Interim Results - 6 Months to 31 December 1999

Mid Wynd Inter Inv Trust PLC
1 February 2000



Mid Wynd International Investment Trust PLC
Results for the six months to 31 December 1999


Salient points:

*       NAV up 17.0per cent to 767.6p, compared with rises of 11.6per cent in
the FT/S&P Actuaries World Index (in sterling terms) and 10.0per cent in the
FTSE Actuaries All Share Index.

*       Interim dividend maintained at 3.30p.

*       Weighting towards technology and telecoms.  Strong stock selection in
Japan and Europe made an important contribution to the Company's overall
performance.

*       Earnings per share 2.53p (3.02p).  The reduction in earnings reflects
an increased bias towards lower yielding growth companies in the portfolio.

*       Asset allocation shifted towards Europe.  The Company added to its
holdings in Europe, reduced in the UK and took profits in Japan. The bulk of
cash holdings were moved into corporate bonds, which provide a better income
than the money market.

*       Supporters of the AITC's its' campaign.  Mid Wynd has contributed to
its' and is increasing its marketing to derive maximum spin-off advantage.
Increased enquiries have already been noted.

Mid Wynd is managed by Baillie Gifford & Co., the leading Edinburgh based fund
management group with over GBP20 billion funds under management and advice. 
An ISA and Share Plan are available.

For further information please contact:
Michael MacPhee, Partner
Baillie Gifford & Co       0131 222 4000

Mike Lord, Director
Broadgate Marketing        0171 726 6111

Baillie Gifford & Co. is regulated by IMRO.



MID WYND INTERNATIONAL INVESTMENT TRUST PLC
INTERIM REPORT

Over the six months to 31 December 1999 the Trust's net asset value per share
rose by 17.0per cent to 767.6p.  Markets did well over this period as
inflationary fears largely failed to materialise despite evidence of continued
strong growth in America and increasing momentum in Europe.  Although interest
rates were raised in the UK, Europe and America, prospects for a period of
sustained growth with little inflation appeared to improve, and stockmarkets
responded by pushing up the valuations of companies that will benefit
disproportionately from this. Polarisation in markets became quite extreme as
high growth investments in telecoms and technology forged well ahead of other
sectors.  Sector  exposure and stock selection were thus far more important
than geographical distribution during this period.  The rise in our net asset
value compares favourably with the rises of 11.6per cent in the FT/S&P
Actuaries World Index (in sterling terms) and 10.0per cent in the FTSE
Actuaries All Share Index.

The main causes of this favourable outcome were good stock selection in Europe
and Japan, markets in which we had big positions in the favoured sectors of
telecoms and technology.  As far as geographical exposure is concerned we
added in Europe, reduced in the UK and took some of our profits in Japan.  We
also switched the bulk of our cash holdings into corporate bonds, which
provide considerably better income than is available in the money market.

Earnings for the first half of the year have fallen to 2.53p (3.02p) per share
reflecting an increased bias towards lower yielding growth companies in the
portfolio and higher  management and promotional expenses.  The outcome for
the full year is expected to be similarly below last year's earnings of 7.60p.
 The Board has declared an unchanged interim dividend of 3.30p and expects
also to recommend an unchanged final dividend.  This may again involve drawing
on revenue reserves, reflecting the current bias towards lower yielding
shares, a policy which has however produced handsome capital growth of 17.2per
cent (112.58p per share) over the last six months.

By Order of the Board
Baillie Gifford & Co.
31 January 2000


The following is an interim statement for the six months ended 31 December
1999 which has been neither reviewed nor audited by the auditors.  This
statement is being printed and will be sent to all shareholders on 18 February
2000. 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 31 December 1999
                                      Revenue        Capital          Total
                                      GBP'000          GBP'000           
GBP'000

Realised gains on                      -             1,430            1,430
investments

Unrealised profits/(losses)            -             4,410            4,410
on investments

Currency losses (note 1)               -              (180)            (180)

Income (note 2)                        335              -               335

Investment management fee              (96)             -               (96)

Other administrative                   (73)             -               (73)
expenses                               _______________________________________

Net return before                      166            5,660           5,826
finance costs and
taxation

Finance costs of                       (13)             -               (13)
borrowings                             _______________________________________

Return on ordinary                     153            5,660           5,813
activities before taxation

Tax on ordinary                        (26)             -               (26)
activities                             _______________________________________

Return on ordinary                     127            5,660           5,787
activities after taxation

Dividends in
respect of equity                     (166)             -              (166)
shares                                 _______________________________________

Transfer (from)/to                     (39)           5,660           5,621
reserves                               _______________________________________

Return per
ordinary share                        2.53p          112.58p         115.11p
(note 3)                              ________________________________________

Dividend per
ordinary share (note 4)               3.30p
                                      _____

* 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.



MID WYND INTERNATIONAL INVESTMENT TRUST PLC STATEMENT OF TOTAL RETURN

(unaudited and incorporating the revenue account*)

for the six months ended 31 December 1998
                                      Revenue        Capital          Total
                                      GBP'000          GBP'000           
GBP'000

Realised gains on                      -               987              987
investments

Unrealised profits/(losses)            -            (2,410)          (2,410)
on investments

Currency losses (note 1)               -              (253)            (253)

Income (note 2)                        334              -               334

Investment management fee              (74)             -               (74)

Other administrative                   (60)             -               (60)
expenses                               _______________________________________

Net return before                      200           (1,676)          (1,476)
finance costs and
taxation

Finance costs of                       (13)             -               (13)
borrowings                             _______________________________________

Return on ordinary                     187           (1,676)         (1,489)
activities before taxation

Tax on ordinary                        (35)             -               (35)
activities                             _______________________________________

Return on ordinary                     152           (1,676)         (1,524)
activities after taxation

Dividends in
respect of equity                     (166)             -              (166)
shares                                 _______________________________________

Transfer (from)/to                     (14)          (1,676)          (1,690)
Reserves                               _______________________________________

Return per
ordinary share                        3.02p          (33.34p)         (30.32p)
(note 3)                               _______________________________________

Dividend per
ordinary share(note 4)                3.30p
                                      _____

* 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.






MID WYND INTERNATIONAL INVESTMENT TRUST PLC STATEMENT OF TOTAL RETURN

(unaudited and incorporating the revenue account*)

for the year ended 30 June 1999
                                      Revenue        Capital          Total
                                      GBP'000          GBP'000           
GBP'000

Realised gains on                      -              2,368           2,368
investments

Unrealised profits/(losses)            -                780             780
on investments

Currency losses (note 1)                -              (264)            (264)

Income (note 2)                        761              -               761

Investment management fee             (159)             -              (159)

Other administrative                   (98)             -               (98)
expenses                               _______________________________________

Net return before                      504            2,884            3,388
finance costs and
taxation

Finance costs of                       (24)             -               (24)
borrowings                              ______________________________________

Return on ordinary                     480            2,884           3,364
activities before taxation

Tax on ordinary                        (98)             -               (98)
activities                              ______________________________________

Return on ordinary                     382            2,884            3,266
activities after taxation

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

Transfer (from)/to                     (35)           2,884            2,849
reserves

Return per
ordinary share                        7.60p           57.36p           64.96p
(note 3)                              ________________________________________

Dividend per
ordinary share (note 4)               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.




MID WYND INTERNATIONAL INVESTMENT TRUST PLC
SUMMARISED BALANCE SHEET
AS AT 31 DECEMBER 1999 (unaudited)

                                            31 December 1999   30 June 1999
                                                 GBP'000              GBP'000
NET ASSETS                                                              
Fixed asset investments                          39,935            33,058
Net liquid assets                                   479             1,488
                                                 _____________________________
Total assets (before deduction of                    
bank loan)                                       40,414            34,546
Bank loan (note 5)                               (1,819)           (1,572)
                                                 _____________________________
                                                 38,595            32,974
                                                 _____________________________
CAPITAL AND RESERVES                                                          
   
Called-up share capital                           1,257             1,257
Capital reserves                                 36,904            31,244
Revenue reserve                                     434               473
                                                 ____________________________
EQUITY SHAREHOLDERS' FUNDS                       38,595            32,974
                                                 _____________________________

NET ASSET VALUE PER ORDINARY SHARE                767.6p            655.8p

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



MID WYND INTERNATIONAL INVESTMENT TRUST PLC
TWENTY LARGEST EQUITY HOLDINGS at 31 December 1999


NAME                    BUSINESS                        MARKET VALUE   
                                                                 per cent OF
                                                                       TOTAL
                                                        GBP'000         
ASSETS

Nokia                    Mobile telecommunications       1,052           2.6
Mannesmann               Mobile telecommunications and     959           2.4
                         engineering
Yamada Denki             Consumer electronics retailer     875           2.2
+ National Toll Roads    Toll bridge operator              766           1.9
BIPOP - Carire           Banking                           765           1.9
Softbank                 Diverse internet business         711           1.8
Sony                     Consumer electronics              680           1.7
Mercury Computer         Digital signal processing        
Systems                  equipment                         608           1.5
NTT Mobile               Mobile telecommunications         596           1.5
Communications
* Glaxo Wellcome         Pharmaceuticals                   595           1.5
Sun Microsystems         Enterprise network products       557           1.4
Rohm                     Specialist semiconductors         519           1.3
Sonera                   Mobile telecommunications         519           1.3
H.I.S                    Discount travel agency            517           1.3
* BP Amoco               International oil                 514           1.3
* Vodafone Airtouch      Mobile telecommunications         506           1.2
Ericsson                 Telecommunications equipment      501           1.2
Philip Morris            Tobacco, food and beer            499           1.2
VNU                      Publishing and broadcasting       454           1.1
Schering-Plough          Pharmaceuticals                   447           1.1
                                                        ______________________
                                                        12,640          31.4
                                                        ______________________

* Primary listing in the UK
+ Unlisted security







DISTRIBUTION OF ASSETS
At 31 December 1999


                                        31 December 1999    30 June 1999
                                              per cent           per cent
Equities:     United Kingdom                 19.6                23.3
              Continental Europe             27.4                20.4
              North America                  22.2                26.7
              Latin America                   1.8                 1.6
              Japan                          16.8                15.9
              Asia Pacific                    2.8                 2.4
                                             ________________________
Total equities                               90.6                90.3

Sterling bonds                                6.2                 4.5
Euro bond                                     0.7                  -
Dollar bonds                                  1.3                 0.9
Net liquid assets                             1.2                 4.3
Total assets (before                        __________________________
deduction of bank loan)                     100.0               100.0
                                            __________________________



MID WYND INTERNATIONAL INVESTMENT TRUST PLC
NOTES


                                       31 December    31 December   30 June   
                                       1999           1998          1999
                                       GBP'000          GBP'000        GBP'000
1.     Currency losses                                                        
         
       Realised exchange                  66            368           331
       differences                                                            
     
       Movement in unrealised           (246)          (621)         (595)
       exchange difference on yen loan
                                        ___________________________________
                                        (180)          (253)         (264)
                                        ___________________________________
                                                                          

2.     Income                                                                 

       Income from investments                                                
       and interest receivable           335            334           761

       Other income                      Nil            Nil           Nil


3.     Return per ordinary share                          
     
       Revenue return                    127            152           382
       Capital return                  5,660         (1,676)        2,884
     
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.

4.   The interim dividend will be paid on 6 April 2000 to all shareholders on
the register at the close of business on 10 March 2000.

5.    A three year Yen loan has been arranged with the Royal Bank  of 
Scotland plc.  The loan expires on 12  February 2001.  At 31 December 1999 and
30 June 1999 there were outstanding drawings of Yen 300 million.

6.The  financial information for the year ended 30 June 1999 has been
extracted from the full accounts, which have been filed with the Registrar of 
Companies and which contain an unqualified Auditors' Report.

7.The accounting policies applied in calculating the interim figures are
consistent with those used in the Annual Financial Statements.  The Interim 
Report was approved by the Board on 31 January 2000.