unaudited)            (Unaudited)         (Audited)
                                                    Six months ended       Six months ended        Year ended
                                                        30 September           30 September          31 March
                                                                2002                   2001              2002
                                                                £000                   £000              £000


Net cash inflow from operating activities                        963                  1,472             2,055

Service of finance
Interest paid                                                  (168)                  (163)             (325)

Net cash outflow from servicing of finance                     (168)                  (163)             (325)


Taxation
Taxation recovered                                                23                      -                71

Financial investments
Purchase of investments                                     (31,892)               (36,945)          (72,459)
Sales of investments                                          23,517                 31,595            76,625
Net cash inflow/(outflow)) from financial                    (8,375)                (5,350)             4,166
investment


Equity dividends paid                                          (768)                  (768)           (1,165)

Financing
Loans/(repayments)                                             7,950                      -           (5,500)

Decrease in cash                                               (375)                (4,809)             (698)



NOTES TO THE INTERIM ACCOUNTS

1.   Return per Ordinary and  'A' Ordinary Share
     
     Revenue return per share is calculated by dividing the net revenue 
     available for shareholders of £898,000, (six months ended 30 September 
     2001: £1,179,000, year ended 31 March 2002: £1,167,000) by the 24,000,000 
     shares in issue.

     Capital loss per share is calculated by dividing the net capital loss 
     available for shareholders of £20,449,000 (six months ended 30 September 
     2001: £18,820,000, year ended 31 March 2002: £10,170,000) by the 24,000,000 
     shares in issue.


2.   Comparative information

     The figures and the financial information for the year ended 31 March 2002 
     are an extract from the latest published accounts and do not constitute 
     statutory accounts for that year as defined by Section 240 of the Companies 
     Act 1985. Those accounts have been delivered to the Registrar of Companies 
     and include a report of the Auditors, which was unqualified and did not 
     contain a statement under either Section 237(2) or 237(3) of the Companies 
     Act 1985.


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


4.   The Interim Report has been prepared using accounting policies that are 
     consistent with those adopted in the statutory accounts for the year ended
     31 March 2002.


Hansa Capital Limited - Company Secretary
29 November 2002


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