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Gartmore Emrgng Pac (GTM)

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Thursday 22 July, 1999

Gartmore Emrgng Pac

Interim Results

GARTMORE EMERGING PACIFIC INVESTMENT TRUST PLC
22 July 1999


GARTMORE EMERGING PACIFIC INVESTMENT TRUST PLC
----------------------------------------------


THE DIRECTORS ARE PLEASED TO ANNOUNCE THE UNAUDITED RESULTS
FOR THE SIX MONTHS TO 30TH JUNE 1999.


                          HIGHLIGHTS
                          ----------
                               
            NET ASSET VALUE PER ORDINARY SHARE ROSE
                 BY 43.1% FROM 54.4P TO 77.9P
                               
                 PRICE PER ORDINARY SHARE ROSE
                BY 64.4% FROM 44.25P TO 72.75P
                               
                       DISCOUNT NARROWED
                      FROM 18.7% TO 6.6%



COMPANY MATTERS
---------------

THE CHAIRMAN'S STATEMENT IN THE 1998 ANNUAL REPORT STATED
THAT, FOLLOWING DISCUSSIONS WITH THE COMPANY'S SHAREHOLDERS,
THE BOARD DECIDED TO BRING FORWARD PROPOSALS FOR A
RECONSTRUCTION OF THE COMPANY, ORIGINALLY PLANNED FOR APRIL
2000.

AT THIS YEAR'S ANNUAL GENERAL MEETING HELD ON 22ND JUNE 1999,
SHAREHOLDERS VOTED IN FAVOUR OF A RESOLUTION FOR THE BOARD TO
PUT PROPOSALS TO THEM, NOT LATER THAN 30TH SEPTEMBER 1999,
OFFERING A CASH EXIT OR AN OPPORTUNITY TO CONTINUE THEIR
INVESTMENT IN THE REGION.  FULL DETAILS OF THESE PROPOSALS
WILL BE ANNOUNCED SHORTLY.



REVENUE
-------

                               SIX MTHS TO         SIX MTHS TO
                                  30/06/99            30/06/98
                                   £'000               £'000

GROSS REVENUE
     INCOME FROM INVESTMENTS:
     UNFRANKED DIVIDENDS             469                 523
     STOCK DIVIDENDS                 848                 624
     BOND INTEREST                   218                  92
                                   -----               -----
                                   1,535               1,239
     INTEREST ON DEPOSITS             16                 304
                                   -----               -----
                                   1,551               1,543
EXPENSES AND INTEREST                609                 888
                                   -----               -----
NET REVENUE BEFORE TAXATION          942                 655
TAXATION                              36                 187
                                   -----               -----
NET REVENUE FOR THE PERIOD           906                 468
                                   =====               =====


EARNINGS PER ORDINARY SHARE         1.27 P              0.66 P
                                   =====               =====



CAPITAL
-------
                                    AS AT               AS AT
                                   30/06/99            31/12/98
                                    £'000               £'000

NET ASSETS                         55,578              38,829
                                   ======              ======

NET ASSET VALUE PER ORDINARY SHARE   77.9 P              54.4 P
                                   ======              ======

DURING THE SIX MONTHS TO 30TH JUNE 1999, THE NET ASSET VALUE
PER ORDINARY SHARE ROSE BY 43.1%.  THIS COMPARES WITH A RISE
OF 52.3% IN THE MORGAN STANLEY CAPITAL INTERNATIONAL ALL
COUNTRY FAR EAST FREE EX JAPAN (£) INDEX, THE COMPANY'S
BENCHMARK INDEX.

AT 30TH JUNE 1999 LIQUID ASSETS AMOUNTED TO £1,537,000 (NET
SHORT TERM BORROWINGS AMOUNTED TO £6,949,000 AT 31ST DECEMBER
1998).



BORROWING
---------

THE OUTSTANDING FIXED INTEREST LOAN FACILITY WITH ROBERT
FLEMING & CO LIMITED IN THE SUM OF US$15 MILLION WAS REPAID ON
MATURITY ON 19TH MAY 1999.



TOTAL RETURN PER ORDINARY SHARE
-------------------------------

                                    AS AT               AS AT
                                   30/06/99            30/06/98

REVENUE                              1.27 P              0.66  P
CAPITAL                             22.15 P            (17.93) P
                                   ------              ------
                                    23.42 P            (17.27) P
                                   ======              ======



PORTFOLIO ACTIVITY
------------------

THE  COMPANY'S INVESTMENT PORTFOLIO HAS SEEN A SHIFT IN  FOCUS
DURING   THE   PERIOD.   THE  DEFENSIVE  STRONGLY   OVERWEIGHT
POSITIONS IN THE MAJOR MARKETS OF HONG KONG AND SINGAPORE HAVE
BEEN  REDUCED  TO  INVEST IN MORE DYNAMIC  CORPORATE  RECOVERY
STOCKS  IN  KOREA  AND  THAILAND. DEFENSIVE  HONG  KONG  POWER
UTILITY  STOCKS  SUCH AS CHINA LIGHT AND POWER  WERE  SOLD  AS
INTEREST  RATES  FELL  AND REGIONAL  EXPORTS  RECOVERED.   THE
PORTFOLIO IS INCREASINGLY FOCUSED ON BUSINESSES WHICH  HAVE  A
STRONG INDUSTRY AND FRANCHISE OUTLOOK AND THE KOREAN AND  THAI
EQUITY MARKETS ARE NOW PRODUCING EXCELLENT RECOVERY STORIES.

EXAMPLES  SUCH  AS HOUSING AND COMMERCIAL BANK  IN  KOREA  AND
NATIONAL FINANCE IN THAILAND REPRESENT THE NEW BREED OF  ASIAN
BANKS  WHICH  ARE  NEWLY  FOCUSED  ON  SHAREHOLDER  VALUE.  IN
ADDITION TO THE KOREAN AND THAI BANKING SECTOR RECOVERIES, THE
WELL-CAPITALISED SINGAPORE BANKS HAVE BROADENED THEIR HORIZONS
AND  ARE  INTENT ON BECOMING COMPETITIVE WITH THE MORE  GLOBAL
BANKS.  DEVELOPMENT  BANK OF SINGAPORE  CONTINUES  TO  HAVE  A
SUPERIOR  STRATEGY AND WORLD-CLASS MANAGEMENT TO ACHIEVE  IT'S
GOAL.

THE  KOREAN  AND TAIWANESE WEIGHTINGS WERE RAISED  DURING  THE
PERIOD.  THE  KOREAN BANKS, ELECTRONICS AND TELECOMMUNICATIONS
SECTORS  HAVE  BEEN FAVOURED, WITH COMPANIES SUCH  AS  SAMSUNG
ELECTRONICS  AND  KOREA TELECOMMUNICATIONS  BOTH  BEING  ADDED
DURING  THE PERIOD. THE TAIWANESE ELECTRONICS SECTOR HAS  ALSO
SEEN SIGNIFICANT IMPROVEMENT THIS YEAR, WITH COMPANIES SUCH AS
TAIWAN  SEMICONDUCTOR  AND  ASUSTEK  COMPUTER  SHOWING  STRONG
PROFITS WITH EXCELLENT ORDERS.



INTERIM REPORT
--------------

THE INTERIM REPORT AND ACCOUNTS WILL BE POSTED TO SHAREHOLDERS
SHORTLY  AND  COPIES  WILL THEREAFTER BE  AVAILABLE  FROM  THE
REGISTERED OFFICE OF THE COMPANY, GARTMORE HOUSE, 8  FENCHURCH
PLACE, LONDON EC3M 4PH.



NOTE
----

THE  FINANCIAL INFORMATION CONTAINED IN THIS INTERIM STATEMENT
DOES  NOT CONSTITUTE STATUTORY ACCOUNTS AS DEFINED IN  SECTION
240  OF THE COMPANIES ACT 1985.  THE FINANCIAL INFORMATION FOR
THE  SIX MONTHS ENDED 30TH JUNE 1999 AND THE SIX MONTHS  ENDED
30TH JUNE 1998 HAVE NOT BEEN AUDITED.

THE INFORMATION FOR THE YEAR ENDED 31ST DECEMBER 1998 HAS BEEN
EXTRACTED   FROM   THE  LATEST  PUBLISHED  AUDITED   FINANCIAL
STATEMENTS  WHICH  HAVE  BEEN  FILED  WITH  THE  REGISTRAR  OF
COMPANIES.   THE  REPORT  OF THE AUDITORS  ON  THOSE  ACCOUNTS
CONTAINED  NO QUALIFICATION OR STATEMENT UNDER SECTION  237(2)
OR (3) OF THE COMPANIES ACT 1985.



CONTACTS
--------
VEE MONTEBELLO, GARTMORE                 TEL:  0171 782 2447
LUCY ALLAN, GARTMORE                     TEL:  0171 782 2824
CHRIS YATES, CREDIT LYONNAIS             TEL:  0171 588 4000



GARTMORE INVESTMENT LIMITED - SECRETARIES

                   

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