Interim Results

Schroder AsiaPacific Fund PLC
3 May 2001


                                  3 May 2001


                        SCHRODER ASIAPACIFIC FUND PLC

                        Unaudited Preliminary Results

The Directors of Schroder AsiaPacific Fund plc announce the unaudited
preliminary results for the six months ended 31 March 2001.

                         For the six months             For the six months 
                         ended 31 March 2001            ended 31 March 2000
                                   
                     Revenue   Capital      Total   Revenue  Capital    Total
                       £'000     £'000      £'000     £'000    £'000    £'000

  Realised                -      (935)      (935)         -    4,385    4,385 
  (losses)/gains                                                              
  on sales                                                                    
  Unrealised              -   (16,665)   (16,665)         -   40,111   40,111 
  (losses)/gains                                                              
  on investments                                                              
  Exchange losses         -      (316)      (316)         -    (259)    (259) 
  on currency                                                                 
  balances                                                                    
  Dividend income       711          -        711       419        -      419 
  from listed                                                                 
  overseas                                                                    
  investments                                                                 
  Bank deposit          247          -        247       105        -      105 
  income                                                                      
  Other income            3          -          3         2        -        2 
  Administrative      (211)          -      (211)     (191)        -    (191) 
  expenses                                                                    
  Investment          (497)          -      (497)     (720)        -    (720) 
  management fee                                                              
  Return before         253   (17,916)   (17,663)     (385)   44,237   43,852 
  finance costs                                                               
  and taxation                                                                
  Interest            (332)          -      (332)     (368)        -    (368) 
  payable                                                                     
  (Deficit)/return     (79)   (17,916)   (17,995)     (753)   44,237   43,484 
  on ordinary                                                                 
  activities                                                                  
  before taxation                                                             
  Tax on ordinary       (6)          -        (6)        80        -       80 
  activities                                                                  
  (Deficit)/return     (85)   (17,916)   (18,001)     (673)   44,237   43,564 
  attributable to                                                             
  equity                                                                      
  shareholders                                                                
  Transfer             (85)   (17,916)   (18,001)     (673)   44,237   43,564 
  (from)/to                                                                   
  reserves                                                                    
  (Deficit)/return  (0.06)p   (12.80)p   (12.86)p   (0.48)p   31.60p   31.12p 
  per ordinary                                                                
  share                                                                       
 
                                                           At                At
                                                31 March 2001 30 September 2000
Assets                                                  £'000             £'000

Investments                                           103,920           122,902

Net current assets/(liabilities)                        2,478             1,497

Net Assets                                            106,398           124,399

Net asset value per ordinary share (undiluted)         76.00p            88.85p


Cash Flow Statement                               For the six      For the six
                                                 months ended     months ended
                                                31 March 2001    31 March 2000
                                                        £'000            £'000

Net cash inflow/(outflow) from operating                  104            (150)
activities
Cash outflow from returns on investments and            (420)            (300)
servicing of finance
Tax (recovered)/paid                                      155            (152)
Net cash inflow/(outflow) from financial                2,085          (9,819)
investment
Equity dividends paid                                       -            (700)
Net cash (outflow)/inflow from financing              (5,587)            6,466
Net cash outflow                                      (3,663)          (4,655)


Reconciliation of net cash inflow to movement in net funds/(debt)

                                         For the six months  For the six months
                                                      ended               ended
                                              31 March 2001       31 March 2000
                                                      £'000               £'000

Net cash outflow during the year                    (3,663)             (4,655)
Movement in loan facility                             5,587             (6,465)
Exchange losses on currency                           (316)               (259)
Change in net funds                                   1,608            (11,379)
Net funds/(debt) at the beginning of                  1,287               (446)
the year
Net funds/(debt) at 31 March                          2,895            (11,825)




Investment Manager's Review


The six-month period ended 31 March 2001 has been disappointing for Asian
markets. The Company's benchmark index declined 12.3% in sterling terms over
the six months to 31 March 2001. The undiluted net asset value of the Company
fell 14.47% and the share price by 24.31% over the same period.

Most of the decline in Asian markets was seen in the fourth quarter of
calendar year 2000. Growing pessimism over the course of the US economy has
been the single most important factor. More particularly, the nature of the US
slowdown has had particularly severe implications for most of the Asian
economies. The factors behind a strong surge in capital spending (a major
component in US expansion) have unwound with unanticipated speed. The impact
on Asia has been amplified by the openness of the regional economies and the
importance of technology-related products in their export mix.

Following the first cut in the Federal Funds' rate in early January, there was
a brief rally in those markets perceived as beneficiaries of global economic
recovery, such as Taiwan and Korea. Although other factors also contributed to
better sentiment, including a modest relaxation of political tensions in
Taiwan and falling domestic interest rates in Korea, the rally proved
short-lived. News surrounding end demand for regional exports remained grim as
the US slowdown showed signs of filtering through to Japan and Europe, the
weakness of the yen threatened to add to regional deflationary pressures, and
hopes for a rapid recovery in technology end demand faltered.

Percentage Index Change in Sterling Terms

over the Six Months to 31st March, 2001
MSCI ACFEF ex Japan                                             -12.3
MSCI Hong Kong                                                  -7.3
MSCI Singapore                                                  -16.4
MSCI Korea                                                      -3.1
MSCI Taiwan                                                     -9.4
MSCI China                                                      -24.5
MSCI Indonesia Free                                             -24.2
MSCI Malaysia Free                                              -3.1
MSCI Philippines Free                                           +3.0
MSCI Thailand Free                                              +4.5

One of the notable features of Asian markets over  the period has been the
continued weakness of the telecoms sector. This has reflected global market
trends, but local factors have contributed to investor caution. Regulatory
uncertainty impacted the Chinese mobile stocks China Mobile and Unicom, while
concern over the returns on European 3G investments depressed Hutchison
Whampoa.

Investment Policy and Performance

The table below shows the asset distribution of the Company's portfolio at the
beginning and end of the period to 31 March 2001, along with the distribution
of the benchmark index at 31 March 2001 for comparison purposes.

Portfolio Asset Allocation
                           SAPF NAV Weightings         Benchmark Index (%)

                                   (%)
        Market           30.9.2000    31.3.2001             31.3.2001
Hong Kong/China          40.0         43.0                  36.6
Taiwan                   20.0         20.2                  22.3
Korea                    18.5         15.1                  15.0
Singapore                13.0         13.4                  11.3
Malaysia                 4.3          3.1                    9.9
Indonesia                1.4          1.4                    1.2
Thailand                 1.1          0.9                    2.3
The Philippines          0.5          0.6                    1.4
Cash                     1.2          2.3                    0.0
Total                       100          100                  100

Overall during the period, we added to exposure in Hong Kong and Singapore at
the expense of Korea and Malaysia. Most of the increase in the Hong Kong
exposure took place in the last quarter of 2000 with new purchases focusing on
the financial and property sectors. These purchases were funded from sales in
Korea and Taiwan, focussed on the technology sector.

In terms of sectoral weightings, the portfolio has been overweight Information
Technology throughout the period reflecting our positive view on the long-term
competitive advantage enjoyed by regional companies in this sector. We have
sought to concentrate exposure in companies enjoying industry leadership - for
example adding to our existing holdings in Taiwan Semiconductor and Samsung
Electronics. We raised our overweighting to financials reflecting our positive
interest rate view and reduced exposure in Telecommunications. We have reduced
our exposure to Utilities further.

The underperformance by the company's portfolio over the period to 31 March
2001 has reflected negative stock selection impact in Hong Kong and Korea, and
the under-weighting in Malaysia and Thailand. The underweighting in the
emerging ASEAN markets and the overweighting in Singapore also hampered
relative returns.

Investment Outlook

The external environment facing the regional Asian economies is likely to
remain difficult over the next six months. The slowdown in the major developed
economies appears more synchronised than at any point in the last decade. The
extent to which strong capital spending - fuelled in part by the access to
cheap equity funding - has been a major driver of US economic expansion over
the last few years suggests that the adjustment to more normal levels of
spending could be protracted and might also have knock-on effects on consumer
spending.

Our own forecasts are for US GDP growth for the current calendar year to be
less than 1% with year on year growth stagnating in the second half. Consensus
forecasts for economic growth in the region is almost certainly still too high
although in a number of ways the region is in better shape to weather the
downturn than it was three years ago. Most countries in the region are running
large current account surpluses and have little external short-term debt. Some
- most notably Korea - have greater flexibility on the exchange rate providing
some short-term insulation to the worsening external environment.

Meanwhile, many measures of sentiment in the regional markets suggest that the
mood of investors is as subdued as it has been at any time since the third
quarter of 1998. Expectations for profits growth have been sharply reduced in
the last six months and valuations are generally low by historic standards
(particularly among the larger markets in Taiwan, Singapore and Korea).

Furthermore, although the timing of global economic recovery is uncertain,
there is scope for continued and substantial declines in US interest rates.
Our own forecasts suggest that the Federal Funds' rate could fall to 3% with
potentially significant ramifications for regional equity valuations.
Historically, a widening of the discount between short-term and long-term
interest rates in the developed economies (which we expect over the next six
months) has been a positive signal for the regional markets.

We will maintain a moderately geared position and look to utilise the cash in
the portfolio for investment opportunities, as we believe that, at current
levels, Asian equities more than discount the difficult economic environment.
The major regional markets of Hong Kong, Singapore, Taiwan and Korea look
attractive, and after the recent declines, we also look to re-establish a
modest exposure to India, which is within the investment remit of the company
but outside the Benchmark Index. We remain cautious on the emerging ASEAN
markets.



Schroder Investment Management International Limited

Interim Report

The Interim Report will be sent by mail to shareholders and warrantholders at
their registered addresses in June 2001 and from the date of release, copies
of the Interim Report will be made available to the public at the Company's
registered office: 31 Gresham Street, London, EC2V 7QA.




Enquiries:       Schroder Investment Management Limited

John Spedding

(020 7658 3206)

3 May 2001