Final Results

MID WYND INTERNATIONAL INVESTMENT TRUST PLC
2 August 1999


                     RESULTS FOR THE YEAR TO 30 JUNE 1999                     
      PRESS ENQURIES TO MICHAEL MACPHEE: TEL [phone] UNTIL 5.00PM       


*  NET ASSET VALUE

   The net asset value per ordinary share rose by 9.4% to 655.8p.  This fell 
   short of the gain of 21.2% in the FT/S&P Actuaries World Index (in sterling
   terms) but was ahead of the 7.4% rise in the FTSE Actuaries All Share 
   Index.  The shortfall against the World Index all occurred in the first 
   half, principally because of our heavy exposure to smaller companies, which
   under-performed large companies in almost all markets.  Following the 
   portfolio reorganisation (see below) results in the second half were 
   better, with net asset value per share rising by 15.9% against the rise of 
   14.7% in the World Index (in sterling terms) and 10.2% in the All Share 
   Index.  Results in Japan have been particularly good, and the yen borrowing
   has proved successful.


*  EARNINGS AND DIVIDENDS

   Earnings per share fell by 13.8% to 7.60p, mainly because, unlike the
   previous year, no special dividends were received.  The Board is
   recommending a final dividend of 5.00p (a rise of 4.2%).  This would give a
   total dividend for the year of 8.30p (a rise of 3.8%).


*  INVESTMENT POLICY

   A major review of policy and the portfolio was carried out late in 1998, 
   following which the proportion of the portfolio in large companies was 
   further increased, and a switch of around 10% of the fund was made from 
   continental Europe to the United States.  The proportion in Japan has also 
   increased significantly, thanks to good stock selection and relative market
   movements.


*  OUTLOOK

   With interest rates, particularly at the long end, now tending to rise the 
   outlook for markets is not very inspiring, but we expect to continue to 
   find good opportunities for Mid Wynd.

The Directors of Mid Wynd International Investment Trust PLC are recommending
to the Annual General Meeting of the Company to be held on 18 October 1999 the
payment of a final dividend of 5.00p net (4.80p net last year) per ordinary
share, making a total of 8.30p net (8.00p net last year) for the year ended 30
June 1999.

                          STATEMENT OF TOTAL RETURN
                     (INCORPORATING THE REVENUE ACCOUNT*)                     
 
                       FOR THE YEAR ENDED 30 JUNE 1999                        
                                     
                                      Revenue          Capital         Total
                                       £'000            £'000          £'000

Gains/(losses) on investments           -               3,148          3,148
Currency (losses)/gains (note 1)        -                (264)          (264)

Income (note 2)                          761             -               761 
Investment management fee               (159)            -              (159)
Other administrative expenses            (98)            -               (98) 
                                     -----------------------------------------
NET RETURN BEFORE FINANCE COSTS 
AND TAXATION                             504            2,884          3,388  
  
Finance costs of borrowings              (24)            -               (24)
                                     -----------------------------------------
RETURN ON ORDINARY ACTIVITIES 
BEFORE TAXATION                          480            2,884          3,364
Tax on ordinary activities               (98)            -               (98)
                                     -----------------------------------------
RETURN ON ORDINARY ACTIVITIES 
AFTER TAXATION                           382            2,884          3,266
Dividends in respect of equity 
shares (note 3)                         (417)            -              (417)
                                     -----------------------------------------
TRANSFER (FROM)/TO RESERVES              (35)           2,884          2,849
                                     =========================================
RETURN PER ORDINARY SHARE (NOTE 4)      7.60p           57.36p         64.96p 
                                     =========================================
DIVIDEND PER ORDINARY SHARE             8.30p
                                     ============


                          STATEMENT OF TOTAL RETURN
                     (INCORPORATING THE REVENUE ACCOUNT*)                     
 
                       FOR THE YEAR ENDED 30 JUNE 1998                        
                                     
                                      Revenue          Capital         Total
                                       £'000            £'000          £'000

Gains/(losses) on investments           -               2,660          2,660
Currency (losses)/gains (note 1)        -                 150            150

Income (note 2)                          854             -               854 
Investment management fee               (159)            -              (159)
Other administrative expenses           (104)            -              (104) 
                                     -----------------------------------------
NET RETURN BEFORE FINANCE COSTS 
AND TAXATION                             591            2,810          3,401  
  
Finance costs of borrowings              (13)            -               (13)
                                     -----------------------------------------
RETURN ON ORDINARY ACTIVITIES 
BEFORE TAXATION                          578            2,810          3,388
Tax on ordinary activities              (135)            -              (135)
                                     -----------------------------------------
RETURN ON ORDINARY ACTIVITIES 
AFTER TAXATION                           443            2,810          3,253
Dividends in respect of equity 
shares (note 3)                         (402)            -              (402)
                                     -----------------------------------------
TRANSFER (FROM)/TO RESERVES               41            2,810          2,851
                                     =========================================
RETURN PER ORDINARY SHARE (NOTE 4)      8.82p           55.88p         64.70p 
                                     =========================================
DIVIDEND PER ORDINARY SHARE             8.00p
                                     ============

*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.     

                                                                            
                            SUMMARY OF NET ASSETS    
 
==============================================================================
                                          30 JUNE 1999          30 JUNE 1998 
                                                 £'000                 £'000 
==============================================================================

Investments at market value                     33,058                27,771

Net liquid assets                                1,488                 4,332
                                         ---------------        --------------
Total assets                                    34,546                32,103

Bank loans (note 5)                             (1,572)               (1,978)
                                         ---------------        --------------
EQUITY SHAREHOLDERS' FUNDS                      32,974                30,125
                                         ===============        ==============
NET ASSET VALUE PER ORDINARY SHARE               655.8p                599.2p




                            DISTRIBUTION OF ASSETS                            
                             
==============================================================================
                                          30 JUNE 1999          30 JUNE 1998
                                                     %                     %
==============================================================================

Equities:  United Kingdom                         23.3                  19.5
           Continental Europe                     20.4                  32.3
           North America                          26.7                  17.6
           Latin America                           1.6                   5.6
           Japan                                  15.9                   8.6
           Asia Pacific                            2.4                   2.1
                                              ----------           -----------
Total equities at market value                    90.3                  85.7
Sterling bonds                                     4.5                     -
Argentine bond                                     0.9                     -
Korean bond                                          -                   0.8
Net liquid assets                                  4.3                  13.5
                                              ----------           -----------
Total assets (before deduction of bank loans)    100.0                 100.0
                                              ==========           ===========


                                    NOTES  

==============================================================================
                                           30 JUNE 1999         30 JUNE 1998
                                               £'000                £'000
==============================================================================

1. CURRENCY (LOSSES)/GAINS
   Realised exchange differences                 331                 (179)   
   Movement in unrealised exchange              
   differences on bank loans                    (595)                (329)
                                        ---------------        ---------------
                                                (264)                 150
                                        ===============        ===============

2. INCOME
   Income from investments and                   761                  854
   interest receivable        
   Other income                                  Nil                  Nil


3. The total cost of the dividend for the year is £417,000 (1998 - £402,000). 
   If approved, the final dividend will be paid on 20 October 1999 to all
   shareholders on the register at the close of business on 1 October 1999.


4.  RETURN PER ORDINARY SHARE                    
    Revenue return                               382                  443
    Capital return                             2,884                2,810

    Return per ordinary share is based on the above totals for revenue and 
    capital and on 5,027,766 ordinary shares, being the number of ordinary 
    shares in issue throughout each year.                                     
    


5.  A three year yen loan has been arranged with The Royal Bank of Scotland 
    plc.  At 30 June 1999 there were outstanding drawings of Yen300 million 
    (30 June 1998 - Yen300 million, plus Yen158 million drawn down under a one
    year facility also with The Royal Bank of Scotland plc which was repaid 
    on 20 October 1998).                        


6.  The financial information set out above does not constitute the 
    Company's statutory accounts for the year ended 30 June 1999.  The 
    financial information for 1998 is derived from the statutory accounts for 
    1998 which have been delivered to the Registrar of Companies.  The 
    auditors have reported on the 1998 accounts, their report was unqualified 
    and did not contain a statement under section 237(2) or (3) of the 
    Companies Act 1985.  The statutory accounts for 1999 will be finalised on 
    the basis of the financial information presented in this preliminary 
    announcement and will be delivered to the Registrar of Companies following
    the Company's Annual General Meeting.


Managers, Secretaries and Registered Office
Baillie Gifford & Co
1 Rutland Court
Edinburgh
EH3 8EY