Final Results

New India Investment Trust PLC
08 June 2005

NEW INDIA INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF ANNUAL UNAUDITED CONSOLIDATED RESULTS
for the year ended 28 February 2005

This is my first statement to you as Chairman of your Company following the
significant changes that have taken place over the last financial year.  After
the failure of the continuation vote at the last AGM of the Company on 9 August
2004, my predecessor Richard Watkins and your then Board reviewed various
proposals for your Company's future, and in particular devoted considerable
energy to resolving the problem of the time value of the Warrants in the event
of the liquidation.  Aberdeen Asset Management Asia Limited, advised by Intelli
Corporate Finance Limited, put forward proposals for the continuation of the
Company with a different investment mandate.  The Board, advised by Close
Brothers Securities, decided to recommend this way forward to Shareholders and
the Chairman wrote to you on 16 November 2004 convening an EGM for you to
consider and vote on this proposal.  At this EGM the recommendation was
approved, and consequently the Company's name was changed to New India
Investment Trust PLC with a mandate to invest in Indian securities, using the
MSCI India Index as a benchmark.  At the same time Intelli, in conjunction with
Close Brothers Securities, approached those Shareholders who did not wish to
participate in this changed strategy and consequently approximately 27.5 million
shares (57.5 per cent) were placed with new and existing Shareholders who wished
to support the proposals.  Following Shareholders' approval of the new mandate
at the EGM, certain corporate and regulatory steps had to be taken to put into
effect the structure which had been outlined in the Circular to Shareholders and
which is described in more detail below. Thus, with the exception of one
purchase of a Global Depositary Receipt (GDR) in respect of an Indian security,
investment in Indian companies began on 28 December 2004.

Performance
The undiluted Net Asset Value ('NAV') of the Company's Ordinary shares grew from
84.65p at 29 February 2004 to 90.94p (+7.4%) on 9 December 2004 compared to an
increase in the MSCI Latin America Index (in sterling terms, capital only) of
12.3%. Since the change of investment objective to an Indian specialist trust on
9 December 2004 the NAV has risen to 93.12p (+2.4%) at 28 February 2005 and is
now 98.47p (+8.3%) at the time of writing.  This compares to the movements over
the same period in the MSCI India Index (in sterling terms) of +6.25% and
+11.33% respectively.  The share price rose from 71p to 94.25p over the year,
which was the result partly of the increase in NAV, but also and more
significantly, the result of the narrowing of the discount at which your
Company's shares traded. At 29 February 2004, the shares traded at a discount of
16.13%, but by 28 February 2005, they were trading at a premium of 1.2%. The
rise in the share price over the year, together with the dividend declared, has
provided Shareholders with a total return of just under 34%.

Earnings and Dividend
Revenue has been relatively strong during the year but this has been
significantly influenced by liquidity in the portfolio leading up to and
following the Extraordinary General Meeting in December 2004.  Indian securities
are not renowned for their high dividend yields; the current yield on the MSCI
India Index is only 1.7%. The Manager's investment style places greater emphasis
on capital growth than providing investors with income.  Furthermore, the
Company incurred administrative expenses of £639,000 during the year of which
some £320,000 represented one-off legal, advisory and associated costs which are
not expected to recur in future years.  However, the Board believes that it is
appropriate to pay a dividend from the net revenue earned during the year and
accordingly a final dividend of 0.7p per Ordinary share is proposed to be paid
on 15 July 2005 to Shareholders registered on 17 June 2005.

Revised Investment Objective and New Managers
With effect from the conclusion of the EGM, the Company's investment objective
has been 'To achieve long-term capital appreciation by investing in companies
which are incorporated in India or which derive significant revenue or profit
from India, with dividend yield from the Company being of secondary importance'.
Therefore, the performance of the Company's assets is benchmarked against the
MSCI India Index (in sterling terms).

Your Board
At the same EGM a number of changes were made to the Board.  Sarah Bates and I
were both appointed to the Board and Richard Watkins and Baroness Hooper
resigned.  I would like to take this opportunity to thank both Richard Watkins
and Baroness Hooper for their service to the Company under its former management
team and their efforts in creating a future for your Company.  I should also
like to thank my new colleagues Victor Bulmer-Thomas, Andres Rozental and Audley
Twiston-Davies for all that hard work during this process of renewal.  Sarah
Bates and I will both be retiring at the forthcoming AGM in accordance with the
Articles of Association in order to submit ourselves for election and Professor
Bulmer-Thomas will be retiring by rotation at the AGM in order to submit himself
for re-election.

Company Structure
Although your Company now owns directly one investment in an Indian company
through a GDR, its principal means of investing is through a wholly-owned
Mauritian subsidiary that has been created in order to enable the Group to
benefit from the Indian Mauritius double tax treaty.  Prior to the Company
commencing its investment activities it required a license under the Mauritius
Companies Act 2001 and the Mauritius Financial Services Development Act 2001 and
to be granted ordinary status together with a certificate of tax residency.
This was issued by the Mauritius Financial Services Commission on 28 December
2004.  Consequently investment through the subsidiary commenced in January 2005
and by the middle of that month approximately 50% was invested in Indian
securities, and by the end of February the Group was virtually fully invested.

Management
Shareholders overwhelmingly approved the resolution to appoint Aberdeen Asset
Management Asia Limited as Manager at the EGM in December 2004, and your Board
intends to review the continuing appointment of the Manager to confirm that it
remains in the interests of Shareholders as a whole towards the end of the
current financial year of the Company.  The revised Board has the benefit of a
range of experience in fund management and developing markets.  Whilst the
manager has wide-ranging discretionary powers under the terms of the management
agreement, the Directors have implemented what they consider to be prudent
controls upon the Company's gearing levels and exposure to individual sectors
and companies, although the Board does not believe that these will cramp the
Manager's particular style that has historically served its clients well.  The
new Manager has been appointed under the terms of a contract that is terminable
on 12 months' notice expiring on or at any time after the second anniversary of
the date of their appointment.  During the initial period of management, no
performance fee was payable to the Manager.

Annual General Meeting
The Annual General Meeting of the Company will be held at One Bow Churchyard,
Cheapside, London EC4 on 13 July 2005 at 10.00 a.m.  There will be a
presentation by the Managers and an opportunity to meet the Directors over
coffee following the meeting.  In addition to the ordinary business of the
meeting Shareholders will be asked to authorise the Board to buy back up to
14.99% of the Company's issued share capital; authorise the issue of new shares
representing 5% of the present issued share capital; authorise the issue for
cash of shares representing 5% of the present issued share capital otherwise
than by a pro rata issue to existing Shareholders (ie pre-emption); and, to
authorise the Board to sell shares held as treasury shares.  In respect of the
issue of shares from treasury the Directors are aware that best practice is
still in the process of determination and will keep the Board's policy under
review.  However, the Board would only currently expect to sell shares from
treasury in circumstances where an absolute profit would be achieved and would
only consider such sale at a maximum discount of approximately 3% to the
prevailing diluted NAV at the time of issue.  Your Board recommends that
Shareholders vote in favour of these resolutions and intends to do so in respect
of its own shareholdings.

Outlook
Over the last few years India's stock market has risen sharply, being one of
Asia's best performers in 2003 and, after a sharp pullback in the wake of an
unexpected election result in March 2004, rebounding strongly for the balance of
the year.  Thankfully underlying earnings' growth in the period has been
impressive, but it has not matched the stock market's rise and as a consequence
the stock market today is standing on a higher projected price/earnings multiple
than in recent years.  Certainly in the last few weeks the Indian stock market
has pulled back, which might be regarded as a healthy consolidation and indeed I
would not be discouraged or surprised should the correction continue.  India is
increasingly internationalising and hence being affected by the challenges most
markets face: namely the rising interest rate environment, tightening liquidity
and the global economic slowdown.  However, the Indian economy is still fairly
insulated from the global market since the economy is driven by a large portion
of companies that focus on developing the domestic market.  In addition, we are
encouraged by the government's commitment to market reform as it announced a
balanced budget and the wide implementation of a Value-Added Taxation system.
The dreadful legacy of Fabian Socialism and an over-forceful bureaucracy
inherited from colonial days finally seems to be fading away allowing potential
entrepreneurial talent to flourish.  Furthermore, the integrity of the legal
framework, the depth and diversity of its capital markets, the capable and
motivated managements and excellent demographics make India an appealing stock
pickers' market with dynamic long-term growth prospects.


7 June 2005                                                      William Salomon
                                                                        Chairman





Group Statement of Total Return
_____________________________________________________________________________________

                                     Year ended                  Year ended
                                  28 February 2005            29 February 2004
                                    (unaudited)                 (audited)
                              _______________________________________________________

                              Revenue   Capital   Total   Revenue   Capital    Total
                                £'000     £'000   £'000     £'000     £'000    £'000
_____________________________________________________________________________________
Gains on investments                -     4,411   4,411         -    14,020   14,020

Income                          1,857         -   1,857     1,306         -    1,306

Investment management fee        (530)        -    (530)     (317)        -     (317)

Administration expenses          (639)        -    (639)     (285)        -     (285)

Currency (losses)/gains             -      (429)   (429)        -       513      513
_____________________________________________________________________________________

Net return before finance
costs and taxation                688     3,982   4,670       704    14,533   15,237

Interest payable and
similar charges                   (23)        -     (23)      (89)        -      (89)
_____________________________________________________________________________________

Net return on ordinary
activities before taxation        665     3,982   4,647       615    14,533   15,148

Taxation on ordinary
activities                       (264)        -    (264)     (152)        -     (152)
_____________________________________________________________________________________

Net return on ordinary
activities after taxation         401     3,982   4,383       463    14,533   14,996

Dividends in respect of
equity shares                    (335)        -    (335)     (335)        -     (335)
_____________________________________________________________________________________

Transfer to reserves               66     3,982   4,048       128    14,533   14,661
_____________________________________________________________________________________

Return per Ordinary share (pence):
Basic and diluted                0.84      8.33    9.17      0.97     30.39    31.36
_____________________________________________________________________________________

The revenue columns of this statement represents the consolidated revenue
account of the Group (2004 - Company).
All revenue and capital items in the above statement derive from continuing
operations.
No operations have been acquired or discontinued during the year.


Balance Sheets
_____________________________________________________________________________________
                                           Group          Company          Company
                                           As at            As at            As at
                                     28 February      28 February      29 February
                                            2005             2005             2004
                                      (unaudited)      (unaudited)       (audited)
                                   __________________________________________________

                                           £'000            £'000            £'000
_____________________________________________________________________________________

Fixed assets

Investments                               42,808            1,891           46,244

Subsidiary undertaking                         -           42,448                -
_____________________________________________________________________________________

                                          42,808           44,339           46,244
_____________________________________________________________________________________

Current assets

Debtors                                       76               51            1,069

Cash and short term deposits               2,425              722              739
_____________________________________________________________________________________

                                           2,501              773            1,808
_____________________________________________________________________________________

Creditors: amounts falling due within one year

Bank loan                                      -                -           (6,519)

Other creditors                             (790)            (593)          (1,047)
_____________________________________________________________________________________

                                            (790)            (593)          (7,566)
_____________________________________________________________________________________

Net current
assets/(liabilities)                       1,711              180           (5,758)
_____________________________________________________________________________________

Total assets less current liabilities     44,519           44,519           40,486

Provisions for liabilities
and charges                                    -                -              (15)
_____________________________________________________________________________________

Net assets                                44,519           44,519           40,471
_____________________________________________________________________________________

Share capital and reserves

Called-up share capital                   11,953           11,953           11,953

Share premium account                     11,752           11,752           11,752

Special reserve                           17,981           17,981           17,981

Warrant reserve                            4,026            4,026            4,026

Warrant exercise reserve                       3                3                3

Other reserves:

Capital redemption reserve                 4,089            4,089            4,089

Capital reserve - realised                (6,371)          (6,473)         (17,910)

Capital reserve - unrealised                (378)            (301)           7,179

Revenue reserve                            1,464            1,489            1,398
_____________________________________________________________________________________

Equity Shareholders' funds                44,519           44,519           40,471
_____________________________________________________________________________________

Net asset value per Ordinary share (pence):
Basic                                      93.12            93.12            84.65
_____________________________________________________________________________________

Diluted                                    94.57            94.57            87.90
_____________________________________________________________________________________




Group Cash Flow Statement
_____________________________________________________________________________________

                                                  Year ended            Year ended
                                            28 February 2005      29 February 2004
                                                  (unaudited)             (audited)
                                     ________________________________________________

                                            £'000      £'000      £'000      £'000
_____________________________________________________________________________________

Net cash inflow from operating
activities                                               556                   485

Servicing of finance

Bank loan interest paid                                  (31)                 (119)

Taxation

Corporation tax paid                                     (19)                    -

Financial investment

Purchases of investments                 (100,504)              (22,465)

Sales of investments                      108,967                18,334
_____________________________________________________________________________________

Net cash inflow/(outflow)
from financial investment                              8,463                (4,131)

Equity dividend paid                                    (335)                 (143)
_____________________________________________________________________________________

Net cash inflow/(outflow)
before financing                                       8,634                (3,908)

Financing

(Repayment)/draw down of loans             (6,998)                3,974
_____________________________________________________________________________________

Net cash (outflow)/inflow
from financing                                        (6,998)                3,974
_____________________________________________________________________________________

Increase in cash                                       1,636                    66
_____________________________________________________________________________________

Reconciliation of net cash flow to
movements in net funds/(debt)

Increase in cash as above                              1,636                    66

Cash outflow/(inflow)from
repayment/(drawdown) of loans                          6,998                (3,974)
_____________________________________________________________________________________

Change in net debt resulting
from cash flows                                        8,634                (3,908)

Exchange movements                                      (429)                  501
_____________________________________________________________________________________

Movement in net funds in the year                      8,205                (3,407)

Opening net debt                                      (5,780)               (2,373)
_____________________________________________________________________________________

Closing net funds/(debt)                               2,425                (5,780)
_____________________________________________________________________________________


Notes:


1. Income
                                                  2005                 2004
                                                 £'000                £'000
Income from investments

Overseas dividend income                         1,298                1,229

UK Unfranked investment income                     249                    -

Stock dividends                                    106                   61
                              __________________________________________________

                                                 1,653                1,290
                              __________________________________________________

Other income

Deposit interest                                   204                   16
                              __________________________________________________

Total income                                     1,857                1,306
                              __________________________________________________


2. Return per Ordinary share
The basic revenue return per Ordinary share is based on the revenue return to
Ordinary Shareholders of £401,000 (2004 - £463,000) and on 47,812,050 (2004 -
47,812,050) Ordinary shares, being the weighted average number of Ordinary
shares in issue for the year.

The basic capital return per Ordinary share is based on the capital gains for
the year of £3,982,000 (2004 - £14,533,000), and on 47,812,050 (2004 -
47,812,050) Ordinary shares, being the weighted average number of Ordinary
shares in issue for the year.

Fully diluted returns calculated on the basis set out in Financial Reporting
Standard 14 'Earnings per share' ('FRS 14') indicate that the exercise of
warrants in issue would have no dilutive effect on returns.

3. Net asset value per share
The basic net asset value per Ordinary share is based on a net asset value of
£44,519,000 (2004 - £40,471,000) and on 47,812,050 (2004 - 47,812,050) Ordinary 
shares, being the number of Ordinary shares in issue at the year end.

The fully diluted net asset value per Ordinary shares has been calculated on the
assumption that the 12,833,090 (2004 - 12,833,090) Warrants were fully converted 
on the first day of the financial year at 100p giving a weighted average number 
of Ordinary shares of 60,645,140 (2004 - 60,645,140).

4. The financial information set out above does not constitute the Company's
statutory accounts for the year ended 28 February 2005 or the year ended 29
February 2004. The financial information for 2004 is derived from the statutory
accounts for 2004, which have been delivered to the Registrar of Companies. The
auditors have reported on the 2004 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 2005 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.

5. The Directors have today declared a final dividend of 0.70p per Ordinary
share for the year ended 28 February 2005 (2004 - interim dividend of 0.70p)
which, if approved by Shareholders at the Annual General Meeting, will be
payable on 15 July 2005 to Shareholders on the register on 17 June 2005.

6. 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
7 June 2005


                      This information is provided by RNS
            The company news service from the London Stock Exchange