Preliminary Annual Results

Aberdeen New Dawn Invest Trust PLC
12 July 2001


ABERDEEN NEW DAWN INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF ANNUAL UNAUDITED RESULTS
for the year ended 30 April 2001


Chairman's Statement

Following the strong performance last year, the past twelve months have been a
difficult time for the Company and although Hugh Young and his team in
Singapore correctly forecast the overvaluation of technology, media and
telecommunications stocks, the net asset value has fallen by 13.1% in the year
to 30 April 2001 to 205.8p. This compared very favourably with a decline of
20.2% for the MSCI AC Asia Pacific ex-Japan Index. For the 3 and 5 years ended
30 April 2001, the net asset value outperformed that index by 29.5% and 9.6%
respectively. The share price over the year to 30 April 2001 has encouragingly
increased by 5% to 173.5p as the discount has narrowed in the past year due to
the demand from both natural buyers and the judicious use of share buy backs. 

It is proposed that the dividend will be increased by 61% to 2.65p per
ordinary share. This is a result of the continued earnings and dividend
recovery and of the adjustments made to the basis of accounting for the
management fee.

The New Dawn area has seen the usual diversity of performance with strong
performance from the CLSA China World index (+7.81%) and Australia (+6.2%).
Hong Kong on a currency adjusted basis fell 6.2%. Currency weakness was a
major factor this year, which has exacerbated the performance of Indonesia and
Thailand, down 49% and 38.6% respectively. Taiwan (-38.6%) and Korea (-20%)
reflected NASDAQ influences.

The savage fall in the US NASDAQ index of nearly 70% from its peak was a
reversal of the bubble in technology, media and telecommunications stocks. The
contagion in Asia was principally due to the region being a high outsourcer,
which our Manager correctly identified as low margin, having no pricing power
and highly cyclical. The bubble in telecommunications is best illustrated by
the rise and fall of Pacific Century (PCCW) share price in Hong Kong from HK$2
to over HK$30 and now back to HK$2.35.

To put too much emphasis on tech, however, would be to obscure the
opportunities elsewhere. While some international investors were abandoning
the smaller markets in Southeast Asia we continued to see good prospects
there. Well-run companies exist, particularly among banks, consumer goods and
service businesses. Many have produced good profit growth. Selective value has
become increasingly obvious. We especially like Singaporean banks, Hong Kong
consumer stocks and, at the time of writing, defensive 'old economy' stocks in
India. 

It is the speed - as much as the fact - of the US slowdown that drained
confidence from global equity markets. To the extent that Asia is a leveraged
play on US activity, it has been affected, and this is clear from today's poor
sentiment and declining liquidity. We think the main risks to earnings are now
fully discounted, indeed stocks are oversold. Significantly, while Asian
stocks fell less than global indices earlier this year, they have struggled to
follow the recent bounce. That has left some of our preferred stocks on
price/earnings multiples below 10, with net cash on the balance sheet, and
dividend yields approaching double figures. Valuations are veering toward
Asia-crisis levels, yet the corporate landscape is much more robust than three
years' ago. However we must record the GDP growth expectations have been
revised back to 3% with the exception of China and India.

A more optimistic case could be made that external pressure will force the
pace on stalled domestic restructuring. In some instances, a transition in
leadership may be required first. Politicians across the region have too often
used the threat of social instability (including unemployment) as a reason to
resist economic changes. However, the growth of the middle class and the
increasing emphasis on the expansion of property rights is the best bet for
liberalism in SE Asia.

Looking ahead, we are adding to holdings and are positioned for an upturn,
which realistically will come only from a more settled global picture. We are
hopeful the unprecedented reduction in interest rates in the US will result in
a new economic cycle beginning later this year. The work ethic of the region
is still strong, valuations are low and the international investors are
currently disinterested thus leading us to take a relatively optimistic view
of the New Dawn region for the coming year.

Richard Clough
Chairman
12 July 2001

The unaudited results were:

Statement of total return (incorporating the revenue account of the Company*)

                                                       Year ended
                                                      30 April 2001
                                                       (unaudited)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000

Losses on investments                             -       (5,378)      (5,378)
Income                                        2,075            -        2,075
Investment management fee                      (191)        (191)        (382)
Other expenses                                 (374)           -         (374)
Exchange losses                                 (28)         (53)         (81)
                                            ________     ________     ________
Net return/(loss) before finance costs
and taxation                                  1,482       (5,622)      (4,140)
Interest payable and similar charges           (217)        (217)        (434)
                                            ________     ________     ________
Return/(loss) on ordinary
activities before tax                         1,265       (5,839)      (4,574)
Tax on ordinary activities                     (402)         123         (279)
                                            ________     ________     ________
Return/(loss) on ordinary
activities after tax                            863       (5,716)      (4,853)
Repurchase of Warrants                            -       (2,429)      (2,429)
                                            ________     ________     ________
Return/(loss) attributable to
equity shareholders                             863       (8,145)      (7,282)
Dividends in respect of equity shares          (617)           -         (617)
                                            ________     ________     ________
Transfer to/(from)reserves                      246       (8,145)      (7,899)
                                            ========     ========     ========
Return/(loss) per Ordinary share (pence):     
  Basic                                        3.54       (33.41)      (29.87)
                                            ========     ========     ========
  Fully-diluted                                 n/a          n/a          n/a
                                            ========     ========     ========


The audited results were:
                                                       Year ended
                                                      30 April 2000
                                                        (audited)
                                                       (restated**)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000

Gains on investments                              -       16,296       16,296
Income                                        1,539            -        1,539
Investment management fee                      (282)        (282)        (564)
Other expenses                                 (319)           -         (319)
Exchange (losses)/gains                          (6)         255          249
                                            ________     ________     ________
Net return before finance costs
and taxation                                    932       16,269       17,201
Interest payable and similar charges           (273)        (274)        (547)
                                            ________     ________     ________
Return on ordinary 
activities before tax                           659       15,995       16,654
Tax on ordinary activities                     (215)          67         (148)
                                            ________     ________     ________
Return on ordinary activities
after tax                                       444       16,062       16,506
Repurchase of Warrants                           -          (756)        (756)
                                            ________     ________     ________
Return attributable to
equity shareholders                             444       15,306       15,750
Dividends in respect of equity shares          (403)           -         (403)
                                            ________     ________     ________
Transfer to reserves                             41       15,306       15,347
                                            ========     ========     ========
Return per Ordinary share (pence): 
  Basic                                        1.73        59.69        61.42
                                            ========     ========     ========
  Fully-diluted                                1.68        57.97        59.65
                                            ========     ========     ========


*  The revenue column of this statement is the revenue account of the Company.
** Restated for the change in accounting policy (see note 4) 

The Statements of Total Return presented above are in accordance with the
Statement of Recommended Practice for Financial Statements of Investment Trust
Companies.
 

Balance Sheet

                                                      30 April      30 April
                                                          2001          2000
                                                    (unaudited)     (audited)
                                                                  (restated**)
                                                         £'000         £'000
Fixed assets
Investments                                             52,055        66,200
                                                       ________      ________
Current assets
Debtors                                                    751         2,277
Cash at bank and in hand                                   895           165
                                                       ________      ________
                                                         1,646         2,442
Creditors: amounts falling due within one year          (5,751)      (10,439)
                                                       ________      ________
Net current liabilities                                 (4,105)       (7,997)
                                                       ________      ________
Total assets less current liabilities                   47,950        58,203
Provision for liabilities and charges                       (5)            -
                                                       ________      ________
Net assets                                              47,945        58,203
                                                       ========      ========
Share capital and reserves
Called-up share capital                                  5,823         6,145
Share premium account                                    9,317         9,179
Special reserve                                         14,181        16,712
Other reserves:
Redemption reserve                                      10,201         9,845
Capital reserve - realised                               7,768         8,297
Capital reserve - unrealised                            (1,334)        6,282
Revenue reserve                                          1,989         1,743
                                                       ________      ________
Total equity shareholders' funds                        47,945        58,203
                                                       ========      ========
Net asset value per Ordinary share (pence): 
  Basic                                                 205.84        236.78
                                                       ========      ========
  Fully-diluted                                            n/a        225.71
                                                       ========      ========

** Restated for the change in accounting policy (see note 4) 


Cash Flow Statement
                                               Year ended        Year ended
                                             30 April 2001     30 April 2000
                                               (unaudited)        (audited)
                                                                (restated**)
                                             £'000    £'000    £'000    £'000

Net cash inflow from operating activities               836               625
Servicing of finance
Bank interest paid                            (449)             (522)
                                           ________           _______
Net cash outflow from servicing of finance             (449)             (522)
Taxation
Net UK tax recovered                           237                 7
Overseas tax paid                                -              (166)
                                           ________           _______
Net tax recovered/(paid)                                237              (159)
Financial investment
Purchase of investments                    (19,331)          (25,788)
Sale of investments                         27,680            22,375
                                           ________           _______
Net cash inflow/(outflow) from                        8,349            (3,413)
financial investment

Equity dividend paid                                   (403)             (423)
                                                    ________           _______
Net cash inflow/(outflow)
before financing                                      8,570            (3,892)

Financing
Repurchase of Ordinary shares               (2,531)                -
Proceeds from exercise of Warrants             173                10
Expenses paid in respect 
of share issue/buyback                           -              (278)
Repurchase of Warrants                      (2,429)             (756)
Repayment of loan                           (3,000)                -
                                           ________           _______
Net cash outflow from financing                      (7,787)           (1,024)
                                                    ________           _______
Increase/(decrease) in cash                             783            (4,916)
                                                    ========           =======
Reconciliation of net cash flow
to movements in net debt
Increase/(decrease) in cash as above                    783            (4,916)
Cash outflow from part repayment of loan              3,000                 -
Exchange movements                                      (53)               35
                                                    ________           _______
Movement in net debt in the year                      3,730            (4,881)
Opening net debt                                     (7,835)           (2,954)
                                                    ________           _______
Closing net debt                                     (4,105)           (7,835)
                                                    ========           =======

** Restated for the change in accounting policy (see note 4) 

1  The basic revenue return per Ordinary share is based on net revenue on
ordinary activities after taxation of £863,000 (2000 - £444,000 as restated)
and on 24,379,401 (2000 - 25,641,449) Ordinary shares, being the weighted
average number of Ordinary shares in issue during the year. 

The basic capital return per Ordinary share is based on net capital losses for
the year of £8,145,000 (2000 - gains of £15,306,000 as restated) and on
24,379,401 (2000 - 25,641,449) Ordinary shares, being the weighted average
number of Ordinary shares in issue during the year.

The fully-diluted return per Ordinary share for the comparative year has been
calculated in accordance with FRS14 and by reference to a weighted average
number of 26,404,832 Ordinary shares and has been restated for the change in
accounting policy described in note 4. There is no dilution calculation for
the current year as there were no Warrants outstanding at the year end.
                     
2   The breakdown of income for the year to 30 April 2001 and 30 April 2000
was as
follows:

                                      2001         2000 
                                     £'000        £'000 

  Income from investments
  Franked investment income             59           41
  Overseas dividends                 1,958        1,465
                                    _______      _______
                                     2,017        1,506
                                    _______      _______
  Other income
  Deposit interest                      58           33
                                    _______      _______
  Total income                       2,075        1,539
                                    =======      =======
                     
       
3 The basic net asset value per Ordinary share is based on net assets and on
23,292,133 (2000 - 24,581,436) Ordinary shares, being the number of Ordinary
shares in issue at the year end.

The fully-diluted net asset value per Ordinary share for 2000 was 225.71p. 
This was calculated on the assumption that the A and B Warrants in issue at 30
April 2000, being 528,583 and 2,241,888 respectively, were converted on the
first day of the financial period at 95.88p and 135p per share respectively,
giving a total of 27,351,907 Ordinary shares. The fully diluted net asset
value calculation excluded the Series C Warrants on the assumption that the
Series C Warrants would not be exercised as the exercise price exceeded the
basic net asset value.

There is no fully-diluted calculation for 2001 as there were no Warrants
outstanding at the year end.


4   Change in accounting policy:- In line with the Board's expected long term
returns, with effect from 1 May 2000 50% of management fees and finance costs
have been charged to capital. The comparative figures for 2000 have been
restated accordingly. There is no impact on overall total return recognised in
either year.

5   During the year the Company purchased for cancellation a total of
1,425,000 of its own issued Ordinary shares of 25p, representing 5.6% of its
called-up share capital, for an aggregate consideration of £2,531,000.

During the year 26,872 series A Warrants, 108,805 series B Warrants and 20
series C Warrants were exercised resulting in 135,697 new Ordinary shares
issued for 95.88p, 135p and 270p respectively.

6  The financial information set out above does not constitute the Company's
statutory accounts for the year ended 30 April 2001 or the year ended 30 April
2000. The financial information for 2000 is derived from the statutory
accounts for 2000, as restated for the change in accounting policy described
in note 4, which have been delivered to the Registrar of Companies. The
auditors have reported on the 2000 accounts; their report was unqualified and
did not contain a statement under section 237(2) or (3) of the Companies Act
1985. The statutory accounts for 2001 will be finalised on the basis of the
financial information presented by the Directors in this preliminary
announcement and will be delivered to the Registrar of Companies in due
course.
       
7   The Annual Report will be posted to shareholders in due course and further
copies may be obtained from the registered office, One Bow Churchyard,
Cheapside, London EC4M 9HH.

Aberdeen Asset Management PLC - Secretaries
12 July 2001