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Henderson TR Pacific (ATR)

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Friday 17 February, 2006

Henderson TR Pacific

Final Results

Henderson TR Pacific Inv. Trust PLC
17 February 2006

                                                                    Page 1 of 16

                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005

                                                                17 February 2006


Henderson TR Pacific Investment Trust plc announces preliminary results for the
year ended 31 December 2005.

Henderson TR Pacific Investment Trust plc seeks a high rate of total return from
companies operating primarily in the Pacific region excluding Japan and
Australasia.


Key Points:
     
•    New Portfolio Manager, Andrew Beal, took over management of Henderson TR 
     Pacific Investment Trust plc on 22 September 2005.
•    Portfolio subsequently restructured to reflect the new Portfolio Manager's 
     investment approach and stock preferences, contributing to a more 
     aggressive investment stance in anticipation of continued market strength.
•    In the month of December the company recorded its strongest performance 
     this year both in absolute terms and relative to the benchmark.
•    First investment in India made, following April's shareholder approval but 
     the portfolio remains underweight due to the comparative valuation levels 
     of the Indian market.
•    The NAV total return per share rose 32.1% over the year compared with a 
     return of 36.3% (sterling adjusted) for the MSCI All Country Far East 
     (Free) ex-Japan Index reflecting an overly defensive positioning which was 
     corrected towards the end of the year with positive results.
•    Final dividend of 1.85p per share to be paid to shareholders in April.
•    Annual management charge to be reduced from 0.9% to 0.6% and performance 
     fee to be introduced.


Key Extracts from the Preliminary Statement
                                                                                         (Audited and restated)+
                                                                            (Unaudited)         31 December 2004
                                                                       31 December 2005

Net Asset Value per Ordinary Share                                               114.8p                    88.5p
Share price                                                                       99.5p                    76.8p
Discount to NAV                                                                   13.3%                    13.2%
Proposed Final Dividend per Ordinary Share                                        1.85p                    1.40p


Total Return Performance for 12 Months to 31 December 2005
Net Asset Value (i)                                                              +32.1%
Share price (i)                                                                  +31.9%
MSCI AC Far East (Free) ex-Japan Index (ii)                                      +36.3%


(i)  Source: AITC Services Ltd. (net dividends reinvested)

(ii) Source: Thomson Financial, Datastream  (gross dividend reinvested)

+   Restated (see note 4)

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                                                                    Page 2 of 16


                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005


Commenting on the results Chairman, David Robins, said:

'2005 was another positive year for Asian markets following strong returns for
the region in 2003 and 2004.  Markets performed well despite a relatively
challenging backdrop of rising interest rates, strong global commodity prices
and generally anaemic earnings growth, particularly in the technology sector.
As sterling based investors, currency strength in the region also provided
additional gains for us.'


Extracts from the Chairman's Statement


Performance

Our portfolio provided a net asset value total return of 32.1% over the year
compared with a return of 36.3% (sterling adjusted) for the MSCI All Country Far
East (Free) ex-Japan Index.  Most of this underperformance occurred in the
second half of the year as markets rallied.  The largest detractors from
performance were stock selection in Singapore and Hong Kong together with asset
allocation to South Korea, where the portfolio was underweight the benchmark for
much of the year.  In general, as indicated at the interim stage, the portfolio
was rather too defensively positioned in anticipation of weaker markets.  The
stance was corrected towards the end of the year with positive results.


New Portfolio Manager

Andrew Beal took over management of your company on 22 September 2005.  The
Board would like to thank Michael Watt, who retired from the company in
September, for his significant contribution, both as the Portfolio Manager and
as a director since its inception.

During October and November the portfolio was restructured to reflect the new
Portfolio Manager's investment approach and stock preferences.  In general these
changes contributed to a more aggressive investment stance in anticipation of
continued market strength.  This included taking the portfolio from net cash to
a geared position.  As a result your company recorded in December its strongest
performance this year both in absolute terms and relative to the benchmark.


Management Fee

Your Board has agreed with Henderson changes to the management fee arrangements
which are to be effective from 1 January 2006.  These include a reduction in the
base fee from 0.9% to 0.6% and the introduction of a performance fee.  The full
terms of the agreement are contained in appendix 1.  We believe these terms more
closely align the interests of the Manager with the interests of shareholders.


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                                                                    Page 3 of 16


                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005


Objective

Your Board has taken the decision to make a further minor, but important,
amendment to the objective of the company.  This is to make it clear that
investments may be directed to companies which, although the majority of their
business is carried out in the Pacific region, excluding Japan and Australia,
maintain a Stock Exchange listing elsewhere.  Examples of this would be
technology related stocks, many of which are listed on Nasdaq in the USA rather
than in the Pacific region, or indeed Chinese companies which are seeking
listings outside the region on a variety of markets.  We do not consider this a
material change as the primary business of all investee companies is, and will
continue to be, carried out in the Pacific region.

At the same time, from 1 January 2006 the company has changed the benchmark
against which performance is measured to the MSCI All Country Asia ex Japan
Index, to reflect the fact that during the past year India has been added to the
company's investment universe.


India

The Board is pleased to report that an investment has been made in India
following the granting of authority for investment in this market by
shareholders in April. Though the Portfolio Manager continues to seek further
opportunities in India, the portfolio remains underweight due to the challenging
valuation of the Indian market compared with other markets in the region.


Share Repurchases

Over the year to 31 December 2005 6,850,000 shares were repurchased and
cancelled at an average discount of 12.1%.


Revised UK Accounting Standards

In common with other UK companies, we adopted revised UK Accounting Standards
last year.  The interim accounts reflected the new accounting standards as do
the year end accounts.  The notes to the accounts include reconciliations of the
figures for the comparative periods to those reported previously.  There are a
number of changes but only two of the new requirements have an effect on the net
asset value per share.  First, our investments are now described as 'held at
fair value through profit or loss'.  As such they are valued at bid (or selling)
prices rather than at mid-market prices.  The effect on the valuation of the
portfolio as at 31 December 2005 is a reduction of £614,000.  Second, dividends
are no longer included in the accounts as payable until they have been approved
by shareholders.  Accordingly, the dividend payable in respect of the year ended
31 December 2005 is not accrued as a liability and is therefore included within
assets at that date.  There are other presentational changes, following our
adoption of the revised SORP, including the renaming of the Statement of Total
Return to the Income Statement and a new primary statement has been added, a
Reconciliation of Movements in Shareholders' Funds.


Dividend

A final dividend of 1.85p per share, which compares with a dividend of 1.40p per
share paid last year, will be paid to shareholders in April reflecting the
change in the objective of the company last year to seek a high rate of total
return rather than simply growth.


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                                                                   Page 4 of 16


                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005


Outlook

While four successive years of positive returns in Asia have no precedent, we
feel that the region continues to be well placed to deliver attractive returns
to investors.  We expect the economic backdrop to benefit from a peaking in US
interest rates in the early part of the year and a moderation in the rate of
increase in oil and commodity prices. Asian growth is typically closely linked
to the industrial cycle in the developed world and the signs are that this
should remain firm in 2006.  We believe that these factors are likely to support
further company earnings growth. Headline stock valuations are in line with long
term historic averages but continue to look very attractive when adjusted for
historically low levels of company debt and increasingly efficient use of
capital.  The coming years should see Asia deliver to equity investors returns
commensurate with the economic dynamism of the region.


David Robins, Chairman
17 February 2006


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                                                                    Page 5 of 16


                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005


Income Statement
For the year ended 31 December 2005
                                                        (Unaudited)                 (Audited and restated) +
                                                Year ended 31 December 2005        Year ended 31 December 2004
                                                Revenue    Capital                 Revenue     Capital
                                                 Return     Return       Total      Return      Return       Total
                                                  £'000      £'000       £'000       £'000       £'000       £'000

Gains/(losses) from investments held at fair
value through profit or loss                          -     49,508      49,508           -     (6,116)     (6,116)
Income from investments held at fair value
through profit or loss                            6,709          -       6,709       5,525           -       5,525
Other interest receivable and similar income        102          -         102          66           -          66
                                                -------  ---------   ---------   ---------  ----------  ----------
Gross revenue and capital gains /(losses)         6,811     49,508      56,319       5,591     (6,116)       (525)

Management fee                                    (633)    (1,148)     (1,781)       (593)     (1,015)     (1,608)
Other administrative expenses                     (587)          -       (587)       (630)           -       (630)
                                                -------   --------    --------    -------- -----------  ----------
Net return/(loss) on ordinary activities
 before interest payable and taxation             5,591     48,360      53,951       4,368     (7,131)     (2,763)

Interest payable                                   (85)      (255)       (340)        (72)       (214)       (286)
                                                -------   --------    --------  ---------- -----------  ----------
Net return/(loss) on ordinary activities
 before taxation                                  5,506     48,105      53,611       4,296     (7,345)     (3,049)

Taxation on net return/(loss) on ordinary       (1,853)        421     (1,432)     (1,423)         727       (696)
activities
                                               --------   --------    -------- -----------  ---------- -----------
Net return/(loss) on ordinary activities
 after taxation                                   3,653     48,526      52,179       2,873     (6,618)     (3,745)
                                                  =====      =====      ======      ======     =======     =======

Return/(loss) per ordinary share  (note 2)        1.92p     25.52p      27.44p       1.45p     (3.33p)     (1.88p)


The total column of this statement represents the profit and loss account of the
company.

All revenue and capital items in the above statement derive from continuing
operations.

+ (See notes 1(b) and (e))




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                                                                    Page 6 of 16

                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005


Reconciliation of Movements in Shareholders' Funds
For the years ended 31 December 2005 and 31 December 2004


Year ended 31 December 2005
                                                             Capital                   Other
                                                          redemption
                                                  Share      reserve     Special     Capital     Revenue
                                                capital                  reserve     reserve     reserve      Total
                                                  £'000        £'000       £'000       £'000       £'000      £'000
At 31 December 2004
(as restated see notes 1 (b) and 4)               9,660        6,246      92,410      53,913       8,682    170,911
Adjustment to bid valuation (see note 1 (d))          -            -           -       (686)           -      (686)
Net return from ordinary activities                   -            -           -      48,526       3,653     52,179
Dividend paid in respect of year ended
  31 December 2004 (paid 20 April 2005)               -            -           -           -     (2,705)    (2,705)
Purchase of own shares                            (342)          342     (5,747)           -           -    (5,747)
                                              ---------     --------    --------  ----------    --------  ---------

At 31 December 2005                               9,318        6,588      86,663     101,753       9,630    213,952

                                                  =====        =====       =====      ======       =====      =====

Year ended 31 December 2004
                                                             Capital                   Other
                                                          redemption                 Capital
                                                  Share      reserve     Special     reserve     Revenue
                                                capital                  reserve                 reserve      Total
                                                  £'000        £'000       £'000       £'000       £'000      £'000
At 31 December 2003
  (as restated see notes 1(b) and 4)             10,180        5,726      99,492      60,531       7,845    183,774
Net (loss)/return from ordinary activities            -            -           -     (6,618)       2,873    (3,745)
Dividend paid in respect of year ended
  31 December 2003 (paid  8 April 2004)               -            -           -           -     (2,036)    (2,036)
Purchase of own shares                            (520)          520     (7,082)           -           -    (7,082)
                                               --------     --------    --------   ---------    --------  ---------

At 31 December 2004                               9,660        6,246      92,410      53,913       8,682    170,911

                                                  =====        =====       =====       =====       =====     ======




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                                                                    Page 7 of 16

                    HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005


Balance Sheet
At 31 December 2005
                                                                                       (Audited and Restated)+
                                                                           (Unaudited)        31 December 2004
                                                                      31 December 2005                   £'000
                                                                                 £'000
                                                                 ---------------------    --------------------
Fixed asset investments held at fair value through
  profit or loss
Listed at market value - overseas                                              237,730                 181,221
                                                                            ----------              ----------

Current assets
Debtors                                                                            200                     142
Bank balances and short term deposits                                              803                   5,685
                                                                            ----------              ----------
                                                                                 1,003                   5,827

Creditors: amounts falling due within one year                                (24,729)                (16,137)
                                                                            ----------              ----------
Net current liabilities                                                       (23,726)                (10,310)
                                                                            ----------              ----------

Total assets less current liabilities                                          214,004                 170,911

Provisions for liabilities and charges                                            (52)                       -
                                                                            ----------              ----------
Total net assets                                                               213,952                 170,911
                                                                                ======                  ======

Capital and reserves
Called up share capital                                                          9,318                   9,660
Capital redemption reserve                                                       6,588                   6,246
Special reserve                                                                 86,663                  92,410
Other capital reserves                                                         101,753                  53,913
Revenue reserve                                                                  9,630                   8,682
                                                                            ----------              ----------
Equity shareholders' funds                                                     213,952                 170,911
                                                                                ======                  ======
Net asset value per ordinary share (note 3)                                     114.8p                   88.5p



+ (See note 4)


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                                                                    Page 8 of 16


                    HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005


Cash Flow Statement
For the year ended 31 December 2005
                                                                     (Unaudited)                  (Audited)
                                                                    Year ended                  Year ended
                                                                 31 December 2005            31 December 2004
                                                                    £'000         £'000          £'000        £'000
                                                           -------------- ------------- -------------- ------------
Net cash inflow from operating activities                                         3,043                       2,182

Servicing of finance
Interest paid                                                       (314)                        (309)
                                                              -----------                  -----------
Net cash outflow from servicing of finance                                        (314)                       (309)

Taxation
Withholding tax paid                                                (123)                        (118)
                                                               ----------                   ----------
Net tax paid                                                                      (123)                       (118)

Financial investment
Purchases of investments                                        (210,203)                     (89,906)
Sales of investments                                              202,141                      120,705
                                                            -------------                -------------
Net cash (outflow)/inflow from financial investment                             (8,062)                      30,799

Equity dividends paid                                                           (2,705)                     (2,036)
                                                                              ---------                 -----------
Net cash (outflow) /inflow before financing                                     (8,161)                      30,518

Financing
Repurchases of ordinary shares                                    (5,747)                      (7,082)
Drawdown/(repayment) of multi-currency loan facility                9,157                     (21,278)
                                                              -----------                  -----------
Net cash inflow/(outflow) from financing                                          3,410                    (28,360)
                                                                             ----------                  ----------
(Decrease)/increase in cash                                                     (4,751)                       2,158
                                                                                 ======                      ======

Reconciliation of net cash flow to movement in net debt
(Decrease)/increase in cash as above                                            (4,751)                       2,158
Cash (inflow)/outflow from debt financing                                       (9,157)                      21,278
                                                                              ---------                  ----------
Change in net debt resulting from cash flows                                   (13,908)                      23,436
Exchange movements                                                                (688)                         124
                                                                               --------                  ----------
                                                                               (14,596)                      23,560
Net debt at 1 January                                                           (8,600)                    (32,160)
                                                                             ----------                  ----------
Net debt at 31 December                                                        (23,196)                     (8,600)
                                                                                 ======                      ======


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                                                                    Page 9 of 16

                    HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005

Notes:

     
1.   Accounting Policies
     a)   Basis of accounting
          
          The accounts are prepared on the historical cost basis of accounting, 
          modified to include the revaluation of fixed asset investments, and in 
          accordance with applicable accounting standards and with the Revised 
          Statement of Recommended Practice - 'Financial Statements of 
          Investment Trust Companies' dated December 2005 (the Revised SORP). 
          All of the company's operations are of continuing nature.  The same 
          accounting policies used for the year ended 31 December 2004 have been 
          applied with the exceptions listed in b), c), d) and e) below.

      b)  Changes in presentation

          The company has adopted the provisions of the Revised SORP and revised 
          UK Accounting Standards which has resulted in some changes to the 
          presentation of the company's accounts.

          The Statement of Total Return is now called the Income Statement.  
          Dividends payable to equity shareholders are no longer reflected in 
          the Income Statement, although they continue to be shown in the 
          Reconciliation of Movements in Shareholders' Funds which is now 
          presented as a primary statement.

      c)  Changes in accounting policies

          The company has changed its accounting policy for the valuation of 
          listed investments and the recognition of dividends payable to equity 
          shareholders in accordance with the provisions of FRS 26 - Financial 
          instruments: Recognition and Measurement ('FRS 26') and FRS 21 - 
          Events after the balance sheet date ('FRS 21') respectively. These 
          changes in policy and the associated impact on the results of the 
          company are referred to below.

      d)  Valuation of fixed asset investments

          Investments - prior to 1 January 2005, listed investments were valued 
          at middle market prices. Following the introduction of FRS 26, listed 
          investments have been designated by the Board as held at fair value 
          through profit or loss and accordingly are valued at fair value, 
          deemed to be bid market prices.  In accordance with the exemption 
          conferred by FRS 26, comparatives have not been restated for this 
          change in accounting policy and therefore listed investments shown at 
          31 December 2004 are stated at middle market prices.  The adoption of 
          bid market prices at 1 January 2005 decreased the value of listed 
          investments by £686,000.  The effect of this change in accounting 
          policy is to decrease the value of investments at 31 December 2005 by 
          £614,000 and increase the net return on ordinary activities after 
          taxation for the period then ended by £72,000.

          Unquoted investments are valued by the directors using primary 
          valuation techniques such as earnings, multiples, recent transactions 
          and net assets. Where fair value cannot reliably be measured the 
          investment will be carried at the previous reporting date value unless 
          there is evidence that the investment has since been impaired, in 
          which case the value will be reduced.

          Changes in the fair value of investments held at fair value through 
          profit or loss and gains and losses on disposal are recognised in the 
          Income Statement as 'Gains or losses on investments held at fair value 
          through profit or loss'.  Also included within this caption are 
          transaction costs in relation to the purchase or sale of investments, 
          including the difference between the purchase price of an investment 
          and its bid price at the date of purchase.  All purchases and sales 
          are accounted for on a trade date basis.



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                                                                   Page 10 of 16

                    HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005

          
     e)   Dividends payable to equity shareholders

          Under FRS21 dividends should not be accrued in the accounts unless 
          they have been approved by shareholders before the Balance Sheet date.  
          Dividends payable to equity shareholders are recognised in the 
          Reconciliation of Movements in Shareholders' Funds when they have been 
          approved by shareholders and become a liability of the company.

          There is no impact from this change on the recognised gains and losses 
          in either 2004 or 2005.  However, the net assets at 31 December 2005 
          and 31 December 2004 have been impacted as disclosed in note 4.  The
          effect of this change is to increase net assets at 31 December 2005 by 
          £3,448,000 (or 1.85p per share) (31 December 2004: £2,705,000 or 1.4p 
          per share).

     
2.   Return/(loss) per Ordinary Share

     Revenue returns per ordinary share are based on earnings attributable to 
     the ordinary shares of £3,653,000 (year ended 31 December 2004: £2,873,000) 
     and on the weighted average number of ordinary shares in issue during the 
     year to 31 December 2005, being, 190,186,373 (year ended 31 December 2004: 
     198,788,181).

     Capital gains/(losses) per ordinary share are based on net capital gains 
     attributable to the ordinary shares of £48,526,000 (year ended 31 December 
     2004: losses of £6,618,000) and on the weighted average number of ordinary 
     shares in issue during the year, as shown above.


3.   Net Asset Value per Ordinary Share

     The net asset value per ordinary share is based on net assets attributable 
     to ordinary shares of £213,952,000 (2004 restated: £170,911,000) and on the 
     186,353,359 (2004: 193,203,359) ordinary shares in issue at 31 December 
     2005.

     The movements during the year of the company's assets attributable to the 
     ordinary shares were as follows:


                                                                                                              £'000
    
    Total net assets at 1 January 2005 (restated note 4)                                                    170,911
    Adjustment to record investments at bid value (see note 1(d))                                             (686)
    Net return on ordinary activities after taxation                                                         52,179
    Final dividend paid in respect of year ended 31 December 2004 (paid 20 April 2005)                      (2,705)
    Repurchase of 6,850,000 ordinary shares (see note 5)                                                    (5,747)
                                                                                                        -----------
    Total net assets at 31 December 2005                                                                    213,952
                                                                                                             ======


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                                                                   Page 11 of 16


                    HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005

     
4.   Final Dividends
               
     a)   Change in presentation and restatement

          The Income Statement no longer reflects payment of dividends; these 
          are now shown in the Reconciliation of Movements in Shareholders' 
          Funds during the period in which they are approved by shareholders.  
          The Income Statement, Revenue Reserve and Reconciliation of Movements 
          in Shareholders' Funds for the year ended 31 December 2004 have been 
          restated accordingly.
          
                                                                                                      Per ordinary
                                                                                                             share
       The effect on the Balance Sheet at 31 December 2004                                     £'000

       Net assets as at 31 December 2004 as previously stated                                168,206         87.1p
       Add back 2004 final dividend declared on 8 February 2005                                2,705          1.4p
                                                                                          ----------      --------
       Restated net assets as at 31 December 2004                                            170,911         88.5p
                                                                                          ----------      --------

                                                                                                      Per ordinary
                                                                                                             share
       The effect on the Balance Sheet at 31 December 2003                                     £'000

       Net assets as at 31 December 2003 as previously stated                                181,738         89.3p
       Add back 2003 f                                                                         2,036          1.0p
       inal dividend declared on 2 February 2004                                          ----------       -------
                                                                                             183,774         90.3p
       Restated net assets as at 31 December 2003                                        -----------      --------

          
     b)   Proposed Final Dividend

          In respect of the year ended 31 December 2005, a final dividend of 
          1.85p per share has been declared and is subject to approval by 
          shareholders at the forthcoming Annual General Meeting.  The aggregate
          cost of this dividend based on the number of shares in issue at the 
          balance sheet date is estimated to be £3,448,000.  In accordance with 
          the revised accounting policies of the company this dividend will be 
          reflected in the 2006 accounts when it has been approved by 
          shareholders.

     
5.   Share Repurchases

     The company was granted authority to repurchase up to 28,961,183 ordinary 
     shares at the Annual General Meeting held on 15 April 2005. During the year 
     to 31 December 2005 the company purchased 6,850,000 Ordinary shares for 
     cancellation at an average discount of 12.1%, at a cost of £5,747,000. The 
     net asset value was enhanced by approximately £742,000.


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                                                                   Page 12 of 16

                    HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005

     
6.   2004 Accounts

     The figures and financial information for the year ended 31 December 2004 
     (as restated) 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.


7.   2005 Accounts

     The preliminary figures for the year ended 31 December 2005, which do not 
     constitute statutory accounts, are an extract from the latest draft company 
     accounts.  These accounts have not yet been delivered to the Registrar of 
     Companies, nor have the auditors yet reported on them.

     
8.   Dividend

     A final dividend of 1.85p per ordinary share will, if approved by 
     shareholders, be paid on 7 April 2006 to shareholders recorded on the 
     Register of Members on 3 March 2006. The company's shares go ex-dividend on 
     1 March 2006.


9.   Annual General Meeting

     The annual report will be posted to shareholders in February 2006 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 Thursday 30 March 2006 at 
     12.30 pm.



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                                                                   Page 13 of 16


                    HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005


Geographical Distribution of the Investment Portfolio

                                                 As at 31 December 2005          As at 31 December 2004
                                                                      %                               %

South Korea                                                        30.5                            16.5
Taiwan                                                             22.0                            15.9
China                                                               9.3                            14.6
Hong Kong                                                          15.4                            19.8
Thailand                                                            4.0                             9.9
The Philippines                                                       -                               -
Malaysia                                                            5.3                             6.9
Singapore                                                           9.6                            10.3
Indonesia                                                             -                             4.6
Vietnam                                                             1.8                             1.5
India                                                               2.1                               -
                                                                -------                          ------
                                                                  100.0                           100.0
                                                                   ====                            ====

Sector Analysis of Investments
                                                    As at 31 December 2005            As at 31 December 2004
                                                                         %                                 %

Consumer Discretionary                                                 4.5                              11.7
Consumer Staples                                                       2.6                               3.5
Energy                                                                 4.8                               3.4
Financials and Property                                               39.1                              44.0
Healthcare                                                               -                                 -
Industrials and Transport                                             14.4                               7.9
Information Technology                                                29.4                              11.2
Materials                                                              1.1                               4.8
Telecommunication Services                                             2.6                              10.3
Utilities                                                              1.5                               3.2
                                                                   -------                          --------
                                                                     100.0                             100.0
                                                                      ====                              ====


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                                                                   Page 14 of 16


                    HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005


Top Twenty Investments as at 31 December 2005


Company                            Country          Sector                                         Value of
                                                                                                 Investment

                                                                                                      £'000
Samsung Electronics                South Korea      Information Technology                           10,975
Taiwan Semiconductor               Taiwan           Information Technology                            9,619
Kookmin Bank                       South Korea      Financials and Property                           8,020
Hyundai Motor                      South Korea      Industrials and Transport                         7,850
Hynix Semiconductor                South Korea      Information Technology                            7,820
China Mobile                       China            Telecommunication Services                        6,262
Industrial Bank of Korea           South Korea      Financials and Property                           6,240
Siliconware Precision Industries   Taiwan           Information Technology                            6,149
Henderson Land Development         Hong Kong        Financials and Property                           6,065
Sun Hung Kai Properties            Hong Kong        Financials and Property                           5,987
Cheung Kong                        Hong Kong        Financials and Property                           5,756
United Micro Electronic            Taiwan           Information Technology                            5,618
Samsung Fire & Marine              South Korea      Financials and Property                           5,392
Cathay Finanical                   Taiwan           Financials and Property                           5,314
Asustek Computer                   Taiwan           Information Technology                            5,293
LG Electronics                     South Korea      Consumer Discretionary                            5,190
Tata Motors                        India            Industrials and Transport                         5,106
Hon Hai Precision Industry         Taiwan           Information Technology                            4,789
Singapore Airlines                 Singapore        Industrials and Transport                         4,740
LG Card                            South Korea      Financials and Property                           4,647
                                                                                               ------------
                                                                                                    126,832
                                                                                               ------------
                                               Total Investments                                    237,730
                                                                                               ------------
                                               Top 20 as a percentage of total investments            53.4%




                                    - MORE -
                                                                   Page 15 of 16


                   HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005



Appendix I - New Management Fee Arrangements effective 1 January 2006

Changes have been agreed with the Manager to the management fee arrangements.
With effect from 1 January 2006, the investment management fee will comprise a
base fee and a performance fee.

The company will retain as its benchmark the MSCI All Country Asia ex Japan
Index.  In calculating any performance fees payable, the company's performance
and the benchmark performance will both be measured on a total return basis.


The Base Fee

The base fee will be calculated in the first instance at the rate of 0.60% per
annum of gross assets, calculated and paid at the rate of 0.15% per quarter.
Gross assets are defined as the net asset value per ordinary share on the
calculation date at the end of the period multiplied by the weighted average
number of shares in issue throughout the relevant period, plus bank borrowings
less, where relevant, provision for dividends to be paid out.

The base fee will be subject to potential claw back.  A claw back can arise in
two circumstances; if there is an absolute fall in net asset value ('NAV') and
if there is underperformance relative to the benchmark.

In the case of an absolute fall in NAV, if, at the end of an annual period, the
closing NAV per share is lower than the opening NAV per share by more than 2.5%,
the 'First Claw Back' provision applies.  If underperformance relative to the
benchmark exceeds 2.5%, the 'Second Claw Back' provision applies.

The First Claw Back will apply if the fall in NAV in any single year exceeds
2.5%.  The Second Claw Back will apply to the extent that rolling
underperformance exceeds 2.5%.  Rolling performance will be based on three year
averages, following 2006 and 2007 when it will be based on a single year and a
two year average respectively.  The amount of the claw back will be the greater
of the fall in value or the value of underperformance, subject to a maximum claw
back in any accounting period of half the basic fee for that period.


The Performance Fee

A performance fee will be payable if changes in the value of the company's
assets outperform changes in the benchmark.  The amount of the performance fee
will depend on the degree of this outperformance, which will be measured in
three 'bands'.  The Band 1 performance fee will be payable on outperformance of
between zero and 2.0%, at the rate of 0.3% of net assets.  The Band 2
performance fee will be payable on outperformance of between 2.0% and 8.0% at
the rate of 10% of outperformance in excess of 2.0%, and a further Band 3
performance fee on outperformance in excess of 8.0% at the rate of 20% of
outperformance in excess of 8.0%.



                                    - MORE -
                                                                   Page 16 of 16


                    HENDERSON TR PACIFIC INVESTMENT TRUST PLC

                         Unaudited Preliminary Results
                      for the Year Ended 31 December 2005


For any annual period, the combined total of the base fee plus any performance
fees will be capped at 2.5% of the gross assets of the Company as at the end of
that period.

Band 1 performance fees will be calculated annually.  However, Band 2 and Band 3
performance fees will be calculated on a rolling three year basis, except that
current year performance will be measured in the financial year 2006, rolling
two year performance will be measured in the financial year 2007 and rolling
three year performance will be measured for financial periods thereafter.



For further information contact:

Andrew Beal
Portfolio Manager
Tel 020 7818 4314

David Masters
Lansons Communications
Tel 020 7490 8828


                                    - ENDS -




                      This information is provided by RNS
            The company news service from the London Stock Exchange                     

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