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Gartmore AsiaPacific (AJIT)

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Monday 14 November, 2005

Gartmore AsiaPacific

Interim Results

                        GARTMORE ASIA PACIFIC TRUST PLC                        

                            ANNOUNCEMENT OF RESULTS                            

                    FOR THE SIX MONTHS TO 30 SEPTEMBER 2005                    

The Directors announce the Company's unaudited results for the six months to 30
September 2005 as follows:-


Asia Pacific stock markets were buoyant during the six months to 30 September
2005, rising by 21.0% as measured by our benchmark index the MSCI Asia Pacific
(cum Japan) Index in sterling terms. Net asset value per share rose by 23.0%
over the period and the discount to net asset value at which the company's
shares trade closed modestly. Our short-term borrowings ranged between 8% and
15%, reflecting the Manager's expectations for the region's stock markets. The
Company's good performance over the six months was due to asset allocation
among markets, to stock selection and to gearing. Our heavy weighting in the
Korean market and excellent stock selection in that market were particularly

The economic background in the region remains generally benign. Economic
growth, particularly in China has been encouragingly strong, and this has had a
beneficial effect on the whole region. Even in Japan the economy appears to be
picking up with a sharp increase in business investment which should lead to a
sustained increase in consumption as real wages rise. Exports from the region
have continued to grow in spite of the strength of the region's currencies
following the revaluation of the Renmimbi in July.

The Manager's investment strategy has continued to be characterised by the
identification of undervalued shares throughout the region with an emphasis on
companies that will benefit from rising capital expenditure and in due course a
rise in domestic consumption too. Our exposure to the Japanese market is now
over that of the Index and is concentrated in financial, retailing and real
estate companies, as well as those producing capital goods. Korea remains a
significant focus of investment with overweight positions in banking and
retailing. Investment policy is described in greater detail in the Managers'

We believe that the outlook for Asia Pacific stock markets remains good, albeit
subject to continued growth in other areas, particularly the United States.
Despite high oil prices and rising interest rates US economic growth seems to
be continuing, so far without sparking a dangerous increase in inflation.


Six Months to 30th September 2005

                                             Revenue      Capital        Total
                                               £'000        £'000        £'000
Income and Capital Profits/(Losses)                                           
Dividends and other income                       306            -          306
Net profit on investments                          -        6,634        6,634
                                           ---------    ---------    ---------
Return before Expenses, Finance Costs            306        6,634        6,940
and Taxation                                                                  
Management fees                                (144)            -        (144)
Other expenses                                 (118)        (137)        (255)
                                           ---------    ---------    ---------
Return before Finance Costs and                   44        6,497        6,541
Finance Costs                                                                 
Interest payable                                (43)            -         (43)
                                           ---------    ---------    ---------
Return on ordinary activities before               1        6,497        6,498
Taxation                                        (41)            -         (41)
                                           ---------    ---------    ---------
Return to Equity Shareholders after             (40)        6,497        6,457
                                           ---------    ---------    ---------
Transferred from Reserves                       (40)        6,497        6,457
                                           ---------    ---------    ---------
Total Return per Ordinary share               (0.2)p        38.9p        38.7p
                                           ---------    ---------    ---------


Six Months to 30 September 2004

                                             Revenue      Capital        Total
                                               £'000        £'000        £'000
Income and Capital Profits/(Losses)                                           
Dividends and other income                       265            -          265
Net loss on investments                            -      (3,310)      (3,310)
                                           ---------    ---------    ---------
Return before Expenses, Finance Costs            265      (3,310)      (3,045)
and Taxation                                                                  
Management fees                                (133)            -        (133)
Other expenses                                 (114)        (114)        (228)
                                           ---------    ---------    ---------
Return before Finance Costs and                   18      (3,424)      (3,406)
Finance Costs                                                                 
Interest payable                                (84)            -         (84)
                                           ---------    ---------    ---------
Return on ordinary activities before            (66)      (3,424)      (3,490)
Taxation                                        (26)            -         (26)
                                           ---------    ---------    ---------
Return to Equity Shareholders after             (92)      (3,424)      (3,516)
                                           ---------    ---------    ---------
Transferred from Reserves                       (92)      (3,424)      (3,516)
                                           ---------    ---------    ---------
Total Return per Ordinary share               (0.6)p      (20.5)p      (21.1)p
                                           ---------    ---------    ---------


The figures shown above are unaudited.

The revenue column above for each year represents the Revenue account of the

All revenue and capital items derive from continuing activities.

Total Return per Ordinary share is calculated on a return to Ordinary
shareholders of £6,457,000 (2004, restated: negative total return of £
3,516,000) and Ordinary shares in issue throughout of 16,686,767.

BALANCE SHEET (unaudited)

                                                                At           At
                                                      30 September     31 March
                                                              2005         2005
                                                             £'000        £'000
Fixed Assets                                                                   
Listed investments at valuation                             37,968       30,915
                                                         ---------    ---------
Current Assets                                                                 
Debtors                                                      2,725        2,016
Cash at bank                                                 1,245          212
                                                         ---------    ---------
                                                             3,970        2,228
Amounts falling due within one year                        (7,356)      (5,018)
                                                         ---------    ---------
Net Current Liabilities                                    (3,386)      (2,790)
                                                         ---------    ---------
Net Assets                                                  34,582       28,125
                                                         ---------    ---------
Capital and Reserves                                                           
Called-up share capital                                      1,669        1,669
Capital redemption reserve                                   2,063        2,063
Special capital reserve                                      2,961        2,961
Capital reserve - realised                                  23,085       22,114
Capital reserve - unrealised                                 5,317        (209)
Revenue reserve                                              (513)        (473)
                                                         ---------    ---------
Equity Shareholders' Funds                                  34,582       28,125
                                                         ---------    ---------
Net Asset Value per Ordinary share                         207.24p      168.55p
                                                         ---------    ---------


The Net Asset Value per Ordinary share is calculated on attributable assets of
£34,582,000 (March 2005, restated: £28,125,000) and 16,686,767 Ordinary shares
in issue at each period end.


                                                     Six Months to   Six Months
                                                      30 September             
                                                                   30 September
                                                             £'000        £'000
Revenue Activities                                                             
Net dividends and interest received                            370          256
Interest received on deposits                                    6            4
Expenses paid                                                (144)        (191)
                                                         ---------    ---------
                                                               232           69
                                                         ---------    ---------
Servicing of Finance                                                           
Interest paid                                                 (43)         (84)
                                                         ---------    ---------
Investment Activities                                                          
Acquisitions of investments                               (48,232)     (50,578)
Disposals of investments                                    48,019       50,535
Expenses allocated to capital                                (118)        (114)
                                                         ---------    ---------
                                                             (331)        (157)
                                                         ---------    ---------
Increase in borrowings                                       1,268            -
                                                         ---------    ---------
                                                             1,268            -
                                                         ---------    ---------
Net Cash Inflow/(Outflow)                                    1,126        (172)
                                                         ---------    ---------


The introduction of Financial Reporting Standard 26 - Financial Instruments:
Measurement has required the Company's accounting policies on the valuation of
investments and the recognition of transaction costs on investment purchases to
be changed for the current year. The comparatives in the above financial
information have been restated accordingly.

In particular:

  * Investments have been designated as 'financial assets at fair value through
    profit or loss' and valued at fair value (bid price, or last traded price
    where no bid price is available) rather than mid-market value. The effect
    of this has been to reduce the valuation of investments, and hence net
    assets, at 30 September 2005 by £47,000 and at 31 March 2005 by £21,000.
  * Incidental transaction costs incurred on the purchase of investments which
    were previously added to the recorded cost of the investments have been
    recognised separately and expensed. This has no effect on net assets or
    total return but credits capital reserve - unrealised and reduces capital
    reserve - realised by £82,000 at 30 September 2005 and £78,000 at 31 March
With the exception of these changes the Company's accounting policies have not
varied from those described in the Report and Accounts for the year to 31 March

The above financial information is unaudited and does not constitute statutory
accounts under the Companies Act 1985. The financial information for the year
ended 31 March 2005 has been extracted, subject to the restatements outlined
above, 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.


The Interim Report for the six months to 30 September 2005 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 and for
download from their web site:



14 November 2005