Interim Results

Schroder AsiaPacific Fund PLC
04 May 2005








                                                                   4 May 2005

                           SCHRODER ASIA PACIFIC FUND plc



Schroder AsiaPacific Fund plc announces its unaudited Interim Results for the
period ended 31 March 2005.



Unaudited Statement of Total Return (incorporating the Revenue Account)


                                                   For the six months                  For the six months
                                                  ended 31 March 2005                 ended 31 March 2004


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

Realised  gains on investments              -      18,081      18,081           -      13,599      13,599


Exchange gains on loans and
currency balances                           -         814         814           -       1,822       1,822


Income                                  2,244           -       2,244       1,724           -       1,724


Management fees                         (721)           -       (721)       (651)           -       (651)


Administrative expenses                 (169)           -       (169)       (163)           -       (163)


Net return on ordinary
activities before   finance
costs and taxation                     1,354      18,895      20,249         910      15,421      16,331


Interest payable                       (265)           -       (265)       (165)           -       (165)

Return on ordinary activities
before taxation                       1,089      18,895      19,984         745      15,421      16,166


Tax on ordinary activities             (328)           -       (328)       (171)           -       (171)

Return on ordinary activities
after taxation                          761      18,895      19,656         574      15,421      15,995

Return per share                       0.55p      13.57p      14.12p       0.41p      11.08p      11.49p


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.




Schroder AsiaPacific Fund plc

Unaudited Balance Sheet




                                                                     31 March                   30 September
                                                                         2005                           2004
                                                                        £'000                          £'000

Fixed assets
Investments                                                           158,137                        134,690

Current assets
Debtors                                                   2,738                       1,768
Cash at bank and short-term deposits                      5,965                      10,996
                                                          8,703                      12,764

Current liabilities
Creditors: amounts falling due within one year         (21,677)                    (22,166)
Net current liabilities                                              (12,974)                        (9,402)
Total assets less current liabilities                                 145,163                        125,288
Creditors: amounts falling due after more than one
year
Provision for liabilities and charges                                   (249)                           (53)
Net assets                                                            144,914                        125,235


Capital and reserves
Called up share capital                                                13,922                         13,920
Capital redemption reserve                                                 81                             81
Share premium account                                                      25                              4
Share purchase reserve                                                110,529                        110,529
Warrant reserve                                                         8,695                          8,702
Warrant exercise reserve                                                    9                              2
Capital reserve                                                        10,487                        (8,408)
Revenue reserve                                                         1,166                            405
Equity shareholders' funds                                            144,914                        125,235

Net asset value per share
Undiluted                                                             104.09p                         89.97p
Diluted                                                               103.41p                              -



Schroder AsiaPacific Fund plc
Unaudited Cash Flow Statement


                                                         For the six months  ended       For the year ended

                                                                     31 March 2005        30 September 2004
                                                                             £'000                    £'000
Operating activities
Dividend income received                                                     1,030                    4,211
Interest received                                                              204                      198
Other income                                                                     6                       12
Management fee paid                                                          (213)                    (394)
Administrative expenses                                                      (674)                  (1,246)
Net cash inflow from operating activities                                      353                    2,781
Servicing of finance
Interest paid                                                                (274)                    (347)
Cash outflow from servicing of finance                                       (274)                    (347)
Taxation
UK tax paid                                                                  (506)                    (303)

Overseas tax paid                                                             (25)                    (283)
Tax paid                                                                     (531)                    (586)
Capital expenditure and financial investment
Purchase of investments                                                   (54,309)                 (74,750)
Disposal of investments                                                     51,244                   77,496
Net cash (outflow)/inflow from capital expenditure and
financial investment                                                       (3,065)                    2,746


Equity dividends paid                                                      (1,531)                  (1,044)


Net cash (outflow)/inflow before  financing                                (5,048)                    3,550


Financing
Conversion of warrants to ordinary shares                                       23                        -
Bank loans raised                                                                -                    6,003
Net cash inflow from financing                                                  23                    6,003
Net cash (outflow)/inflow                                                  (5,025)                    9,553



Investment Manager's Review



During the six months ended 31st March 2005, the total return on the Company's
net assets was 15.9%, outperforming the benchmark index, which produced a total
return of 9.2%.



It has been a supportive environment for the region's stockmarkets amid firm
global economic data, and, although short-term interest rates in the United
States have been on a steadily rising trend, global bond markets have performed
resiliently.



Korea and the smaller ASEAN markets have led the rise in the index. The Korean
market has been supported by signs, albeit fragmentary, of a recovery in
consumer demand and evidence of a more pro-growth policy from the Bank of Korea.
Although the strengthening of the Korean won is a challenge for the exporting
sectors, they have been supported by the fairly benign economic environment.



Smaller ASEAN markets continue to thrive based on primarily domestic factors: in
Indonesia strong growth momentum and encouraging signs of the government
tackling some tough economic issues, in Thailand the re-election of the
incumbent administration, and in the Philippines the slow but encouraging
progress towards vital fiscal reform.



All the other markets offered dull returns. Hong Kong has struggled to make
progress as local short-term interest rates have been rising in tandem with
those of the United States, undermining the performance of the real estate and
financial sectors which still comprise a large proportion of the market. Chinese
stocks have also performed poorly, particularly cyclical sectors where rising
costs and lack of pricing power have squeezed profit margins.





Portfolio Asset Allocation
                                         Net Asset Value Weightings (%)                      Benchmark
                                                                                      Index Weight (%)

Market                                30 September 2004              31 March 2005       31 March 2005
Hong Kong/China                                    35.4                       30.9                30.1
Korea                                              23.9                       24.0                28.0
Taiwan                                             13.1                       19.4                19.5
Singapore                                          13.0                       13.0                 9.7
Indonesia                                           7.9                        8.5                 2.8
India                                               5.4                        5.7                   -
Thailand                                            5.1                        3.8                 3.6
Malaysia                                            2.9                        1.9                 5.5
Philippines                                         1.6                        1.9                 0.8
Other net liabilities                             (8.3)                      (9.1)                   -
Total                                            100.00                     100.00              100.00



Source: MSCI, Schroders.



Performance and Portfolio Activity



Stock selection and country positioning have continued to add value in the
period. In terms of country positioning, the overweighting of Indonesia and
under-weighting of Taiwan and China contributed to returns, while stock
selection in Hong Kong, China, Indonesia and Taiwan generated significant value
added.



The stance of the portfolio remained broadly unchanged over the six months, with
the key over-weightings being India, Indonesia and selectively in Hong King,
while remaining cautious over Chinese stocks. However, we did switch significant
exposure from Korea to Taiwan. Strong rises in many Korean domestic stocks
brought them up to our assessment of fair value, while the steady de-rating of
the Taiwan market has left it looking attractive, particularly in view of the
increasingly pro-active dividend policy of many companies.



Outlook and Policy



We continue to take a fairly wary view on the global environment. Modest
pick-ups in the OECD leading indicators in recent months have helped to confirm
the optimism of developed equity markets in the fourth quarter and the first two
months of 2005. However, in the wake of somewhat more hawkish signals from the
Federal Reserve in March, investors have taken a more defensive stance, and
economic bellwethers such as commodity prices have corrected from recent highs.



We see continued rises in short rates in the United States through the balance
of the year. Against this background the regional markets are likely to be
trendless, particularly as recent strength has been so dependent upon buying
from foreign investors who, in many cases, have handsome profits to book. A
short-term rally in the US dollar, and any less strong data from the US, are
other possible dampening factors.



Therefore, while retaining a long term optimism on regional markets, it is
easier to identify the factors in the short-term which may cap returns,
including continued rises in rates and tightening liquidity in the US, and the
fact that data out of the United States remains decidedly mixed. Any concerted
widening of credit spreads and flight to 'quality' is likely to impact smaller
Asian markets disproportionately compared to larger more liquid equity markets.



We continue to focus upon stock selection, while the key overweights we have had
in place for some time (India, Indonesia, Hong Kong) remain justified. The
overall portfolio continues to favour domestic growth oriented sectors and
stocks. The portfolio remains moderately geared.





Schroder Investment Management Limited

4 May 2005

Notes



The half yearly figures are non statutory accounts. The balance sheet and
revenue statement for year ended 30 September 2004 are extracts from the latest
published accounts. 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. The half yearly figures have been prepared
using the same accounting policies as those adopted in preparing the latest
published accounts.



The Interim Report will be mailed to registered shareholders in May 2005 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

4 May 2005

(020 7658 3206)

(e-mail  [e-mail])




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