Final Results

Schroder AsiaPacific Fund PLC
8 December 2000


                     SCHRODER ASIAPACIFIC FUND PLC
                     UNAUDITED PRELIMINARY RESULTS 

The Directors of Schroder AsiaPacific Fund plc announce the unaudited
preliminary results for the year ended 30 September 2000.


                                     For the year ended     For the year ended
                                     30 September 2000      30 September 1999 

                                  Revenue Capital Total  Revenue  Capital  Total
                                                         Restated*     Restated*
                                   £'000  £'000   £'000   £'000   £'000  £'000

Realised gains/(losses) on sales     -    14,799 14,799     -      (990)   (990)

Unrealised gains on investments      -     2,369  2,369     -    52,310  52,310

Currency (losses)/gains              -    (1,258)(1,258)    -       406     406

Unrealised loss on forward
 foreign exchange transaction        -       -       -      -      (405)   (405)

Dividend income from listed
 overseas investments              1,695     -    1,695   1,855      -    1,855

Bank deposit income                  358     -      358     223      -      223

Other income                           2     -        2      24      -       24

Administrative expenses             (359)    -     (359)   (259)     -     (259)

Investment management fee         (1,372)    -   (1,372)   (957)     -     (957)

Return before finance costs
 and taxation                        324  15,910 16,234     886   51,321 52,207

Interest payable                    (850)    -     (850)   (136)     -     (136)

(Deficit)/return on ordinary
 activities before taxation         (526) 15,910 15,384     750   51,321 52,071

Tax on ordinary activities            68     -       68    (264)     (32)  (296)

(Deficit)/return attributable
 to equity shareholders             (458) 15,910 15,452     486   51,289 51,775

Dividend                               -     -      -      (700)     -     (700)

Transfer (from)/to reserves         (458) 15,910 15,452    (214)  51,289 51,075

(Deficit)/return per ordinary
 share                            (0.33)p 11.36p 11.03p    0.35p  36.63p 36.98p
                                   
Dividend per share                     -     -      -      0.50p     -    0.50p
  

     
* Restated to comply with FRS 16 'Current Taxation'


                                                    At                     At
                                          30 September           30 September
                                                  2000                   1999
Assets                                           £'000                  £'000
          
Listed investments at market value             122,902                110,415
          
Net current assets/(liabilities)                 1,497                 (1,397)
Creditors: Amounts falling due after one year      -                      (76)
          
Net Assets                                     124,399                108,942
          
Net asset value per ordinary share 
(undiluted)                                     88.85p                 77.82p

                                                         

     
Cash Flow Statement                         Year ended             Year ended
                                     30 September 2000      30 September 1999
                                                 £'000                  £'000

Net cash inflow from operating activities          356                    690

Cash outflow from returns on investments
 and servicing of finance                         (724)                   (86)

Tax paid                                          (222)                   (96)

Net cash inflow/(outflow)
 from financial investment                       4,276                 (7,391)

Equity dividends paid                             (700)                  (700)

Net cash inflow from financing                   6,171                  6,037

Net cash inflow/(outflow)                        9,157                 (1,546)
                       

                                                  
                                                            
Reconciliation of return before finance costs and taxation to net cash inflow
from operating activities

                                             Year ended            Year ended
                                      30 September 2000     30 September 1999
                                                  £'000                 £'000

Return before finance costs and taxation            324                   886
Movements in accrued income                          92                  (143)
Movements in debtors                                  2                   (13)
Movements in creditors                              (62)                  (40)
Net cash inflow from operating activities           356                   690

   

                                                       
Reconciliation of net cash inflow to movement in net funds/(debt)

                                              Year ended           Year ended
                                       30 September 2000    30 September 1999
                                                   £'000                £'000

Net cash inflow/(outflow) during the year          9,157               (1,546)
Movement in loan facility to finance investments  (6,166)              (6,072)
Exchange (losses)/gains on currency               (1,258)                 406
Change in net funds                                1,733               (7,212)
Net (debt)/funds at the beginning of the year       (446)               6,766
Net funds/(debt) at 30 September                   1,287                 (446)
      

                                                                      
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the year ended 30 September 2000. The financial
information for the year ended 30 September 1999 is derived from the statutory
accounts for the year which have been delivered to the Registrar of Companies.
The auditors reported on those 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 the year ended 30 September 2000 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
following the Company's Annual General Meeting.

This announcement is prepared on the basis of the accounting policies as set out
in the most recently published set of annual financial statements, as amended
following the introduction of FRS16 'Current Taxation', which became effective
for accounting periods ending on or after 23 March 2000.  The introduction of
FRS16 has not had an effect on either revenue return on ordinary activities
after taxation or shareholders' funds.

This statement was approved by the Board of Directors on 7 December 2000.



STATEMENT BY THE CHAIRMAN, THE HON RUPERT CARINGTON: 


Performance

During the year to 30 September 2000, the Company's undiluted net asset value
per share rose from 77.82p to 88.85p. This rise of 14.17 per cent compares with
a negative total return of 0.43 per cent in sterling terms in the Morgan Stanley
Far East Free (ex Japan) Index over the same period, and an average total return
of 13.8 per cent* produced by the peer group.

This return was principally achieved in the first quarter of the fiscal year
with technology and telecommunication holdings contributing most of the relative
strength.  For the year as a whole stock selection particularly in Korea, Hong
Kong and Singapore contributed strongly to performance, together with a positive
contribution from country allocation.

*Source: AITC.


Appointment of a New Director

On 17th February 2000 the Board announced the appointment of Mr Robert Binyon as
an independent director of the Company and as such he has agreed to serve on
both the Audit and Management Engagement Committees.  Mr Binyon is Managing
Director of CDC Capital Partners, and is currently based in Thailand with
responsibility for investments in Asia Pacific.  With his enormous experience of
Asia over the years he will make a valuable contribution to the Company.  A
brief summary of his present occupation and previous experience is provided in
the Director's Report, and in accordance with the Company's Articles of
Association, he offers himself for election at the Annual General Meeting.

Gearing

In November 1999 the Board agreed to increase the borrowings under its facility
from US$10 million to US$20 million.  This decision is in line with the Board's
continuing belief that strategic gearing can augment shareholder returns when
market conditions are favourable. On October 30th 2000 the borrowing was reduced
to US$12 million to reflect the more volatile market conditions and has remained
at that level since that time.  

Authority to Repurchase the Company's Shares

At last year's Annual General Meeting shareholders gave the Directors authority
to repurchase shares for cancellation.  No such repurchases took place during
the year, due to the strong underlying performance and the volatility but
overall narrowing of the discount.  The Directors regularly review this matter
and continue to believe that circumstances could arise in which the mechanism
could be of benefit to shareholders and are therefore proposing that the
authority be renewed for a further period.

Marketing

The Board considers marketing issues on a regular basis and will continue to
investigate and implement, where appropriate, measures designed to promote the
Company, to keep any discount as low as possible and to improve communications
with shareholders.  Last year the Board explained that it had decided to support
the 'its' campaign of the Association of Investment Trust Companies, which is
aimed at promoting investment trusts to the general public.  The Board has also
agreed to contribute towards the cost of the second year of the campaign.  The
campaign includes advertising, seminars for private investors and independent
financial advisers, a web site and other activities.  The campaign has provoked
discussion within the industry as to the steps that need to be taken to attract
new investors into investment trusts and possible means of improving
communication with existing investors.  

Outlook 

The Board believes that despite short term concerns regarding the economic and
financial environment in Asia the longer term outlook is supportive of equity
prices given the Board's view that US interest rates will decline in 2001. 
This, together with a weakening of the oil price, should lead to a more positive
outlook for world growth, and stronger regional stockmarkets.




Annual General Meeting

The Annual General Meeting will be held at 11.30am on Thursday 25th January 2001
at 31, Gresham Street, London, EC2V 7QA.  Before the formal business. Matthew
Dobbs, on behalf of the Investment Manager, will give a presentation on the
prospects for Asia and the Company's investment strategy.  


The Hon Rupert Carington
Chairman

The Company's Annual General Meeting will be held at 11.30 a.m on Thursday, 25
January 2001 at 31 Gresham Street, London EC2V 7QA.  The Annual General Meeting
will include a presentation by the investment manager.

The Annual Report and Accounts will be mailed to shareholders at their
registered addresses in December 2000 and from the date of release copies of the
Annual Report and Accounts will be available to the public at the Company's
registered office: 31 Gresham Street, London, EC2V 7QA.



Enquiries:       Schroder Investment Management Limited

John Spedding     
(0207 658 3206)
8 December 2000