Preliminary Interim Results

Aberdeen New Dawn Invest Trust PLC
17 December 2001


ABERDEEN NEW DAWN INVESTMENT TRUST PLC
ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
For the six months ended 31 October 2001

The Company had a relatively good year, outperforming its benchmark, the MSCI
AC Asia Pacific ex-Japan Index, by 8.9% in the six months to 31 October 2001.
Weaker global markets, however, caused an absolute decline in the Company's
Net Asset Value by 8.8% to 187.64p per Ordinary share during the period.

As we stated in the summer, Asian economies have slowed significantly, with
for example Singapore already in recession, and events on 11th September in
the United States of America have exacerbated the problem.  China is one of
the few countries to maintain significant growth, although even here the rate
of growth has slowed to 6%, boosting average Asian GDP growth to 3.6%.

During the period, some of the oversold neglected stock markets have bounced,
with Sri Lanka, Indonesia and Malaysia rising 21.4%, 9.5% and 2.6%
respectively.  Australia maintains its reputation for resilience, with a fall
of only 2.6% but falls of over 20% were recorded in Hong Kong, Singapore and
Taiwan.

Authorities across the region, supported by other central banks worldwide,
have co-ordinated cuts in interest rates.  The US Federal Reserve rate in the
last 12 months has fallen from 6.5% to 1.75%, with smaller falls in the UK,
Europe and Asia.  We believe that the unprecedented easing of fiscal and
monetary policies should work and look for economies to improve from the
second half of 2002 with swifter growth being seen in 2003, when growth in the
region could be in excess of 6%. 

In the meantime, equities in the region are at historically low levels.  A
small change in sentiment could have a significant impact on share prices, as
has in fact been seen in November, when our asset value rose by 10.6%, and we
retain our confidence in the region.

Richard Clough
Chairman
17 December 2001

The unaudited results were:

Statement of Total Return (incorporating the revenue account*)

                                                     Six months ended
                                                      31 October 2001
                                                       (unaudited)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000
Losses on investments                             -       (4,644)      (4,644)
Income                                        1,100            -        1,100
Investment management fee                      (102)        (102)        (204)
Other expenses                                 (182)           -         (182)
Exchange gains/(losses)                          11           (7)           4
                                            ________     ________     ________
Net return/(loss) before finance
costs and taxation                              827       (4,753)      (3,926)
Interest payable and similar charges            (58)         (58)        (116)
                                            ________     ________     ________
Return/(loss) on ordinary
activities before taxation                      769       (4,811)      (4,042)
Tax on ordinary activities                     (250)          49         (201)
                                            ________     ________     ________
Return/(loss) on ordinary
activities after taxation                       519       (4,762)      (4,243)
Repurchase of Warrants                            -            -            -
                                            ________     ________     ________
Transfer to/(from) reserves                     519       (4,762)      (4,243)
                                            ========     ========     ========
Return per Ordinary share (pence):             2.23       (20.46)      (18.23)
                                            ========     ========     ========


                                                     Six months ended
                                                      31 October 2000
                                                       (unaudited)
                                                       (restated*)
                                            Revenue      Capital        Total
                                              £'000        £'000        £'000
Losses on investments                             -       (3,607)      (3,607)
Income                                          948            -          948
Investment management fee                      (140)        (140)        (280)
Other expenses                                 (187)           -         (187)
Exchange losses                                 (16)         (49)         (65)
                                            ________     ________     ________
Net return/(loss) before finance
costs and taxation                              605       (3,796)      (3,191)
Interest payable and similar charges           (130)        (131)        (261)
                                            ________     ________     ________
Return/(loss) on ordinary
activities before taxation                      475       (3,927)      (3,452)
Tax on ordinary activities                     (201)          76         (125)
                                            ________     ________     ________
Return/(loss) on ordinary
activities after taxation                       274       (3,851)      (3,577)
Repurchase of Warrants                            -       (2,359)      (2,359)
                                            ________     ________     ________
Transfer to/(from) reserves                     274       (6,210)      (5,936)
                                            ========     ========     ========

Return per Ordinary share (pence):             1.11       (25.20)      (24.09)
                                            ========     ========     ========

* The revenue column of this statement represents the revenue account of the
Company.
** Restated for change in accounting basis (see note 3).

The Statements of Total Return presented above are in accordance with the
Statement of Recommended Practice for Financial Statements of Investment Trust
Companies.
 Balance Sheet
                                                 At           At           At
                                         31 October   31 October     30 April
                                               2001         2000         2001
                                         (unaudited)  (unaudited)    (audited)
                                                         (restated*)          
          
                                              £'000        £'000        £'000
Fixed assets
Investments                                  45,844       56,182       52,055
                                           _________    _________    _________
Current assets
Debtors                                         194          348          751
Cash at bank and in hand                        808        2,041          895
                                           _________    _________    _________
                                              1,002        2,389        1,646
Creditors: amounts falling due
within one year                              (3,187)      (6,391)      (5,751)
                                           _________    _________    _________
Net current liabilities                      (2,185)      (4,002)      (4,105)
                                           _________    _________    _________
Total assets less current liabilities        43,659       52,180       47,950
Provision for liabilities and charges             -            -           (5)
                                           _________    _________    _________
Net assets                                   43,659       52,180       47,945
                                           =========    =========    =========
Share capital and reserves
Called-up share capital                       5,817        6,141        5,823
Share premium account                         9,317        9,317        9,317
Special reserve                              14,138       16,453       14,181
Other reserves:
   Redemption reserve                        10,207        9,883       10,201
   Capital reserve - realised                 7,009        7,569        7,768
   Capital reserve - unrealised              (5,337)       1,289       (1,334)
Revenue reserve                               2,508        1,528        1,989
                                           _________    _________    _________
Total equity shareholders' funds             43,659       52,180       47,945
                                           =========    =========    =========
Net asset value per Ordinary
share (pence):                               187.64       212.44       205.84
                                           =========    =========    =========

* Restated for change in accounting basis (see note 3).
 Cash Flow Statement

                                                  Six months       Six months
                                                       ended            ended
                                             31 October 2001  31 October 2000
                                                  (unaudited)      (unaudited)
                                                                   (restated*)
Net cash inflow from operating activities                740              520

Net cash outflow from servicing of finance              (116)            (199)

Net tax recovered                                         41              237

Net cash inflow from financial investment              1,915            6,397

Equity dividends paid                                   (616)            (403)
                                                    _________        _________
Net cash inflow before financing                       1,964            6,552
Net cash outflow from financing                       (2,044)          (4,627)
                                                    _________        _________
(Decrease)/increase in cash                              (80)           1,925
                                                    =========        =========
Reconciliation of operating revenue to net
cash inflow from operating activities
Net revenue before interest payable and taxation         827              605
Decrease in accrued income                               174              191
Increase in other debtors                                  -               (6)
Decrease in other creditors                              (26)              (2)
Capitalised expenses taken 
to non-distributable reserves                           (102)            (140)
UK income tax deducted at source                           4              (27)
Overseas withholding tax suffered                       (137)            (101)
                                                    _________        _________
                                                         740              520
                                                    =========        =========
Reconciliation of net cash flow to movements
in net debt
(Decrease)/increase in cash as above                     (80)           1,925
Cash outflow from decrease in loans                    2,000            2,000
Exchange movements                                        (7)             (49)
                                                    _________        _________
Movement in net funds in the period                    1,913            3,876
Opening net debt                                      (4,105)          (7,835)
                                                    _________        _________
Closing net debt                                      (2,192)          (3,959)
                                                    =========        =========

Represented by:
Cash at bank                                             808            2,041
Debt falling due within one year                      (3,000)          (6,000)
                                                    _________        _________
                                                      (2,192)          (3,959)
                                                    =========        =========
* Restated for change in accounting basis (see note 3).
 Notes:-

1.  In accordance with stated policy no interim dividend has been declared
(2000 - nil).

2.  The breakdown of income for the periods to 31 October 2001 and 2000 was as
follows:

                            31 October     31 October
                                  2001           2000
                                 £'000          £'000
Income from investments
Franked investment income           60             39
Unfranked investment income      1,021            858
                                _______        _______
                                 1,081            897
                                _______        _______
Other income
Deposit interest                    19             51
                                _______        _______
Total income                     1,100            948
                                =======        =======

3.  Change in Accounting Basis
At 31 October 2000, the accounts were prepared on the basis of 75% of
management fees and finance costs being charged to capital. Subsequently, at
30 April 2001 this was changed to allocate 50% of management fees and finance
costs to capital in line with the Board's expected long-term returns. The
comparative figures for the six months ended 31 October 2000 have been
restated accordingly.

The effect of this change is to decrease the net revenue on ordinary
activities after taxation by £96,000, thus decreasing the revenue return per
Ordinary share from 1.50p to 1.11p. The effect of this change on the basic
capital return per Ordinary share has been to decrease the capital loss by
£96,000, thus decreasing the capital loss per Ordinary share from 25.59p to
25.20p.

4. The revenue return per Ordinary share is based on net revenue on ordinary
activities after taxation of £519,000 (2000 - £274,000 as restated) and on
23,271,231 (2000 - 24,643,495) Ordinary shares, being the weighted average
number of Ordinary shares in issue for the period.

The capital return per Ordinary share is based on net capital losses of
£4,762,000 (2000 - losses of £6,210,000 as restated) and on 23,271,231 (2000 -
24,643,495) Ordinary shares, being the weighted average number of Ordinary
shares in issue for the period 

5. During the period the Company purchased for cancellation 25,000 of its own
issued Ordinary shares of 25p at 174p per share, for a consideration of
£43,587.

6. The basic net asset value per Ordinary share is based on net shareholders'
funds at the period end, and on 23,267,133 (31 October 2000 - 24,562,133; 30
April 2001 - 23,292,133) Ordinary shares, being the number of Ordinary shares
in issue at the period end.

7. The financial statements for the six months ended 31 October 2001 and 31
October 2000 are non-statutory accounts within the meaning of Section 240 of
the Companies Act 1985.The financial information for the year ended 30 April
2001 has been abridged from published accounts that have been delivered to the
Registrar of Companies and on which the report of the auditors was
unqualified. 

Aberdeen Asset Management PLC
Secretaries
17 December 2001
 


Independent Review Report by KPMG Audit Plc to
Aberdeen New Dawn Investment Trust PLC

Introduction
We have been instructed by the company to review the financial information set
out above 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

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 reasons 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 2001. 

KMPG Audit Plc
Chartered Accountants
Aberdeen
17 December 2001