FNS Finsaga

RNS No 6073f
FINSBURY INTERNATIONAL HEDGE INVESTMENT COMPANY LIMITED
10 June 1999


Chairmans' Statement for the half year ended 30 April 1999

I am pleased to report on the progress of your Company for the six months ended
30 April 1999.

The Company produced a total return of 14.5% over the half-year period with the
Net Asset Value (NAV) per share rising from US$11.31 to US$12.92.

The strong performance of the Company's investments has not been reflected in
the share price. The Board is conscious of the discount to NAV which has
emerged. Achieving a reduction in the level of the discount remains an objective
for the Board and the Manager.

The Company continues to provide a relatively low risk exposure to world
markets. The volatility of the NAV since the inception of the Company has been
approximately half that of the Company's benchmark, the MSCI World Index.

I have previously advised shareholders that the Company provides very little
investment income and accordingly no interim dividend is proposed.

Michael Sheehan, Chairman
10 June 1999


Balance Sheet
as at 30 April 1999

                                              1999                1998
                                           US$'000             US$'000

Fixed Assets
Investments at market value                 66,669              67,180


Current Assets
Debtors                                         61                 130
Cash at Bank                                 5,292               2,934
                                             5,353               3,064
Creditors
Amounts falling due within one year           (436)               (225)

Net current assets                           4,917               2,839

Net Assets                                  71,586              70,019

Capital and reserves
Called up share capital                         55                  55
Share premium                               53,268              53,268
Other reserves:
  Capital reserve - realised                 3,478                 604
  Capital reserve - unrealised              15,813              16,548
Revenue reserve                             (1,028)               (456)
                                            71,586              70,019
Net asset value per ordinary share        US$12.92            US$12.64


Consolidated Statement of Total Return
(incorporating the revenue account for the half year ended 30 April 1999)
                                          
                     Revenue    Capital    Total    Revenue    Capital    Total
                        1999       1999     1999       1998       1998     1998
                       #'000      #'000    #'000      #'000      #'000    #'000
                          
Gains on investment        -      9,324    9,324          -      7,229    7,229
Income                   250          -      250        168          -      168
Investment management
 fee                    (348)      (151)    (499)      (332)       824      492
Other expenses          (155)         -     (155)      (139)         -     (139)


Net return before
 finance costs          (253)     9,173    8,920        (303)    8,053    7,750
Interest payable
 and similar charges       -          -        -            -        -        -


Return on ordinary
 activities after
 finance costs          (253)     9,173    8,920        (303)    8,053    7,750
Dividends in respect
 of finance costs          -          -        -           -         -        -

Transfer to reserves    (253)     9,173    8,920        (303)    8,053    7,750

Return per ordinary
 share              US$(0.05)   US$1.66  US$1.61    US$(0.05)  US$1.45  US$1.40


These accounts are not statutory accounts. Statutory accounts for the period
ended 31 October 1998 have been delivered to the Guernsey Financial Services
Commission and received an audit report which was unqualified.

Rea Brothers (Guernsey) Fund Managers Limited
Secretary


END

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