Substantial Share Interest

Schroder AsiaPacific Fund PLC
04 December 2003

                                                                 4 December 2003



                    Substantial Share Interest Notification



We are writing to advise you that the Company was notified on 4 December 2003,
that BAE Systems Pension Funds Investment Management Limited no longer has a
notifiable interest in the Company. The date of the transaction was not
disclosed.

Enquiries:

John Spedding

Schroder Investment Management Limited

Tel: [phone]


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