Final Results

Mid Wynd Inter Inv Trust PLC
7 August 2001


                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                     Results for the year to 30 June 2001

                                7 August 2001

                                Salient points

  * Strong relative investment returns. NAV fell by 1.7% in the first half
    of the year and 2% in the second, against falls in the World Index of 8.4%
    and 5.3%. One of the major factors contributing to this was Good Stock
    Selection in most areas, notably the US.
  * Earnings for the year were 9.64p per share, compared with 8.59p
    (restated to the new accounting basis), a rise of 12.2%. However it is
    expected that earnings per share for the current year will be lower than
    last, mainly because of lower exposure to the (relatively) high yielding
    UK market and lower investment in conventional bonds.
  * Final dividend per share 5.10p. Total dividend for the year of 8.50p
    giving an increase of 2.4% on last year.
  * The number of shareholders has continued to rise. There has been an
    increase in the number of investors buying shares through the Baillie
    Gifford Investment Trust Share Plan as well as a 37% increase in the
    number of ISA schemes holding shares in Mid Wynd.
  * Global Outlook. There are signs that the US economy may be responding to
    the considerable fiscal and monetary stimulus which is being applied, and
    it seems reasonable to hope for further interest cuts in America and
    Europe, though not in the UK. The main problem facing markets is the lack
    of profits growth, but the Manager is confident that the companies in the
    portfolio will continue to produce satisfactory results as a whole.
  * New Accounting Policy for Earnings. It was reported in the Interim
    Report that the Board had decided to amend the charging policy for
    management fees and finance costs, so that 50% of such costs are to be
    charged to capital and 50% to revenue. On this basis earnings for the year
    to 30 June 2000 were restated to 8.59p from 7.00p.



The objective of Mid Wynd International Investment Trust PLC is to achieve
capital and income growth by investing on a worldwide basis. The trust has
total assets of £39m.

Mid Wynd is managed by Baillie Gifford & Co., the leading Edinburgh based fund
management group with £21 billion under management and advice

                                   - ends -

For further information please contact:

Michael MacPhee, Manager

Mid Wynd International Investment Trust PLC     0131 222 4000

Mike Lord, Director

Broadgate Marketing     020 7726 6111



Baillie Gifford & Co. is regulated by IMRO.

                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC

The following is the unaudited preliminary statement for the year to 30 June
2001 which was approved by the Board on 6 August 2001. The Directors of Mid
Wynd International Investment Trust PLC are recommending to the Annual General
Meeting of the Company to be held on 15 October 2001 the payment of a final
dividend of 5.10p net (5.00p net last year) per ordinary share, making a total
of 8.50p net (8.30p net last year) per ordinary share for the year ended 30
June 2001.

 
                                              STATEMENT OF TOTAL RETURN

                     (unaudited and incorporating the revenue account*)

                               For the year ended          For the year ended

                                  30 June 2001                30 June 2000
                                                               (restated+)

                              Revenue Capital Total       Revenue Capital Total

                              £'000   £'000   £'000       £'000   £'000   £'000

(Losses)/gains on investments -       (1,467) (1,467)       -     6,265   6,265

Currency gains/(losses)       -       83      83          -       (243)   (243)

Income (note 2)               849     -       849         804      -       804

Investment management fee     (105)   (105)   (210)       (101)   (101)   (202)

Other administrative expenses (130)   -       (130)       (147)   -       (147)

Net return before finance      614    (1,489) (875)       556     5,921   6,477
costs and taxation

Finance costs of borrowings   (11)    (11)    (22)        (13)    (13)    (26)

Return on ordinary activities  603    (1,500) (897)       543     5,908   6,451
before taxation

Tax on ordinary activities    (119)   35      (84)        (111)   34      (77)

Return on ordinary activities  484    (1,465) (981)       432     5,942   6,374
after taxation

Dividends in respect of       (427)   -       (427)       (417)   -       (417)
equity shares

Transfer to/(from) reserves   57      (1,465) (1,408)      15     5,942   5,957

Return per ordinary share     9.64p  (29.13p)(19.49p)    8.59p   118.19p 126.78p
(note 3)

Dividend per ordinary share   8.50p                       8.30p
(note 4)
                              

* 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.

+ Restated for changes in accounting policy (see note 1).

                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                           SUMMARISED BALANCE SHEET

                               at 30 June 2001

                                 (unaudited)


                                                    30 June           30 June
                                                   2001                 2000

                                                                   (restated+)
                                                   £'000             £'000

Net assets

Fixed asset investments                            38,362            37,226

Net liquid assets                                  1,100             3,578

Total assets (before deduction of bank loan)       39,462            40,804

Bank loan (note 5)                                 (1,939)           (1,873)

                                                   37,523            38,931

Capital and reserves

Called-up share capital                            1,257             1,257

Capital reserves                                   35,721            37,186

Revenue reserve                                    545               488

Equity shareholders' funds                         37,523            38,931

 Net asset value per ordinary share                746.3p            774.3p

Ordinary shares in issue                           5,027,766         5,027,766

+ Restated for changes in accounting policy (see note 1).

                            DISTRIBUTION OF ASSETS

                               at 30 June 2001

                                 (unaudited)
                                                     30 June         30 June
                                                      2001            2000

                                                      %               %

Equities:                 United Kingdom              16.1            18.3

                          Continental Europe          20.1            25.2

                          North America               35.0            22.4

                          Latin America               3.1             2.6

                          Japan                       9.0             10.1

                          Asia Pacific                3.1             3.2

                                                      86.4            81.8

Bonds:     United Kingdom                             3.9             6.0

           Continental Europe                         0.4             2.1

           North America                              6.5             0.6

           Latin America                              -               0.8

Net liquid assets                                     2.8             8.7

Total assets (before deduction of bank loan)          100.0           100.0

                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC
                        SUMMARISED CASH FLOW STATEMENT

                                  (unaudited)
                                                 For the year    For the year
                                                     ended           ended

                                                 30 June 2001    30 June 2000
                                                £'000  £'000        £'000 £'000
NET CASH INFLOW FROM OPERATING ACTIVITIES                475                343

NET CASH OUTFLOW FROM SERVICING OF FINANCE              (31)               (24)

FINANCIAL INVESTMENT

Acquisitions of investments                    (20,714)            (22,680)

Disposals of investments                        18,249              24,453

Realised currency (loss)/profit                 (87)                58

NET CASH (OUTFLOW)/INFLOW FROM FINANCIAL
INVESTMENT                                             (2,552)             1,831

EQUITY DIVIDENDS PAID                                  (422)              (417)

NET CASH (OUTFLOW)/INFLOW BEFORE FINANCING             (2,530)             1,733

FINANCING                                                           -

Bank loan drawn down                            1,997               -

Bank loan repaid                               (1,476)              -

Realised currency loss on bank loan            (285)

NET CASH INFLOW FROM FINANCING                          236                -

(DECREASE)/INCREASE IN CASH                            (2,294)             1,733

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN
NET (DEBT)/FUNDS

(Decrease)/increase in cash in the period              (2,294)             1,733

Cash used to repay bank loan                           (236)              -

Exchange movement                                      170                (301)

MOVEMENT IN NET (DEBT)/FUNDS IN THE PERIOD             (2,360)             1,432

NET FUNDS AT 1 JULY                                    1,699              267

NET(DEBT)/FUNDS AT 30 JUNE                             (661)              1,699

                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                                    NOTES


 1. The financial statements for the year to 30 June 2001 have been prepared on
    the basis of the accounting policies set out in the Company's financial
    statements at 30 June 2000, with the exception of a change in the policy
    for accounting for expenses connected with the maintenance or enhancement
    of the value of investments. In this respect, 50% of management fees,
    including related VAT, and finance costs are allocated to realised capital
    reserves in accordance with the Company's objective of combining capital
    and income growth. Previously, all management fees, and related VAT, and
    finance costs were charged 100% to revenue. The effect of the change in
    accounting policy is to increase revenue return, and to decrease capital
    return, attributable to equity shareholders by £81,000 (2000 - £80,000).
    The total return figures have been restated and there has been a transfer
    between capital and revenue reserves at 1 July 2000 to take account of the
    change. There is no impact on total return recognised in either period.


                                                   30 June 2001     30 June 2000

                                                      £'000            £'000

 2. Income

     Income from investments and interest receivable    849              804

     Other income                                       Nil              Nil


    3.     Return per ordinary share (restated)

     Revenue return                                     484              432

     Capital return                                    (1,465)           5,942


    Return per ordinary share is based on the above totals for revenue and
    capital and on 5,027,766 ordinary shares, being the number of ordinary
    shares in issue throughout each year.


 4. The total cost of the dividend for the year is £427,000 (2000 - £417,000).
    If approved the final dividend will be paid on 17 October 2001 to all
    shareholders on the register at the close of business on 28 September
    2001.


 5. Loans include Y340 million drawn down under a yen loan facility which is
    repayable on 6 February 2002 (2000 - Y300 million).

 6. The financial information set out above does not constitute the Company's
    statutory accounts for the year ended 30 June 2001. The financial
    information for 2000 is derived from the statutory accounts for 2000,
    which have been delivered to the Registrar of Companies. The Auditors have
    reported on the 2000 accounts, their report was unqualified and did not
    contain a statement under section 237(2) or (3) of the Companies Act 1985.
    The statutory accounts for 2001 will be finalised on the basis of the
    financial information presented in this preliminary announcement and will
    be delivered to the Registrar of Companies following the Company's Annual
    General Meeting.