Preliminary Results

Schroder AsiaPacific Fund PLC
22 November 2005


                                                                22 November 2005

                         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 2005.


     Unaudited Statement of Total Return for the year ended 30 September 2005


                                        For the year ended                         For the year ended
                                         30 September 2005                         30 September 2004
                                    Revenue      Capital       Total          Revenue      Capital            Total
                                      £'000        £'000       £'000            £'000        £'000            £'000

          Gains on investments            -       44,004      44,004                -       11,811           11,811
       Exchange (losses)/gains            -        (489)       (489)                -        1,490            1,490
                        Income        6,525            -       6,525            4,650            -            4,650
       Administrative expenses        (378)            -       (378)            (391)            -            (391)
     Investment management fee      (1,568)            -     (1,568)          (1,268)            -          (1,268)
   Return before finance costs        4,579       43,515      48,094            2,991       13,301           16,292
                  and taxation
  Interest payable and similar        (684)            -       (684)            (352)            -            (352)
                       charges
 Return on ordinary activities        3,895       43,515      47,410            2,639       13,301           15,940
               before taxation
          Taxation on ordinary      (1,147)        (645)     (1,792)            (760)            -            (760)
                    activities
 Return attributable to equity        2,748       42,870      45,618            1,879       13,301           15,180
                  shareholders
               Final dividend       (2,645)            -     (2,645)          (1,531)            -          (1,531)


          Transfer to reserves          103       42,870      42,973              348       13,301           13,649
     Return per ordinary share        1.97p       30.80p      32.77p            1.35p        9.56p           10.91p
   Dividend per ordinary share        1.90p            -       1.90p            1.10p            -            1.10p


                                                                At                  At
Summary Balance Sheet                                           30 September 2005   30 September 2004
Net assets                                                      £'000               £'000

Listed investments at market value                              178,392             134,690
Net current liabilities                                         (9,670)             (9,402)
Creditors: amounts due after more than one year                 (491)               (53)
Net Assets                                                      168,231             125,235

Net asset value per ordinary share (undiluted)                  120.84p             89.97p


Net asset value per ordinary share (diluted)                    117.35p             89.97p



Abridged Cash Flow Statement                                    Year ended          Year ended
                                                                30 September 2005   30 September 2004
                                                                £'000               £'000

Net cash inflow from operating activities                       4,232               2,781
Net cash outflow from returns on investments and servicing of   (663)               (347)
finance
Tax  paid                                                       (1,261)             (586)
Net cash inflow from financial investment                       3,550               2,746
Equity dividends paid                                           (1,531)             (1,044)
Net cash inflow from financing                                  2,681               6,003
Net cash inflow                                                 7,008               9,553


Reconciliation of net cash inflow to movement in net debt

                                                 Year ended          Year ended
                                                 30 September 2005   30 September 2004
                                                 £'000               £'000

Net cash inflow during the year                  7,008               9,553
Increase in bank loan to finance investments     (2,658)             (6,003)
Exchange (losses)/gains on revaluation of        (489)               1,490
currency
Change in net funds                              3,861               5,040
Net debt brought forward                         (8,346)             (13,386)
Net debt carried forward                         (4,485)             (8,346)



Reconciliation of movements in shareholders' funds
                                                 Year ended          Year ended
                                                 30 September 2005   30 September 2004
                                                 £'000               £'000

Revenue return on ordinary activities after      2,748               1,879
taxation
Dividends                                        (2,645)             (1,531)
Capital return for the year                      42,870              13,301
Conversion of warrants to ordinary shares        23                  -

Net movement in shareholders' funds              42,996              13,649
Shareholders' funds brought forward              125,235             111,586
Shareholders' funds carried forward              168,231             125,235

The financial information set out in the announcement does not constitute the
Company's statutory accounts for the year ended 30 September 2005. The financial
information for the year ended 30 September 2004 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 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
following the Company's Annual General Meeting.

This statement was approved by the Board of Directors on 22 November 2005.

Statement by the Chairman, The Hon Rupert Carington:

Investment Performance

I am pleased to report that during the year ended 30 September 2005 the
Company's diluted net asset value per share produced a total return of 32.5%,
outperforming the Company's benchmark Index, the Morgan Stanley All Countries
Far East (Free) excluding Japan Index total return of 31.3% over the same
period. This is now the fourth successive year in which the net assets of the
Company have increased.

Performance during the year has been significantly affected by the dilution
caused by the warrants. During the year, the share price increased to over 100p,
the subscription price of the warrants, and above this level, the warrants have
a dilutive effect. To put this into perspective, the total return performance of
the net asset value for the year on an undiluted basis was 36.5%.

Dividend

The Directors recommend the payment of a final dividend of 1.90 pence per share
for the year ended 30 September 2005, compared to 1.10 pence per share for the
previous year. If the resolution proposed at the Annual General Meeting to pay a
final dividend is passed, the dividend will be mailed to shareholders on 30
January 2006.

Gearing

During the year, the Company increased drawings from its facility from US$35
million to $40 million.  Net gearing at the beginning of the year was 6.7% and
by the end of the year had decreased to 2.7%.  The Board continues to review its
gearing position on a regular basis.

The Board

Following Mr Anthony Rodgers' retirement from the Board at the Annual General
Meeting in January 2005, Mr Anthony Fenn joined the Board as a non-executive
Director of the Company with effect from 1 June 2005.

Mr Fenn, aged 63, has recently retired following a 38 year career as an
Investment Executive with Sun Life Financial of Canada. Over the course of his
career, he has held various positions, the most recent of which was Head of
Investments, Asia, in which he oversaw the setting up of a mutual fund
management company in the Philippines. He also has investment experience in Hong
Kong, Japan, China, Indonesia and India.  He brings a wealth of experience to
the Board and the Directors welcome him and look forward to working with him. In
accordance with the Articles of Association, Mr Fenn will be proposed for
election at the Annual General Meeting.

Continuation Vote

The Articles of Association contain provisions which require the Board to put to
shareholders a resolution at the forthcoming Annual General Meeting that the
Company continue as an investment trust for a further five years.

In considering its recommendation, the Board has undertaken a strategic review
of the Company. This review encompassed the performance of the Company since its
launch, the services provided to the Company by its Investment Manager,
Schroders, the appropriateness of the investment trust structure as an
investment vehicle and the prospects for investment in the Asia-Pacific region.

The underlying aim of the investment objective has been to achieve
outperformance of the benchmark, the MSCI All Countries Far East (Free)
excluding Japan Index. In this regard, the Company has outperformed the
benchmark by a considerable margin. Since launch in 1995, the benchmark has
decreased by 4.9%, whilst the Company's net asset value has increased by 24.4%
and its share price by 17.4%.

The Board appointed Old Broad Street Research to undertake an external review of
the Investment Manager, which was completed in August 2005. This review
considered the Manager's investment philosophy, resources, investment process,
portfolio construction, risk controls and performance. Based on the results of
this review and its own assessment, the Board believes that the Manager remains
well qualified and suitable to manage the portfolio and to assist the Company in
meeting its investment objective.

The Board considers that the Company is well established as an investment
vehicle in its marketplace and that the long-term investment objectives remain
appropriate and the structure beneficial to shareholders.  The Board believes
that the Company can continue to meet its investment objectives given that the
Asia-Pacific region will continue to provide opportunities for our Manager.

The Board unanimously recommends that the Company continue as an investment
trust, and the Directors intend to vote their shares accordingly.

Purchase of Shares for Cancellation

At the Company's last Annual General Meeting on 26 January 2005, the Company was
given the authority to purchase up to 14.99% of the Company's issued share
capital for cancellation. The share buy-back facility is one of a number of
tools that may be used to enhance shareholder value and to reduce the discount
volatility. During the year ended 30 September 2005, the Directors have not
utilised the authority given to them and no purchases were made for
cancellation.

The Board continues to consider whether purchases should be made on a regular
basis, and therefore proposes that the authority be renewed at the forthcoming
Annual General Meeting.

Final Warrant Exercise Date on 31 January 2006

A Circular to warrant holders will be distributed with the Annual Report and
Accounts to remind them of the final opportunity to exercise their warrants. The
final date on which warrants may be exercised is 31 January 2006. After this
date the warrants will lapse and will cease to have any value.

Annual General Meeting

The Annual General Meeting will be held on Friday 27 January 2006 and
shareholders are encouraged to attend. As in previous years, Mr Matthew Dobbs,
on behalf of the Investment Manager, will give a presentation on the prospects
for Asia and the Company's investment strategy, before the formal business of
the meeting.

The Hon Rupert Carington
Chairman


Dividend for the year

The Directors of the Company have declared the payment of a final dividend of
1.90p net per share, for the year ended 30 September 2005.  The dividend will be
payable on 31 January 2006 to shareholders on the register on 30 December 2005.

Record Date:                                 30 December 2005
Ex-Dividend Date:                            28 December 2005
Transfers must be lodged by:                 30 December 2005
Dividend Warrants:                           Despatched on 30 January 2006
Payment Date:                                31 January 2006
Dividend per share:                          1.90 pence

The Annual Report and Accounts will be mailed to shareholders at their
registered addresses in December 2005 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)

22 November 2005

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