Final Results - Year Ended 30 September 1999

Schroder AsiaPacific Fund PLC
6 December 1999

                                        
                          SCHRODER ASIAPACIFIC FUND PLC
                               Preliminary Results

The  Directors  of  Schroder AsiaPacific Fund plc announce the  unaudited 
preliminary results for the year ended 30 September 1999.


                           For the year ended         For the year ended
                           30 September 1999          30 September 1998
                         Revenue  Capital  Total     Revenue  Capital  Total
                          £'000   £'000   £'000       £'000  £'000    £'000
Realised losses on         -     (990)    (990)         -   (34,287)   (34,287)
sales                                                               
Unrealised                 -   52,310   52,310          -   (35,463)   (35,463)
gains/(losses) on                                              
investments
Currency                   -      406      406          -       (22)       (22)
gains/(losses)
Realised loss on           -       -        -           -      (469)      (469)
forward foreign                  
exchange transaction
Unrealised loss on         -     (405)    (405)         -         -        -
forward foreign
exchange transaction
Dividend income from     1,973     -     1,973        2,060       -      2,060
listed overseas          
investments
Bank deposit income        223     -       223          356       -        356
Other income                24     -        24            5       -          5
Administrative            (259)    -      (259)        (306)      -       (306)
expenses
Investment management     (957)    -      (957)        (702)      -       (702)
fee
Return/(deficit)         1,004  51,321  52,325        1,413   (70,241) (68,828)
before finance costs                                           
and taxation
Interest payable          (136)    -      (136)          (2)       -        (2)
Return/(deficit) on        868  51,321  52,189        1,411   (70,241) (68,830)
ordinary activities                                                 
before taxation
Tax on ordinary           (382)   (32)    (414)        (467)       -      (467)
activities
Return/(deficit)           486 51,289   51,775          944   (70,241) (69,297)
attributable to                           
equity shareholders
Dividend                  (700)    -      (700)        (700)       -      (700)
Transfer to/(from)        (214)51,289   51,075          244   (70,241) (69,997)
reserves                
Return/(deficit) per      0.35p 36.63p   36.98p        0.67p  (50.17p) (49.50p)
ordinary share                               
                                                                           
Dividend per share        0.50p    -      0.50p        0.50p      -       0.50p


                                     As at 30          As at 30 September 1999
                                    September 1999
Assets                                      £'000           £'000
          
Listed investments at market value       110,415          51,862
          
Net current (liabilities)/assets          (1,397)          6,040
Creditors: Amounts falling due after 
one year                                     (76)            -
          
Net Assets                               108,942          57,902
          
Net asset value per ordinary share 
(undiluted)                                77.82p          41.36p


Cash Flow Statement                     Year ended             Year ended
                                   30 September 1999     30 September 1998
                                             
                                         £'000               £'000

Net cash inflow from operating 
activities                                 808               1,542

Outflow from returns on investments 
and servicing of finance                   (86)                 (2)

Tax paid                                  (214)               (333)

Net cash (outflow)/inflow from 
financial investment                    (7,391)              1,030

Equity dividends paid                     (700)               (700)

Net cash inflow from financing           6,037                   1

Net cash (outflow)/inflow               (1,546)              1,538  


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

                                           Year ended             Year ended
                                        30 September 1999     30 September 1998
                                             £'000               £'000

Return before finance costs and taxation      1,004               1,413
Movements in accrued income                    (143)                 93
Movements in debtors                            (13)                 58
Movements in creditors                          (40)                (22)     

Net cash inflow from operating activities       808               1,542
                    

Reconciliation of net cash inflow to movement in net funds
                                      
                                        Year ended                 Year ended
                                    30 September 1999        30 September 1998
                                           £'000               £'000          

Net cash (outflow)/inflow 
during the year                           (1,546)               1,538

Movement in loan facility to 
finance investments                       (6,072)                 -

Exchange gains/(losses) on currency          406                  (22)
          
Change in net funds                       (7,212)               1,516

Net funds at the beginning of the year     6,766                5,250

Net funds at 30 September                   (446)               6,766

The financial information set out in the announcement does not constitute the
Company's statutory accounts for the year ended 30 September 1999. The financial
information for the year ended 30 September 1998 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 1999 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 2 December 1999.

STATEMENT BY THE CHAIRMAN, THE HON RUPERT CARINGTON: 

Performance 

The year under review has seen extreme volatility in Asian Markets, but overall
the region has experienced a strong recovery.  Over, the year as a whole, the
Company's net asset value produced a total return of 88.8%*. This compares with
a total return produced by the benchmark index, the MSCI All Countries Far East
(Free) excluding Japan index,  of 90.6%*.

*Source: Association of Investment Trust Companies

During the year, the share price rose in absolute terms by 117.7%, and at the
year end the share price stood at a discount to the net asset value per share of
9.4%, compared to a discount of 21.4% at the beginning of the year. 

Dividend

The Company's investment objective is one of capital growth. However, the
Directors recommend the payment of a final dividend of 0.50p per share for the
year ended 30 September 1999, in order to meet the requirements to ensure that
the Company continues to qualify as an investment trust. 



Corporate Developments

Gearing

During the year, the Company utilised its borrowing facility with J. Henry
Schroder & Co., Limited and at 30 September 1999 had drawn-down US$10 million
from its US$20 million Facility. Since the end of the financial year, the
Company has drawn-down an additional US$10 million, and the facility is now
fully utilised. The Company indicated in its prospectus that the Directors did
not anticipate borrowing levels in excess of 20% of shareholders' funds. At the
end of the financial year, the gearing was equal to 5.6 % of shareholders'
funds. The Board continues to monitor the Company's borrowing requirements on a
regular basis and the gearing ratio currently stands at approximately 9%.

Share Buy-backs

At the Company's last Annual General Meeting in February 1999, the Company was
given the authority to purchase up to 14.99% of its issued share capital for
cancellation. To date, the Directors have not utilised the authority given to
them and no purchases have been made. Your Board believes that the share
buy-back is just one of a number of tools which may be used to address the
discount of the Company's shares, and that other factors, in particular
sustained good performance compared to peer group companies, can have as much
effect. However, your Board continue to view the authority as a useful tool to
help address issues surrounding supply and demand for the Company's shares, and
therefore proposes that the authority be renewed at the Annual General Meeting. 

AITC Marketing Campaign

The Association of Investment Trust Companies recently unveiled plans to
introduce a generic marketing campaign for investment trusts, to increase
awareness of the investment trust as an investment vehicle for private
investors. Your Board agreed to participate in this campaign, as it believes
that participation will be in the interests of the Company's shareholders. You
will note the new branding of the Company as an 'Its'. 

Directors

Mr Hill has indicated to the Board that he will retire from his position with
Schroder Investment Management Limited at the end of 1999. Mr Hill has, with
effect from 2 December 1999 also resigned as a Director of this Company. Mr Hill
has been a member of the Board since the launch of the Company, and on behalf of
the Board I would like to take this opportunity to thank him for the
considerable contribution he has made to the Company. The Board are currently in
the process of appointing an independent director to replace Mr Hill.

In recent years, Directors have been required to devote an increased amount of
time to the Company due to the expansion of governance requirements and changes
to the markets in which the Company operates. In view of this, and because the
fees of the Directors have not been increased since the launch of the Company in
1995, the Board have agreed that the fees paid to the Chairman will be increased
from £12,000 to £15,000 per annum and those paid to directors from £8,000 to
£11,000 per annum, with effect from 1 October 1999.  Such increases bring the
rates in line with guidelines recently published in an independent survey of
directors' remuneration conducted on behalf of the Association of Investment
Trust Companies.


Investment Policy and Outlook

The year under review has seen a period of growth in regional markets, but this
growth has not been uniform across all markets, and markets have remained
volatile throughout the year. However, economic fundamentals appear
significantly more positive than one year ago, and the indications are that
valuations of regional markets appear attractive when compared to developed
equity markets. 

Your Board is optimistic that the Company is well-positioned to take advantage
of these conditions, and as such has approved the additional gearing utilised
after the end of the financial year. Your attention is drawn to the investment
manager's review which provides a detailed analysis of market background and the
Company's investment policy. 

Annual General Meeting

The Annual General Meeting will be held on 17 February 2000 and shareholders are
encouraged to attend.  The meeting will include a presentation by the investment
manager on the prospects for regional markets and on investment strategy.

The Hon. Rupert Carington
Chairman


FINAL  DIVIDEND

The Directors of the Company have recommended the payment of a final dividend of
0.50p per share for the year ended 30 September 1999. Subject to the requisite
approval being obtained from the shareholders at the Annual General Meeting to
be held on Thursday 17 February 2000, the dividend will be payable on Monday 21
February 2000 to shareholders on the register on 28 January 2000. 

Ex-Dividend Date               : 24 January 2000

Transfers must be lodged by    : 2.30 p.m. on 28 January 2000

Dividend Warrants              : Despatched on 18 February 2000

Payment Date                   : 21 February 2000

Dividend per share             :  0.50p net

The Company's Annual General Meeting will be held on Thursday 17, February 2000
at 11.30 a.m. 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 1999 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     (0171 658 3206)
             6 December 1999