Interim Results

F&C Pacific Inv Tst 
08 October 2004







Date:    8 October 2004



Contact: Christian Dangerfield         Lisa Stanley
F&C Management Limited                 Lansons Communications
020 7628 8000                          020 7294 3692


                        F&C PACIFIC INVESTMENT TRUST PLC

                     Unaudited Interim Statement of Results

                       for the half-year to 31 July 2004



SUMMARY OF RESULTS




                                             31 July 2004         31 January 2004               % change


Net assets                                        £189.5m                 £209.9m                   -9.7


Net asset value per share                         117.08p                 122.74p                   -4.6


Share price                                       104.50p                 110.75p                   -5.6



Commenting on these results Christopher Purvis, the Chairman said:



MARKET ENVIRONMENT

The first three months of the period under review saw gains in most Asian
markets, with Japan leading strongly on hopes that the prolonged downturn in
that economy was coming to an end.  The second three months saw sharp setbacks
across the region, as concerns about the global economy and, particularly, the
rising oil price overshadowed the more positive underlying outlook for Asia's
economies.  Markets were particularly volatile as a result of the withdrawal of
many foreign investors from the region, following aggressive buying last year.



PORTFOLIO PERFORMANCE

Performance during the period was poor.  The Company's benchmark, the MSCI AC
Asia Pacific Free Index, fell by 0.8%, the Company's net asset value per share
fell by 4.6%.

Sharp falls occurred in a number of your Company's larger holdings exposed to
Japan's domestic economy in the second half of the period, resulting in net
underperformance by the Company's portfolio of the Japanese market for the six
month period.

However, significant underperformance against our benchmark during the period
was caused by holdings in Hong Kong, Singapore, Malaysia and Taiwan, where
markets were hit by concerns about the impact of a slowdown in China's economy.
While the Manager had reduced exposure to China ahead of market weakness in
April and May, the Company remained overweight in a number of other Asian
markets and was therefore exposed to the broad-based panic-selling which
occurred at that time.  This was particularly acute in a number of the Company's
holdings in smaller companies in South Korea, Taiwan, Hong Kong and Singapore.
Gearing during the period exacerbated underperformance.



DERIVATIVES

During the period under review your Board gave approval to the Manager to use
derivatives primarily for hedging purposes.  At the end of the six months under
review your Manager protected part of the Japanese portfolio through the
purchase of put options.  The effect of this was that approximately 20% of the
Japanese portfolio was protected against a fall in the Nikkei Index below
10,500.



SHARE BUY-BACKS

We have maintained our policy of repurchasing shares for cancellation.  We
bought back 9,135,816 shares in the six months, with a market value of £10.04m
at an average discount of 11.4%.  This is equivalent to 5.3% of the shares in
issue at the end of the last financial year.



MERGER OF F&C AND ISIS

On 2 July 2004 our Manager, F&C Management, announced that it would merge with
ISIS Asset Management.  The combined group, to be named F&C Asset Management,
will become the fourth largest asset manager in the UK with assets under
management of £120bn. F&C Management has advised the Board that as a result of
the merger greater resources will be added to the management of your Company's
portfolio.  Your Board confirms that the investment philosophy and objectives of
your Company remain unchanged.



OUTLOOK

The Manager believes that the long-term relative attractiveness of the region
continues to build.

Following weakness over the summer, valuations once again look appealing and, in
the case of Japan, have returned to 30-year lows.  While China remains a
wildcard, growth within the region generally remains on track.  However, the
rising price of oil and renewed doubts about the sustainability of the global
economy have once again clouded the region's more positive outlook.

In light of this your Manager has geared the portfolio to the level of
approximately 16%, as at 6 October, but has put in place derivative transactions
to provide some protection against a major fall in the Japanese, Korean and Hong
Kong stockmarkets.  The Company's portfolio is currently overweight relative to
the benchmark in Singapore, Malaysia and Indonesia.



Christopher Purvis
October 2004



Unaudited Balance Sheet
                                                                   31 July          31 July   31 January 2004

                                                                      2004             2003            £'000s

                                                                    £'000s           £'000s
Fixed assets
Investments                                                        190,964          201,190           234,408


Current assets
Debtors                                                              4,428              737             4,879
Taxation recoverable                                                     -              293                 -
                                                                     4,428            1,030             4,879

Cash at bank and short-term deposits                                23,222            9,264             3,666
                                                                    27,650           10,294             8,545

Current liabilities
Creditors: amounts falling due within one year
Loans                                                             (25,862)          (5,161)          (24,887)
Other                                                              (3,235)          (2,858)           (8,185)
                                                                  (29,097)          (8,019)          (33,072)

Net current (liabilities)/assets                                   (1,447)            2,275          (24,527)

Net assets                                                         189,517          203,465           209,881

Capital and Reserves
Called up share capital                                             40,466           46,561            42,750
Capital redemption reserve                                          17,105           11,010            14,821
Share premium                                                            5                5                 5
Capital reserves                                                   124,034          137,827           145,061
Revenue reserve                                                      7,907            8,062             7,244
Total equity shareholders' funds                                   189,517          203,465           209,881



Net asset value per ordinary share - pence                          117.08           109.25            122.74




The geographical distribution of investments at 31 July 2004 was:

Japan - 57.9%; Australasia - 13.9%; Singapore - 6.3%; Hong Kong - 4.8%; South
Korea - 4.6%; Taiwan - 3.1%; Other - 9.4%.



Unaudited Statement of Total Return (incorporating the Revenue Account*)
for the 6 months to 31 July
                                                                   

                                                                  2004                                   2003
                                     Revenue       Capital       Total        Revenue      Capital      Total
                                                    £'000s
                                      £'000s                     £'000s       £'000s        £'000s      £'000s



(Losses)/gains on investments               -     (11,569)     (11,569)           -       30,091     30,091


Exchange gains/(losses)                    -          395          395            -        (120)      (120)



Income                                 2,057            -        2,057        2,450            -      2,450


Management fee                         (607)            -        (607)        (521)            -      (521)


Performance-related management
fee                                       -          321          321            -           202        202


Other expenses                        (323)         (33)        (356)         (334)         (27)      (361)


Net return before finance costs
and taxation                          1,127     (10,886)      (9,759)        1,595       30,146     31,741

Interest payable and similar
charges                               (183)           -         (183)         (10)            -       (10)


Return on ordinary activities
before taxation                        944      (10,886)      (9,942)        1,585       30,146     31,731


Taxation on ordinary activities      (281)          (96)        (377)         (539)            -      (539)


Return attributable to equity
shareholders                          663       (10,982)     (10,319)        1,046       30,146     31,192


Dividend on ordinary shares             -             -            -             -            -          -


Amount transferred
to/(from) reserves                   663        (10,982)     (10,319)        1,046       30,146     31,192


Return per ordinary share -
pence                               0.40          (6.64)       (6.24)         0.56        16.05      16.61



* The revenue column of this statement is the profit and loss account of the
Company.



All revenue and capital items in the above statement derive from continuing
operations.



Unaudited Summarised Cash Flow Statement for the 6 months to 31 July


                                                                                     2004             2003
                                                                                   £'000s           £'000s


Net cash inflow from operating activities                                             924            2,178
Interest paid                                                                       (200)             (11)
Total tax (paid)/received                                                           (366)              604
Net cash inflow from financial investment                                          32,106           11,592
Equity dividends paid                                                             (1,785)          (1,967)
Net cash inflow before use of liquid resources and
financing                                                                          30,679           12,396
Increase in short-term deposits                                                         -          (3,719)
Net cash outflow from financing                                                   (8,704)          (2,518)
Increase in cash during the period                                                 21,975            6,159



The Interim financial statements have been prepared on the basis of the
accounting policies set out in the Company's financial statements at 31 January
2004.



As the Company liquidated its three trading subsidiaries during the year ended
31 January 2004 consolidated accounts have not been prepared.  The comparatives
for both the half-year to 31 July 2003 and at 31 January 2004 are also on a
company only basis.



The Board recommends that no interim dividend payment be made.



The Report and Accounts for the half-year to 31 July 2004 will be posted to
shareholders in mid October 2004. Copies may be obtained during normal business
hours from the Company's Registered Office, Exchange House, Primrose Street,
London EC2A 2NY.





By order of the Board



F&C Management Limited, Secretary



8 October 2004


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