Interim Results

Schroder AsiaPacific Fund PLC
02 May 2006


                                                                      2 May 2006

SCHRODER ASIAPACIFIC FUND PLC

Schroder AsiaPacific Fund plc announces its unaudited Interim Results for the
period ended 31 March 2006.


Unaudited Income Statement
                                                   For the six months                  For the six months
                                                  ended 31 March 2006                 ended 31 March 2005

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

Realised  gains on investments              -      40,358      40,358           -      18,081      18,081

Exchange (losses)/gains on loans
and currency balances                       -       (381)       (381)           -         814         814

Income                                  2,641           -       2,641       2,244           -       2,244

Management fees                       (1,113)           -     (1,113)       (721)           -       (721)

Administrative expenses                 (159)           -       (159)       (169)           -       (169)

Net return on ordinary
activities before finance
costs and taxation                      1,369      39,977      41,346       1,354      18,895      20,249

Interest payable                        (545)           -       (545)       (265)           -       (265)

Return on ordinary activities
before taxation                           824      39,977      40,801       1,089      18,895      19,984

Tax on ordinary activities              (246)         645       (399)       (328)           -       (328)

Return on ordinary activities
after taxation                            578      40,622      41,200         761      18,895      19,656

Return per share                        0.39p      27.61p      28.00p       0.55p      13.57p      14.12p



The total 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.



Reconciliation of Movements in Shareholders' Funds (unaudited)

                 Share     Share       Capital      Share      Warrant   Warrant    Capital   Revenue   Total
                 capital   Premium     redemption   purchase   reserve   exercise   reserve   reserve
                           account     reserve      reserve              reserve
                 £'000     £'000       £'000        £'000      £'000     £'000      £'000     £'000     £'000

Balance at 30    13,920    4           81           110,529    8,702     2          (8,408)   1,936     126,766
September  2004
(restated)

Net profit from  -         -           -            -          -         -          18,895    761       19,656
operating
activities

Dividends -      -         -           -            -          -         -          -         (1,531)   (1,531)
accrued at 30
September 2004

Conversion of    2         21          -            -          (7)       7          -         -         23
warrants to
ordinary shares
(restated)

Balance at 31    13,922    25          81           110,529    8,695     9          10,487    1,166     144,914
March 2005


                  Share     Share      Capital      Share       Warrant   Warrant   Capital   Revenue   Total
                  capital   Premium    redemption   purchase    reserve   exercise  reserve   reserve
                            account    reserve      reserve               reserve
                  £'000     £'000      £'000        £'000       £'000     £'000     £'000     £'000     £'000

Balance at 30     13,920    4          81           110,529     8,702     2         (8,408)   1,936     126,766
September  2004
(restated)

Net profit from   -         -          -            -           -         -         42,870    2,748     45,618
operating
activities

Dividends -       -         -          -            -           -         -         -         (1,531)   (1,531)
accrued at 30
September 2004

Conversion of     2         21         -            -           (7)       7         -         -         23
warrants to
ordinary shares
(restated)

Balance at 30     13,922    25         81           110,529     8,695     9         34,462    3,153     170,876
September 2005
-restated (a)


                  Share     Share      Capital      Share       Warrant   Warrant   Capital   Revenue   Total
                  capital   Premium    redemption   purchase    reserve   exercise  reserve   reserve
                            account    reserve      reserve               reserve
                  £'000     £'000      £'000        £'000       £'000     £'000     £'000     £'000     £'000

Balance at 30     13,922    25         81           110,529     8,695     9         34,462    3,153     170,876
September  2005
as restated (a)

Less investment   -         -          -            -           -         -         (80)      -         (80)
valuation changes

Net profit from   -         -          -            -           -         -         40,622    578       41,200
operating
activities

Dividends - paid  -         -          -            -           -         -         -         (2,645)   (2,645)
in respect of  30
September 2005

Conversion of     2,797     25,175     -            -           (8,695)   8,695     -         -         27,972
warrants to
ordinary shares -
restated

Balance at 31     16,719    25,200     81           110,529     -         8,704     75,004    1,086     237,323
March 2006



a) The balance of revenue reserve at 30 September 2005 has increased by
£2,645,000 being the final dividend accrued and now added back in accordance
with FRS21.



Unaudited Balance Sheet
                                                                     31 March                   30 September
                                                                         2006                           2005
                                                                        £'000                          £'000
                                                                                                  (restated)
Fixed assets
Investments held at fair value through profit or                      252,885                        178,392
loss

Current assets
Debtors                                                   1,563                       3,392
Cash at bank and short-term deposits                      6,978                      18,125
                                                          8,541                      21,517

Creditors: amounts falling due within one year         (23,948)                    (28,542)
Net current liabilities                                              (15,407)                        (7,025)
Total assets less current liabilities                                 237,478                        171,367
Creditors: amounts falling due after more than one
year
Provision for liabilities and charges                                   (155)                          (491)
Net assets                                                            237,323                        170,876


Capital and reserves
Called up share capital                                                16,719                         13,922
Share premium account                                                  25,200                             25
Capital redemption reserve                                                 81                             81
Share purchase reserve                                                110,529                        110,529
Warrant reserve                                                             -                          8,695
Warrant exercise reserve                                                8,704                              9
Capital reserve                                                        75,004                         34,462
Revenue reserve                                                         1,086                          3,153
Total Equity shareholders' funds                                      237,323                        170,876

Net asset value per ordinary share
Undiluted                                                             141.95p                        122.74p
Diluted                                                                     -                        118.94p




Unaudited Cash Flow Statement

                                                         For the six months  ended       For the year ended
                                                                     31 March 2006        30 September 2005
                                                                             £'000                    £'000
Net cash inflow from operating activities                                      825                    4,232
Interest paid                                                                (540)                    (663)
Tax paid                                                                     (394)                  (1,261)
Net cash (outflow)/inflow from investing activities                       (36,428)                    3,550
Dividends paid                                                             (2,645)                  (1,531)
Net cash (outflow)/inflow before financing                                (39,182)                    4,327


Net cash inflow from financing                                              27,965                    2,681


Net cash (outflow)/inflow                                                 (11,217)                    7,008
Net debt at beginning of period                                            (4,485)                    8,346


Increase in bank loan to finance investments                                     -                  (2,658)
Exchange losses on revaluation of currency balances                          (381)                    (489)
and cash balances
Net debt at period end                                                    (16,083)                  (4,485)




Notes

Changes in Accounting Policies

The interim financial statements have been prepared on the same basis of
accounting policies as set out in the most recently published set of financial
statements with the following exceptions which have arisen from the adoption of
new accounting standard and the Statement of Recommended Practice 'Financial
Statements of Investment Trust Companies' ('SORP') issued in January 2003 and
revised in December 2005.
     
(a)  FRS 26 (Financial Instruments) - The Company has designated its assets and 
     liabilities as being measured at 'fair value through profit or loss'. The
     fair value of fixed asset investments is deemed to be the bid value of 
     those investments at the close of business on the relevant date. Previously 
     listed investments were valued at mid value. The Company has taken 
     advantage of the exemption under 108(d) of FRS 26 and not restated the 
     results for the year to 30 September 2005 or six months to 31 March 2005.
     Transaction costs have been included within the capital account. Purchase 
     transaction costs amounted to £98,000 for the period to 31 March 2006 and 
     sales transaction costs amounted to £100,000.
     
(b)  FRS 23 (The effects of changes in Foreign Exchange Rates) - The financial
     statements of a company are presented in the currency of the primary 
     economic environment in which it operates (its functional currency). The 
     functional and presentational currency of this Company is deemed to be 
     sterling and the financial statements presented accordingly.
     
(c)  FRS 21 (Events after the Balance Sheet Date) - Dividends paid by the 
     Company are accounted for in the period in which the Company is liable to 
     pay them. Previously, the Company accrued dividends in the period in which 
     the net revenue, to which those dividends related was accounted for. The 
     accounts for the year ended 30 September 2005 have been restated to reflect 
     these changes. There was no impact on the period ended 31 March 2005.

The half yearly figures are non-statutory accounts. The balance sheet and income
statement for the year ended 30 September 2005 are extracts from the latest
published accounts, restated for changes in accounting policy. A copy of the
published accounts for that year has been delivered to the Registrar of
Companies. The report of the auditors on those accounts was unqualified and did
not contain a statement under section 237 (2) or (3) of the Companies Act 1985.



Investment Manager's Review

During the six months ended 31 March 2006, the total return on the Company's net
assets on a fully diluted basis was +22.2%, outperforming the benchmark index,
which produced a total return of +17.3%.

Regional markets have continued to perform well, supported primarily by external
conditions. Global leading indicators of economic activity have continued to
rise, as stronger data from Japan and Germany has helped offset the impact of a
slowing in consumption and housing in the United States. Meanwhile, although
short term rates have continued to rise, the reaction of bond investors reflects
a relaxed consensus on inflation.

Among the major regional markets, Korea has been the outstanding performer. The
information technology companies have been supported by the favourable economic
conditions, while domestic consumer cyclicals have been supported by the
improvement in household incomes and employment trends. Indonesia and the
Philippines were also outstanding features. Indonesia has recovered following
the oil crisis of last year, with strong rises in foreign exchange reserves and
the currency laying the foundations for lower interest rates later this year.
The Philippines saw continued progress on tax reform, and remittances from
overseas have remained surprisingly strong. Chinese stocks rallied strongly late
in the period, led by the financials and consumption sensitive sectors.

Hong Kong has lagged, primarily due to the heavy exposure to financials and real
estate which have offered limited earnings growth and suffer from rising
interest rates. Malaysia was also disappointing, while Thailand was impacted by
rising interest rates, a slowing economy, and political uncertainty following
the sale of the Prime Minister's family company to a Singapore investment group.
Taiwan managed a respectable performance, but solely due to the high technology
content of the index. Domestic stocks, particularly the banks, offered amongst
the worst returns in the region amid rising consumer credit provisions, and
unease over the President's increasing political isolation.

Performance and Portfolio Activity

The underlying performance of the portfolio has been strong, and more than
sufficient to offset the impact of dilution in the period up to the conversion
of outstanding warrants in early February. The gearing has contributed in a
period of rising markets, more than justifying the increased servicing costs.
Country positioning has been a positive contributor (overweight Indonesia and
the Philippines, underweight in Taiwan) as has stock selection, most notably in
Hong Kong, but also in the Philippines, Korea and Thailand.

We moved rapidly to invest the proceeds from the exercise of the Company's
warrants and the portfolio has remained geared throughout the period. In terms
of changes in the portfolio, we have reduced exposure to Taiwan reflecting our
growing concern over the deteriorating outlook for the domestic economy, and
India where fundamentals remain strong, but valuations look increasingly
stretched. We have further added to the Philippines as the pace of fiscal reform
remains encouraging, and strong remittances from overseas workers are supporting
consumption and the property market.



Outlook and Policy

The outlook for equities in the year ahead is mixed. On the supportive side is
the generally robust outlook for growth, and perhaps more importantly the lower
reliance upon the US consumer. The recoveries seen in the Japanese and core
European economies give a better balance to global activity, while the two large
Asian economies of China and India continue to expand rapidly. In China's case,
the gradual appreciation of the currency is symptomatic of a broader adjustment
towards consumer-led growth, accompanied by a continued momentum in fixed
investment.

On the minus side, growth in global liquidity is decelerating. The United States
has completed most of the monetary tightening required, the peak in the Federal
Funds rate has receded, and both Europe and Japan are either raising rates or
preparing to do so.

Furthermore, Asia is not without its more parochial concerns, including the
continued high energy prices, political uncertainty in a number of countries
(Thailand, Taiwan, the Philippines), and the sometimes adversarial relationship
between regional authorities and foreign investors, as recently highlighted in
Korea. However, we continue to take comfort in the region's low valuations
relative to the global average at a time when corporate profits are still
expanding, balance sheets are strong, and there is increasing evidence of
improved corporate governance and shareholder focus.

Consequently, the portfolio remains geared. Key overweights remain Singapore,
Indonesia, the Philippines and India, while our sectoral focus is upon
domestically-oriented sectors such as consumer cyclicals and financials.



Schroder Investment Management Limited
2 May 2006



The Interim Report will be mailed to registered shareholders in May 2006 and
from the date of release copies of the Interim Report will be made available to
the public at the Company's Registered Office at 31 Gresham Street, London EC2V
7QA.


Enquiries:

John Spedding
Schroder Investment Management Limited
2 May 2006
(020 7658 3206)
(e-mail  [e-mail])


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