Interim Results

Schroder AsiaPacific Fund PLC
07 May 2004



                                                                      7 May 2004

                           SCHRODER ASIAPACIFIC FUND plc

Schroder AsiaPacific Fund plc announces its unaudited Interim Results for the
period ended 31 March 2004.

Unaudited Statement of Total Return (incorporating the Revenue Account)


                                                   For the six months             For the six months
                                                  ended 31 March 2004             ended 31 March 2003

                                      Revenue     Capital       Total     Revenue     Capital       Total
                                        £'000       £'000       £'000       £'000       £'000       £'000
Realised  gains/(losses) on
investments                                 -      13,599      13,599           -     (6,444)     (6,444)
                                            
Exchange gains on loans and
currency balances                           -       1,822       1,822           -          70          70

Income                                  1,724           -       1,724       1,225           -       1,225

Management fees                         (651)           -       (651)       (411)           -       (411)

Administrative expenses                 (163)           -       (163)       (174)           -       (174)

Net return/(deficit) on ordinary
activities before   finance
costs and taxation                        910      15,421      16,331         640     (6,374)     (5,374)

Interest payable                        (165)           -       (165)       (120)           -       (120)

Return/(deficit) on ordinary
activities before taxation                745      15,421      16,166         520     (6,374)     (5,854)

Tax on ordinary activities              (171)           -       (171)       (150)           -       (150)

Return/(deficit) on ordinary
activities after taxation                 574      15,421      15,995         370     (6,374)     (6,004)
                                          
Return/(deficit) per share              0.41p      11.08p      11.49p       0.27p     (4.58)p     (4.31)p


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.




Schroder AsiaPacific Fund plc
Unaudited Balance Sheet

                                                                     31 March                   30 September
                                                                         2004                           2003
                                                                        £'000                          £'000
Fixed assets
Investments                                                           144,172                        127,991

Current assets
Debtors                                                   1,069                         342
Cash at bank and short-term deposits                      3,099                       1,662
                                                          4,168                       2,004
Current liabilities
Creditors: amounts falling due within one year           20,759                      18,367

Net current liabilities                                              (16,591)                       (16,363)

Total assets less current liabilities                                 127,581                        111,628
Creditors: amounts falling due after more than one
year

Provision for liabilities and charges                                       -                           (42)

Net assets                                                            127,581                        111,586

Capital and reserves
Called up share capital                                                13,920                         13,920
Capital redemption reserve                                                 81                             81
Share premium account                                                       4                              4
Share purchase reserve                                                110,529                        110,529
Warrant reserve                                                         8,702                          8,702
Warrant exercise reserve                                                    2                              2
Capital reserve                                                       (6,288)                       (21,709)
Revenue reserve                                                           631                             57
Equity shareholders' funds                                            127,581                        111,586

Net asset value per share                                              91.65p                         80.16p




Schroder AsiaPacific Fund plc
Unaudited Cash Flow Statement

                                                          For the six months ended       For the year ended
                                                                     31 March 2004        30 September 2003
                                                                             £'000                    £'000
Operating activities
Dividend income received                                                       748                    2,870
Bond interest                                                                   52                        -
Deposit interest received                                                       62                      185
Other income                                                                     6                       10
Management fee paid                                                          (613)                    (870)
Administrative expenses                                                      (226)                    (364)

Net cash inflow from operating activities                                       29                    1,831

Servicing of finance

Interest paid                                                                (165)                    (238)
Cash outflow from servicing of finance                                       (165)                    (238)
Taxation
UK tax paid                                                                     -                      (58)

Overseas tax paid                                                             (29)                    (179)
Tax paid                                                                      (29)                    (237)
Capital expenditure and financial investment
Purchase of investments                                                   (48,771)                 (71,756)
Disposal of investments                                                     45,599                   64,654
Net cash outflow from capital expenditure and
financial investment                                                       (3,172)                  (7,102)

Equity dividends paid                                                      (1,044)                    (557)

Net cash outflow before  financing                                         (4,381)                  (6,303)

Financing
Bank loans raised                                                            6,003                    3,091
Net cash inflow from financing                                               6,003                    3,091
Net cash inflow/(outflow)                                                    1,622                  (3,212)


Investment Manager's Review

Regional markets have continued the rally which began almost exactly a year ago
in the wake of the invasion of Iraq and the peak of the SARS virus. The
Company's benchmark index gave a total return of 10.4% in sterling terms over
the six months to 31st March 2004. The undiluted net asset value total return of
the Company was 14.6%, and the share price total return was 16.4%.

The performance of the region relative to global markets has flattened out
somewhat over the six months. The weakness of the US dollar, with which most of
the region's currencies have either formal or informal links, has been a major
factor in reducing returns of the Asian markets in sterling terms, illustrated
by the fact that the 10.4% rise in the index in sterling terms compares with a
22.1% return in US dollars.

The overall news flow was supportive for the markets. Leading indicators
continued to rise, and the recovery appeared to be broadening out to Europe and
Japan as well as the United States. The export performance of the region has
been very robust, and interregional trade has been stimulated by the strength of
China, which has become the single most important trading partner for many of
the region's economies, and has been a primary source of growth.

Domestic demand within Asia has also been recovering, and this has been
particularly beneficial to the relative performance of many of the smaller
emerging ASEAN markets, such as Thailand, Malaysia and Indonesia, as well as
India, where GDP growth exceeded a 10% annual rate in the fourth quarter of
2003.

With the notable exception of Samsung Electronics, the information technology
sector has lagged, and this is evident in the subdued performance of the
Taiwanese market, which was further impacted at the end of the period by
political concerns. Korea has shrugged off the political vacuum exacerbated by
the impeachment of the president, although stocks exposed to consumer spending
have continued to be out of favour.

Hong Kong and Singapore have been subdued performers. Despite evidence of
recovery in their domestic economies, interest in these markets has been
diverted by their immediate surroundings; the rest of ASEAN in the case of
Singapore, and mainland China in the case of Hong Kong.

Investment Policy and Performance

The Table below shows the asset distribution of the Company's portfolio at the
beginning and the end of the period to 31st March 2004, along with the
distribution of the benchmark index at the end of March 2004 for comparison
purposes.

Portfolio Asset Allocation
                                         Net Asset Value Weightings (%)                      Benchmark
                                                                                      Index Weight (%)

Market                                30 September 2003              31 March 2004       31 March 2004
Hong Kong/China                                    36.1                       31.9                31.3
Korea                                              31.1                       30.0                27.7
Taiwan                                             16.0                       12.1                17.5
Singapore                                          11.9                       13.0                10.0
Malaysia                                            4.4                        3.0                 6.9
Thailand                                            1.8                        4.2                 3.8
Indonesia                                           7.1                       10.7                 2.2
India                                               6.1                        6.6                   -
Philippines                                         0.0                        1.5                 0.6
Other net liabilities                            (14.5)                     (13.0)                   -
Total                                            100.00                     100.00              100.00

Source: MSCI, Schroders.

The Company's portfolio has performed well both in absolute terms and compared
with the benchmark index. The gearing has materially aided returns over the
period (the Company had net gearing of 13% at the end of the period), but
country positioning was also positive due mainly to our overweighting in India
which performed strongly, and the underweighting in Taiwan and Hong Kong/China
which underperformed the index.  Stock selection was a marginal negative, with
strong performance in Indonesia and Hong Kong more than offset by the negative
impact of selection in Thailand and Taiwan.

In terms of policy some of the major positions have remained in place for the
whole period, including our major country overweightings (Indonesia and India)
and underweightings (Taiwan and Malaysia), and the focus upon sectors sensitive
to domestic recovery such as financials and consumer cyclicals. However, we have
reduced our exposure to information technology as the cycle has matured, with
some of the proceeds going to more defensive sectors such as telecoms,
particularly in ASEAN. We also reduced the exposure to financials (including
property stocks)  in Hong Kong, feeling that prospects for cyclical recovery
were becoming fully discounted in valuations. We used weakness in the Thai
market as an opportunity to move modestly overweight.

Investment Outlook

The circumstances surrounding the regional markets could not be more of a
contrast with a year ago. Fears of deflation and slow growth have been replaced
by concern that excessively rapid growth is fuelling inflationary pressures and
are likely to trigger a general firming in global interest rates. A more
cautious sentiment on growth has been reflected in the weakness of cyclical
stocks since the turn of the calendar year even though signs of a slowdown in
either regional export growth or capital investment in China are as yet hard to
identify.

With global leading indicators showing signs of peaking, and the US bond market
indicating that Fed Funds rate will rise well before the end of 2004, we expect
overall returns in Asian equities to be more subdued. However, although
valuations are relatively high by the market's own recent standards, this still
seems to be churlish recognition of the extent to which balance sheets have been
strengthened and corporate profitability has improved.

Furthermore, although there may be something of a slowdown in China, we believe
that the underlying drivers of growth are extremely strong. Deceleration of
capital spending is likely to be, in part, offset by acceleration in consumer
demand, and the increasing importance to the region's exporters of China as a
source of end demand (and looking further out, perhaps India) will help to
diversify the historic dependence upon the United States with all its structural
issues.

The portfolio remains placed to take advantage of those parts of the region
which we feel will do well even if the external environment is less supportive.
We continue to like the prospects for domestic growth in a number of regional
markets, most importantly Indonesia and India, but also Thailand which we added
to late in the period. In China, our focus is upon relatively defensive and
visible growth companies in areas such as power generation and expressways,
while medium to smaller size companies in Singapore and Hong Kong continue to
offer defensive attractions. In Korea, alongside the global exporters (Samsung
Electronics, Hyundai Motors) we continue to emphasise companies offering
exposure to the domestic consumer cycle, which we believe will improve from
current depressed levels given continued robust income growth, low unemployment,
and the gradual work through of the consumer debt problems.

Schroder Investment Management Limited
7 May 2004

Notes

The Interim Report will be mailed to registered shareholders in May 2004 and
from the date of release copies of the Interim Report will be made available to
the public at the Company's Registered Office at 31 Gresham Street, London EC2V
7QA.

This announcement is prepared on the basis of the accounting policies as set out
in the most recently published set of annual financial statements.

Enquiries:

John Spedding
Schroder Investment Management Limited
7 May 2004
(020 7658 3206)
(e-mail  [e-mail])




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