Final Results

Mid Wynd Inter Inv Trust PLC
12 August 2003


                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                      Results for the year to 30 June 2003

                                 12 August 2003


Mid Wynd's final results showed a 6.7% fall in net asset value.  This represents
4.4 percentage points of outperformance in the period when compared to the FTSE
World Index in sterling terms, which fell by 11.1%.

  • The strong relative performance was largely due to asset allocation, in
    particular  exposure to bonds.  Fixed income holdings are now being reduced
    due to the shift in the relative attraction of bonds and equities.

  • The UK portfolio, which has a relatively defensive skew, performed well in
    relative terms as did the Japanese and Latin American content.

  • In the second half net asset value rose by 8.6% while FTSE World Index
    rose by 7.3% in sterling terms.

  • Final dividend of 5.50p giving 9.20p for the year, an increase of 3.4%.
    The Board has recommended only a modest increase in the final dividend as
    earnings are expected to fall as the Company increases its exposure to
    equities.

  • The outlook for markets remains unclear and the range of possibilities is
    wider than usual. The portfolio reflects this by containing a wider range of
    stocks than in the past  including strong high margin growth shares,
    candidates for restructuring and deleverage and beneficiaries of mild
    cyclical recovery and persistent low interest rates.



The objective of Mid Wynd International Investment Trust PLC is to achieve
capital and income growth  by investing on a worldwide basis. The trust has
total assets of £31m.

Mid Wynd is managed by Baillie Gifford & Co., the leading Edinburgh based fund
management group with around £23 billion under management and advice


                                    - ends -



For further information please contact:

Michael MacPhee, Manager
Mid Wynd International Investment Trust PLC                    0131 222 4000

Mike Lord, Director
Broadgate                                                      020 7726 6111

Baillie Gifford & Co. is authorised and regulated by the Financial Services
Authority.



                  MID WYND INTERNATIONAL INVESTMENT TRUST PLC


The following is the unaudited preliminary statement for the year to 30 June
2003 which was approved by the Board on 11 August 2003.  The Directors of Mid
Wynd International Investment Trust PLC are recommending to the Annual General
Meeting of the Company to be held on 6 October 2003 the payment of a final
dividend of 5.50p net (5.30p net last year) per ordinary share, making a total
of 9.20p net (8.90p net last year) per ordinary share for the year ended 30 June
2003.




                         STATEMENT OF TOTAL RETURN
               (unaudited and incorporating the revenue account*)

                                           For the year ended                       For the year ended
                                              30 June 2003                             30 June 2002
                                     Revenue      Capital        Total        Revenue     Capital       Total
                                       £'000        £'000        £'000          £'000       £'000       £'000


Losses on investments                      -       (2,240)      (2,240)             -      (5,799)     (5,799)
Currency gains                             -          104          104              -          88          88

Income (note 2)                          887            -          887            858           -         858
Investment management fee                (75)         (75)        (150)           (88)        (88)       (176)
Other administrative expenses           (137)           -         (137)          (122)          -        (122)
Net return before finance costs
and taxation                             675       (2,211)      (1,536)           648      (5,799)     (5,151)

Finance costs of borrowings               (6)          (6)         (12)            (7)         (7)        (14)
Return on ordinary activities
before taxation                          669       (2,217)      (1,548)           641      (5,806)     (5,165)

Tax on ordinary activities              (136)          25         (111)          (129)         29        (100)
Return on ordinary activities
after taxation                           533       (2,192)      (1,659)           512      (5,777)     (5,265)

Dividends in respect of equity          (463)           -         (463)          (448)          -        (448)
shares

Transfer to/(from) reserves               70       (2,192)      (2,122)            64      (5,777)     (5,713)

Return per ordinary share              10.60p     (43.60p)     (33.00p)         10.18p   (114.91p)   (104.73p)
(note 3)

Dividend per ordinary share (note 4)    9.20p                                    8.90p



* 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.





                  MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                            SUMMARISED BALANCE SHEET
                                at 30 June 2003
                                  (unaudited)
                                                                           30 June 2003             30 June 2002
                                                                                  £'000                    £'000

Net assets
Fixed asset investments                                                         31,123                   33,167
Net liquid assets                                                                  302                      504
Total assets (before deduction of bank loan)                                    31,425                   33,671
Bank loan (note 5)                                                              (1,737)                  (1,861)
                                                                                29,688                   31,810

Capital and reserves
Called-up share capital                                                          1,257                    1,257
Capital reserves                                                                27,752                   29,944
Revenue reserve                                                                    679                      609
Equity shareholders' funds                                                      29,688                   31,810

Net asset value per ordinary share                                               590.5p                   632.7p

Ordinary shares in issue                                                      5,027,766                5,027,766





                             DISTRIBUTION OF ASSETS
                                at 30 June 2003
                                  (unaudited)
                                                                      30 June 2003               30 June 2002
                                                                                 %                          %


Equities:         United Kingdom                                              16.6                       16.4
                  Continental Europe                                          18.3                       19.2
                  North America                                               28.0                       28.0
                  Japan                                                        8.8                        9.4
                  Asia Pacific                                                 4.7                        3.1
                  Other Emerging Markets                                       2.3                        2.3
                                                                              78.7                       78.4
Bonds:            United Kingdom                                               6.4                        5.7
                  Continental Europe                                          13.9                        8.9
                  North America                                                  -                        5.5
Net liquid assets                                                              1.0                        1.5
Total assets (before deduction of bank loans)                                100.0                      100.0





                    MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                          SUMMARISED CASH FLOW STATEMENT
                                    (unaudited)

                                                               For the year ended        For the year ended
                                                                  30 June 2003              30 June 2002
                                                                £'000       £'000           £'000       £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                     586                         381

NET CASH OUTFLOW FROM SERVICING OF FINANCE                                    (10)                        (12)

TOTAL TAX PAID                                                                (59)                         (1)

FINANCIAL INVESTMENT
Acquisitions of investments                                   (12,637)                    (14,716)
Disposals of investments                                       12,287                      14,204
Realised currency (loss)/profit                                   (30)                         10

NET CASH OUTFLOW FROM FINANCIAL INVESTMENT                                   (380)                       (502)

EQUITY DIVIDENDS PAID                                                        (453)                       (437)

NET CASH OUTFLOW BEFORE FINANCING                                            (316)                       (571)

FINANCING
Bank loan drawn down                                              917                           -
Bank loan repaid                                                 (999)                          -
Realised currency profit on bank loan                              92                           -

NET CASH INFLOW FROM FINANCING                                                 10                           -

DECREASE IN CASH                                                             (306)                       (571)

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Decrease in cash in the year                                                 (306)                       (571)
Cash used to repay bank loan                                                  (10)                          -
Exchange movement                                                             134                          78

MOVEMENT IN NET DEBT IN THE YEAR                                             (182)                       (493)
NET DEBT AT 1 JULY                                                         (1,154)                       (661)
NET DEBT AT 30 JUNE                                                        (1,336)                     (1,154)





                 MID WYND INTERNATIONAL INVESTMENT TRUST PLC

                                   NOTES


1.  The financial statements for the year to 30 June 2003 have been prepared
    on the basis of the accounting policies set out in the Company's financial
    statements at 30 June 2002.

                                                                          30 June 2003           30 June 2002
                                                                                 £'000                  £'000
2.  Income

    Income from investments and interest receivable                                883                   857
    Other income                                                                     4                     1

3.  Return per ordinary share

    Revenue return                                                                533                    512
    Capital return                                                             (2,192)                (5,777)

    Return per ordinary share is based on the above totals for revenue and 
    capital and on 5,027,766 ordinary shares, being the number of ordinary 
    shares in issue throughout each year.

4.  The total cost of the dividend for the year is £463,000 (2002 - £448,000).  
    If approved the final dividend will be paid on 8 October 2003 to all
    shareholders on the register at the close of business on 26 September 2003.

5.  Loans include Y170 million and US$1.45 million drawn down under a
    multi-currency loan facility which is repayable on 5 September 2003 (2002 - 
    Y340 million).

6.  The financial information set out above does not constitute the Company's
    statutory accounts for the year ended 30 June 2003.  The financial 
    information for 2002 is derived from the statutory accounts for 2002, which 
    have been delivered to the Registrar of Companies. The Auditors have 
    reported on the 2002 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 2003 will be finalised on the basis of the 
    financial information presented in this preliminary announcement and will be 
    delivered to the Registrar of Companies following the Company's Annual 
    General Meeting.


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            The company news service from the London Stock Exchange              OKRWAAR