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GARTMORE ASIA PACIFIC TRUST PLC: Final Results



                          GARTMORE ASIA PACIFIC TRUST PLC                        
                              ANNOUNCEMENT OF RESULTS                            

FOR THE YEAR TO 31 MARCH 2004

The Directors announce the Company's unaudited results for the year to 31 March 2004 as follows:-

HIGHLIGHTS

- Net Asset Value per Ordinary share increased by 63.3%, to 178.38p, over the year to 31 March 2004, by comparison with an increase of 41.7% in the MSCI AC Asia Pacific (cum Japan) Index (in sterling terms)

- Mid-market price per Ordinary share increased by 73.7% over the year

- Discount to Net Asset Value has narrowed to 7.5%

- The Company appointed Gartmore Investment Limited as Managers with effect from 17 November 2003

- The Company repurchased 18,921,310 Ordinary shares under the Tender Offer and Matching Facility in December 2003

CHAIRMAN'S STATEMENT

Background

Pacific equities performed buoyantly during the year under review. Economic growth accelerated strongly as the effects of the SARS epidemic in the second quarter of 2003 wore off. The region's economy as a whole benefited from China's booming economy as well as from a recovery in other regions, notably in the US. As a result, most Pacific countries saw robust growth in exports, which in turn supported their domestic economies. Japan's economic pick-up was led by export demand from China and the US, while its consumer sector remained weak until recently. However, from early 2004 onwards, there were increasing signs of a recovery in Japan's domestic demand. This resulted in a strong rally in the country's equity markets towards the end of the year under review.

Change of Manager

Following the announcement by Allied Irish Banks, p.l.c. of the intended sale of certain of the management contracts of Govett Investment Management Limited to Gartmore Investment Management plc ("Gartmore") your Board gave consideration to a number of alternative managers for your Company. After careful evaluation of the alternatives it was decided to appoint Gartmore Investment Limited as Managers to the Company.

Gartmore took over management of the Company's investment portfolio from Govett in November 2003 and Philip Ehrmann, Head of Gartmore's Pacific and Emerging Markets team, is the Company's designated manager. Philip is a highly successful fund manager with a proven track record and a well-earned reputation among specialists in his field. I am confident that, with his management skills and Gartmore's excellent research teams, the Company will deliver a strong performance in coming years.

Change of Investment Objective, Policy and Name, Tender Offer and Matching Facility

On 28 November 2003, the Company announced proposals for a change to the investment objective and policy, a change of name, to Gartmore Asia Pacific Trust PLC, consistent with the change of investment manager and objective, and a tender offer and matching facility. These proposals were approved by shareholders at an Extraordinary General Meeting of the Company held on 22 December 2003. In line with the new investment policy, the Company's investments were realigned into a more concentrated portfolio of companies which show potential for outstanding growth and holders of 53.2% of the Company's Ordinary shares who elected to realise their investment in the Company had their shares bought back at a small discount to their net asset value.

Performance

The Company's net asset value per Ordinary share rose by 63.3% during the year under review, compared with a rise of 41.7% in its benchmark, the MSCI AC Asia Pacific (cum Japan) Index (in sterling terms). The discount to net asset value narrowed from 13% to 7.5% over the same period. Since the appointment of the new Managers on 17 November 2003 the net asset value has increased by 18.0%, by comparison with an increase of 11.3% in the benchmark.

Board Changes

Following the transfer of management to Gartmore, Noel McEvoy resigned as a Director of the Company. I would like to thank him for his contribution to the Company and to extend my thanks to Christian Dangerfield and Govett's investment team. I am delighted to welcome Neil Gaskell as a Director of the Company and am sure that his considerable business experience and knowledge of the Asia Pacific region will prove invaluable.

Outlook

On balance, we believe Pacific equities will continue their upward trend this year, underpinned by solid economic and earnings growth within the region. However, there are some reasons for caution. First, many Pacific countries are holding elections this year and this has caused some sharp volatility in several markets, including India, Taiwan and South Korea. Nonetheless, most markets have quickly recovered the ground lost as a result of political uncertainties and have resumed their recovery path. Second, the impact of the recent rise in crude oil prices and the prospects of further interest rate rises may adversely affect equity markets. More recently, China's continuing rapid growth triggered concerns that the authorities might be obliged to take harsh measures to prevent the economy from overheating. Even so, your Board believes that the region's economy and corporate earnings will continue to improve, albeit at a steadier pace, and will provide opportunities for profitable investment in the year ahead.

STATEMENT OF TOTAL RETURN

Year to 31 March 2004


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

Income and Capital Profits

Dividends and other income 696 - 696

Net profit on investments - 19,161 19,161


                                                                              
                                            --------  -----------  -----------

Return before Expenses, Finance Costs 696 19,161 19,857

and Taxation

Expenses

Management fee (347) (75) (422)

Other fees and expenses (230) 35 (195)


                                                                              
                                            --------  -----------  -----------

Return before Finance Costs and 119 19,121 19,240 Taxation

Finance Costs

Interest payable (230) - (230)


                                                                              
                                            --------  -----------  -----------

Return on Ordinary Activities before (111) 19,121 19,010 Taxation

Taxation (47) 251 204


                                                                              
                                            --------  -----------  -----------

Return to Equity Shareholders after (158) 19,372 19,214 Taxation


                                                                              
                                            --------  -----------  -----------

Transferred (from) / to Reserves (158) 19,372 19,214


                                                                              
                                            --------  -----------  -----------

Total Return per Ordinary share (0.52)p 63.62p 63.10p

STATEMENT OF TOTAL RETURN (COMPARATIVE)

Year to 31 March 2003


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

Income and Capital Profits / (Losses)

Dividends and other income 837 - 837

Net loss on investments - (19,787) (19,787)


                                                                              
                                            --------  -----------  -----------

Return before Expenses, Finance Costs 837 (19,787) (18,950)

and Taxation

Expenses

Management fees (372) - (372)

Other fees and expenses (253) 133 (120)


                                                                              
                                            --------  -----------  -----------

Return before Finance Costs and 212 (19,654) (19,442) Taxation

Finance Costs

Interest payable (146) - (146)


                                                                              
                                            --------  -----------  -----------

Return on Ordinary Activities before 66 (19,654) (19,588) Taxation

Taxation (68) - (68)


                                                                              
                                            --------  -----------  -----------

Return to Equity Shareholders after (2) (19,654) (19,656) Taxation


                                                                              
                                            --------  -----------  -----------

Transferred from Reserves (2) (19,654) (19,656)


                                                                              
                                            --------  -----------  -----------

Total Return per Ordinary share (0.01)p (54.46)p (54.47)p

NOTES

The revenue column above for each year represents the Revenue Account of the Company.

All revenue and capital items derive from continuing activities.

No operations were acquired or discontinued during the year.

Management fees and loan finance costs have been charged 100% to the Revenue account. In accordance with the Statement of Recommended Practice for the Financial Statements of Investment Trust Companies, the performance fee is allocated to capital reserve.

Total Return per Ordinary share has been calculated on the positive return for the year of £19,214,000 (2003: negative return of £19,656,000) and a weighted average of Ordinary shares in issue during the year of 30,450,069 (2003: 36,088,237).

Revenue Return per Ordinary share has been calculated on the negative return to Ordinary shareholders of £158,000 (2003: negative £2,000) and a weighted average of Ordinary shares in issue during the year of 30,450,069 (2003: 36,088,237).

Capital Return per Ordinary share has been calculated on the positive return to Ordinary shareholders of £19,372,000 (2003: negative £19,654,000) and a weighted average of Ordinary shares in issue during the year of 30,450,069 (2003: 36,088,237).

BALANCE SHEET


                                                                  At           At
                                                                               
                                                          31 March     31 March
                                                                               
                                                              2004         2003
                                                                               
                                                             £'000        £'000

Fixed Assets

Listed investments at valuation 32,568 42,068


                                                                               
                                                          --------     --------
                                                                               
                                                            32,568       42,068

Current Assets

Debtors - amounts receivable within one 179 1,855 year

Cash at bank 375 674


                                                                               
                                                          --------     --------
                                                                               
                                                               554        2,529

Creditors - amounts payable within one (3,356) (5,541) year


                                                                               
                                                       -----------  -----------

Net Current Liabilities (2,802) (3,012)


                                                                               
                                                       -----------  -----------

Provisions for liabilities and charges - (110)


                                                                               
                                                       -----------  -----------

Net Assets 29,766 38,946


                                                                               
                                                       -----------  -----------

Capital and Reserves

Called-up share capital 1,669 3,566

Capital redemption reserve 2,063 166

Special capital reserve 2,961 31,355

Other reserves:

Capital reserve - realised 16,782 5,644

Capital reserve - unrealised 6,718 (1,516)


                                                                               
                                                       -----------  -----------
                                                                               
                                                            30,193       39,215

Revenue reserve (427) (269)


                                                                               
                                                       -----------  -----------

Equity Shareholders' Funds 29,766 38,946


                                                                               
                                                       -----------  -----------

Net Asset Value per Ordinary share 178.38p 109.22p


                                                                               
                                                       -----------  -----------

NOTES

The Net Asset Value per Ordinary share is calculated on net assets of £ 29,766,000 (2003: £38,946,000) and 16,686,767 (2003: 35,658,077) Ordinary shares in issue at the year end.

CASH FLOW STATEMENT


                                                             Year to      Year to
                                                                               
                                                          31 March     31 March
                                                                               
                                                              2004         2003
                                                                               
                                                             £'000        £'000

Revenue Activities

Dividends and interest received from 729 626 investments

Interest received on deposits 37 62

Expenses paid (626) (669)


                                                                               
                                                          --------     --------
                                                                               
                                                               140           19
                                                                               
                                                          --------     --------

Servicing of Finance

Interest paid (267) (109)


                                                                               
                                                         ---------    ---------

Taxation

Taxation received 245 41


                                                                               
                                                          --------     --------

Investment Activities

Acquisitions of investments (78,125) (126,141)

Disposals of investments 108,984 132,421

Loss on closure of hedging transaction - (42)

Indian balances excluded (372) -

Capital income 65 94


                                                                               
                                                      ------------ ------------
                                                                               
                                                            30,552        6,332
                                                                               
                                                      ------------ ------------

Financing

Shares repurchased (including expenses) (28,388) (436)

Loans repaid (2,198) (5,195)


                                                                               
                                                        ----------   ----------
                                                                               
                                                          (30,586)      (5,631)
                                                                               
                                                        ----------   ----------

Net Cash Inflow 84 652

--------- ---------

Annual General Meeting

The Company's Annual General Meeting for 2004 will be held at Gartmore House, 8 Fenchurch Place, London EC3M 4PB on Wednesday, 28 July 2004, at 12 noon.

The Directors and the Managers will be available to answer questions and discuss the Company's performance after the Meeting.

Annual Report and Accounts

The Report and Accounts for the year ended 31 March 2004 will be posted to shareholders shortly. Copies will be available from the offices of Gartmore Investment Limited, Gartmore House, 8 Fenchurch Place, London EC3M 4PB.

NOTE

This preliminary statement is not the Company's statutory accounts. The statutory accounts for the year ended 31 March 2003 have been delivered to the Registrar of Companies and received an audit report which was unqualified and did not contain statements under s237(2) and (3) of the Companies Act 1985. The statutory accounts for the year ended 31 March 2004 have been approved by the Board and included an audit report which is unqualified and does not contain statements under s237(2) and (3) of the Companies Act 1985. The Accounts will be filed with the Registrar of Companies in due course.

GARTMORE INVESTMENT LIMITED

SECRETARIES

25 May 2004

END

-0- May/25/2004 15:53 GMT

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