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Henderson TR Pacific (ATR)

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Tuesday 04 February, 2003

Henderson TR Pacific

Final Results

Henderson TR Pacific Inv. Trust PLC
04 February 2003



                       HENDERSON TR PACIFIC INVESTMENT TRUST PLC


                             Unaudited Preliminary Results

                          for the Year Ended 31 December 2002

                                                                 4 February 2003

        Henderson TR Pacific Investment Trust plc announces preliminary results
        for the year ended 31 December 2002.


        Henderson TR Pacific Investment Trust plc is a specialist company
        seeking capital growth from Pacific region stock markets and economies
        excluding Japan and Australasia.


  • The company suffered a negative total return of -18.2% compared with
    -17.9% for the benchmark MSCI AC Far East (free) Ex-Japan Index.


  • The share price discount to net assets fell from 18.9% to 6.8% over the
    year as a whole - part of a general tendency for discounts to fall amongst
    Far Eastern investment trusts. The company purchased 350,000 of its own
    shares in the period.

  • Overall gearing of 1.3% at year-end. Improved borrowing profile with new
    multi-currency facility being finalised.

  • David Robins, most recently Chairman and CEO of ING Barings, joined the
    Board on 2 December 2002.


        Key Extracts from the Preliminary Statement
  
                                                                            (Unaudited)                        (Audited)
                                                                       31 December 2002                 31 December 2001
Net Asset Value per Ordinary Share                                                64.1p                            79.0p

Proposed Dividend per Ordinary Share:

- Final                                                                           0.60p                            0.25p

- Special                                                                           Nil                            0.25p


        Commenting on market conditions Chairman Iain Dale, said:


        'Most Asian economies performed well, continuing a steady recovery from
        the 1997 financial crisis. Stock markets however remained closely
        correlated to the performance of global peers with notable falls in the
        second half offsetting a resilient performance over the first six
        months. Only Thailand and Indonesia achieved positive stock market
        performances, with sterling adjusted rises of 8.8% and 13.9%
        respectively.

        For the long term we remain very optimistic for the Pacific region.
        Despite the prevailing uncertain global outlook we would expect that the
        region's attractive valuations will provide a degree of protection.'

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                       HENDERSON TR PACIFIC INVESTMENT TRUST PLC


                             Unaudited Preliminary Results

                          for the Year Ended 31 December 2002


        Extracts from the Chairman's Statement


        2002 was a frustrating year for investors in Pacific region stock
        markets. Most East Asian economies performed well, continuing their
        steady recovery from the traumas following the 1997 financial crisis.
        Stock markets, however, remained closely correlated to the performance
        of global peers with notable falls in the second half offsetting a
        resilient performance over the first six months.


        Poor investment sentiment

        Global stock markets were adversely affected by continued weakness in
        the world's leading economies which failed to recover as had been hoped
        and suffered renewed deflationary pressure as the year progressed. A
        deteriorating political climate also served to depress investors'
        sentiment as troubles in the Middle East magnified. Company profits
        remained under considerable pressure leaving valuations looking high in
        most of the world's major stock markets. As a result there were declines
        of 30% in both the S&P 500 Index and the DJ Euro Stoxx Europe Index in
        sterling terms.


        Performance

        Only Thailand and Indonesia achieved positive stock market performances
        with sterling adjusted rises of 8.8% and 13.9% respectively. Currencies
        played an important part in the adverse stock market movements since
        most still move in line with the US dollar, which weakened by 9.6%
        against sterling over the year. Of the larger stock markets only South
        Korea fell by less than 10% in sterling terms. Notable stock market
        declines were reflected in sterling adjusted falls of 41.6% in China's B
        Share Index, and of 27.0% and 26.1% in Taiwan and Hong Kong. Our
        benchmark index the MSCI AC Far East (Free) Ex-Japan Index, which rose
        slightly over the first half year, fell by 17.9% for the full year. Our
        own net assets per share had advanced by 4.5% over the first six months
        but for the full year suffered a decline of 18.2% on a total return
        basis. As a growth orientated investment trust the tendency is to
        perform better than the benchmark index in a rising market and worse
        than the index in a falling market.


        Dividend

        The company's policy is to seek capital growth so dividends are normally
        modest. The Board has in the past paid a basic final dividend and, in
        addition, a special dividend to meet the Inland Revenue requirement for
        investment trusts not to retain more than 15% of their income from
        shares and securities. The result of separating administration charges
        from the management fee and of recognising stock dividends from
        Taiwanese companies as income rather than capital, as had been our
        previous practice, was to raise revenue after tax by £0.7 million.
        Rather than continue the practice of paying special dividends, the Board
        will in future follow a policy of paying dividends sufficient to retain
        the company's status as an investment trust. A final dividend of 0.60p
        per share is proposed for the year.


        Borrowings

        Our US$30 million 5 year bank loan matured and was repaid in March 2002.
        We have been negotiating a flexible multi-currency facility, which has
        not yet been finalised. In the meantime a temporary multi-currency
        facility for £15 million remains available from the Royal Bank of
        Scotland PLC. This was used actively over the first few months but
        borrowings were reduced from August and there was low overall gearing of
        1.3% at the year end.


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                       HENDERSON TR PACIFIC INVESTMENT TRUST PLC


                             Unaudited Preliminary Results

                          for the Year Ended 31 December 2002


        Share Repurchases

        There was a general tendency for discounts to fall amongst Far East
        investment trusts. Our share price discount to net assets fell from
        18.9% to 6.8% over the year as a whole. However, an opportunity did
        arise in October to repurchase 350,000 shares for cancellation at a
        price of 53.0p per share, an attractive discount of 15.6%.


        Charitable Contributions

        The Board agreed to contribute £18,500 in 2002 in support of children's
        charities in Thailand and the Philippines.


        Directors

        Wallace Clapperton, who has been a dedicated and enthusiastic
        independent director, will retire at the forthcoming Annual General
        Meeting after ten years of significant service. This begins a period of
        change towards a new generation of independent directors who will assume
        the responsibility to take the company forward. On behalf of
        shareholders and colleagues on the Board I wish to thank Wallace for his
        commitment.


        David Robins joined the Board on 2 December 2002 and I am delighted to
        be able to introduce him to shareholders at the forthcoming Annual
        General Meeting. David was most recently Chairman and Chief Executive of
        ING Barings. He previously held senior management positions at UBS and
        began his career as an economist covering the Far East. I am convinced
        David has the qualities to make a valuable contribution to the company
        and look forward to working with him.


        We continue to maintain a balance of geographical and technical skills
        among the directors who as a Board can thus actively contribute to the
        policy and governance of the company.


        The Earl of Limerick

        We were greatly saddened to learn of the death of Lord Limerick on 8
        January 2003, aged 72. Pat served as a director of this company and its
        predecessors, TR Pacific Basin Investment Trust and International
        Investment Trust for sixteen years. He was always highly influential and
        will be very fondly remembered by all of us.


        Outlook

        Poor global stock market sentiment continues to create attractive longer
        term investment opportunities for investors in Far East stock markets.
        Despite some outperformance over the last year, most companies continue
        to trade at relatively low valuations, despite better profits growth.
        Moreover, China is finally emerging as a strongly growing and highly
        significant force globally, able to manufacture in huge volume and
        export competitively throughout the world. Its strong growth affects the
        outlook both regionally and globally. For the long term we remain very
        optimistic for the Pacific region. Despite the prevailing uncertain
        global outlook we would expect that the region's attractive valuations
        will provide a degree of protection in an uncertain world.




        Iain Dale CBE

        4 February 2003


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                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC


                         Unaudited Preliminary Results

                      for the Year Ended 31 December 2002



Statement of Total Return (incorporating the revenue account)

                                                           (Unaudited)                           (Audited)
                                                   Year ended 31 December 2002          Year ended 31 December 2001
                                                  Revenue      Capital        Total     Revenue      Capital       Total
                                                    £'000        £'000        £'000       £'000        £'000       £'000

Total capital losses from investments                   -     (29,768)     (29,768)           -     (12,899)    (12,899)
Income from fixed asset investments                 3,551            -        3,551       3,791            -       3,791
Other interest receivable and similar income           93            -           93         560            -         560
                                                ---------   ----------   ----------   ---------   ----------  ----------
Gross revenue and capital losses                    3,644     (29,768)     (26,124)       4,351     (12,899)     (8,548)

Management fee                                      (621)      (1,102)      (1,723)     (1,075)      (1,075)     (2,150)
Other administrative expenses                       (517)            -        (517)       (450)            -       (450)
                                                 --------  -----------   ----------   ---------  -----------  ----------
Net return/(loss) on ordinary activities
before interest payable and taxation                2,506     (30,870)     (28,364)       2,826     (13,974)    (11,148)

Interest payable                                    (132)        (395)        (527)       (370)      (1,111)     (1,481)
                                               ----------  -----------   ----------  ----------  -----------  ----------
Net return/(loss) on ordinary activities
before taxation                                     2,374     (31,265)     (28,891)       2,456     (15,085)    (12,629)

Taxation on net return/(loss) on ordinary           (797)          377        (420)       (923)          577       (346)
activities
                                              -----------   ----------  ----------- -----------   ---------- -----------
Net return/(loss) on ordinary activities
after taxation                                      1,577     (30,888)     (29,311)       1,533     (14,508)    (12,975)

Proposed ordinary dividend:
Final: 0.60p per share (2001: 0.25p)              (1,223)            -      (1,223)       (510)            -       (510)
Special: Nil (2001: 0.25p)                              -            -            -       (510)            -       (510)
                                               ---------- ------------   ----------  ---------- ------------  ----------
                                                  (1,223)            -      (1,223)     (1,020)            -     (1,020)
                                               ---------- ------------   ----------  ---------- ------------  ----------
Transfer to/(from) reserves                           354     (30,888)     (30,534)         513     (14,508)    (13,995)
                                                   ======      =======      =======      ======      =======     =======

Return/(loss) per ordinary share (note 1)           0.77p     (15.13p)     (14.36p)       0.75p      (7.08p)     (6.33p)


The revenue columns of this statement represent the profit and loss accounts of
the company.











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                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC


                         Unaudited Preliminary Results

                      for the Year Ended 31 December 2002




Balance Sheet

At 31 December 2002
                                                                                  (Unaudited)                  (Audited)
                                                                             31 December 2002           31 December 2001
                                                                                        £'000                      £'000
                                                                        ---------------------       --------------------
Fixed asset investments:
Listed at market value - overseas                                                     133,646                    167,079
Unlisted at directors' valuation                                                          146                        161
                                                                                   ----------                 ----------
                                                                                      133,792                    167,240
                                                                                   ----------                 ----------
Current assets
Debtors                                                                                   177                      2,114
Bank balances and short term deposits                                                   5,482                     14,204

                                                                                   ----------                 ----------
                                                                                        5,659                     16,318

Creditors: amounts falling due within one year                                        (8,838)                   (22,224)
                                                                                   ----------                 ----------
Net current liabilities                                                               (3,179)                    (5,906)
                                                                                   ----------                 ----------
Total net assets                                                                      130,613                    161,334
                                                                                       ======                     ======
Capital and reserves
Called up share capital                                                                10,192                     10,210
Other capital reserves                                                                115,141                    146,198
Revenue reserve                                                                         5,280                      4,926
                                                                                   ----------                 ----------
Equity shareholders' funds                                                            130,613                    161,334
                                                                                       ======                     ======
Net asset value per ordinary share (note 2)                                             64.1p                      79.0p



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                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC


                         Unaudited Preliminary Results

                      for the Year Ended 31 December 2002


Cash Flow Statement

For the year ended 31 December 2002
                                                                     (Unaudited)                     (Audited)
                                                                      Year ended                    Year ended
                                                                   31 December 2002              31 December 2001
                                                                      £'000          £'000          £'000          £'000
                                                             --------------  ------------- --------------   ------------
Net cash inflow from operating activities                                              533                         1,334

Servicing of finance
Interest paid                                                         (952)                       (1,465)
                                                                -----------                   -----------
Net cash outflow from servicing of finance                                           (952)                       (1,465)

Taxation
Withholding tax paid                                                  (119)                             -
UK income tax recovered                                                  39                           198
                                                                 ----------                    ----------
Net tax (paid)/recovered                                                              (80)                           198

Financial investment
Purchases of investments                                           (79,699)                      (74,364)
Sales of investments                                                 84,983                        75,168
                                                              -------------                 -------------
Net cash inflow from financial investment                                            5,284                           804

Equity dividends paid                                                              (1,020)                       (1,131)

Management of liquid resources
Cash withdrawn from/(placed on) short term deposit                                   9,133                       (5,872)
                                                                               -----------                   -----------
Net cash inflow/(outflow) before financing                                          12,898                       (6,132)

Financing
Repurchases of ordinary shares                                        (187)                         (773)
Repayment of multi-currency loan facility                          (12,206)                             -
                                                                -----------                   -----------
Net cash outflow from financing                                                   (12,393)                         (773)
                                                                                ----------                    ----------
Increase/(decrease) in cash                                                            505                       (6,905)
                                                                                    ======                        ======

Reconciliation of net cash flow to movement in net debt
Increase/(decrease) in cash as above                                                   505                       (6,905)
Cash (inflow)/outflow from management of liquid resources                          (9,133)                         5,872
Cash outflow from debt financing                                                    12,206                             -
                                                                                ----------                    ----------
Change in net debt resulting from cash flows                                         3,578                       (1,033)
Exchange movements                                                                   1,167                         (295)
                                                                                ----------                    ----------
                                                                                     4,745                       (1,328)
Net debt at 1 January                                                              (6,409)                       (5,081)
                                                                                ----------                    ----------
Net debt at 31 December                                                            (1,664)                       (6,409)
                                                                                    ======                        ======


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                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC


                         Unaudited Preliminary Results

                      for the Year Ended 31 December 2002




Notes:

1.     Return/(loss) per ordinary share
       Revenue returns per ordinary share are based on earnings attributable to the ordinary shares of £1,577,000 (year
       ended 31 December 2001: £1,533,000) and on the weighted average number of ordinary shares in issue during the
       year to 31 December 2002, being 204,112,811 (year ended 31 December 2001: 205,129,214).

       Capital losses per ordinary share are based on net capital losses attributable to the ordinary shares of
       £30,888,000 (year ended 31 December 2001: loss of £14,508,000) and on the weighted average number of ordinary
       shares in issue during the year, as shown above.

2.     Net Asset Value per Ordinary Share
       The net asset value per ordinary share is based on net assets attributable to ordinary shares of £130,613,000 (31
       December 2001: £161,334,000) and on the 203,843,359 (31 December 2001: 204,193,359) ordinary shares in issue at
       31 December 2002.

3.     Share Buy-Backs
       The Company was granted authority to repurchase up to 30,424,810 ordinary shares at the Annual General Meeting
       held on 8 April 2002. During the year to 31 December 2002 the company purchased 350,000 ordinary shares for
       cancellation at a price of 53.0p per share, a discount of 15.6%, at a cost of £187,000. The net asset value was
       enhanced by £33,000.

4.     2001 Accounts
       The figures and financial information for the year ended 31 December 2001 are an extract of 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 Section 237(2) or 237(3) of the Companies Act 1985.

5.     2002 Accounts
       The preliminary figures for the year ended 31 December 2002 have been extracted from the latest company accounts.
       These accounts have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on
       them.

6.     Dividend
       A final dividend of 0.60p per ordinary share will, if approved by shareholders, be paid on 17 April 2003 to
       shareholders recorded on the Register of Members on 14 March 2003. The company's shares go ex-dividend on 12
       March 2003.

7.     Annual General Meeting
       The annual report will be posted to shareholders in March 2003 and thereafter copies will be available at the
       registered office at 4 Broadgate, London EC2M 2DA. The Annual General Meeting of the company will be held at 4
       Broadgate, London EC2M 2DA on Monday 14 April 2003 at 12.30 pm.








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                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC


                         Unaudited Preliminary Results

                      for the Year Ended 31 December 2002

Stock Market Performance Comparison for the year to 31 December 2002


                                                       Local Currency               Sterling Adjusted
                                                                    %                               %

South Korea                                                      -9.5                            -9.4
Taiwan                                                          -19.8                           -27.0
China*                                                          -35.4                           -41.6
Hong Kong                                                       -18.2                           -26.1
Thailand                                                        +17.3                            +8.8
The Philippines                                                 -12.8                           -23.8
Malaysia                                                         -7.2                           -16.1
Singapore                                                       -18.2                           -21.3
Indonesia                                                        +8.4                           +13.9



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





Geographical Distribution of the Investment Portfolio

                                                As at 31 December 2002          As at 31 December 2001
                                                                     %                               %

South Korea                                                       29.3                            28.2
Taiwan                                                            15.4                            17.0
China                                                             11.6                            13.9
Hong Kong                                                         12.3                            22.5
Thailand                                                          11.1                             3.7
The Philippines                                                    0.9                             0.0
Malaysia                                                           9.7                             3.4
Singapore                                                          8.2                            10.0
Indonesia                                                          0.0                             0.0
Vietnam                                                            1.5                             1.3

                                                                 100.0                           100.0

                                                                  ====                            ====





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                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC


                         Unaudited Preliminary Results

                      for the Year Ended 31 December 2002


Sector Analysis of Investments
                                                        As at 31 December 2002                As at 31 December 2001
                                                                             %                                     %

Consumer Discretionary                                                    19.7                                  16.5
Consumer Staples                                                           5.1                                   1.8
Energy                                                                     3.9                                   2.3
Financials and Property                                                   25.2                                  24.3
Healthcare                                                                 0.0                                   0.0
Industrial and Transport                                                  10.4                                  12.4
Information Technology                                                    16.9                                  22.1
Materials                                                                  6.3                                   5.4
Telecommunications Services                                                8.3                                  10.8
Utilities                                                                  4.2                                   4.4

                                                                         100.0                                 100.0

                                                                          ====                                  ====

Top 20 Investments as at 31 December 2002

Company                                 Country                 Sector                                          Value of
                                                                                                              Investment

                                                                                                                   £'000

Samsung Electronics                     South Korea             Information Technology                             4,937
Johnson Electric                        Hong Kong               Industrials and Transport                          4,320
Li & Fung                               Hong Kong               Consumer Discretionary                             3,785
Huaneng Power International             China                   Utilities                                          3,700
Siam Cement                             Thailand                Materials                                          3,577
CNOOC                                   China                   Energy                                             3,560
LG Chem                                 South Korea             Materials                                          3,404
Kookmin Bank                            South Korea             Financials and Property                            3,295
Shinhan Financial                       South Korea             Financials and Property                            3,254
SK Telecom                              South Korea             Telecommunication Services                         3,220
Shinsegae                               South Korea             Consumer Discretionary                             3,127
Taiwan Semiconductor                    Taiwan                  Information Technology                             3,048
KT Corp                                 South Korea             Telecommunication Services                         2,988
Global Bio-Chem                         China                   Consumer Staples                                   2,961
Resorts World                           Malaysia                Consumer Discretionary                             2,926
Samsung SDI                             South Korea             Information Technology                             2,868
Realtek Semiconductor                   Taiwan                  Information Technology                             2,857
Fubon Financial                         Taiwan                  Financials and Property                            2,821
Cathay Pacific Airways                  Hong Kong               Industrials and Transport                          2,708
Venture Corp                            Singapore               Information Technology                             2,489
                                                                                                                  65,845

                                                                                                                    ====
                                                                Total Investments                                133,792

                                                                                                                    ====
                                                     Top 20 as a percentage of total investments                   49.2%



                                    - ENDS -





For further information contact:-

Michael Watt, Director and Manager

Iain Dale, Chairman

Tel: 020 7818 4336



David Hardy

Binns & Co. PR

Tel: 020 7786 9600



Stephen Westwood

Head of Investment Trusts

Henderson Global Investors

Telephone: 020 7818 5517



Stephen Phillips

Investor Relations Manager

Henderson Global Investors

Telephone: 020 7818 6417



or



Vicki Staveacre

Henderson Press Office

Telephone: 020 7818 4222




                      This information is provided by RNS
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