Interim Results

ABERDEEN ALL ASIA INVESTMENT TRUST PLC Formerly GARTMORE ASIA PACIFIC TRUST PLC) ANNOUNCEMENT OF RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2006 The Directors announce the Company's unaudited results for the six months ended 30 September 2006 as follows:- CHAIRMAN'S STATEMENT Performance Despite continuing economic growth across the region, Asia Pacific markets, particularly the Japanese market, suffered a difficult six months to 30 September, 2006, falling 8.9% over the period, while the Company's net asset value per ordinary share fell by 12.7%. This setback followed a year when those markets, measured by our benchmark the MSCI AC Asia Pacific Index, rose by 42.8% and the Company's net asset value per ordinary share rose by 53.5%. The recent disappointing performance was largely caused by the Company's overweight position in Japan and poor stock selection in that market and in South Korea, where the Company was also overweight. The Company's share price fell by 14.7% over the period, reflecting the difficult market conditions and the relatively poor performance of the Company's investments. Management and Change of Name As has already been announced, the Board decided in July to consider whether Gartmore should continue as the Company's investment manager and company secretary following the departure from Gartmore of the Company's two principal fund managers, Philip Ehrmann and Chris Burling. After careful review of a number of different proposals, the Board decided to appoint Aberdeen Asset Management Asia Limited as the new investment manager and administrator of the Company. This change was agreed at today's Extraordinary General Meeting. A resolution to change the Company's name to Aberdeen All Asia Investment Trust PLC was also agreed by shareholders. Outlook Stock markets world-wide have improved over recent weeks, but conditions are likely to remain volatile. Worries about economic growth in the US and elsewhere, inflation and continued currency fluctuations will affect investors' attitudes, but we remain confident about the growth prospects of Asia's economies and therefore the long-term strength of these stock markets. This outlook, while challenging, provides significant opportunities for the skills of our new Managers on which the success of the Company's investments will depend. We believe that Aberdeen's team, based in Singapore, has the expertise, the experience and the record that the Company requires. INCOME STATEMENT (unaudited) Six Months ended 30 September 2006 Revenue Capital Total £'000 £'000 £'000 Income and Capital Profits/(Losses) Dividends and other income 390 - 390 Net loss on investments - (5,424) (5,424) --------- --------- --------- Return before Expenses, Finance Costs 390 (5,424) (5,034) and Taxation Expenses Management fee (155) - (155) Other fees and expenses (124) (114) (238) --------- --------- --------- Return before Finance Costs and 111 (5,538) (5,427) Taxation Finance Costs Interest payable (53) - (53) --------- --------- --------- Return on Ordinary Activities before 58 (5,538) (5,480) Taxation Taxation (24) - (24) --------- --------- --------- Return to Equity Shareholders after (34) (5,538) (5,504) Taxation --------- --------- --------- Total Return per Ordinary share 0.20p (33.18)p (32.98)p --------- --------- --------- INCOME STATEMENT (unaudited) Six Months ended 30 September 2005 Revenue Capital Total £'000 £'000 £'000 Income and Capital Profits/(Losses) Dividends and other income 306 - 306 Net loss on investments - 6,634 6,634 --------- --------- --------- Return before Expenses, Finance Costs 306 6,634 6,940 and Taxation Expenses Management fee (144) - (144) Other fees and expenses (118) (137) (255) --------- --------- --------- Return before Finance Costs and 44 6,497 6,541 Taxation Finance Costs Interest payable (43) - (43) --------- --------- --------- Return on Ordinary Activities before 1 6,497 6,498 Taxation Taxation (41) - (41) --------- --------- --------- Return to Equity Shareholders after (40) 6,497 6,457 Taxation --------- --------- --------- Total Return per Ordinary share (0.24)p 38.94p 38.70p --------- --------- --------- NOTES The Total column above for each year represents the Profit and Loss Account of the Company. All revenue and capital items derive from continuing activities. Total Return per Ordinary share is calculated on a negative return to Ordinary shareholders of £5,504,000 (2005: positive total return of £6,457,000) and Ordinary shares in issue throughout of 16,686,767. BALANCE SHEET (unaudited) At At At 30 September 30 September 31 March 2006 2005 2006 £'000 £'000 £'000 Non-current Assets Listed investments held at fair value 39,064 37,968 49,287 through profit or loss --------- --------- --------- Current Assets Debtors - amounts receivable within one 196 2,725 1,163 year Cash at bank 756 1,245 332 --------- --------- --------- 952 3,970 1,495 Current Liabilities Creditors - amounts payable within one (2,341) (7,356) (7,603) year --------- --------- --------- Net Current Liabilities (1,389) (3,386) (6,108) --------- --------- --------- Net Assets 37,675 34,582 43,179 --------- --------- --------- Capital and Reserves Called-up share capital 1,669 1,669 1,669 Capital redemption reserve 2,063 2,063 2,063 Special capital reserve 2,961 2,961 2,961 Capital reserve - realised 31,135 23,085 32,219 Capital reserve - unrealised 410 5,317 4,864 Revenue reserve (563) (513) (597) --------- --------- --------- Equity Shareholders' Funds 37,675 34,582 43,179 --------- --------- --------- Net Asset Value per Ordinary share 225.78p 207.24p 258.76p --------- --------- --------- NOTE The Net Asset Value per Ordinary share is calculated on attributable assets of £37,675,000 (March 2006: £43,179,000, September 2005: £34,582,000) and 16,686,767 Ordinary shares in issue at each period end. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) Capital Special Capital Capital Share redemption capital reserve reserve Revenue capital reserve reserve realised unrealised reserve Total £000 £000 £000 £000 £000 £000 £000 At 31 March 2006 1,669 2,063 2,961 32,219 4,864 (597) 43,179 Net capital - - - (1,084) (4,454) - (5,538) return from ordinary activities Net revenue - - - - - 34 34 return from ordinary activities ------ ------ ------ ------ ------ ------ ------ At 30 September 1,669 2,063 2,961 31,135 410 (563) 37,675 2006 ====== ====== ====== ====== ====== ====== ====== Capital Special Capital Capital Share redemption capital reserve reserve Revenue capital reserve reserve realised unrealised reserve Total £000 £000 £000 £000 £000 £000 £000 At 31 March 2005 1,669 2,063 2,961 22,116 (211) (473) 28,125 Net capital - - - 969 5,528 - 6,497 return from ordinary activities Net revenue - - - - - (40) (40) return from ordinary activities ------ ------ ------ ------ ------ ------ ------ At 30 September 1,669 2,063 2,961 23,085 5,317 (513) 34,582 2005 ====== ====== ====== ====== ====== ====== ====== CASH FLOW STATEMENT (unaudited) Six Months Six Months ended ended 30 September 30 September 2006 2005 £'000 £'000 Revenue Activities Dividends and interest received from 441 370 investments Interest received on deposits 8 6 Expenses paid (270) (144) --------- --------- 179 232 --------- --------- Taxation Recovered Income tax 1 - Servicing of Finance Interest paid (54) (43) --------- --------- Investment Activities Acquisitions of investments (45,011) (48,232) Disposals of investments 49,263 48,019 Capital expenditure (456) (118) --------- --------- 3,796 (331) --------- --------- Financing Loan (repaid)/drawn down (3,731) 1,268 --------- --------- Net Cash Inflow 191 1,126 --------- --------- NOTE The accounts have been prepared on a going concern basis in accordance with UK Generally Accepted Accounting Principles (UK GAAP) including the Statement of Recommended Practice for "Financial Statements of Investment Trust Companies" issued in December 2005. The above financial information is unaudited and does not constitute statutory accounts under the Companies Act 1985. The financial information for the year ended 31 March 2006 has been extracted from the latest published audited financial statements, which have been filed with the Registrar of Companies. The report of the Auditors on those accounts contained no qualification or statement under Section 237(2) or (3) of the Companies Act 1985. INTERIM REPORT The Interim Report for the six months to 30 September 2006 will be posted to shareholders shortly. GARTMORE INVESTMENT LIMITED Corporate company secretary 9 November 2006

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