Interim Results

Mid Wynd Inter Inv Trust PLC
11 February 2003

EMBARGOED UNTIL 7am, Tuesday 11th February, 2003


                  MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                 Results for the six months to 31 December 2002

                                11 February 2003


Salient points

  • Continued outperformance in falling markets. NAV per share fell 14.1% to
    543.6p compared with a fall of 17.1% in the FTSE World Index (in sterling
    terms).

  • Roller coaster markets. Whilst the result represents a loss in absolute
    terms, strong relative performance has been achieved against a background of
    considerable market volatility. This volatility is a consequence of the
    conflict between fiscal and monetary stimulus on the one hand and underlying
    structural fragility on the other.

  • Earnings per share rise to 4.10p compared with 3.42p in the corresponding
    period in 2001. This reflects an increase in allocation to fixed income
    securities in early 2002 and a fall in the management fee. However, income
    for the year as a whole is not expected to be materially different from the
    10.18p earned in 2002.

  • Interim dividend 3.70p up from 3.60p in the corresponding period in 2001.

  • Cautious outlook - but some brighter signs for equities. Despite
    continuing concerns over profitability, consumer spending and deteriorating
    prospects for UK and continental banks, overall valuations are much more
    attractive than for some years. In the short term the outlook remains
    uncertain and the Company will focus on equities with the potential for
    revenue growth, pricing power and cash flow generation.

The objective of Mid Wynd International Investment Trust PLC is to achieve
capital and income growth by investing on a worldwide basis. The Company has
total assets of £29m.


Mid Wynd is managed by Baillie Gifford & Co., the leading Edinburgh based fund
management group with £19 billion under management and advice (at 31.12.02).

                                    - 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 the FSA.



                  MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                                 Interim Report


Over the six months to 31 December 2002 the Trust's net asset value per share
fell by 14.1% to 543.6p. This is rather better than the fall in the FTSE World
Index (in sterling terms) of 17.1%, although the degree of outperformance is
less than in the previous six months to June. However, although the performance
has been satisfactory in relative terms, in absolute terms it still represents a
further loss. Markets have again endured a roller coaster ride, falling first as
expectations for corporate profits and economic activity declined, then
recovering sharply from early October only to fall back again in December. This
represents the unwelcome continuation of prior patterns. This volatility is the
result of a struggle between the forces of fiscal and monetary stimulus on the
one hand and underlying structural fragility on the other. The fragility stems
from over-investment, over-consumption, excessive debt and the increasingly
unbalanced pattern of global trade and activity which built up during the 1990s
boom. Japanese and European economies remain weak, the US more resilient, helped
in large part by rapidly increasing government spending.


It might be argued that the appropriate treatment for over-investment,
over-leverage and over-supply is a period of sub trend growth during which weak
businesses go to the wall and stronger ones slowly work themselves back into
shape. The problem is the extremes to which over-exuberance was allowed to
develop. The avoidance of deep recession currently requires urgent measures
tantamount to giving a weak patient high doses of adrenaline. This endeavour is
reflected in the rather convulsive and disappointing performance of equity
markets. It is hard to believe that the best cure for excess capacity and
falling returns is a persistent attempt to keep capital cheap, but there is no
alternative viable short term fix.


As we enter the new year, there are some brighter signs for equity investors,
not least that in many cases valuations have become unusually attractive. Plenty
of companies are showing signs of seizing greater control of their own
destinies. Cost cutting, innovation and productivity are the most convincing
investment themes at present. Cash flow management is key, and differentiation
between winners and losers is becoming increasingly apparent. This is most
evident in the beleaguered telecoms sector, where the reduction of competition
and the stress on many balance sheets has restored an orderly and, in the case
of the mobile sector, growing market. Cash flow generation is being transformed.
The news on profits is not all sanguine, however. There are signs that
Anglo-Saxon consumers, hitherto a bulwark of strength, are starting to cool
down. UK retail banks are seeing deterioration in their business prospects, and
continental banks face similarly challenging conditions. It is difficult to
envisage a convincing or rapid recovery in profits and margins across a wide
range of sectors or countries against this background. We maintain a cautious
overall stance, therefore, and a focus within equities on revenue growth,
pricing power and cash flow generation.


Earnings for the first half have risen to 4.10p (3.42p) per share. This reflects
an early 2002 increase in the allocation to higher yielding fixed income
securities at the expense of equities, together with a fall in the management
fee as a consequence of the fall in NAV over the period. In the second half
however, there will be no benefit from the addition to fixed income, and for the
year as a whole income is not expected to be materially different from the
10.18p earned in 2002. The Board has declared an increased interim dividend of
3.70p (3.60p).


                                                           By order of the Board

                                                           Baillie Gifford & Co.

                                                                10 February 2003


The following is an interim statement for the six months ended 31 December 2002
which has been neither reviewed nor audited by the auditors. This statement is
being printed and will be sent to all shareholders on 17 February 2003. 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           for the year ended
                                31 December 2002               31 December 2001                  30 June 2002

                           Revenue   Capital    Total     Revenue    Capital    Total    Revenue   Capital     Total
                            £'000     £'000     £'000      £'000      £'000     £'000     £'000     £'000      £'000

Realised losses on
investments                      -    (2,154)   (2,154)          -      (620)     (620)        -       (996)      (996)

Unrealised losses on             -    (2,402)   (2,402)          -    (2,773)   (2,773)        -     (4,803)    (4,803)
investments

Currency gains (note 3)          -        86        86           -       151       151         -         88         88

Income (note 4)                368         -       368         319         -       319       858          -        858

Investment management fee      (36)      (36)      (72)        (44)      (44)      (88)      (88)       (88)      (176)

Other administrative           (82)        -       (82)        (69)        -       (69)     (122)         -       (122)
expenses

Net return before finance
costs and taxation             250    (4,506)   (4,256)        206   (3,286)    (3,080)      648     (5,799)    (5,151)

Finance costs of                (2)       (2)       (4)         (4)      (4)        (8)       (7)        (7)       (14)
borrowings

Return on ordinary
activities before              248    (4,508)   (4,260)        202    (3,290)   (3,088)      641     (5,806)    (5,165)
taxation

Tax on ordinary                (42)        11      (31)        (30)      13        (17)     (129)        29       (100)
activities

Return on ordinary
activities after taxation      206    (4,497)   (4,291)        172    (3,277)   (3,105)      512     (5,777)    (5,265)

Dividends in respect of
equity shares                 (186)        -      (186)       (181)        -      (181)     (448)         -       (448)

Transfer to/(from)              20    (4,497)   (4,477)         (9)   (3,277)   (3,286)       64     (5,777)    (5,713)
reserves

Return per ordinary share     4.10p  (89.44p)  (85.34p)       3.42p  (65.18p)  (61.76p)    10.18p  (114.91p)  (104.73p)
(note 5)

Dividend per ordinary
share (note 6)                3.70p                           3.60p                         8.90p
                                                                                            

* 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.


                                                          MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                                                                    SUMMARISED BALANCE SHEET

                                                                       at 31 December 2002

                                                                           (unaudited)


                                                        31 December 2002        31 December 2001          30 June 2002
                                                                   £'000                   £'000                 £'000
NET ASSETS

Fixed asset investments                                           28,764                 35,484                 33,167

Net liquid assets                                                    349                    535                    504

Total assets (before deduction of loan)                           29,113                 36,019                 33,671

Bank loan (note 2)                                                (1,780)                (1,782)                (1,861)

                                                                  27,333                 34,237                 31,810

CAPITAL AND RESERVES

Called-up share capital                                            1,257                  1,257                  1,257

Capital reserves                                                  25,447                 32,444                 29,944

Revenue reserve                                                      629                    536                    609

EQUITY SHAREHOLDERS' FUNDS                                        27,333                 34,237                 31,810


NET ASSET VALUE PER ORDINARY SHARE                                 543.6p                 681.0p                 632.7p

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



                                                          MID WYND INTERNATIONAL INVESTMENT TRUST PLC


                                                                 SUMMARISED CASH FLOW STATEMENT

                                                                          (unaudited)


                                                          Six months to            Six months to              Year to
                                                         31 December 2002        31 December 2001           30 June 2002
                                                                 £'000                   £'000                    £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                           239                     55                      381

NET CASH OUTFLOW FROM SERVICING OF FINANCE                           (7)                    (8)                     (12)

TOTAL TAX PAID                                                         -                     -                       (1)

FINANCIAL INVESTMENT

Acquisitions of investments                                      (7,551)                (8,979)                 (14,716)

Disposals of investments                                          7,278                  8,408                   14,204

Realised currency profit/(loss)                                       5                     (6)                       10

NET CASH OUTFLOW FROM FINANCIAL INVESTMENT                         (268)                  (577)                    (502)
                                                                   
EQUITY DIVIDENDS PAID                                              (267)                  (256)                    (437)

DECREASE IN CASH                                                   (303)                  (786)                    (571)

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN
NET DEBT

Decrease in cash in the period                                     (303)                  (786)                    (571)

Exchange movement                                                    81                    157                       78

MOVEMENT IN NET DEBT IN THE PERIOD                                 (222)                  (629)                    (493)

NET DEBT AT 1 JULY                                               (1,154)                  (661)                   (661)

NET DEBT AT 31 DECEMBER/30 JUNE                                  (1,376)                (1,290)                  (1,154)




                                     MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                                             TWENTY LARGEST EQUITY HOLDINGS

                                                  at 31 December 2002

                                                
  Name                                         Business                                       Market value    % of total
                                                                                                     £'000        assets

*    Altria Group                               Tobacco, food and beer                                 806           2.8
*    Freddie Mac                                Mortgages                                              759           2.6
*    Golden West Financial                      Savings and loans                                      714           2.5
     Vodafone                                   Mobile telecommunication services                      566           2.0
     GlaxoSmithKline                            Pharmaceuticals                                        546           1.9
*    Pfizer                                     Pharmaceuticals                                        532           1.8
     Imperial Tobacco                           Tobacco                                                528           1.8
*    Sanofi-Synthelabo                          Pharmaceuticals                                        364           1.3
     BP                                         Integrated oil                                         352           1.2
*    Total Fina Elf                             Integrated oil                                         333           1.1
+    MAC Japan Active Shareholder Fund LP       Shareholder activist fund                              325           1.1
*    Marsh & McLennan                           Insurance broking and fund management                  316           1.1
*    Eli Lilly                                  Pharmaceuticals                                        316           1.1
     Royal Bank of Scotland                     Banking                                                302           1.0
*    Suncor Energy                              Integrated oil                                         291           1.0
*    Walgreen                                   Pharmacy chain                                         272           0.9
*    ENI                                        Oil and gas                                            270           0.9
*    Automatic Data Process                     Payroll processing                                     268           0.9
*    Wellpoint                                  Managed healthcare                                     265           0.9
*    Brisa Auto Estradas                        Toll road operator                                     261           0.9
                                                                                                     8,386          28.8

* primary listing outwith the UK

+ unlisted security

                                                                     DISTRIBUTION OF ASSETS

                                                                       at 31 December 2002

                                                                            (unaudited)


                                               31 December 2002           31 December 2001             30 June 2002
                                                      %                          %                          %

Equities: United Kingdom                             16.6                       17.1                       16.4
Continental Europe                                   17.1                       20.2                       19.2
North America                                        27.3                       34.6                       28.0
Japan                                                8.4                        7.9                        9.4
Asia Pacific                                         3.6                        3.3                        3.1
Other Emerging Markets                               2.7                        2.6                        2.3
Total equities                                       75.7                       85.7                       78.4
Sterling bonds                                       6.7                        4.9                        5.7
Euro bonds                                           16.4                       7.9                        8.9
US Dollar bonds                                       -                          -                         5.5
Net liquid assets                                    1.2                        1.5                        1.5
Total assets (before deduction of bank              100.0                      100.0                      100.0
loan)


                                      MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                                                         NOTES


1.     The financial statements for the six months to 31 December 2002 have been prepared on the basis of the accounting
       policies set out in the Company's Annual Financial Statements at 30 June 2002.

       The Interim Report was approved by the Board on 10 February 2003.

2.     A one year yen loan has been arranged with The Bank of New York. The loan expired on 5 February 2003 but has been
       further extended. At 31 December 2002 there were outstanding drawings of Y340 million
       (31 December 2001 and 30 June 2002 - Y340 million).

                                                                     31 December 2002   31 December 2001         30 June
                                                                                                                    2002
                                                                                £'000              £'000           £'000
3.     Currency gains/(losses)
       Realised exchange differences                                               5                 (6)             10
       Movement in unrealised exchange differences on Yen loan                    81                157              78
                                                                                  86                151              88
4.     Income
       Income from investments and interest receivable                           367                319             857
       Other income                                                                1                Nil               1

5.     Return per ordinary share
       Revenue return                                                            206                172             512
       Capital return                                                         (4,497)            (3,277)         (5,777)

       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 7 April 2003 to shareholders on the register at the close of business on
       14 March 2003.

7.     The financial information for the year ended 30 June 2002 has been extracted from the full accounts which have
       been filed with the Registrar of Companies and which contain an unqualified Auditors' Report.



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