Final Results

Polar Capital Technology Trust PLC
12 June 2002


                       POLAR CAPITAL TECHNOLOGY TRUST PLC
         Unaudited Preliminary Results for the year ended 30 April 2002

12 JUNE 2002

HIGHLIGHTS

•        Net assets fall 28.4% as Dow Jones World Technology Index drops 32%
         over the year.

•        History suggests that most of technology's relative underperformance
         should now be behind us.

•        Anticipate positioning fund for cyclical upturn by late Autumn.


FINANCIAL                                            30 April 2002        30 April 2001           Change %

Total net assets                                      £287,229,000         £401,337,000             -28.4%

Net assets per share
Undiluted                                                   192.8p               270.2p             -28.6%
Fully diluted                                               178.5p               243.7p             -26.8%


Price
per ordinary share                                          165.0p               281.5p             -41.4%
per warrant                                                  66.5p               182.5p             -63.6%


Website www.polarcapitaltechnologytrust.co.uk


For further information please contact:

Brian Ashford-Russell                                                   Caroline Anderson /Simon Ellis
Polar Capital Technology Trust PLC                                      Binns & Co. PR Ltd.
Director and fund manager                                               Tel: [phone]
Tel: [phone]                                                      E.mail:
                                                                        [e-mail]
                                                                        [e-mail]


Extracts from the Chairman's Statement:

The technology sector suffered another traumatic year.  The Dow Jones World
Technology Index tumbled 32%, substantially underperforming the 17% fall in the
FT World Index.  Against this background your company's net assets fell by 28%
to a level not far above that of three years ago.   The boom of late 1999/early
2000 may have faded in some memories but the ensuing destruction of wealth will
haunt investors for some time to come.

Investment conditions over the reporting period were by no means easy, even for
the general investor.  For much of the period, the global economy seemed to
teeter on the brink of recession.  Indeed the 11 September terrorist attacks in
the USA appeared, at one point, almost certain to push the economy over the
precipice.  However, the burden of averting a more debilitating downturn has
successfully been borne by the remarkably stoic American consumer.  Much of the
credit belongs also to the US monetary authorities who acted with commendable
speed in orchestrating a massive infusion of liquidity into the global economic
system.

For the corporate sector as a whole, life has been tough.  Company profits have
tumbled as weak demand and competitive price pressures combined uneasily with
cost structures that owed much to the sunnier economic climate of 1999-2000.
With valuations at demanding levels, investors have been wary of equities
following their unhappy experience in recent years.

Nowhere has that experience been more unfavourable than in the technology and,
in particular, the telecommunications sectors.  The former's decline has now
extended to 26 months, following its March 2000 peak.  Most technology markets
are now 70% and more down from their highs while the list of stocks that have
fallen by more than 90% is depressingly long.  The decline in technology prices
exceeds that of any bear market experienced over the last twenty years and is,
in its intensity, the mirror image of the bull market excesses that preceded it.

A year ago, we commented on the structural rather than purely cyclical nature of
the technology downturn.  We also drew an analogy with that period in the mid
1980s which followed the rupturing of the PC bubble in 1983.  Developments over
the last year continue to suggest that the analogy is correct and the industry
will require an extended period of retrenchment before it solves its structural
problems.  These problems are most acute in the telecommunications industry
where a combination of overcapacity, faltering demand and fragile balance sheets
has produced a flood of bankruptcies and retrenchments with often catastrophic
repercussions for related technology businesses.

With corporate confidence impacted by weak profits and a lack of economic
visibility, spending on information technology has been reduced and budgets have
been increasingly allocated to the leading rather than to secondary suppliers.
Many smaller companies have seen both their sales and profitability collapse.
Indeed, 2001 was an appalling year for technology profits with some estimates
suggesting a fall of over 50% to a level last seen in 1995.

Against this backdrop, the disillusionment of investors is easy to comprehend.
Stock specific risk has always been high in technology but was temporarily
masked by extraordinarily buoyant trading conditions.  It has now returned with
a vengeance, blowing gaping holes in even the most diligently selected
portfolio.  Faced with the prospect of a long road to recovery, investors have
voted with their feet and sought more tranquil pastures elsewhere.

Most of our financial year was spent in damage limitation.  With this goal in
mind we greatly reduced our European exposure in the spring of last year and
held substantial liquidity throughout last summer before reducing the cash in
late September.  This helped us to contain the devastation in what was by far
the worst performing region.  Although the performance of Asia was relatively
strong our weighting there was too low to take full advantage of this until the
last quarter of our year.  We also had a difficult year in the USA. On balance,
the fund performed in line with its specialisation but well relative to its
peers.  Although it is still early days, the relative performance since the
change of management company has so far justified the Board's decision to move
to Polar Capital Partners.

Outlook

We anticipate a continuation of the global economic recovery that was set in
motion by the significant monetary and fiscal stimulus provided in the fourth
quarter of last year.  However, for a variety of reasons, we would expect the
recovery to be restrained and the economic cycle ahead to be muted in its force.
With capacity utilisation relatively low, the consumer likely to be less of a
force for growth than usual and the Japanese and continental European economies
still fragile, it is hard to argue for a conventionally robust upturn.

As economic recovery unfolds, corporate confidence and profits should
strengthen, allowing a more benign environment to emerge for capital spending.
This would certainly provide a boost for the technology sector. However, the
cyclical upturn that we envisage for the technology industry will be restrained
by the problems of the telecommunications industry and the absence of any major
new drivers for technology spending.  At the stock market level, technology
investors continue to face the problems of relatively full valuations and a
still substantial supply of technology paper - the consequence of the IPO boom
of the late 1990s.

Nevertheless, the history of sector booms and busts over the last forty years
suggests that most of technology's relative underperformance should now be
behind us.  With economic recovery driving what may be the first year of
earnings growth for technology companies for some time, investor confidence
should return to the sector.  Technology investment is understandably unpopular
and, consequently, value has begun to appear.  While it may still be a little
early to position the fund for a cyclical upturn, we expect to have moved in
this direction by the late autumn.

Although the last two years have been horrendous for both companies and
investors in the sector, the long term returns that this industry has generated
remain difficult to beat.  While many investors have lost faith, we are becoming
more optimistic that better times lie not too far ahead even if the next major
boom remains a distant prospect.

We are delighted to welcome Mr. David Gamble who has joined the board as a
non-executive director.  Mr Gamble has 35 years of investment management
experience and is currently Chief Executive of British Airways Pension
Investment Management Ltd.

R K A Wakeling                                 11 June 2002



GROUP STATEMENT OF TOTAL RETURN for the year ended 30 April 2002
(INCORPORATING THE REVENUE ACCOUNT)

                                         Unaudited                                  Audited
                                  Year ended 30 April 2002                 Year ended 30 April 2001

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

Total capital losses from
investments                          -     (113,975)     (113,975)           -   (261,400)         (261,400)
                                     
Income from fixed asset
investments                      2,252             -         2,252       2,972             -           2,972
                                 
Other interest receivable
and similar income                 879             -           879       2,667             -           2,667
                                  
                            ----------    ----------    ----------  ----------    ----------       ---------
Gross revenue and capital
losses                           3,131     (113,975)     (110,844)       5,639     (261,400)       (255,761)
                                 
Management fees                (2,494)             -       (2,494)    (11,116)             -        (11,116)
Other administrative
expenses                         (597)             -         (597)       (890)             -           (890)
                                 
                             ---------     ---------     ---------  ----------    ----------       ---------
Net loss on ordinary
activities before
interest payable and                40     (113,975)     (113,935)     (6,367)     (261,400)       (267,767)
taxation
                                    
Interest payable and
similar charges                  (513)             -         (513)       (393)             -           (393)
                                 
                             ---------     ---------     ---------  ----------    ----------       ---------
Net loss on ordinary
activities before                (473)     (113,975)     (114,448)     (6,760)     (261,400)       (268,160)
taxation                         

Taxation on ordinary
activities                       (135)             -         (135)        (47)             -            (47)
                                
                             ---------     ---------     ---------  ----------    ----------      ----------
Net loss on ordinary
activities after taxation        (608)     (113,975)     (114,583)     (6,807)     (261,400)       (268,207)
                                 
                                ======        ======        ======      ======        ======          ======
Loss per ordinary share
Basic                          (0.41p)      (76.61p)      (77.02p)     (4.59p)     (176.41p)       (181.00p)
                                ======        ======        ======      ======        ======          ======
Diluted                              -      (70.03p)      (70.40p)           -     (154.56p)       (158.58p)
                                ======        ======        ======      ======        ======          ======

The revenue columns of this statement represent the revenue accounts of 
the Group.



GROUP BALANCE SHEET at 30 April 2002

                                                                      Unaudited                   Audited
                                                                  30 April 2002             30 April 2001
                                                                          £'000                     £'000
Fixed asset investments

Listed at market value:
United Kingdom (excluding fixed interest)                                30,684                    45,889
United Kingdom fixed interest                                                 -                    24,409
Overseas                                                                243,653                   315,903
                                                                  -------------               -----------
                                                                        274,337                   386,201


Unlisted at Directors' valuation:
United Kingdom                                                              345                       328
Overseas                                                                     10                       298
                                                                  -------------               -----------
                                                                        274,692                   386,827
                                                                  -------------               -----------
Current assets
Debtors                                                                   8,664                     4,718
Cash                                                                     37,689                    39,471
                                                                  -------------               -----------
                                                                         46,353                    44,189


Creditors:amounts falling due within one year                           (1,163)                  (29,679)
                                                                  -------------               -----------
Net current assets                                                       45,190                    14,510
                                                                  -------------               -----------
Total assets less current liabilities                                   319,882                   401,337
Creditors:amounts falling due after more than 
one year                                                               (32,653)                         -
    
                                                                  -------------               -----------
Total net assets                                                        287,229                   401,337
                                                                        =======                   =======
Capital and reserves
Called up share capital                                                  37,249                    37,130
Share premium                                                            87,955                    87,599
Warrant reserve                                                           8,560                     8,709
Warrant exercise reserve                                                    566                       417
Other capital reserves                                                  206,631                   320,606
Revenue reserve                                                        (53,732)                  (53,124)
                                                                   ------------               -----------
Equity shareholders' funds                                              287,229                   401,337
                                                                        =======                   =======
Net asset value per ordinary share
Undiluted                                                               192.78p                   270.22p
                                                                        =======                   =======
Diluted                                                                 178.48p                   243.72p
                                                                        =======                   =======


GROUP CASH FLOW STATEMENT for the year ended 30 April 2002

                                             Unaudited         Unaudited           Audited           Audited
                                                  2002              2002              2001              2001
                                                 £'000             £'000             £'000             £'000
Net cash inflow/(outflow) from
operating activities                                                 986                            (53,149)
                                                                   
Servicing of finance

Bank and loan interest paid                      (336)                               (331)
                                         -------------                        ------------
Net cash outflow from servicing of
finance                                                            (336)                               (331)
                                                                   

Taxation
UK tax recovered                                     -                                  16
Overseas withholding tax recovered                   -                                  11
                                         -------------                        ------------
Net tax recovered                                                      -                                  27

Financial investment
Purchase of investments                      (369,032)                           (751,980)
Sale of investments                            362,169                             780,979
                                         -------------                        ------------
Net cash (outflow)/inflow from
financial investment                                             (6,863)                              28,999
                                                                 
                                                             -----------                        ------------
Net cash (outflow)/inflow before
financing                                                        (6,213)                            (24,454)
                                                                 

Financing
Proceeds from exercise of warrants                 475                                 817
New loans taken out                             33,860                            14,955
Loan matured                                  (29,505)                                   -
                                         -------------                        ------------
Net cash inflow from financing                                     4,830                              15,772
                                                            ------------                       -------------
Decrease in cash                                                 (1,383)                             (8,682)
                                                                 =======                             =======



Reconciliation of net cash flow to movement in net funds

Decrease in cash as above                                         (1,383)                             (8,682)
Movement in long term loans                                       (4,355)                            (14,995)
                                                             ------------                         -----------
Change in net funds resulting from
cash flows                                                        (5,738)                            (23,637)
                                                                  
Exchange movements                                                    298                               2,090
                                                             ------------                         -----------
Net movement in the year                                          (5,440)                            (21,547)
Net funds at 1 May                                                 10,476                              32,023
                                                             ------------                         -----------
Net funds at 30 April                                               5,036                              10,476

                                                                  =======                             =======


Notes:


1.                   Loss per ordinary share

Revenue loss per ordinary share is based on the net loss after taxation
attributable to the ordinary shares of £608,000 (2001:£6,807,000) and on
148,773,940 (2001:148,179,591) ordinary shares, being the weighted average
number of shares in issue during the year.

Basic capital loss per ordinary share is based on net capital losses of
£113,975,000 (2001:net capital losses: £261,400,000) and the weighted average
number of shares in issue during the year as shown above.

The calculation of the fully diluted revenue and capital returns per ordinary
share are carried out in accordance with Financial Reporting Standard No.14,
Earnings per Share.  For the purposes of calculating diluted revenue and capital
returns per share, the number of shares is the weighted average used in the
basic calculation plus the number of shares deemed to be issued for no
consideration on exercise of all warrants, by reference to the average price of
the ordinary shares during the year.  The calculations indicate that the
exercise of warrants would result in an additional weighted average number of
shares of 13,980,989 (2001:20,948,643) resulting in a total weighted average
number of shares of  162,754,929 (2001:169,128,234).

2.                   2001 Accounts

The figures and financial information for the period ended 30 April 2001 are an
extract of the latest published accounts of the Group and do not constitute the
statutory accounts for that year.  Those accounts have been delivered to the
Registrar of Companies and included the report of the auditors which was
unqualified and did not contain a statement under either section 237(2) or
section 237(3) of the Companies Act 1985.

3.                   2002 Accounts

The preliminary figures for the year ended 30 April 2002 are an extract from the
Group's accounts for that period and do not constitute the statutory accounts
for that year. These accounts have not yet been delivered to the Registrar of
Companies, nor have the Auditors yet reported on them.

4.                   Reconciliation of operating revenue to net cash inflow/
(outflow) from operating activities

                                                                  Unaudited           Audited
                                                              30 April 2002     30 April 2001
                                                                      £'000             £'000

Net gain/(loss) before interest payable and taxation                     40           (6,367)
Decrease in accrued income                                               84                91
Decrease/(increase) in other debtors                                  1,009           (1,066)
Decrease in other creditors                                            (28)          (45,748)
UK income tax deducted at source                                          -                 6
Overseas withholding tax suffered                                     (119)              (53)
Script dividends included in investment income                            -              (12)
                                                              -------------     -------------
Net cash inflow/(outflow) from operating activities                     986          (53,149)
                                                                    =======           =======


5.                   Comparative Information

In the Company's financial statements for the year ended 30 April 2001, the
movement in short term loans was not reflected in the reconciliation of net cash
flow to movement in net funds.  The impact was to increase net funds from
£10,476,000 to £39,417,000.  This miscalculation has been corrected in the prior
year comparative figures shown for 30 April 2001.  This reclassification has no
impact on the total return, net assets or decrease in cash, as stated in the
last annual report.

6.                   Basis of consolidation

The Group accounts consolidate the accounts of the Company and its wholly owned
subsidiary undertaking, PCT Finance Limited.

7.                   Copies of  Report and Accounts

The full annual report and accounts will be posted to shareholders in late June
2002 and copies will be available thereafter from the Company Secretary at the
Company's Registered Office, Cayzer House, 30 Buckingham Gate, London SW1E 6NN
(020 7592 1500).

8.                   Annual General Meeting

The Annual General Meeting will be held at 12.30 pm on Tuesday 23 July 2002 at
The Gibson Hall, Bishopsgate, London EC2M.


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