Interim Results

HENDERSON TR PACIFIC INVESTMENT TRUST PLC
3 August 1999
                             
                             
         HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                 Unaudited Interim Results
            for the six months to 30 June 1999

                             
Henderson TR Pacific Investment Trust plc, which
specialises in the Far East, excluding Australasia and
Japan, today reported a period of 'strong recovery' for the
six months to 30 June 1999.

Highlights:
* All stock market indices in the region advanced
* Net Asset Value per share rose by 53.9% to 93.7p
* Bonds sold.  Investments now in equities - reflecting
  improving sentiment
* Shareholders approved plan to buy back up to 15% of
  the company's shares
* Major advertising campaign planned by AITC and Henderson Investors

Regarding outlook, Iain Dale, the Chairman, says:
'Reform  programmes  at both national and  corporate  level
have  cleared  bottlenecks and appear to  have  provided  a
robust  framework for future growth. Economic  activity  is
picking  up  sharply and the Board is increasingly  hopeful
for the region's future.'


For further information contact:
Michael Watt, Director and Manager
David Hardy
Iain Dale, Chairman                                    Binns & Co. PR
Tel: [phone]                                     Tel: [phone]
                             
                             
                              - 2 -


With  regard  to  the  company's outlook, Iain  Dale,  Chairman,
commented as follows:-

The  half  year to 30 June 1999 was a period of strong  recovery
for  Far  East stock markets.  All the region's indices advanced
and  their performances were enhanced in sterling terms  as  all
currencies  strengthened  against sterling.   Sterling  adjusted
rises of as much as 100% were achieved in some countries and the
MSCI  AC  Far  East Free (ex Japan) Index, one of the  company's
benchmarks, advanced by more than 50%.

Asset allocation

At the end of the 1998 financial year 16.3% of total investments
were  held in Asian issued US$ denominated bonds reflecting  the
company's  cautious  policy  over the  Asian  financial  crisis.
These  were  sold  and  reinvested  into  equities  as  recovery
prospects improved.  At the end of June 1999 100% of investments
were  in  equities,  with  most  of  the  cash  from  long  term
borrowings still available for new investment opportunities.

Performance

The  company's performance is measured against both a peer group
of  investment trust competitors and the MSCI AC Far  East  Free
(ex  Japan) Index.  In the six months to end June the net  asset
value  rose by 53.9% compared with a 55.1% advance in  the  peer
group average and a 53.9% rise in the benchmark index.

Revenue and earnings

As  a  result of the financial crisis in Asia and the  company's
cautious  investment policy, revenues have been  unusually  high
for  two  and  a half years. Shareholders will now see  a  sharp
contraction in revenue, as investment policy normalises for this
capital growth trust.

Special dividends

The  company has been forced to pay special dividends  over  the
past  two  years in order to retain its status as an  investment
trust.   This year, despite some abnormal revenues in the  first
half  year, we do not expect to have to pay a special  dividend.
The company's policy is to seek capital growth with payment only
of  such dividends as are necessary to maintain investment trust
status.

                              - 3 -

Share repurchase policy

At  the  Annual  General Meeting in April shareholders  approved
proposals  to buy back up to 15% of the company's shares.   This
followed the Board's concern at the historically high levels  of
discount at which the shares had traded, at times reaching  more
than  20%.  A policy and procedure for share buybacks  has  been
implemented but no shares have yet been repurchased.   Purchases
will  only  be  made if the Board believes there will  be  clear
benefits to the company and shareholders.

Advertising campaigns

The  Association  of  Investment  Trust  Companies  (AITC)  will
shortly  commence a major advertising campaign  to  promote  the
advantages  of the sector.  Henderson TR Pacific has  subscribed
fully to this initiative and hopes also to benefit from a rising
profile  for  Henderson Investors which is  itself  planning  an
advertising campaign.

Outlook

The  first  half  year  was  one of  strong  recovery  as  Asian
financial  markets benefited from ongoing reforms over  most  of
the  region  and  improved liquidity and confidence  among  both
domestic and international investors.  Reform programmes at both
national and corporate level have cleared bottlenecks and appear
to have provided a robust framework for future growth.  Economic
activity  is  picking up sharply and the Board  is  increasingly
hopeful for the region's future.


Iain Dale OBE
3 August 1999
                                
                                
                              - 4 -
                                
            HENDERSON TR PACIFIC INVESTMENT TRUST PLC
 Unaudited Interim Results for the Half Year Ended 30 June 1999


STATEMENT OF TOTAL RETURN (incorporating the revenue account)
for the half year ended 30 June 1999

                                  (Unaudited)          (Unaudited)
                               Half year ended 30   Half year ended 30
                                   June 1999            June 1998
                             Revenue Capital Total Revenue CapitalTotal
                              £'000   £'000  £'000  £'000  £'000  £'000
                                                                       
Total capital gains/(losses)       - 67,165  67,165     -  (21,367)(21,367)
from investments                                                          
Income from fixed asset        1,426      -  1,426  2,051      -    2,051
investments
Other interest receivable        423      -    423    613      -      613
and similar income
                              ------ ------  -----  -----  -----  -----
                                  
Gross revenue and capital      1,849 67,165  69,014 2,664  (21,367) (18,703)
gains/(losses)                                   
                                                                       
Management fee                 (356)  (356)  (712)  (421)  (421)  (842)
Other administrative           (202)      -  (202)  (220)      -  (220)
expenses
                              ------ ------  -----  -----  -----  -----
                                
Net return/(loss) on                                                   
ordinary activities before
interest payable and           1,291 66,809  68,100 2,023 (21,788)(19,765)
taxation                                    
                                                                       
Interest payable and similar   (169)  (506)  (675)  (158)  (473)  (631)
charges
                              ------ ------  -----  -----  -----  -----
                                  
Net return/(loss) on                                                   
ordinary activities before     1,122 66,303 67,425  1,865 (22,261) (20,396)
taxation                                       
                                                                       
Taxation on net return on      (400)    261  (139)  (369)    277   (92)
ordinary activities
                              ------ ------  -----  -----  -----  -----
                               
                                                                       
Transfer to/(from) reserves      722 66,564 67,286  1,496  (21,984) (20,488)
                                             
                               =====  =====  =====  =====  =====  =====
                                                                       
Return/(loss) per ordinary   0.351p 32.385p 32.736p 0.728p (10.696p) (9.968p)
share (Note 1)                         

The revenue columns of this statement represent the revenue
accounts of the company.
                                
                               
                              - 5 -
                                
            HENDERSON TR PACIFIC INVESTMENT TRUST PLC
 Unaudited Interim Results for the Half Year Ended 30 June 1999

Summary of Net Assets
at 30 June 1999
                          (Unaudited) (Unaudited)  (Audited)
                              30 June     30 June 31 December
                                 1999        1998       1998
                                £'000       £'000      £'000
                                                            
Fixed asset investments       198,078     109,184    129,075
                                                            
Net current assets             13,531      28,490     14,191
                           ----------  ---------- ----------
Total assets less current     211,609     137,674    143,266
liabilities
                                                            
Creditors: amounts                                          
falling due after more       (19,032)    (17,980)   (18,031)
than one year
                                                            
Provisions for                   (65)           -        (9)
liabilities and charges
                           ----------  ---------- ----------
Total net assets              192,512     119,694    125,226
                               ======      ======     ======
                                                            
Net asset value per             93.7p       58.2p      60.9p
ordinary share (Note 2)
                                                            
Notes
1.   Return per share
   Revenue  return  per  ordinary share  is  based  on  earnings
   attributable  of £722,000 (30 June 1998: £1,496,000)  and  on
   the  205,540,359  ordinary shares in  issue  (30  June  1998:
   205,540,359).
   
   Capital  return  per ordinary share is based on  net  capital
   profits attributable of £66,564,000 (30 June 1998: losses  of
   £21,984,000) and on the 205,540,359 ordinary shares in  issue
   (30 June 1998: 205,540,359).
   
2.   Net asset value per share
   Net  asset  value  per share is calculated on  the  basis  of
   shareholders'  funds attributable to ordinary shares  divided
   by  the  number  of  shares in issue at 30 June  1999,  being
   205,540,359 ordinary shares (30 June 1998: 205,540,359).
   
3.   1998 Accounts
   The  figures and financial information for the year ended  31
   December   1998  are  extracted  from  the  latest  published
   accounts  of  the  company  and do not  constitute  statutory
   accounts  for that year.  Those accounts have been  delivered
   to  the Registrar of Companies and included the report of the
   auditors  which  was  unqualified  and  did  not  contain   a
   statement  under  either  section 237(2)  or  237(3)  of  the
   Companies Act 1985.
   
4.   Interim Report
     The Interim Report will be posted to shareholders in August
   and  will  be  available  from the  Registered  Office  at  3
   Finsbury Avenue, London, EC2M 2PA thereafter.

5.  Year 2000
   Henderson  plc  and  its  subsidiaries  ('Henderson'),  which
   provides  investment  management, UK  custodial,  accounting,
   administrative and company secretarial  services to  Henderson
   TR  Pacific  Investment  Trust  plc,  has  instigated   a
   corporate  action programme, under Henderson board supervision,
   to  establish  the precise scope of the  risks  posed  to
   Henderson   TR   Pacific  Investment   Trust   plc   by   the
   consequences  of  the Year 2000 date change  and  to  address
   those  risks.  Henderson's strategy is to validate  that  its
   computer   systems  achieve   Year   2000   conformity    (as
   defined  by  the British Standards Institute  in  its  papers
   Disc  PD2000-1),  and to require both its suppliers  and  the
   suppliers HendersonTR Pacific Investment Trust plc to  ensure
   that  their  computer systems achieve the same or  equivalent
   standard. Costs relating to the Year 2000 project are  to  be
   borne by Henderson.

                              - 6 -

                                
            HENDERSON TR PACIFIC INVESTMENT TRUST PLC
 Unaudited Interim Results for the Half Year Ended 30 June 1999

                           APPENDIX 1

Distribution of the Investment Portfolio
                             As at 30 June 99  As at 31 December 98
                                (expressed as         (expressed as
                              percentages)          percentages)
South Korea                              21.8                   7.7
Taiwan                                   23.1                  18.6
China                                     5.5                   6.0
Hong Kong                                24.6                  26.3
Thailand                                  7.5                   5.8
The Philippines                           3.0                   3.8
Malaysia                                  0.0                   0.0
Singapore                                14.4                  15.2
Indonesia                                 0.0                   0.0
Vietnam                                   0.1                   0.3
International     Fixed                  0.00                  16.3
Interest
                                        100.0                 100.0


                           APPENDIX 2

Stock Market Performance
Half year to 30 June 1999 (percentage change)
                                                                   
                               Local Currency     Sterling Adjusted
South Korea                              57.0                  72.1
Taiwan                                   31.9                  38.9
China+                                   89.1                  99.7
Hong Kong                                34.7                  41.9
Thailand                                 46.6                  52.5
The Philippines                          26.3                  36.3
Malaysia                                 38.4                  46.0
Singapore                                57.7                  61.3
Indonesia                                66.3                 102.7
                                                                   
Henderson TR Pacific holds its investment in Vietnam through  an
investment  in  The  Vietnam Fund, which is  listed  in  Dublin.
Vietnam has no stock market at the present time.

+The  local  movements on the China B Index have been calculated
with reference to a US$ denominated price index.



                              - 7 -
            HENDERSON TR PACIFIC INVESTMENT TRUST PLC
 Unaudited Interim Results for the Half Year Ended 30 June 1999

                           APPENDIX 3
Sector Analysis of Investment at 30 June 1999
                              As at 30 June 99  As at 31 December 98
                                 (expressed as        (expressed as
                               percentages)         percentages)
Banks                             10.3                   2.2
Building Materials &               2.0                   2.0
Construction
Bonds                               0.0                 16.3
Collective Investment               4.2                  5.7
Vehicles
Commercial                         27.6                 24.2
Food Products                       2.5                  4.2
Industrials                        26.0                 25.8
Metals & Resources                  4.9                  1.8
Financial                           0.0                  0.0
Property                            5.2                  3.9
Transport                           4.4                  0.0
Telecommunications                  9.6                  7.9
Utilities                           8.1                  6.0

                           APPENDIX 4

Top 20 Investments
                                                           Value
                                                           of
Company                   Country   Sector                 Investment
                                                           £'000
SK Telecom                South     Telecommunications     7,023
                          Korea
Samsung Electronics       South     Industrial             5,945
                          Korea
Korea Electric Power      South     Utilities              5,423
                          Korea
Johnson Electric          Hong      Industrial             5,200
Holdings                  Kong
Li & Fung                 Hong      Commercial             5,019
                          Kong
Housing & Commerical      Korea     Bank                   5,008
Bank
Asustek Computer          Taiwan    Industrial             4,998
Singapore Press           Singapore Commercial             4,880
Taiwan Semiconductor      Taiwan    Industrial             4,842
Korea Telecom             Korea     Telecommunications     4,732
China Telecom             Hong      Telecommunications     4,410
                          Kong
Television Broadcasts     Hong      Commercial             4,385
                          Kong
SK Corporation            South     Commercial             4,291
                          Korea
Cheung Kong               Hong      Property               4,224
                          Kong
Cosco Pacific             Hong      Commercial             4,219
                          Kong
Pohang Iron & Steel       South     Industrial             4,190
                          Korea
Nasteel Electronics       Singapore Industrial             4,164
Citic Pacific             Hong      Commercial             4,060
                          Kong
Siam Cement               Thailand  Building Materials &   3,823
                                    Construction
Korean Air                South     Transport              3,704
                          Korea

For further information, please contact:

Michael Watt
Henderson TR Pacific Investment Trust plc
Tel: [phone]