Final Results

Schroder AsiaPacific Fund PLC
29 November 2001



                              29 November 2001


                        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 2001.


Unaudited Statement of Total return for the year ended 30 September 2001



                               For the year ended        For the year ended
                                30 September 2001         30 September 2000

                            Revenue  Capital    Total   Revenue Capital  Total
                              £'000    £'000    £'000     £'000   £'000   £'000

Realised (losses)/gains on        -  (2,760)  (2,760)         -  14,799  14,799
sales

Unrealised (losses)/gains         - (43,752) (43,752)         -   2,369   2,369
on investments

Exchange losses                   -    (510)    (510)         - (1,258) (1,258)

Income                        2,305        -    2,305     2,055       -   2,055

Administrative expenses       (412)        -    (412)     (359)       -   (359)

Investment management fee     (931)        -    (931)   (1,372)       - (1,372)

Return/(deficit) before         962 (47,022) (46,060)       324  15,910  16,234
finance costs and taxation

Interest payable              (536)        -    (536)     (850)       -   (850)

Return /(deficit) on            426 (47,022) (46,596)     (526)  15,910  15,384
ordinary activities before
taxation

Tax on ordinary activities     (58)        -     (58)        68       -      68

Return /(deficit)               368 (47,022) (46,654)     (458)  15,910  15,452
attributable to equity
shareholders
Dividend                          -        -        -         -       -       -

Transfer to/(from) reserves     368 (47,022) (46,654)     (458)  15,910  15,452

Return /(deficit) per         0.26p (33.61)p (33.35)p   (0.33)p  11.36p  11.03p
ordinary share



                                                            At           At
Summary Balance Sheet                                 30 September  30 September
                                                           2001         2000
Assets                                                       £'000        £'000

Listed investments at market value                          76,985      122,902

Net current assets                                             327        1,497

Net Assets                                                  77,312      124,399

Net asset value per ordinary share (undiluted)              55.54p       88.85p




Abridged Cash Flow Statement                           Year ended    Year ended
                                                     30 September  30 September
                                                             2001          2000
                                                            £'000         £'000

Net cash inflow from operating activities                     910           356
Cash outflow from returns on investments and                (645)         (724)
servicing of finance
Tax recovered/(paid)                                          181         (222)
Net cash (outflow)/inflow from financial investment         (595)         4,276

Equity dividends paid                                           -         (700)
Net cash (outflow)/inflow from financing                  (5,795)         6,171
Net cash (outflow)/inflow                                 (5,944)         9,157




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

                                                    Year ended       Year ended
                                                  30 September     30 September
                                                          2001             2000
                                                         £'000            £'000

Net cash (outflow)/inflow during the year              (5,944)            9,157
Movement in loan facility to finance                     5,362          (6,166)
investments
Exchange losses on revaluation of currency               (510)          (1,258)

Change in net funds                                    (1,092)            1,733
Net funds/(debt) bought forward                          1,287            (446)
Net funds carried forward                                  195            1,287



The financial information set out in the announcement does not constitute the
Company's statutory accounts for the year ended 30 September 2001. The
financial information for the year ended 30 September 2000 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
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 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.


This statement was approved by the Board of Directors on 28 November 2001.


Statement by the Chairman, The Hon Rupert Carington:

Investment Performance

The year ended 30 September 2001 has been disappointing for the Company.
During the year the Company's undiluted net asset value per share fell from
88.85p to 55.54p. This fall of 37.5 per cent. compares with a negative total
return of 34.0 per cent. in sterling terms in the Company's benchmark Index,
the Morgan Stanley All Countries Far East (Free) excluding Japan Index, over
the same period. The Company's relative net asset value performance was
slightly behind its peer group average during the year. The average net asset
value total return produced from peer group companies during the year to 30
September 2001 was -34.51 per cent.* The most significant factors contributing
to the Company's under-performance against its benchmark Index were an
over-weighting in Korea in the telecommunications and technology sectors, and
an under-weight position in Malaysia.


Much of the decline in the Company's net asset value was seen in September
2001, in the aftermath of the terrorist attacks in the US. However, some of it
has been regained since the end of the Company's financial year, as regional
markets have shown signs of recovery.


Returns to shareholders during the year under review have also been affected
by a widening in the discount of the Company's share price to its net asset
value. The discount widened from 8.56 per cent. at the beginning of the year
to 18.98 per cent. at the end of the year. This should be viewed in the
context of the Asia excluding Japan Sector as a whole, in that the Company's
peer group average discount also widened during the year, reaching 19 per
cent.* at the end of September 2001.

*Source: AITC/Fundamental Data.

Gearing Policy

During the year, the Board kept the Company's borrowing requirements under
review. The borrowing was reduced from US$20 million to US$12 million during
the year, and, in October 2001 was further reduced to US$6 million in view of
the volatile market conditions.

Purchase of Shares for Cancellation

An authority given to Directors to purchase up to 14.99 per cent of the
Company's issued share capital for cancellation was renewed at the Annual
General Meeting on 25 January 2001. During the year ended 30 September 2001
the Company used this authority on 3 occasions to purchase a total of 810,000
shares for cancellation, amounting to 0.58 per cent of the share capital in
issue on 1 October 2000.


The Board continues to monitor market conditions on a regular basis, and works
closely with its advisers in respect of the discount to establish whether
purchases of shares for cancellation should be undertaken. Various factors are
taken into account when purchases are considered, including the effect on the
overall liquidity in the shares of the Company.


The Directors therefore propose that the authority to purchase up to 14.99 per
cent of the Company's issued share capital for cancellation be renewed by
shareholders at the forthcoming Annual General Meeting.


Corporate Broker

In April 2001, the Company was advised by its broker, Merrill Lynch, that they
were to withdraw from the investment trust sector. The Board received
presentations from a number of broking institutions and selected Dresdner
Kleinwort Wasserstein ('DKW') to provide corporate broking services to the
Company with effect from June 2001. The Board has worked closely with DKW to
arrange meetings with investment institutions and intermediaries to promote
greater interest in the Company and the attractions of the asset class in
which it invests.


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.

Outlook


While there are reasons to be pessimistic in the wake of a substantial
reduction in consensus growth forecasts in Asia and elsewhere for both this
year and next year following the attacks on 11 September, there are also some
indicators of support for regional markets. Valuations are now low by historic
standards, and relative to major equity markets the valuation case for Asian
equities is even more compelling. Furthermore, much of the bad news appears to
be factored into current share prices, allowing some scope for potential
upside assuming a recovery in the US economy.

Annual General Meeting


The Annual General Meeting will be held on 14 February 2002 at 31, Gresham
Street, London, EC2V 7QA. Before the formal business of the meeting, Mr
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 Annual Report and Accounts will be mailed to shareholders at their
registered addresses in December 2001 and from that date 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)

29 November 2001