Interim Results

Aberdeen New Dawn Invest Trust PLC
18 December 2003



ABERDEEN NEW DAWN INVESTMENT TRUST PLC

ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS

For the six months ended 31 October 2003

Chairman's statement

I am pleased to report that the Company has had an excellent performance during
the six months under review. The net asset value rose by 43.5% to 289.4p in the
six months to end October 2003, outperforming the benchmark MSCI AC Asia Pacific
Index, which rose 27.3% and our share price increased 51.9% as the discount to
net asset value narrowed 6.7%.

Economic growth across Asia showed steady signs of improvement post SARS. A
series of increased growth forecasts by regional governments, including
Thailand, Malaysia, Hong Kong and Singapore led to a reawakening of investor
interest, with Asia continuing to provide good value for investors.

In stockmarket terms, India and China were the dominant features in this period
rising 60% and 50% respectively in sterling adjusted terms and the worst
performing markets were the Philippines and Pakistan rising 11% and 19%
respectively.

In the sub-continent, India has attracted a fair deal of attention with its
economy growing strongly against the backdrop of favourable monsoon rains, lower
interest rates and relative political stability. The country is also home to
numerous world class companies operating in growth industries and which trade on
appealing valuations.

The growth in China's GDP has been well documented and one of the chief impacts
has been on commodity prices, particularly in metals and minerals. The mining
companies are up against capacity constraints in railways, ports and shipping.
We expect Chinese GDP to grow by 7.5% in 2004 and for the region as a whole to
grow in excess of 5.0%.

The business climate in Hong Kong has improved noticeably having plumbed the
depths during SARS. Domestic residential prices, having fallen 65% are now
improving. The benefits to Hong Kong arising from China's booming economy were
cemented with the signing of a closer economic partnership agreement with the
mainland following the protest march of July 1st which was the catalyst for the
change in sentiment. Retail sales have improved significantly with the mainland
Chinese being encouraged to visit and shop in the former colony.

In general, improving domestic demand and recovering exports have helped growth
broaden out in Asia. The health of the corporate sector has improved appreciably
due to effective cost cutting and more efficient use of capital. As a note of
caution, there has been the odd worrying sign on the horizon such as a
proliferation of low quality new issues and ongoing concerns associated with the
debt restructuring of certain Thai companies.

The continued weakness of the US dollar is worrying, although it was inevitable
that the twin deficits of trade and budget in the USA would eventually have to
be dealt with. It is encouraging that Japan, after a decade of deflation, could
be on the cusp of growth, although there have been many false dawns.

Notwithstanding the strong rally in Asian markets, valuations remain reasonable
with the portfolio trading on 14 times calendar 2004 earnings at the time of
writing. Our confidence in the future for the region is predicated on factors
mainly internal to Asia (primarily arising from the opportunities available
within Asia's own huge domestic market) and because of the attractive valuations
of Asian stocks, particularly in view of the acceleration of earnings growth.

With Asia's economic landscape looking more robust, your Board is confident that
the region can build on its good performance in the coming year, although we and
your Managers remain alert to the dangers that bull markets can imbue.

Richard Clough
Chairman
18 December 2003



Statement of Total Return
(unaudited)                            
---------------------------

                                 Six months ended             Six months ended
                                 31 October 2003               31 October 2002
                                ----------------             ----------------

                            Revenue   Capital    Total   Revenue   Capital     Total
                              £'000     £'000    £'000     £'000     £'000     £'000
--------------------------- -------    ------   ------   -------   -------    ------

Gains/(losses) on                 -    19,762   19,762         -   (11,648)  (11,648)
investments

Income                        1,219         -    1,219     1,196         -     1,196

Investment management fee      (129)     (129)    (258)     (116)     (116)     (232)

Other expenses                 (163)        -     (163)     (185)        -      (185)

Exchange (losses)/gains         (30)      206      176       (33)      308       275
--------------------------- -------    ------   ------   -------   -------    ------

Net return before finance       897    19,839   20,736       862   (11,456)  (10,594)
costs and taxation

Interest payable and            (45)      (45)     (90)      (50)      (50)     (100)
similar charges             
--------------------------- -------    ------   ------   -------   -------    ------

Return on ordinary              852    19,794   20,646       812   (11,506)  (10,694)
activities before
taxation

Taxation on ordinary           (277)       52     (225)     (245)       50      (195)
activities                    
--------------------------- -------    ------   ------   -------   -------    ------

Transfer to/(from)              575    19,846   20,421       567   (11,456)  (10,889)
reserves                    
--------------------------- -------    ------   ------   -------   -------    ------

Return per Ordinary share      2.47     85.30    87.77      2.44    (49.24)   (46.80)
(pence):                    
--------------------------- -------    ------   ------   -------   -------    ------

The revenue column of this statement represents the revenue account of the
Company.

The statement of total return is presented in accordance with the Statement of
Recommended

Practice: Financial Statements of Investment Trust Companies.

All revenue and capital items are derived from continuing operations.



Balance Sheet
--------------------------------     -----------      ----------       ---------
                                            At              At              At
                                 31 October 2003 31 October 2002 30 April 2003
                                   (unaudited)     (unaudited)       (audited)
                                     -----------      ----------       ---------

                                         £'000           £'000           £'000
--------------------------------     -----------      ----------       ---------

Fixed assets

Investments                             72,176          52,475          51,318
--------------------------------     -----------      ----------       ---------



Current assets

Debtors                                    144             259             471

Cash at bank and in hand                   376             292           1,308
--------------------------------     -----------      ----------       ---------

                                           520             551           1,779



Creditors: amounts falling due          (5,338)         (4,921)         (6,079)
within one year                      -----------      ----------       ---------
--------------------------------

Net current liabilities                 (4,818)         (4,370)         (4,300)
--------------------------------     -----------      ----------       ---------



Total assets less current               67,358          48,105          47,018
liabilities



Provision for liabilities and              (17)            (19)            (98)
charges                              -----------      ----------       ---------
--------------------------------

Net assets                              67,341          48,086          46,920
--------------------------------     -----------      ----------       ---------



Share capital and reserves

Called-up share capital                  5,817           5,817           5,817

Share premium account                    9,317           9,317           9,317

Special reserve                         14,138          14,138          14,138

Other reserves:

Redemption reserve                      10,207          10,207          10,207

Capital reserve - realised               4,385           5,569           4,688

Capital reserve - unrealised            20,434             305             285

Revenue reserve                          3,043           2,733           2,468
--------------------------------     -----------      ----------       ---------

Equity Shareholders' funds              67,341          48,086          46,920
--------------------------------     -----------      ----------       ---------



Net asset value per Ordinary            289.43          206.67          201.66
share (pence):                       -----------      ----------       ---------
--------------------------------




Cash Flow Statement (unaudited)
-------------------------------------        -----------     -----------

                                              Six months      Six months
                                                 ended           ended

                                         31 October 2003 31 October 2002
                                             -----------     -----------

                                                 £'000           £'000
   -------------------------------------     -----------     -----------

Net cash inflow from operating                     963             646
activities

Net cash outflow from servicing of                 (88)            (95)
finance

Net tax recovered/(paid)                             5             (56)

Net cash outflow from financial                 (1,451)         (2,308)
investment

Equity dividends paid                             (884)           (698)
-------------------------------------        -----------     -----------

Net cash outflow before financing               (1,455)         (2,511)

Net cash inflow from financing                     317           1,660
-------------------------------------        -----------     -----------

Decrease in cash                                (1,138)           (851)
-------------------------------------        -----------     -----------



Reconciliation of operating revenue to
net cash inflow from

operating activities

Net revenue before finance costs and               897             862
taxation

Decrease in accrued income                         263             153

Decrease/(increase) in other debtors                68              (1)

Increase/(decrease) in other creditors               3             (58)

Capitalised expenses taken to                     (129)           (116)
non-distributable reserves

Scrip dividends included in investment               -             (67)
income

Overseas withholding tax suffered                 (139)           (127)
-------------------------------------        -----------     -----------

                                                   963             646
   -------------------------------------     -----------     -----------



Reconciliation of net cash flow to
movements in net debt

Decrease in cash as above                       (1,138)           (851)

Cash inflow from increase in loans                (317)         (1,660)

Exchange movements                                 206             308
-------------------------------------        -----------     -----------

Movements in net debt in the period             (1,249)         (2,203)

Opening net debt at 1 May                       (3,251)         (2,165)
-------------------------------------        -----------     -----------

Closing net debt at 31 October                  (4,500)         (4,368)
-------------------------------------        -----------     -----------



Represented by:

Cash at bank                                       376             292

Debt falling due within one year                (4,876)         (4,660)
-------------------------------------        -----------     -----------

                                                (4,500)         (4,368)
   -------------------------------------     -----------     -----------




Notes:

1. In accordance with stated policy no interim dividend has been declared (2002
- nil).

2. The breakdown of income for the periods to 31 October 2003 and 31 October
2002 was as follows:

                                          31 October        31 October

                                                2003              2002

Income from investments                        £'000             £'000

UK dividend income                                75                66

Unfranked investment income                    1,136             1,113
                                              --------          --------

                                               1,211             1,179

Other income

Deposit interest                                   8                17
                                              --------          --------

Total income                                   1,219             1,196
                                              --------          --------

3. The revenue return per Ordinary share is based on net revenue on ordinary
activities after taxation of £575,000 (2002 - £567,000) and on 23,267,133 (2002
- 23,267,133) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the period.

The capital return per Ordinary share is based on net capital gains of
£19,846,000 (2002 - losses of £11,456,000) and on 23,267,133 (2002 - 23,267,133)
Ordinary shares, being the weighted average number of Ordinary shares in issue
during the period.

4. The net asset value per Ordinary share is based on net Shareholders' funds at
the period end, and on 23,267,133 (31 October 2002 - 23,267,133; 30 April 2003 -
23,267,133) Ordinary shares, being the number of Ordinary shares in issue at the
period end.

5. The financial information for the six months ended 31 October 2003 and 31
October 2002 comprises non-statutory accounts within the meaning of Section 240
of the Companies Act 1985. The financial information for the year ended 30 April
2003 has been extracted from published accounts that have been delivered to the
Registrar of Companies and on which the report of the auditors was unqualified.
The interim accounts have been prepared on the same basis as the annual
accounts.


Aberdeen Asset Management PLC

Secretaries

18 December 2003



Independent Review Report by KPMG Audit Plc to

Aberdeen New Dawn Investment Trust PLC

Introduction

We have been engaged by the Company to review the financial information for the
six months ended 31 October 2003 which comprises the Statement of Total Return,
Balance Sheet, Cash Flow Statement and Notes to the Accounts and we have read
the other information contained in the Interim Report and considered whether it
contains any apparent misstatements or material inconsistencies with the
financial information.

This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the Company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company for
our review work, for this report, or for the conclusions we have reached.

Directors' Responsibilities

The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the Interim Report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where they
are to be changed in the next annual accounts, in which case, any changes and
the reason for them, are to be disclosed.

Review Work Performed

We conducted our review in accordance with guidance contained in Bulletin 1999/
4: 'Review of Interim Financial Information' issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and, based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly, we do not express an audit
opinion on the financial information.

Review Conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 October 2003.


KPMG Audit Plc

Chartered Accountants

Aberdeen

18 December 2003






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