Interim Results

Mid Wynd Inter Inv Trust PLC
6 February 2001



                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                Results for the six months to 31 December 2000

                               6 February 2001

                                Salient points


  * Net Asset Value per share fell by 1.7% to 761.2p, which compares
    favourably with the fall of 8.4% in the FTSE World Index (in sterling
    terms).

  * 50% of management fees and finance costs to be charged to capital. The
    Board has amended accounting policy so that in future 50% of such costs
    will be charged to capital to reflect the Company's objective of combining
    capital and income growth.

  * Earnings for the first half of the year have risen to 4.25p as compared
    to 3.35p on a restated basis.

  * Increased interim dividend to 3.40p from 3.30p.

  * Excellent stock selection. The main reasons for Mid Wynd's
    outperformance of the comparative index is outperformance of American
    stocks combined with being underweight in equities in general and Japanese
    equities in particular.

  * A mixed investment outlook. Weakness in the American economy is expected
    to continue although monetary conditions are easing. European economic
    prospects look more balanced but Japan remains fragile, with confidence
    undermined by company bankruptcies and a poor political and fiscal
    situation.

The objective of the 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 £40.0m.

Mid Wynd International Investment Trust PLC is managed by Baillie Gifford &
Co., the leading independent Edinburgh based fund management group with around
£22 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

                       Interim Report 31 December 2000



Over the six months to 31 December 2000 the Trust's net asset value per share
fell by 1.7% to 761.2p. The fall in our net asset value compares favourably
with the fall of 8.4% in the FTSE World Index (in sterling terms). Markets
fared badly over this period, driven down by a combination of increasing
worries about corporate earnings prospects and a markedly slower US economic
environment. Global telecommunications stocks suffered especially badly from
the combination of revenue uncertainties, increased capital needs and an
increasing cost of capital. Technology stocks fell, in some cases drastically,
with news of weak personal computer sales and general weakening of corporate
investment plans. Even now, following some recovery, the technology biased
American NASDAQ market has fallen by almost 50% from its peak last March.

The main reasons why Mid Wynd's asset value has fallen by significantly less
than the comparative index have been that our selection of American stocks has
outperformed the market and that throughout the period we have been
underweight in equities in general and in Japan in particular. We anticipate
continued weakness in the American economy, although monetary conditions are
easing. European economic prospects look more balanced by comparison.
Unemployment has been falling, inflation is starting to fall back, activity
has moderated at reasonable levels and consumers on the Continent can look
forward to tax cuts this year. Japan remains fragile, with confidence
undermined by news of company bankruptcies and a poor political and fiscal
situation.

The Board has decided to amend the policy of charging all management fees and
finance costs to the income account. Having regard to the Company's objective
of combining capital and income growth the Board feels that it is appropriate
to charge 50% of such costs to capital. This change in policy is increasingly
becoming common practice within the investment trust industry. On the new
accounting basis earnings for the first half of the year have risen to 4.25p
as compared to 3.35p (on a restated basis) for the same period last year. This
reflects a higher proportion of fixed income investments together with
increased levels of deposit income from higher average cash balances. The
outcome for the full year is expected to be more in line with last year. The
Board has declared a small increase in the interim dividend to 3.40p from
3.30p.



By order of the Board

Baillie Gifford & Co.

5 February 2001

The following is the interim statement for the six months ended 31 December
2000 which has been neither reviewed nor audited by the auditors. This
statement is being printed and will be sent to all shareholders on 16 February
2001. Copies will be available for inspection at the Registered Office of the
Company or may be obtained on request from the Managers and Secretaries after
that date.

                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                          STATEMENT OF TOTAL RETURN

              (unaudited and incorporating the revenue account*)

                 for the six months ended     for the six months ended       
                  31 December 2000             31 December 1999 (restated+)   
                  Revenue   Capital   Total    Revenue      Capital   Total   
                  £'000     £'000     £'000    £'000        £'000     £'000   
  Realised            -     2,057     2,057        -        1,430     1,430   
  gains on                                                                    
  investments                                                                 
  Unrealised          -    (2,761)   (2,761)       -        4,410     4,410   
  (losses)/gains                                                              
  on investments                                                              
  Currency            -        44        44        -         (180)     (180)   
  gains/(losses)                                                              
  (note 3)                                                                    
  Income (note      392         -       392      326            -       326     
  4)                                                                          
  Investment        (54)      (54)     (108)     (48)         (48)      (96)    
  management fee                                                              
  Other             (74)        -       (74)     (74)           -       (74)    
  administrative                                                              
  expenses                                                                    
  Net return        264      (714)     (450)     204        5,612     5,816   
  before                                                                      
  finance costs                                                               
  and taxation                                                                
  Finance costs      (6)       (6)      (12)      (6)          (6)      (12)    
  of borrowings                                                               
  Return on         258      (720)     (462)     198        5,606     5,804   
  ordinary                                                                    
  activities                                                                  
  before                                                                      
  taxation                                                                    
  Tax on            (44)       17       (27)     (30)          13       (17)    
  ordinary                                                                      

  activities                                                                  
  Return on         214      (703)     (489)     168        5,619     5,787   
  ordinary                                                                    
  activities                                                                  
  after taxation                                                              
  Dividends in     (171)        -      (171)    (166)           -      (166)   
  respect of                                                                  
  equity shares                                                               
  Transfer           43      (703)     (660)       2        5,619     5,621   
  to/(from)                                                                   
  reserves                                                                    
  Return per      4.25p     (13.98p)  (9.73p)  3.35p        111.76p   115.11p 
  ordinary                                                                    
  share                                                                       
  (note 5)                                                                    
  Dividend per    3.40p                        3.30p                          
  ordinary                                                                    
  share (note 6)                                                              
 

                            for the year ended       
                            30 June 2000 (restated+) 
                                                                              
                                                  Revenue   Capital   Total   
                                                  £'000     £'000     £'000   
  Realised gains on investments                       -     5,499     5,499   
  Unrealised (losses)/gains on investments            -       766       766     
  Currency gains/(losses) (note 3)                    -      (243)     (243)   
  Income (note 4)                                   804         -       804     
  Investment management fee                        (101)     (101)     (202)   
  Other administrative expenses                    (147)        -      (147)   
  Net return before finance costs and taxation      556     5,921     6,477   
  Finance costs of borrowings                       (13)      (13)      (26)    
  Return on ordinary activities before taxation     543     5,908     6,451   
  Tax on ordinary activities                       (111)       34       (77)    
  Return on ordinary activities after taxation      432     5,942     6,374   
  Dividends in respect of equity shares            (417)        -      (417)   
  Transfer to/(from) reserves                        15     5,942     5,957   
  Return per ordinary share                        8.59p   118.19p   126.78p 
  (note 5)                                                                    
  Dividend per ordinary share (note 6)            8.30p                       
 
 

* 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 31 December 2000

                                (unaudited)

                                                    31 December         30 June
                                                           2000            2000
                                                                    (restated +)
                                                         £'000           £'000
                                                                         
NET ASSETS
Fixed asset investments                                 37,982          37,226
Net liquid assets                                        2,048           3,578
Total assets (before deduction of loan)                 40,030          40,804
Bank loan (note 2)                                      (1,759)         (1,873)
                                                        38,271          38,931
CAPITAL AND RESERVES
Called-up share capital                                  1,257           1,257
Capital reserves                                        36,483          37,186
Revenue reserve                                            531             488
EQUITY SHAREHOLDERS' FUNDS                              38,271          38,931
NET ASSET VALUE PER ORDINARY SHARE                      761.2p          774.3p
Ordinary shares in issue                             5,027,766       5,027,766


+ restated for change in accounting policy
(see note 1)



                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC
                        SUMMARISED CASH FLOW STATEMENT

                                  (unaudited)
                                                  Six months to       Year to
                                                31 December 2000      30 June
                                                                       2000
                                               £'000     £'000    £'000   £'000
NET CASH INFLOW FROM OPERATING ACTIVITIES                  193              343
NET CASH OUTFLOW FROM SERVICING OF FINANCE                (14)             (24)
TOTAL TAX PAID                                               -                -
FINANCIAL INVESTMENT

Acquisitions of investments                   (13,238)           (22,680)

Disposals of investments                       12,091             24,453

Realised currency (loss)/profit                   (70)                58
NET CASH (OUTFLOW)/ INFLOW FROM FINANCIAL               (1,217)           1,831
INVESTMENT                                           

EQUITY DIVIDENDS PAID                                     (251)            (417)
(DECREASE)/INCREASE IN CASH                             (1,289)           1,733
RECONCILIATION OF NET CASH FLOW TO MOVEMENT
IN NET FUNDS

(Decrease)/increase in cash in the period     (1,289)              1,733
Exchange movement                                114                (301)
MOVEMENT IN NET FUNDS IN THE PERIOD                     (1,175)           1,432
NET FUNDS AT 1 JULY 2000                                 1,699              267
NET FUNDS AT 31 DECEMBER 2000                              524            1,699





                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC
                        TWENTY LARGEST EQUITY HOLDINGS

                              at 31 December 2000
                                                               Market      % of
                                                                value     total
Name                  Business
                                                                £'000    assets
* Philip Morris       Tobacco, food and beer                    1,502       3.8
* Freddie Mac         Residential mortgage investor               954       2.4
* Amerada Hess        Oil and gas production                      895       2.2
* Golden West         Savings and loans                           822       2.1
Financial
* DST Systems         Mutual fund computer services               816       2.0
GlaxoSmithKline       Pharmaceuticals                             772       1.9
* Walgreen            Pharmacy chain                              683       1.7
Vodafone Group        Mobile telecommunications                   664       1.7
+ National Toll Roads Toll bridge operator                        660       1.6
* Choicepoint         Risk management services                    610       1.5
* Total Fina Elf      Integrated oil                              597       1.5
* Marsh and McLennan  Insurance broking, fund management          572       1.4
* Akzo Nobel          Chemicals and pharmaceuticals               544       1.4
* Shering-Plough      Pharmaceuticals                             524       1.3
* Costco Wholesale    Warehouse clubs                             457       1.1
BP Amoco              International oil                           446       1.1
* Aventis             Pharmaceuticals                             445       1.1
* Novartis            Pharmaceuticals                             444       1.1
* EOG Resources       Natural gas exploration and                 444       1.1
                      production
* CVS                 Pharmacy chain                              421       1.1
                                                               13,272      33.1

* Primary listing outwith the UK

+ Unlisted security

                            DISTRIBUTION OF ASSETS

                             at 31 December 2000

                                 (unaudited)
                                                 31 December       30 June 2000
                                                        2000
                                                                              %
                                                           %
Equities:      United Kingdom                           18.3               18.3
               Continental Europe                       22.2               25.2
               North America                            32.8               22.4
               Latin America                             2.6                2.6
               Japan                                     6.2               10.1
               Asia Pacific                              2.5                3.2
Total equities                                          84.6               81.8
United Kingdom bonds                                     4.2                6.0
Continental European bonds                               0.2                2.1
North American bonds                                     5.9                0.6
Latin American bonds                                       -                0.8
Net liquid assets                                        5.1                8.7
Total assets (before deduction of bank loan)           100.0              100.0

                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                                    NOTES


    1.


 a. The financial statements for the six months to 31 December 2000 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 £43,000
    for the six months to 31 December 2000 (£41,000 for the six months to 31
    December 1999 and £80,000 for the year ended 30 June 2000). There is no
    impact on total return recognised in any period.

 b. Franked dividends for the six months to 31 December 1999 have been restated
    and are accounted for in accordance with FRS16 'Current Tax', accounting
    for UK dividend income net of tax, in accordance with the change in
    accounting policy adopted in the financial statements for the year to 30
    June 2000. The effect of this change is to reduce gross income and
    taxation equally by £9,000; the net effect has no impact on the revenue
    return attributable to equity shareholders.

 c. The Interim Report was approved by the Board on 5 February 2001.


 2. A three year yen loan was arranged with The Royal Bank of Scotland plc in
    1998. The loan expires on 12 February 2001. At 31 December 2000 and 30
    June 2000 there were outstanding drawings of Y300 million.

                            31 December         31 December        30 June 2000
                                   2000              1999
                                  £'000         (restated)            (restated)
                                                    £'000                 £'000
                                                    
3. Currency gains/
(losses)
                                   
        Realised exchange           (70)                67                  58
        differences

        Movement in
        unrealised
        exchange                    114               (247)
        difference on yen                                                 (301)
        loan

                                     44               (180)               (243)
4. Income


        Income from
        investments and
        interest                    392                 326                 804
        receivable
                                    Nil                 Nil                 Nil
        Other income

 5. Return per ordinary
    share

                                    214                 168                 432
        Revenue return
                                  (703)               5,619               5,942
        Capital return



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


 6. The interim dividend will be paid on 6 April 2001 to all shareholders on
    the register at the close of business on 16 March 2001.

 7. The financial information for the year ended 30 June 2000 has been
    extracted from the full accounts which have been filed with the Registrar
    of Companies and which contain an unqualified Auditors' Report.