Final Results

Schroder AsiaPacific Fund PLC
10 November 2004






                                                                10 November 2004

                         SCHRODER ASIAPACIFIC FUND PLC
                         Unaudited Preliminary Results

The Directors of Schroder AsiaPacific Fund plc announce the unaudited
preliminary results for the year ended 30 September 2004.

Unaudited Statement of Total Return for the year ended 30 September 2004

                    For the year ended           For the year ended
                    30 September 2004            30 September 2003
                    Revenue   Capital    Total       Revenue   Capital    Total
                      £'000     £'000    £'000         £'000     £'000    £'000
Gains on
investments               -    11,811   11,811             -    24,889   24,889
Exchange gains            -     1,490    1,490             -       694      694
Income                4,650         -    4,650         3,124         -    3,124
Administrative
expenses               (391)        -     (391)         (402)        -     (402)
Investment
management fee       (1,268)        -   (1,268)         (944)        -     (944)
-------------------  --------  -------- -------- ---  --------  -------- --------
Return before
finance costs and
taxation              2,991    13,301   16,292         1,778    25,583   27,361
Interest payable
and similar charges    (352)        -     (352)         (197)        -     (197)
-------------------  --------  -------- -------- ---  --------  -------- --------
Return on ordinary
activities before
taxation              2,639    13,301   15,940         1,581    25,583   27,164
Taxation on
ordinary activities    (760)        -     (760)         (487)        -     (487)
-------------------  --------  -------- -------- ---  --------  -------- --------
Return attributable
to equity
shareholders          1,879    13,301   15,180         1,094    25,583   26,677
Final dividend       (1,531)        -   (1,531)       (1,044)        -   (1,044)
-------------------  --------  -------- -------- ---  --------  -------- --------
Transfer to
reserves                348    13,301   13,649            50    25,583   25,633
-------------------  --------  -------- -------- ---  --------  -------- --------
Return per ordinary
share                  1.35p     9.56p   10.91p         0.79p    18.38p   19.17p
Dividend per
ordinary share         1.10p        -     1.10p         0.75p        -     0.75p













Summary Balance Sheet                                       At              At
                                             30 September 2004    30 September
                                                                          2003
Net Assets                                               £'000           £'000

Listed investments at market value                     134,690         127,991
Net current liabilities                                 (9,402)        (16,363)
Creditors: amounts due after more than one
year                                                       (53)            (42)
-----------------------------                        -----------    ------------
Net Assets                                             125,235         111,586
-----------------------------                        -----------    ------------

Net asset value per ordinary share
(undiluted)                                              89.97p          80.16p
Abridged Cash Flow Statement                  Year ended            Year ended
                                       30 September 2004     30 September 2003
                                                   £'000                 £'000
Net cash inflow from operating
activities                                         2,781                 1,831
Net cash outflow from returns on
investments and servicing of finance                (347)                 (238)
Tax paid                                            (586)                 (237)
Net cash inflow/(outflow) from
financial investment                               2,746                (7,102)
Equity dividends paid                             (1,044)                 (557)
Net cash inflow from financing                     6,003                 3,091
-----------------------------                  -----------          ------------
Net cash inflow/(outflow)                          9,553                (3,212)
-----------------------------                  -----------          ------------


Reconciliation of net cash inflow to movement in net debt

                                     Year ended            Year ended
                                     30 September 2004     30 September 2003
                                                   £'000                 £'000
Net cash inflow/(outflow) during the
year                                               9,553                (3,212)
Increase in bank loan to finance
investments                                       (6,003)               (3,091)
Exchange gains on revaluation of
currency                                           1,490                   694
-----------------------------                  -----------          ------------
Change in net debt                                 5,040                (5,609)
Net debt brought forward                         (13,386)               (7,777)
-----------------------------                  -----------          ------------
Net debt carried forward                          (8,346)              (13,386)
-----------------------------                  -----------          ------------

The financial information set out in the announcement does not constitute the
Company's statutory accounts for the year ended 30 September 2004. The financial
information for the year ended 30 September 2003 is derived from the statutory
accounts for the year which have been delivered to the Registrar of Companies.
The auditors reported on those 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 the year ended 30 September 2004 will be finalised on
the basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.

This statement was approved by the Board of Directors on 10 November 2004.



Statement by the Chairman, The Hon Rupert Carington:

Investment Performance

I am pleased to report that during the year ended 30 September 2004 the
Company's undiluted net asset value per share produced a total return of 12.8
per cent., significantly outperforming the Company's benchmark Index, the Morgan
Stanley All Countries Far East (Free) excluding Japan Index total return of 8.4
per cent over the same period.

Dividend

The Directors recommend the payment of a final dividend of 1.10 pence per share
for the year ended 30 September 2004, compared to 0.75 pence per share for the
previous year. If the resolution proposed at the Annual General Meeting to pay a
final dividend is passed, the dividend will be distributed to shareholders on 27
January 2005.

Corporate Strategy

During the year the Board has continued to monitor the global economic outlook
and its likely effect on the markets in the region with a view to confirming the
investment strategy agreed with the Manager. In particular, the gearing policy
of the Company has been closely watched in order to utilise the flexibility of
the current structure to take advantage of, or respond to, market conditions.

At the start of the year, the facility was drawn down at US$25 million of the
US$35 million facility. During the year, the facility was increased to US$45
million of which US$35 million was drawn down at the year end. Gearing continues
to be kept under review by the Board. At the end of the year, the effective
gearing (borrowings less cash and short-term deposits as a percentage of net
assets) was 6.7%.

The Board

It is with regret that the Board notes that Mr Anthony Rodgers will not be
seeking re-election at the forthcoming Annual General Meeting. The Company has
benefited from his wise counsel since its launch in 1995. We thank him for his
sterling service. The Nomination Committee has compiled from a variety of
sources a list of experienced potential candidates to fill the vacancy and hopes
to appoint a new non-executive Director in the near future.

Cap on Directors' Fees

The Articles of Association of the Company currently impose a cap on aggregate
fees paid to Directors' of £80,000 per annum. This cap has remained at the same
level since the launch of the Company some nine years ago. Total remuneration
paid to Directors in respect of the year ended 30 September 2004 was £76,000.
The Board wishes to seek an increase in the cap at the forthcoming Annual
General Meeting. Nine years after the launch of the Company, market rates for
Directors' fees have increased, in line with the additional responsibilities and
time commitments expected of Directors. Your Board would also like flexibility
to bring additional Directors onto the Board should the need arise. At the
present time, we do not believe that the cap is of a sufficient amount to meet
these requirements.

An ordinary resolution will therefore be proposed at the forthcoming Annual
General Meeting to increase the cap on the aggregate of all fees paid to
Directors from £80,000 to £150,000. We believe that this increased cap will be
sufficient to meet the requirements of the Board for the next few years. We have
no intention of increasing the fees paid to Directors at the present time,
although fees are reviewed each year. The Remuneration Report will continue to
be submitted for approval by shareholders at each Annual General Meeting.

Purchase of Shares for Cancellation

At the Company's last Annual General Meeting on 11 February 2004, the Company
was given the authority to purchase up to 14.99% of the Company's issued share
capital for cancellation. The share buy-back facility is one of a number of
tools that may be used to enhance shareholder value and to reduce the discount
volatility. During the year ended 30 September 2004, the Directors did not
utilise the authority given to them and no purchases were made for cancellation.

The Board continues to consider whether purchases should be made on a regular
basis, and therefore proposes that the authority be renewed at the forthcoming
Annual General Meeting.

Warrantholders' Circular

On 31 January 2005, warrantholders will have a further opportunity to exercise
their subscription rights. A Circular reminding them of this opportunity and
setting out the steps they must take if they wish to exercise their subscription
rights should market conditions justify, will be distributed with the Report and
Accounts. Warrantholders should be aware that they will have one further
opportunity to exercise their subscription rights in 2006.

Corporate Governance

A new Combined Code was published in June 2003, and will apply to the Company
for the year ending 30 September 2005. In addition, the UK Listing Rules
applying to investment companies have been amended and best practice codes
issued applying to the investment trust industry.

The Board has reviewed its governance arrangements and believes that the Company
complies where appropriate with the revised Combined Code. The review has
focused on the Board, its role, function and the measurement of its performance
and the Terms of Reference of its various committees. Further details may be
found in the Corporate Governance section of the Report.

Outlook

After a year of solid performance by the Company, your Board continues to
believe that satisfactory investment returns can be made from Asia. The
Investment Manager's Review summarises the investment outlook and policy to
which the Board concurs in the current circumstances.

Annual General Meeting

The Annual General Meeting will be held on 26 January 2005 and shareholders are
encouraged to attend. As in previous years, Mr Dobbs, on behalf of the
Investment Manager, will give a presentation on the prospects for Asia and the
Company's investment strategy, before the formal business of the meeting.

The Hon Rupert Carington

Chairman



Investment Manager's Review

During the year ended 30 September 2004, the total return on the Company's net
assets was 12.8%, significantly out-performing the benchmark Index, which
produced a total return of 8.4% in sterling terms over the same period. The bulk
of the return came in the first half of the fiscal year as markets continued to
rally, supported by strong export growth, ample liquidity and robust expansion
in corporate earnings and dividends. Sharp falls seen in April/May, sparked by
rising US interest rates and a tightening by the authorities in Beijing to slow
growth in fixed asset investment in China, were partly reversed by a recovery in
September.

Over the year as a whole, and more especially in the second half, regional
markets have lagged equity markets elsewhere. Partly this reflects sectoral
factors - and in particular the continued weakness in information technology
shares. This has weighed particularly heavily on Taiwan and Korea, and is
evident in the relatively poor performance by those markets over the year as a
whole, particularly the former.

Table: Country performance in sterling terms over the 12 months to 30th
September 2004

MSCI Indonesia                                                           +28.4
MSCI Philippines                                                         +22.5
MSCI China                                                               +19.3
MSCI Singapore                                                           +15.4
MSCI India                                                               +15.0
MSCI Thailand                                                            +13.5
MSCI Korea                                                               +11.2
MSCI Hong Kong                                                            +9.1
MSCI All-Countries Far East Free ex Japan                                 +8.3
MSCI Malaysia                                                             +8.1
MSCI Taiwan                                                               -8.3

Local factors have played their part in the relative performance of regional
markets. ASEAN markets have generally done well, aided by the strength of
commodity prices and the continued evidence of firm domestic demand and the
benefits of restructuring at a corporate level. Developments in China have had
an impact on a global, let alone regional, level. Moves by the authorities to
rein in fixed asset investment in a range of sectors - in particular
construction related - triggered sharp declines in cyclical and commodity stock
throughout the region. Although there was a modest recovery in September,
Chinese stocks were essentially flat in the second half of the fiscal year.

Domestic politics have played a prominent part in the region. On the positive
side, the recent democratic elections for the Indonesian Presidency re-affirmed
the progress the country has made in terms of political stability; in contrast
the impeachment of the Korean President undermined sentiment in that market,
while the defeat of the BJP party in the Indian elections in April was seen as
likely to stall progress in privatisation and industrial restructuring.


Performance and Portfolio Activity

It has been another year of strong performance relative to the benchmark. Both
stock selection and country allocation contributed, as did gearing to a more
modest degree. In terms of country allocation, the overweight positions in
Indonesia and underweighting in Taiwan were the main contributors, with
overweighting in Korea and Singapore also adding value.

The positive impact from stock selection was most evident in Hong Kong, Korea,
Indonesia and the Philippines. In contrast, selection in Taiwan was poor due to
the portfolio's heavy weighting in technology and in Thailand where the
financial and real estate exposure performed disappointingly.

In terms of portfolio activity, over the twelve months we reduced exposure to
Korea as a number of stocks exposed to a recovery in domestic demand had
performed strongly and appeared to discount much of the recovery. We also
reduced exposure to Hong Kong/China, remaining particularly cautious on
cyclically exposed companies in the latter. In contrast we built up exposure to
Thailand, where valuations looked increasingly attractive as the market fell.

Our focus has continued to be upon the identification of attractive stock ideas,
and we have continued to find sufficient of these to give us confidence in
retaining the Company's gearing.

Investment Outlook and Policy

There are clear headwinds for global, and particularly Asian, equity markets
over the coming twelve months. Global growth is decelerating, led by the United
States as fiscal stimulation fades and employment growth remains unconvincing.
Although the US corporate sector is more profitable than at any point in the
last fifty years, the follow through to capital spending has been muted.
Meanwhile, leading indicators in Europe and Japan suggest that sources of
domestic growth remain anaemic.

Periods of decelerating global growth, and by inference slower export growth,
have traditionally seen limited returns from Asian markets. Export growth is set
to decelerate, and the technology-based industries of the region have already
shown ample evidence of sluggish demand and downward pressure on pricing for
their products.

Nevertheless, we are cautiously optimistic on the prospect for positive returns
in the coming year. Valuations of the regional markets remain around a third
less than equities in the rest of the world even though corporate profitability
is comparable. Traditionally, profitability in the region has been more volatile
than elsewhere, but downward pressure should be mitigated by the fact that
corporate balance sheets are stronger and the better managed companies in the
region are moving up the value-added curve.

Furthermore, the extent to which the region is able to withstand a more hostile
economic environment is striking in comparison with the Western economies - as a
group, Asian countries have higher foreign exchange reserves, stronger current
accounts, lower public debt and lower fiscal deficits than the United States,
Europe or even Japan. Furthermore, domestic liquidity is very high and, with
domestic institutions currently very lightly exposed to equities, the fact that
dividend growth remains strong and interest rates low should support equities.

The portfolio is positioned to benefit from this environment by concentrating
both on companies well-placed to exploit local demand (eg banks, consumer
cyclicals) and on attractively priced mid-caps.

Schroder Investment Management Limited



Dividend for the year

The Directors of the Company have declared the payment of a final dividend of
1.10p net per share, for the year ended 30 September 2004. The dividend will be
payable on 27 January 2005 to shareholders on the register on 31 December 2004.

Record Date:                            31 December 2004
Ex-Dividend Date:                       29 December 2004
Transfers must be lodged by:            31 December 2004
Dividend Warrants:                      Despatched on 26 January 2005
Payment Date:                           27 January 2005
Dividend per share:                     1.10p

The Annual Report and Accounts will be mailed to shareholders at their
registered addresses in December 2004 and from the date of release copies of the
Annual Report and Accounts will be available to the public at the Company's
registered office: 31 Gresham Street, London, EC2V 7QA.

Enquiries: Schroder Investment Management Limited

John Spedding
(0207 658 3206)
10 November 2004



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