Annual Financial Report Annou

RNS Number : 5720J

Aberdeen Asian Income Fund Limited

31 March 2010

ABERDEEN ASIAN INCOME FUND LIMITED

ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2009

1. CHAIRMAN'S STATEMENT

Highlights

- Diluted net asset value per Ordinary share ("NAV") up 27.0%

- Share price up 33.8%

- Total dividend increased by over 5% and payments moved to quarterly in 2010

- Share price discount to NAV tightened to 0.5%

- 1.35 million New shares issued at a premium to NAV

Background

For the period under review, your Company's NAV rose 27.0% to 137.2p. The share price gained 33.8% to 136.5p, representing a discount to NAV of 0.5%. In comparison, the benchmark MSCI All Country Asia Pacific ex-Japan Free Index rose 49.9%.

The underperformance relative to the benchmark should be taken in the context of the previous year's strong relative outperformance in a falling stockmarket. For the two years, the net asset value outperformed the benchmark by about 10%. This is understandable when one considers what has driven markets over the past two years and the higher-yielding nature of your Company's investments. In addition, it is worth reminding shareholders that your Managers construct the portfolio without reference to any benchmark. Therefore it is likely that performance will vary from that of the benchmark and that variation will not always be to shareholders' advantage.

2008 was the year of the subprime-led crisis, in which stock performance reflected the belief that the world was about to enter a second Great Depression. In this environment, the shares of companies with strong balance sheets, stable businesses and high dividend payout ratios - attributes that your Company looks for - held up relatively well, while those of weaker companies performed poorly. In contrast, 2009 was the year of policy-induced recovery, with risk appetite making a comeback and weaker, cyclical stocks previously considered at risk, performing the best. Against such a backdrop, the relative underperformance in 2009 is to be expected, as the companies favoured by your Manager, which on the whole are more defensive and better capitalised, lagged their higher-risk counterparts as markets rallied. In absolute terms, the majority of your Company's holdings posted share price gains for the review period. A more detailed account of performance is contained within the Manager's Review.

Overview

The stunning recovery of stockmarkets in 2009 took many by surprise. Early in the year, gloom and despondency were prevalent. Equities sank to their lows for the year in early March, as economic data worsened and corporate earnings pointed towards a deepening global recession. But, thereafter, sentiment reversed sharply on a growing collective realisation that the much-feared second Great Depression would be avoided.

The rebound was largely thanks to cranking of the governments' stimulus machinery into overdrive, along with very loose monetary policy, which buttressed economies and financial systems. The so-called "carry trade" also saw ultra-low interest rates in the US lead investors to use the US dollar as a cheap funding source for investments in higher-risk assets. This, in turn, supported stockmarkets and other risk assets, particularly in Asia and emerging economies, as cash-rich investors went in search of higher returns than those available from cash. In Asia, the best-performing markets were the domestically driven markets of Indonesia and India. Confidence-building election results also boosted stockmarkets in these two countries.

Given the supportive monetary and fiscal conditions, Asian economies showed quarter-on-quarter improvement as the year progressed. China, in particular, continued to outpace the region, helped by improving exports. Significantly, it displaced Germany as the world's top merchandise exporter in 2009. The recovery in regional growth, however, reignited inflation concerns, amid a sharp rise in the price of commodities and oil. Inflated asset values also raised the spectre of new bubbles, especially in China, which has seen a number of new IPOs and speculative pressures in the property market. In response, policymakers in Australia were quick to raise interest rates, three times in as many months, while India tightened reserve requirements for lenders, and have very recently been followed by China.

Dividends

On 16 July 2009 the Board declared a first interim dividend of 2.0p per Ordinary share in respect of the year ended 31 December 2009 (2008 - 2.0p), which was paid on 28 August 2009 to shareholders on the register on 24 July 2009. A second interim dividend of 3.0p per Ordinary share (2008 - 2.75p) was announced on 14 January 2010 and was paid on 19 February 2010 to shareholders on the register on 22 January 2010. The total dividend for the year was therefore 5p, a rise of a little over 5% on the previous year. Following the payment of the second interim dividend, the Company's brought forward year end revenue reserve stands at £3.0m. It is our intention in the current year to move to quarterly dividends. The first we anticipate will be paid in April.

I commented last year that, given the economic and commercial conditions in Asia, we feared that pressure on corporate earnings would in turn lead to pressure on dividends. That did indeed happen in some cases and we certainly saw special dividends drop sharply. Thankfully, sterling's weakness greatly mitigated this negative influence when the Asian dividends were translated back into sterling.

Looking ahead, your Managers are cautious about the prospects for corporate earnings, given signs of rising inflation that could increase costs and damage margins, but they do anticipate earnings for the portfolio's underlying holdings to rise in the current year. It is anticipated that the majority of the portfolio's holdings will maintain their steady dividend payouts, underlining their financial strength and regard for shareholders' interests.

Share Issuance and Gearing

Your Board has absolute discretion to make purchases of Ordinary shares, subject to the Listing Rules and Jersey law and the Directors will consider the merits of making further purchases of Ordinary shares subject to the volatility of the markets, if and when any suitable opportunities arise in the future. During the year, the Company issued 1.35 million new Ordinary shares at a premium to the prevailing NAV and in response to on-going demand from the market. Such issues enhance the NAV, albeit marginally, for underlying shareholders. At the time of writing the Ordinary shares are trading at a small discount to NAV of 2.5%.

During the year the amount of short term borrowings under the Company's loan facility was reduced from £15.7 million to £10.5 million. On 31 March 2010 the Company's bank facility with Barclays Bank was repaid and replaced with a new £15 million 12 month multi currency facility with Scotia Bank. Your Board is responsible for establishing and implementing the Company's gearing strategy as advised by your Managers and will continue to have a close regard to the level of gearing in the context of the current volatility in stockmarket conditions. At the time of writing bank borrowings represent approximately 7.5% of the Company's net assets.

Outlook

Asia remains a compelling long-term growth story. We view the earlier market pullback as healthy, given the phenomenal returns of 2009, and expect that long-term returns from equities will continue to reflect the region's strong fundamentals. Although a relapse in the West will not leave Asia unscathed, the region appears well able to absorb the impact of a potential double-dip recession as it continues to decouple.

Admittedly, some headwinds are building. Loose monetary policy and government stimulus have supported economies but created unintended problems, such as rising inflationary pressures and potential asset bubbles. Speculative capital inflows have exacerbated economic stresses. More countries are likely to follow China and Australia's lead in considering stimulus withdrawal.

However, unlike the West, encumbered with rising fiscal indebtedness, Asia's economies are on a much stronger footing. Healthy corporate, government and personal balance sheets, as well as a growing middle class that will spur domestic demand, serve as the bedrock of economic stability. Domestic consumption, in particular, will help plug the hole left by significantly weaker demand for exports from the West. Corporate prospects look more positive as the earnings cycle appears to have turned, although deep cost cutting and inventory restocking have flattered recent results. We expect Asia to continue to lead global growth.

Ultimately, we believe that nothing beats investing in well-run companies, particularly those boasting a healthy dividend yield, and we are confident that your Managers have found excellent candidates in your Company's holdings. The long-term outlook for Asia's economies remains healthy and, relative to those of the West, very positive.

Alternative Investment Fund Manager (AIFM) Directive

The European Commission published the draft AIFM Directive in April 2009. Its purpose is to introduce a new authorisation and supervisory regime for all alternative investment fund managers managing alternative investment funds within the European Union. If implemented as currently drafted, the Directive would impose an onerous additional regulatory burden on investment companies, with potentially adverse consequences. The Board supports the efforts of the Association of Investment Companies to ensure that any such proposed regulation is proportionate and appropriate in relation to investment companies.

Annual General Meeting

The Company's Annual General Meeting ("AGM") will be held at 9.30 a.m. on Thursday 13 May 2010 at No.1 Seaton Place, St Helier, Jersey and your Board looks forward to meeting as many shareholders as possible. We will also be holding an informal shareholder presentation in London at 12.30 p.m. on Friday 14 May 2010 at Bow Bells House, 1 Bread Street, London EC4M 9HH for those shareholders who are unable to travel to Jersey for the AGM. The presentation will be accompanied by a buffet lunch and will provide shareholders with an opportunity to meet representatives from the management team and to receive a general update on the Company and the markets in Asia. The meeting in London will not constitute a formal meeting of the Company and there will not be any resolutions to vote upon. Accordingly, If you are unable to attend the AGM, I would encourage you to vote by returning your proxy (or letter of directions if you invest via the Aberdeen ISA or Savings Plan) which is enclosed with the Annual Report and Accounts. If you intend to attend either of the meetings, I would also be grateful if you would tick the relevant box when voting.

I look forward to reporting to you again with the Half Yearly Report to 30 June 2010, which will be issued to shareholders at the end of August 2010. Those shareholders who wish to keep up to date with developments between formal reports may wish to visit the Company's own website at www.asian-income.co.uk where there are monthly updates from the Manager as well as the latest net asset value and share price information which is updated daily.

Peter Arthur

Chairman

31 March 2010

2. MANAGER'S REVIEW

Overview

After a dismal start to the year, Asian equities rebounded sharply in early spring and enjoyed an almost uninterrupted rally until the end of 2009. Risk appetite returned amid signs of economic stabilisation.

The dramatic reversal in sentiment confounded the many that feared a repeat of The Great Depression. Initially, companies with shaky balance sheets and cyclical businesses were among the worst hit by the continuing fallout of the financial crisis. As exports tumbled on the back of shrinking demand, regional governments unveiled a string of new fiscal measures, including massive expenditure programmes and more tax breaks to boost growth. Asian central banks offered additional support by cutting interest rates to historical lows as inflation fears retreated. Sentiment finally turned around in March as investors concluded that interventions were enough to avert a financial collapse. Investors took advantage of easy credit and bought back stocks that bore the brunt of the earlier sell-off, driving up share prices along the way. By the end of the reporting period, stockmarkets in Asia (excluding Japan) far outpaced those in the US and Europe.

Economic news reinforced the notion that Asia would continue to lead the global recovery. Many regional economies started expanding again towards the end of 2009 despite shrinking sharply at the start of the year. China, India and Indonesia were among a handful of economies that continued to expand throughout the crisis, albeit at a slower pace, while the rest of the region emerged from the recession. Australia benefited from a recovery in consumer and business spending, while export-oriented Singapore and South Korea were aided by a pick-up in intra-regional trade.

Performance Review

Unlike the previous year when high-quality companies with sound finances were the out-performers, the drivers for 2009 were the reverse. Many of the year's best performers were lower-quality, cyclical stocks, previously considered at risk in a depression environment. Against this backdrop, the portfolio achieved a return of 32.8% in sterling terms with the shares rising 40.1%. While this was a strong performance on an absolute basis, it was behind the benchmark MSCI AC Asia Pacific (excluding Japan) Index's gain of 54.6%. The disparity may appear to be a let down, but it is worth putting in the context of strong relative performance in 2008.

Over three years, the performance of both your Company's diluted NAV per Ordinary share (+40.5%) and share price (+40.0%) has been satisfactory, having closely tracked the benchmark (+40.5%). Since inception in December 2005, the total returns of your Company's diluted NAV per Ordinary share and share price have been +57.80% and +54.40% respectively, compared to the benchmark's rise of 67.33%.

It is important to note that most of the portfolio's holdings also participated in the strong run-up, albeit lagging. Among the top ten holdings, all except for Malaysian-listed British American Tobacco produced double or triple-digit returns in absolute terms during the year under review.

Our financial holdings, in particular, performed very well, as interest margins expanded. Regional financial institutions, which were not as excessively leveraged as their counterparts in the US and Europe, avoided the huge losses suffered in the West and all our holdings survived the downturn without requiring government support. Commonwealth Bank of Australia topped the list of best performers, gaining more than 138% in 2009. While impairment costs hurt its annual earnings, the Australian lender with the largest mortgage business among the big four local banks had benefited from the government's grants for first-time home buyers, which bolstered home loans. The lender is also in a good financial shape to take advantage of the domestic economic recovery. It raised over A$3 billion through the sale of hybrid securities to beef up its balance sheet. In similar fashion, Australia & New Zealand Banking Corp rose more than 85%.

In Singapore, where the portfolio has a heavy position compared to the benchmark, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank returned 76% and 46% respectively, lifted by buoyant sentiment in the domestic property market and healthy earnings growth. Both banks have little or no exposure to the debt woes in the Middle East, where Abu Dhabi had to rescue Dubai, and have selectively expanded into the region to boost growth. For example, OCBC became one of the region's top ten private banks after buying the Asian private banking unit of Dutch bank ING. The acquisition should help strengthen its private banking capability, while tripling assets under management. Investor sentiment in Singapore generally was bolstered by a stream of mostly upbeat global macroeconomic news in the second half of the year, and hopes that the two integrated resorts which will be operational by the first quarter of 2010 would boost tourism. The portfolio has long maintained the overweight bias to the city state, where consistent and rational economic policy and a high level of transparency have nurtured some of Asia's best companies. In addition, many locally-listed companies derive a substantial portion of their revenue from the broader region, thus presenting an excellent way of gaining exposure to the long-term growth story in Asia.

Another two of the portfolio's holdings that contributed to absolute performance are Hong Kong-based. Kingmaker, a conservatively-run footwear manufacturer, benefited from reduced competition in the sector. It reported encouraging interim results, helped by a shift in its product mix towards higher margin products. Industrial conglomerate Swire Pacific gained from improving demand in both the aviation and property sectors as well as robust retail sales over the holiday season.

In addition, our Thai holdings, and an overweight position to the kingdom, also worked to the portfolio's advantage. Among our holdings, notable outperformers were Siam Cement and Hana Microelectronics, both of which gained around120% in 2009. Robust quarterly results and expectations of a recovery in demand on the back of government stimulus packages underpinned Siam Cement. Hana Microelectronics' shares rebounded in the second quarter, thanks to a strong rise in orders. Nevertheless, management remains cautious in its earnings outlook because of uncertain economic prospects. Although Siam Makro (+30.8%) and PTTEP (+33.1%) lagged the rise in the local market, the two companies have delivered solid performances over the past few years.

On the flip side, three of the portfolio's holdings disappointed, at least in terms of share price performance. They were: British American Tobacco Malaysia (BAT), Malaysian mobile operator Digi and Singapore-based transport operator SBS Transit. BAT was weighed down by higher costs and lower sales amid rising sales of illicit cigarettes. Its annual operating profits may come under further pressure when the impending ban on smaller cigarette packs is implemented. On a more optimistic note, BAT expects to benefit from the policy to set a minimum price for cigarettes as the move is expected to prevent dumping of cheap cigarettes.

Digi disappointed, largely owing to investor attention shifting towards re-listed Maxis Communications. On the operations side, the average revenue per user fell, in particular in the low-income market segment which was more sensitive to the global economic downturn. As local competition intensifies, the mobile phone company may struggle to improve earnings growth in the short term. However, it continues to generate strong cash flow and its yields remain attractive. The company raised its minimum dividend payout policy to 80% of profits, up from 50% previously; it also announced a special dividend of 75 sen, bringing the total dividend for the first three quarters to M$1.24, which translates into a 9% yield.

SBS Transit, a unit of Singapore-based transport company ComfortDelgro, is a fairly defensive business running Singapore's largest bus fleet but was hurt by the rising oil price. Its robust balance sheet and yield, however, remain key strengths. Singapore Press Holdings and SingTel also lagged the rise in the market, although both produced positive returns. Defensive sectors lagged riskier names in the liquidity-driven rally as interest rotated to cyclical stocks.

Portfolio Activity

There was minimal turnover in the portfolio during the year. Apart from the divestment of Australian gaming group Tabcorp Holdings because of the unpredictable regulatory environment, the other significant transaction during the reporting period was the sale of Hong Kong Exchanges and Clearing (HKEx) previously highlighted in the Half Yearly Report. We had initiated a position in HKEx only recently, but the share price rose rapidly before we were able to build a significant position. Thus we took profits but are keeping an eye on the company; we think it is of high quality and has a strong competitive advantage.

Outlook

The swift turnaround in Asian equity markets in 2009 was remarkable, but it will be harder to make further headway, given the stellar performance last year. We do project earnings growth for the year ahead, but while Asia has led the world out of the economic slump, uncertainties surrounding the sustainability of recovery remain.

Inflationary pressures are accelerating in tandem with the region's economic recovery, which has prompted authorities to rein in expansionary policies. Australia has already raised interest rates three times; China has begun increasing banks' reserve ratio, while India is under significant pressure to tighten policy as it confronts the effects of a weak monsoon. For now, most regional governments have decided to maintain stimulus efforts, but they face the challenge of executing a timely exit. A hasty withdrawal may push economies back into recession; conversely, loose monetary policies may stoke new speculative bubbles if they are continued for too long.

There are growing concerns that the influx of liquidity and governments' pump-priming efforts are inflating asset price bubbles in Asia, most evident in property prices in China, Hong Kong and Singapore. Furthermore, the West is still hobbled by structural problems relating to unemployment, burgeoning consumer debt and fiscal deficits. Unless these imbalances are resolved, the sustainability of the incipient recovery remains in doubt. A gradual appreciation of Asian currencies, in particular the renminbi, would contribute to a more balanced world economy, but China's reluctance to heed calls for its currency to strengthen could exacerbate the problem.

Caution is warranted in view of the increasing headwinds. Longer term, however, we remain optimistic about the prospects for Asia. Valuations are no longer cheap following the robust recovery in share prices, but they still look reasonable, given Asia's fundamental strengths such as low levels of corporate and government debt. Stock picking will become increasingly important as investor attention refocuses on fundamentals, but with our strong discipline and careful stock selection process, we believe we are well placed to identify undervalued securities that will outperform in the long term.

Aberdeen Asset Management Asia Limited

31 March 2010

3. STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Jersey Company law requires the Directors to prepare financial statements for each financial period in accordance with any generally accepted accounting principles. The financial statements of the Company are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Directors should:

- select suitable accounting policies and then apply them consistently;

- make judgments and estimates that are reasonable and prudent;

- specify which generally accepted accounting principles have been adopted in their preparation; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are responsible for keeping accounting records which are sufficient to show and explain its transactions and are such as to disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements prepared by the company comply with the requirements of the Companies (Jersey) Law 1991. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in Jersey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors confirm that to the best of their knowledge:

- the financial statements, prepared in accordance with IFRS, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

- the Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that the Company faces.

For Aberdeen Asian Income Fund Limited

P A K Arthur

Chairman

31 March 2010

4. BUSINESS REVIEW

The Company is registered with limited liability in Jersey as a closed-end investment company under the Companies (Jersey) Law 1991 with registered number 91671. In addition, the Company constitutes and is regulated as a collective investment fund under the Collective Investment Funds (Jersey) Law 1988.

A review of the Company's activities is given in the Chairman's Statement and the Manager's Review. This includes a review of the business of the Company and its principal activities, likely future developments of the business, and details of the issue of new shares by the Company.

Principal Risk Factors

Ordinary shares

The market price and the realisable value of the Ordinary shares, as well as being affected by their underlying net asset value, also take into account supply and demand for the Ordinary shares, market conditions and general investor sentiment. As such, the market value and the realisable value of the Ordinary shares may fluctuate and vary considerably from the net asset value of the Ordinary shares and investors may not be able to realise the value of their original investment. There is no guarantee that the Board's discount management policy will achieve its objective.

Warrants

Warrants represent a geared investment, so a relatively small movement in the market price of the Ordinary shares may result in a disproportionately large movement, unfavourable as well as favourable, in the market price of the Warrants.

Dividends

The Company will only pay dividends on the Ordinary shares to the extent that it has profits available for that purpose. The ability of the Company to pay any dividends in respect of the Ordinary shares and any future dividend growth will depend primarily on the level of income received from its investments. The Company's income is derived from ordinary and special dividends and the level of these dividends received in any year is liable to fluctuation. Accordingly, the amount of the dividends paid to shareholders may also fluctuate.

Borrowings

Whilst the use of borrowings should enhance the total return on the Ordinary shares where the return on the Company's underlying assets is rising and exceeds the cost of borrowing, it will have the opposite effect where the underlying return is less than the cost of borrowing, further reducing the total return on the Ordinary shares.

Market Risks

The fair value or future cash flows of a financial instrument held by the Company may fluctuate because of changes in market prices. Market risk comprises three elements, interest rate risk, currency risk and other price risk. Further details of these risks are disclosed in note 16 to the financial statements. Investment in emerging securities markets in the Asia Pacific region involves a greater degree of risk than that usually associated with investment in more developed securities markets, including the risk of social, economic and political instability which may have an adverse effect on economic returns or restrict investment opportunities.

General

The Company does not have a fixed winding-up date and, therefore, unless shareholders vote to wind up the Company, shareholders will only be able to realise their investment through the market.

Taxation and Exchange Controls

Any change in the Company's tax status or in taxation legislation (including the tax treatment of dividends or other investment income received by the Company) could affect the value of the investments held by the Company, affect the Company's ability to provide returns to shareholders or alter the post-tax returns to shareholders.

The Company may purchase investments that may be subject to exchange controls or withholding taxes in various jurisdictions. In the event that exchange controls or withholding taxes are imposed with respect to any of the Company's investments, the effect will generally be to reduce the income received by the Company on its investments and the capital value of the affected investments.

5. STATEMENT OF COMPREHENSIVE INCOME

		Year ended			Year ended
		31 December 2009			31 December 2008
		Revenue	Capital	Total	Revenue	Capital	Total
	Notes	£'000	£'000	£'000	£'000	£'000	£'000
Investment income	4
Dividend income		6,793	-	6,793	7,017	5	7,022
Interest income		887	-	887	948	-	948
		_______	_______	_______	_______	_______	_______
Total revenue		7,680	-	7,680	7,965	5	7,970
Gains/(losses) on financial assets at fair value through profit or loss	10	-	34,151	34,151	-	(11,003)	(11,003)
Currency gains/(losses)	14	-	1,654	1,654	-	(5,908)	(5,908)
		_______	_______	_______	_______	_______	_______
		7,680	35,805	43,485	7,965	(16,906)	(8,941)
		_______	_______	_______	_______	_______	_______
Expenses
Investment management fee	5	(487)	(730)	(1,217)	(475)	(712)	(1,187)
Other operating expenses	6	(614)	-	(614)	(726)	-	(726)
		_______	_______	_______	_______	_______	_______
Profit/(loss) before finance costs and tax		6,579	35,075	41,654	6,764	(17,618)	(10,854)

Finance costs	7	(172)	(259)	(431)	(208)	(312)	(520)
		_______	_______	_______	_______	_______	_______
Profit/(loss) before tax		6,407	34,816	41,223	6,556	(17,930)	(11,374)

Tax expense		(363)	-	(363)	(369)	-	(369)
		_______	_______	_______	_______	_______	_______
Profit/(loss) for the year attributable to equity shareholders		6,044	34,816	40,860	6,187	(17,930)	(11,743)
		_______	_______	_______	_______	_______	_______

Earnings per Ordinary share (pence):	9
Basic and diluted		5.54	31.93	37.47	5.69	(16.49)	(10.80)
		_______	_______	_______	_______	_______	_______

The Company does not have any income or expense that is not included in profit/(loss) for the year, and therefore the "Profit/(loss) for the year" is also the "Total comprehensive income for the year", as defined in IAS 1 (revised).
All of the profit/(loss) and total comprehensive income is attributable to the equity holders of Aberdeen Asian Income Fund Limited. There are no minority interests.
The total column of this statement represents the Statement of Comprehensive Income of the Company, prepared in accordance with IFRS. The revenue and capital columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.
All items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.
In accordance with the undertaking provided by the Board in the launch Prospectus, dividends may only be paid out of the Company's distributable reserves.
The accompanying notes are an integral part of the financial statements.

6. BALANCE SHEET

		As at	As at
		31 December	31 December
		2009	2008
	Notes	£'000	£'000
Non-current assets
Investments held at fair value through profit or loss	10	160,413	127,490
		_________	_________
Current assets
Cash and cash equivalents		4,165	4,968
Other receivables	11	662	673
		_________	_________
		4,827	5,641
		_________	_________
Current liabilities	12
Bank loans		(10,558)	(15,686)
Other payables		(284)	(316)
		_________	_________
		(10,842)	(16,002)
		_________	_________
Net current liabilities		(6,015)	(10,361)
		_________	_________
Net assets		154,398	117,129
		_________	_________
Share capital and reserves
Ordinary share capital	13	109,790	108,440
Warrant reserve		2,200	2,200
Capital redemption reserve		1,560	1,560
Capital reserve	14	34,528	(513)
Revenue reserve	14	6,320	5,442
		_________	_________
Equity shareholders' funds		154,398	117,129
		_________	_________
Net asset value per Ordinary share (pence):	15
Basic		140.63	108.01
		_________	_________
Diluted		137.19	108.01
		_________	_________

7. STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2009
			Capital
	Share	Warrant	redemption	Capital	Revenue	Retained
	capital	reserve	reserve	reserve	reserve	earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Opening balance	108,440	2,200	1,560	(513)	5,442	-	117,129
Issue of own shares	1,350	-	-	225	-	-	1,575
Profit for the year	-	-	-	-	-	40,860	40,860
Transferred from retained earnings to capital reserve{A}	-	-	-	34,816	-	(34,816)	-
Transferred from retained earnings to revenue reserve	-	-	-	-	6,044	(6,044)	-
Dividends paid	-	-	-	-	(5,166)	-	(5,166)
	_______	______	________	_______	______	______	_______
Balance at 31 December 2009	109,790	2,200	1,560	34,528	6,320	-	154,398
	_______	______	________	_______	______	______	_______

For the year ended 31 December 2008
			Capital
	Share	Warrant	redemption	Capital	Revenue	Retained
	capital	reserve	reserve	reserve	reserve	earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Opening balance	109,200	2,200	800	18,215	4,426	-	134,841
Purchase of own shares	(760)	-	760	(798)	-	-	(798)
Loss for the year	-	-	-	-	-	(11,743)	(11,743)
Transferred from retained earnings to capital reserve{A}	-	-	-	(17,930)	-	17,930	-
Transferred from retained earnings to revenue reserve	-	-	-	-	6,187	(6,187)	-
Dividends paid	-	-	-	-	(5,171)	-	(5,171)
	_______	______	________	_______	______	______	_______
Balance at 31 December 2008	108,440	2,200	1,560	(513)	5,442	-	117,129
	_______	______	________	_______	______	______	_______

{A} Represents the capital profit/(loss) attributable to equity shareholders per the Statement of Comprehensive Income.
The revenue reserve represents the amount of the Company's reserves distributable by way of dividend.
The accompanying notes are an integral part of the financial statements.

8. CASH FLOW STATEMENT

		Year ended		Year ended
		31 December 2009		31 December 2008
	Notes	£'000	£'000	£'000	£'000
Profit/(loss) for the year{A}			40,860		(11,743)
Non cash stock dividend			-		(5)
Add back finance costs	7		431		520
Add back taxation paid			363		369
(Gains)/losses on investments held at fair value through profit or loss	10		(34,151)		11,003
Net currency (gains)/losses	14		(1,654)		5,908
Decrease in amounts due from brokers	11		-		67
Increase in interest receivable			(9)		(61)
Decrease/(increase) in other receivables			20		12
Decrease in other payables			(47)		(87)
			_______		_______
Net cash inflow from operating activities before finance costs and tax			5,813		5,983

Finance costs paid			(416)		(886)

Overseas taxation paid			(363)		(369)
			_______		_______
Net cash inflow from operating activities			5,034		4,728

Investing activities
Purchases of investments		(3,334)		(20,475)
Sales of investments		4,562		28,673
		_______		_______
Net cash inflow from investing activities			1,228		8,198

Financing activities
Issue/(purchase) of own shares	13,14	1,575		(798)
Dividends paid	8	(5,166)		(5,171)
Loans drawn down		-		14,949
Loans repaid		(3,487)		(19,877)
			_______		_______
Net cash outflow from financing activities			(7,078)		(10,897)
			_______		_______
Net (decrease)/increase in cash and cash equivalent			(816)		2,029
Cash and cash equivalents of the start of the year			4,968		3,243
Effect of foreign exchange rate changes			13		(304)
			_______		_______
Cash and cash equivalents at the end of the year	2,16		4,165		4,968
			_______		_______

{A} Includes income from dividends of £6,812,000 gross (2008 - £7,031,000 gross) and interest income of £874,000 (2008 - £837,000).

9. NOTES TO THE FINANCIAL STATEMENTS

Additional Notes to the Annual Financial Report:

1.	Principal activity
	The Company is a closed-end investment company incorporated in Jersey, with its shares being listed on the London Stock Exchange.

2.	Accounting policies
	The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board (IASB), and interpretations issued by the International Reporting Interpretations Committee of the IASB (IFRIC).

	(a)	Basis of preparation
		The financial statements are prepared on a historical cost basis, except for derivative financial instruments and financial assets that have been measured at fair value through profit or loss.

		The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 December 2009.

		The financial statements are presented in sterling and all values are rounded to the nearest thousand (£'000) except when otherwise indicated.

		Where guidance set out in the Statement of Recommended Practice ("SORP") for investment trusts issued by the Association of Investment Companies ("AIC") is consistent with the requirement of IFRS, the Directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP.

		Changes in accounting policy and disclosures
		The Company adopted the extended disclosure requirements within IFRS 7 for accounting periods beginning on or after 1 January 2009. The extended disclosure requirements introduced a fair value hierarchy and this is disclosed in note 19.

		At the date of authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective:
		-	IFRS 9 - Financial Instruments: Classification and Measurement (effective for annual periods beginning on or after 1 January 2013). This standard has not yet been adopted by the EU.
		-	Amendments to IFRS 1 - First-time Adoption of IFRSs and Additional Exemptions for First-time Adopters (effective for annual periods beginning on or after 1 July 2009 and 1 January 2010 respectively).
		-	Amendments to IFRS 2 - Group Cash-settled Share-based Payments (effective for annual periods beginning on or after 1 January 2010).
		-	Amendments to IFRS 3 & IAS 27 - Business Combinations (effective for annual periods beginning on or after 1 July 2009).
		-	Amendments to IAS 24 - Related Party Disclosures (effective for annual periods beginning on or after 1 January 2011).
		-	Amendments to IAS 32 - Classification of Rights Issues (effective for annual periods beginning on or after 1 February 2010).
		-	Amendments to IAS 39 - Eligible Hedged Items (effective for annual periods beginning on or after 1 July 2010.
		-	IFRIC 17 - Distributions of Non-cash Assets to Owners (effective for annual periods beginning on or after 1 July 2009).
		-	IFRIC 19 - Extinguishing Financial Liabilities with Equity Instruments (effective for annual periods beginning on or after 1 July 2009).
		-	Amendments to IFRIC 14 - Prepayments of a Minimum Funding Requirement (effective for annual periods beginning on or after 1 January 2011).

		The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material financial impact on the financial statements of the Company. The Company concludes however that certain additional disclosures may be necessary and will be considered on their application.

	(b)	Income
		Dividends receivable on equity shares (other than special dividends) are brought into account on the ex-dividend date. Dividends receivable on equity shares where no ex-dividend date is quoted are brought into account when the Company's right to receive payment is established. Where the Company has elected to receive dividends in the form of additional shares rather than in cash, the amount of the cash dividend foregone is recognised as income. Special dividends are credited to capital or revenue according to their circumstances. Dividend revenue is presented gross of any non-recoverable withholding taxes, which are disclosed separately in the Statement of Comprehensive Income.

		The fixed returns on debt securities and non-equity shares are recognised using the effective interest rate method.

		Interest receivable from cash and short-term deposits is accrued to the end of the financial period.

	(c)	Expenses
		All expenses, with the exception of interest expenses, which are recognised using the effective interest method, are accounted for on an accruals basis. Expenses are charged through the revenue column of the Statement of Comprehensive Income except as follows:
		-	expenses which are incidental to the acquisition or disposal of an investment are treated as capital and separately identified and disclosed in note 10;
		-	expenses (including share issue costs) are treated as capital where a connection with the maintenance or enhancement of the value of the investments can be demonstrated; and
		-	the Company charges 60% of investment management fees and finance costs to capital, in accordance with the Board's expected long term return in the form of capital gains and income respectively from the investment portfolio of the Company.

	(d)	Taxation
		With effect from the 2009 year of assessment Jersey abolished the exempt company regime for existing companies. Profits arising in the Company for the 2009 year of assessment will be subject to tax at the rate of 0%. In the prior year the Company was exempt from taxation under the provisions of Article 123A of the Income Tax (Jersey) Law 1961 as amended.

		However, in some jurisdictions, investment income and capital gains are subject to withholding tax deducted at the source of the income. The Company presents the withholding tax separately from the gross investment income in the Statement of Comprehensive Income. For the purpose of the Cash Flow Statement, cash inflows from investments are presented net of withholding taxes, when applicable.

	(e)	Investments
		All investments have been designated upon initial recognition as fair value through profit or loss. This is done because all investments are considered to form part of a group of financial assets which is evaluated on a fair value basis, in accordance with the Company's documented investment strategy, and information about the grouping is provided internally on that basis.

		Purchases of investments are recognised on a trade date basis and designated upon initial recognition at fair value through the profit or loss. Sales of assets are also recognised on a trade date basis. Proceeds are measured at fair value, which are regarded as the proceeds of sale less any transaction costs.

		The fair value of the financial assets is based on their quoted bid price at the reporting date, without deduction for any estimated future selling costs. Unquoted investments would be valued by the Directors using primary valuation techniques such as earnings multiples, recent transactions and net assets.

		Changes in the value of investments held at fair value through profit or loss and gains and losses on disposal are recognised in the Statement of Comprehensive Income as "Gains on financial assets 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.

	(f)	Cash and cash equivalents
		Cash comprises cash in hand and at banks. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in values.

		For the purposes of the Cash Flow Statement, cash and cash equivalents comprise cash at bank net of outstanding bank overdrafts.

	(g)	Other receivables and payables
		Other receivables do not carry any interest and are short-term in nature and are accordingly stated at their recoverable amount. Other payables are non interest bearing and are stated at their payable amount.

	(h)	Dividends payable
		Dividends are recognised in the financial statements in the period in which they are paid.

	(i)	Nature and purpose of reserves
		Warrant reserve
		The Warrant reserve was created on the issue of 22,000,000 Warrants at the launch of the Company. Each Warrant issued entitles the holder to subscribe in cash for one Ordinary share on the terms contained in note 13. The reserve reflects the issue price of unexercised Warrants.

		Capital redemption reserve
		The capital redemption reserve arose when ordinary shares were redeemed, at which point an amount equal to the par value of the ordinary share capital was transferred from the Statement of Comprehensive Income to the capital redemption reserve. Following a law amendment in 2008, the Company is no longer required to transfer the par value of the ordinary share capital. Although the transfer from the Statement of Comprehensive Income is no longer required, the amount remaining in the capital redemption reserve is not distributable.

		Capital reserve (see note 14 to the financial statements)
		This reserve reflects any gains or losses on investments realised in the period along with any increases and decreases in the fair value of investments held that have been recognised in the Statement of Comprehensive Income.

		Revenue reserve
		This reserve reflects all income and costs which are recognised in the revenue column of the Statement of Comprehensive Income. The revenue reserve represents the amount of the Company's reserves distributable by way of dividend.

	(j)	Foreign currency
		Monetary assets and liabilities denominated in foreign currencies are converted into sterling at the rate of exchange ruling at the reporting date. The financial statements are presented in sterling, which is the Company's functional and presentational currency. The Company's performance is evaluated and its liquidity is managed in sterling. Therefore sterling is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. Transactions during the year involving foreign currencies are converted at the rate of exchange ruling at the transaction date. Gains or losses arising from a change in exchange rates subsequent to the date of a transaction is included as an exchange gain or loss in revenue or capital in the Statement of Comprehensive Income, depending on whether the gain or loss is of a revenue or capital nature.

	(k)	Borrowings
		Monies borrowed to finance the investment objectives of the Company are stated at the amount of the net proceeds immediately after the issue plus cumulative finance costs less cumulative payments made in respect of the debt. The finance cost of such borrowings are allocated to years over the term of the debt at a constant rate on the carrying amount and, as per the Prospectus, are charged 40% to revenue and 60% to capital reserves to reflect the Company's investment policy and prospective income and capital growth.

		Borrowings are held at amortised cost using the effective interest rate method.

3.	Segment information
	For management purposes, the Company is organised into one main operating segment, which invests in equity securities and debt instruments. All of the Company's activities are interrelated, and each activity is dependent on the others. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment. The financial results from this segment are equivalent to the financial statements of the Company as a whole.

	The following table analyses the Company's operating income per geographical location. The basis for attributing the operating income is the place of incorporation of the instrument's counterparty.

		Year ended	Year ended
		31 December 2009	31 December 2008
		£'000	£'000
	Asia Pacific region	7,657	7,849
	United Kingdom	23	116
		___________	___________
		7,680	7,965
		___________	___________

	An analysis of the Company's operating income per investment type is shown in note 4.

		Year ended	Year ended
		31 December 2009	31 December 2008
4.	Income	£'000	£'000
	Income from investments
	Dividends from overseas equities	6,793	7,017
		___________	___________
	Interest income
	Bond interest	864	832
	Deposit interest	23	116
		___________	___________
		887	948
		___________	___________
	Total income	7,680	7,965
		___________	___________

		Year ended			Year ended
		31 December 2009			31 December 2008
		Revenue	Capital	Total	Revenue	Capital	Total
5.	Investment management fee	£'000	£'000	£'000	£'000	£'000	£'000
	Investment management fee	487	730	1,217	475	712	1,187
		_______	_______	_______	_______	_______	_______

	The Company has an agreement with Aberdeen Private Wealth Management (APWM) for the provision of management services. This agreement has been sub-delegated to Aberdeen Asset Management Asia Limited (AAM Asia).

	During the year the management fee was payable monthly in arrears and was based on an annual amount of 1% of the net asset value of the Company valued monthly. The balance due to APWM at the year end was £124,000 (2008 - £167,000). The investment management fees are charged 40% to revenue and 60% to capital.

		Year ended			Year ended
		31 December 2009			31 December 2008
		Revenue	Capital	Total	Revenue	Capital	Total
6.	Other operating expenses	£'000	£'000	£'000	£'000	£'000	£'000
	Directors' fees	115	-	115	115	-	115
	Marketing contribution	93	-	93	111	-	111
	Auditors' remuneration:
	-statutory audit	23	-	23	29	-	29
	-interim accounts review	5	-	5	5	-	5
	Custodian charges	119	-	119	143	-	143
	Secretarial and administration fee	110	-	110	109	-	109
	Other	149	-	149	214	-	214
		_______	_______	_______	_______	_______	_______
		614	-	614	726	-	726
		_______	_______	_______	_______	_______	_______

	The Company has an agreement with Aberdeen Asset Managers Limited (AAM) for the provision of marketing services in relation to the Company's participation in the Aberdeen Investment Trust share plan and ISA. The total fees paid are based on an annual rate of £90,000 (2008 - £109,000). There was no sum due to AAM at the year end (2008 - £nil).

	In addition, Aberdeen Private Wealth Management Limited (APWM) is entitled to an annual company secretarial and administration fee of £110,000, which increases annually in line with any increases in RPI. A balance of £28,000 (2008 - £27,000) was payable to APWM at the year end.

		Year ended			Year ended
		31 December 2009			31 December 2008
		Revenue	Capital	Total	Revenue	Capital	Total
7.	Finance costs	£'000	£'000	£'000	£'000	£'000	£'000
	On bank loans and overdrafts	172	259	431	208	312	520
		_______	_______	_______	_______	_______	_______

	Finance costs are charged 40% to revenue and 60% to capital as disclosed in the accounting policies.

		Year ended	Year ended
		31 December 2009	31 December 2008
8.	Dividends on equity shares	£'000	£'000
	Amounts recognised as distributions to equity holders in the year:
	Second interim dividend for 2008 - 2.75p per share (2007 - 2.75p)	2,982	2,995
	First interim dividend for 2009 - 2.0p per share (2008 - 2.0p)	2,184	2,176
		__________	__________
		5,166	5,171
		__________	__________

	The second interim dividend for 2009, amounting to £3,294,000 (2008 - £2,982,000), has not been included as a liability in these financial statements as it was announced and paid after 31 December 2009.

	The table below sets out the total dividends paid in respect of the financial year. The revenue available for distribution by way of dividend for the year is £6,044,000 (2008 - £6,187,000).

		2009	2008
		£'000	£'000
	First interim dividend for 2009 - 2.0p per share (2008 - 2.0p)	2,184	2,176
	Second interim dividend for 2009 - 3.00p per share (2008 - 2.75p)	3,294	2,982
		__________	__________
		5,478	5,158
		__________	__________

9.	Earnings per share
	Basic
	The earnings per Ordinary share is based on the net profit after taxation of £40,860,000 (2008 - loss of £11,743,000) and on 109,030,411 (2008 - 108,724,754) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year.

	The earnings per Ordinary share detailed above can be further analysed between revenue and capital as follows:
		Year ended			Year ended
		31 December 2009			31 December 2008
		Revenue	Capital	Total	Revenue	Capital	Total
	Net profit (£'000)	6,044	34,816	40,860	6,187	(17,930)	(11,743)
		_______	_______	__________	_______	_______	__________
	Weighted average number of Ordinary shares in issue			109,030,411			108,724,754
				__________			__________
	Return per Ordinary share (pence)	5.54	31.93	37.47	5.69	(16.49)	(10.80)
		_______	_______	_______	_______	_______	_______
	Diluted
	The calculation of the diluted earnings per Ordinary shares is based on the average traded share price over the year. As a result warrants that could potentially dilute the earnings per share in the future are not included in calculation of the diluted earnings per share because they are anti-dilutive for the period presented.

				Year ended	Year ended
				31 December 2009	31 December 2008
10.	Investments held at fair value through profit or loss			£'000	£'000
	Opening valuation			127,490	146,686
	Movements in the year:
	Purchases at cost			3,334	20,480
	Sales	-	proceeds	(4,562)	(28,673)
		-	realised (losses)/gains on sales	(1,891)	2,143
	Increase/(decrease) in investment holdings fair value gains			36,042	(13,146)
				__________	__________
	Closing valuation at 31 December 2009			160,413	127,490
				__________	__________
	Closing book cost			121,071	124,190
	Closing investment holdings fair value gains			39,342	3,300
				__________	__________
				160,413	127,490
				__________	__________

	The portfolio valuation			£'000	£'000
	Listed on stock exchanges at market valuation:
	Overseas:
	- equities			150,671	119,167
	- bonds			9,742	8,323
				__________	__________
	Total			160,413	127,490
				__________	__________

				Year ended	Year ended
				31 December 2009	31 December 2008
	Gains/(losses) on held-at-fair-value investments			£'000	£'000
	Realised (losses)/gains on sales of investments			(1,891)	2,143
	Increase/(decrease) in investment holdings fair value gains			36,042	(13,146)
				__________	__________
				34,151	(11,003)
				__________	__________

	All investments are categorised as held at fair value through profit or loss.

	Transaction costs
	During the year expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. These have been expensed through capital and are included within gains/(losses) on financial assets at fair value through profit or loss in the Statement of Comprehensive Income. The total costs were as follows:
				Year ended	Year ended
				31 December 2009	31 December 2008
				£'000	£'000
	Purchases			8	54
	Sales			13	93
				__________	__________
				21	147
				__________	__________

		2009	2008
11.	Debtors: amounts falling due within one year	£'000	£'000
	Prepayments and accrued income	658	664
	Other receivables	4	9
		__________	__________
		662	673
		__________	__________

	None of the above assets are past their due date or impaired.

			2009	2008
12.	Creditors: amounts falling due within one year		£'000	£'000
	(a)	Bank loans	10,558	15,686
			__________	__________

		The Credit Facility Agreement with Barclays Bank dated 25 November 2005 (as subsequently amended and extended) contains the following financial covenants: (i) the Company must ensure that consolidated total borrowings do not at any time exceed 30 per cent. of the adjusted asset value at any time; (ii) the Company must ensure that the aggregate amount of investments in any one country does not exceed 25 per cent.; (iii) the aggregate gross market value of investments in the financial services industry category does not exceed 40 per cent. (and 25 per cent. for other industry categories); (iv) the minimum number of investment is 20; (v) investments must be made in at least 5 countries in the investment region; (vi) no single investment to exceed 10 per cent. of the portfolio value; (vii) no unquoted investments are permitted.

		At the year end, the Company's unsecured bank loans of HK$81,525,000 (2008 - HK$102,825,000) and US$6,535,000 (2008 - US$9,285,000) equivalent to £6,511,000 (2008 - £9,228,000) and £4,047,000 (2008 - £6,458,000) respectively were drawn down from the £30,000,000 facility with Barclays Bank at fixed interest rates of 2.30% (2008 - 1.19%) and 1.98% (2008 - 0.95%), respectively.

		On 27 January 2010 both unsecured bank loans were rolled over. At the signing of this report HK$81,525,000 and US$6,458,000 remained drawn down from the £30,000,000 facility with Barclays Bank at fixed interest rates of 2.25% and 1.98938% respectively. Both are repayable on 31 March 2010.

		The bank loans outstanding at 31 December 2009 are valued at the middle rates of exchange at the year end, resulting in cumulative foreign exchange loss of £224,000 (2008 - loss of £907,000) against the original book cost of these loans.

			2009	2008
	(b)	Other payables	£'000	£'000
		Other payables	284	316
			__________	__________

		2009		2008
13.	Called-up share capital	Number	£'000	Number	£'000
	Authorised
	Ordinary shares of no par value	Unlimited	110,000	Unlimited	110,000

	Issued and fully paid
	At 1 January 2009	108,440,000	108,440	109,200,000	109,200
	Purchased for cancellation in the year	-	-	(760,000)	(760)
	Shares issued in the year	1,350,000	1,350	-	-
		__________	_________	__________	_________
	At 31 December 2009	109,790,000	109,790	108,440,000	108,440
		__________	_________	__________	_________

	During the year 1,350,000 (2008 - 760,000 shares purchased for cancellation) Ordinary shares were issued by the Company at a total consideration received, including transaction costs, of £1,575,000 (2008 - cost of £798,000). Following the share issues' 109,790,000 (2008 - 108,440,000) Ordinary shares remain in issue. Further details of the share issues are contained in the Directors' Report section of the Annual report and Accounts.

	The Ordinary shares give shareholders the entitlement to all of the capital growth in the Company's assets and to all the income from the Company that is resolved to be distributed.

	At 31 December 2009 there were 22,000,000 (2008 - 22,000,000) Warrants in issue. The warrantholders are entitled to subscribe in cash for one Ordinary share at 120p on the subscription date, which is the twentieth business day after the dispatch to Ordinary shareholders of the Company's Annual Report and Accounts or Half-Yearly report for each year, commencing with the twentieth business day after the dispatch to Ordinary shareholders of the Company's Annual Report and Accounts for the year ending 31 December 2009 and ending on the twentieth business day after the dispatch to Ordinary shareholders of the Company's Annual Report and Accounts for the year ending 31 December 2012.

	Voting rights
	In accordance with the Articles of Association of the Company, on a show of hands, every member (or duly appointed proxy) present at a general meeting of the Company has one vote; and, on a poll, every member present in person or by proxy shall have one vote for every share held.

		2009	2008
14.	Retained earnings	£'000	£'000
	Capital reserve
	At 1 January 2009	(513)	18,215
	Loans - movement in currency gain/(loss)	684	(887)
	Currency gain/(loss)	970	(5,021)
	Movement in investment holdings fair value gains	36,042	(13,146)
	(Loss)/gain on sales of investments	(1,891)	2,143
	Stock dividend	-	5
	Costs charged to capital	(989)	(1,024)
	Issue/(purchase) of own shares	225	(798)
		__________	__________
	At 31 December 2009	34,528	(513)
		__________	__________

		2009	2008
		£'000	£'000
	Revenue reserve
	At 1 January 2009	5,442	4,426
	Profit for the year	6,044	6,187
	Dividends paid	(5,166)	(5,171)
		__________	__________
	At 31 December 2009	6,320	5,442
		__________	__________

15.	Net asset value per share
	The basic net asset value per Ordinary share and the net asset values attributable to Ordinary shareholders at the year end calculated in accordance with the Articles of Association were as follows:

		Net asset value	Net asset values		Net asset value	Net asset values
		per share	attributable		per share	attributable
		2009	2009		2008	2008
	Basic	p	£'000		p	£'000
	Ordinary shares	140.63	154,398		108.01	117,129
		__________	__________		__________	__________

	The basic net asset value per Ordinary share is based on 109,790,000 (2008 - 108,440,000) Ordinary shares, being the number of Ordinary shares in issue at the year end.

		Net asset value		Net asset values	Net asset value	Net asset values
		per share		attributable	per share	attributable
		2009		2009	2008	2008
	Diluted	p		£'000	p	£'000
	Ordinary shares	137.19		180,798	108.01	117,129
		__________		__________	__________	__________

	The calculation of the diluted net asset value per Ordinary share is based on the total number of Ordinary shares in issue at the year end and on the assumption that those Warrants which are not exercised at the year end, amounting to 22,000,000 Warrants as at 31 December 2009 (31 December 2008 - 22,000,000) were exercised on the first day of the financial year at 120p per share, giving a total of 131,790,000 Ordinary shares (2008 - 130,440,000).

	The diluted net asset value as at 31 December 2008 has not been shown as the calculation would result in an anti-dilutive effect.

16.

Financial instruments

The Company's financial instruments comprise securities, other investments, cash balances and bank overdrafts.

The main risks arising from the Company's financial instruments are (i) market price risk (comprising interest rate risk, currency risk and other price risk), (ii) liquidity risk, (iii) credit risk and (iv) gearing risk.

The Board regularly reviews and agrees policies for managing each of these risks. The Manager's policies for managing each of these risks are summarised below and have been applied throughout the year. The numerical disclosures exclude short-term debtors and creditors.

(i) Market price risk

The fair value or future cash flows of a financial instrument held by the Company may fluctuate because of changes in market prices. This market risk comprises three elements - interest rate risk, currency risk and other price risk.

Interest rate risk

Interest rate movements may affect:

- the fair value of the investments in fixed interest rate securities;

- the level of income receivable on cash deposits;

- interest payable on the Company's variable rate borrowings.

Financial assets

Although the majority of the Company's financial assets comprise equity shares which neither pay interest nor have a stated maturity date, at the year end the Company had a holding in a fixed rate Indonesian Government Bond, in the form of a Currency Loan Note issued by Deutsche Bank, valued at £9,742,000 (2008 - £8,323,000). Bond prices are determined by market perception as to the appropriate level of yields given the economic background. Key determinants include economic growth prospects, inflation, the Government's fiscal position, short-term interest rates and international market comparisons. The Investment Manager takes all these factors into account when making any investment decisions as well as considering the financial standing of the potential investee entity.

Returns from bonds are fixed at the time of purchase, as the fixed coupon payments are known, as are the final redemption proceeds. This means that if a bond is held until its redemption date, the total return achieved is unaltered from its purchase date. However, over the life of a bond the market price at any given time will depend on the market environment at that time. Therefore, a bond sold before its redemption date is likely to have a different price to its purchase level and a profit or loss may be incurred.

Financial liabilities

The Company primarily finances its operations through use of equity, retained profits and bank borrowings. The credit facility for £30 million due to expire on the 27 January 2010 has been extended until 31 March 2010 and details of the terms and conditions of the loan are disclosed in note 12. Current loans drawn down of HK$81,525,000 (2008 - HK$102,825,000), (equivalent to £6,511,000 at 31 December 2009; 2008 - £9,228,000) were drawn down at an all-in rate of 2.30% (2008 - 1.19%) per annum and US$6,535,000 (2008 - US$9,285,000), (equivalent to £4,047,000 at 31 December 2009; 2008 - £6,458,000) at an all-in rate of 1.98% (2008 - 0.95%) per annum. Both tranches are unsecured. Interest was due on both tranches at the maturity date, being 27 January 2010 respectively. The loans are included in creditors falling due within one year.

The Board actively monitors its bank borrowings. A decision on whether to roll over its existing borrowings will be made prior to their maturity dates, taking into account the Company's policy of not having any fixed, long-term borrowings.

The interest rate profile of the Company (excluding short term debtors and creditors as stated previously) was as follows:

Weighted

average

period for

Weighted

which rate

average

Floating

Fixed

Non-interest

is fixed

interest rate

rate

bearing

At 31 December 2009

Years

£'000

Assets

Indonesian Government Bond

7.56

10.00

9,742

Equities

150,671

Cash at bank - Sterling

4,165

__________

________

_________

________

4,165

9,742

150,671

__________

________

_________

________

Liabilities

Bank loan - Hong Kong Dollars

0.07

2.30

(6,511)

Bank loan - US Dollars

0.07

1.98

(4,047)

__________

________

_________

________

(10,558)

__________

________

_________

________

Weighted

average

period for

Weighted

which rate

average

Floating

Fixed

Non-interest

is fixed

interest rate

rate

bearing

At 31 December 2008

Years

£'000

Assets

Indonesian Government Bond

8.56

10.00

8,323

Equities

119,167

Cash at bank - Sterling

4,536

Cash at bank - Taiwan Dollar

Cash at bank - Thailand Baht

431

__________

________

_________

________

4,968

8,323

119,167

__________

________

_________

________

Liabilities

Bank loan - Hong Kong Dollars

0.06

1.19

(9,228)

Bank loan - US Dollars

0.06

0.95

(6,458)

__________

________

_________

________

(15,686)

__________

________

_________

________

The weighted average interest rate is based on the current yield of each asset, weighted by its market value. The weighted average interest rate on bank loans is based on the interest rate payable, weighted by the total value of the loans.

The floating rate assets consist of cash deposits on call earning interest at prevailing market rates.

The non-interest bearing assets represent the equity element of the portfolio.

All financial liabilities are measured at amortised cost using the effective interest rate method.

Maturity profile

The following table sets out the carrying amount, by maturity, of the Company's financial instruments that are exposed to interest rate risk at the reporting date:

Within

More than

1 year

2-3 years

4-5 years

5 years

Total

At 31 December 2009

£'000

Fixed rate

Bonds

9,742

9,742)

Bank loans

(10,558)

_________

________

_________

________

(10,558)

9,742

(816)

_________

________

_________

________

Floating rate

Cash

4,165

4,165)

Within

More than

1 year

2-3 years

4-5 years

5 years

Total

At 31 December 2008

£'000

Fixed rate

Bonds

8,323

8,323)

Bank loans

(15,686)

_________

________

_________

________

(15,686)

8,323

(7,363)

_________

________

_________

________

Floating rate

Cash

4,968

4,968)

_________

________

_________

________

Interest rate sensitivity

The sensitivity analyses demonstrates the sensitivity of the Company's profit/(loss) for the year to a reasonably possible change in interest rates, with all other variables held constant.

The sensitivity of the profit/(loss) for the year is the effect of the assumed change in interest rates on:

- the net interest income for one year, based on the floating rate financial assets held at the reporting date; and

- changes in fair value of investments for the year, based on revaluing fixed rate financial assets at the reporting date.

If interest rates had been 100 basis points higher or lower and all other variables were held constant, the Company's:

- profit for the year ended 31 December 2009 would decrease / increase by £33,000 (2008 - decrease / increase by £24,000). This is attributable to the Company's exposure to interest rates on its floating rate cash balances, fixed interest securities and bank loans.

- the Company holds no financial instruments that will have an equity reserve impact.

In the opinion of the Directors, the above sensitivity analyses are not representative of the year as a whole, since the level of exposure changes frequently as part of the interest rate risk management process used to meet the Company's objectives.

Foreign currency risk

A significant proportion of the Company's investment portfolio is invested in overseas securities and the Balance Sheet can be significantly affected by movements in foreign exchange rates. It is not the Company's policy to hedge this risk on a continuing basis. All of the Company's borrowings, as detailed in note 12, are in foreign currency as at 31 December 2009.

The revenue account is subject to currency fluctuation arising on overseas income. The Company does not hedge this currency risk.

The fair values of the Company's monetary items that have foreign currency exposure at 31 December are shown below. Where the Company's equity investments (which are non monetary items) are priced in a foreign currency, they have been included within the other price risk sensitivity analysis so as to show the overall level of exposure.

31 December 2009

31 December 2008

US$

HK$

Other

US$

HK$

Other

£'000

Investments at fair value through profit or loss that are monetary items

9,742

8,323

Cash at bank

432

Borrowings under the multi-currency loan facility

(4,047)

(6,511)

(6,458)

(9,228)

_______

Foreign currency exposure on net monetary items

5,695

(6,511)

1,865

(9,228)

432

Investments at fair value through profit or loss that are equities

10,178

140,493

7,238

111,929

_______

Total net foreign currency exposure

5,695

3,667

140,493

1,865

(1,990)

112,361

_______

The above year end amounts are not representative of the exposure to risk during the year, because the levels of monetary foreign currency exposure change significantly throughout the year.

Foreign currency sensitivity

The following table details the Company's sensitivity to a 10% increase and decrease in sterling against the major foreign currencies in which the Company has exposure on its monetary items. Monetary items include the bond holding which is measured at fair value through profit and loss. The sensitivity analysis includes foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates.

If sterling had weakened against the currencies shown, this would have had the following effect:

31 December 2009

31 December 2008

US$

HK$

Other

US$

HK$

Other

£'000

Statement of Comprehensive Income - profit after taxation

- Revenue return

708

- Capital return

633

(723)

207

(1,025)

_______

Total profit after taxation for the year

725

(682)

708

252

(1,025)

_______

Equity

725

(682)

708

252

(1,025)

_______

If sterling had strengthened against the currencies shown, this would have had the following effect:

31 December 2009

31 December 2008

US$

HK$

Other

US$

HK$

Other

£'000

Statement of Comprehensive Income - profit after taxation

- Revenue return

(75)

(33)

(584)

(31)

(29)

- Capital return

(518)

592

(170)

839

(39)

_______

Total profit after taxation for the year

(593)

559

(584)

(201)

839

(68)

_______

Equity

(593)

559

(584)

(201)

839

(68)

_______

In the opinion of the Directors, the above sensitivity analyses are not representative of the year as a whole, since the level of exposure changes frequently as part of the currency risk management process used to meet the Company's objectives.

Other price risk

Other price risks (ie changes in market prices other than those arising from interest rate or currency risk) may affect the value of the Company's quoted equity investments.

Management of the equity risk

It is the Board's policy to hold an appropriate spread of investments in the portfolio in order to reduce the risk arising from factors specific to a particular country or sector. The allocation of assets to international markets and the stock selection process, as detailed in the annual Report and Accounts, both act to reduce market risk. The Manager actively monitors market prices throughout the year and reports to the Board, which meets regularly in order to review investment strategy. The investments held by the Company are listed on various stock exchanges worldwide.

Concentration of exposure to other price risks

A geographic analysis of the Company's investment portfolio is shown in the Annual report and Accounts, which shows that all of the investments' value is in the Asia Pacific region. It should be recognised that an investment's country of domicile or of listing does not necessarily equate to its exposure to the economic conditions in that country.

Other price risk sensitivity

The following table illustrates the sensitivity of the profit after taxation for the year and the equity to an increase or decrease of 10% in the fair values of the Company's equities. This level of change is considered to be reasonably possible based on observation of current market conditions. The sensitivity analysis is based on the Company's equities at each reporting date, with all other variables held constant.

The equity price risk sensitivity incorporates the equity foreign exchange sensitivity analysis.

Increase in

Decrease in

Increase in

Decrease in

fair value

£'000

Income statement - profit after taxation

Revenue return - increase / (decrease)

Capital return - increase / (decrease)

15,067

(15,067)

11,917

(11,917)

_________

Total profit after taxation - increase / (decrease)

15,067

(15,067)

11,917

(11,917)

_________

Equity

15,067

(15,067)

11,917

(11,917)

_________

(ii) Liquidity risk

This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities, which stood at £10,842,000 at the year end.

Liquidity risk is not considered to be significant as the Company's assets comprise mainly cash and readily realisable securities, which can be sold to meet funding commitments if necessary and these amounted to £4,165,000 and £160,413,000 respectively at the year end. Short-term flexibility is achieved through the use of loan and overdraft facilities.

(iii) Credit risk

This is failure of the counter party to a transaction to discharge its obligations under that transaction that could result in the Company suffering a loss.

The risk is not significant, and is managed as follows:

- where the investment manager makes an investment in a bond, corporate or otherwise, the credit rating of the issuer is taken into account so as to minimise the risk to the Company of default. The Company has a holding in a CLN issued by Deutsche Bank AG. The issuer currently has a credit rating at Moody's of Aa1;

- investment transactions are carried out with a large number of brokers, whose credit rating of which is taken into account so as to minimise the risk to the Company of default;

- the risk of counterparty exposure due to failed trades causing a loss to the Company is mitigated by the review of failed trade reports on a monthly basis. In addition, the custodian carries out a stock reconciliation to third party administrators' records on a monthly basis to ensure discrepancies are picked up on a timely basis. The Manager's Compliance department carries out periodic reviews of the custodian's operations and reports its finding to the Manager's Risk Management Committee. It is the Manager's policy to trade only with A- and above (Long-term rated) and A-1/P-1 (Short-term rated) counterparties.

- cash is held only with reputable banks with high quality external credit enhancements;

- none of the Company's financial assets are secured by collateral or other credit enhancements.

Credit risk exposure

In summary, compared to the amounts included in the Balance Sheet, the maximum exposure to credit risk at 31 December was as follows:

2009

2008

Balance

Maximum

Balance

Maximum

Sheet

exposure

Sheet

exposure

£'000

Non-current assets

Investments at fair value through profit or loss

160,413

9,742

127,490

8,323

Current assets

Cash at bank

4,165

4,968

_________

164,578

13,907

132,458

13,291

_________

None of the Company's financial assets are past due or impaired.

(iv) Gearing risk

The Company's policy is to increase its exposure to equity markets through the judicious use of borrowings. When borrowings are invested in such markets, the effect is to magnify the impact on shareholders' funds of changes, both positive and negative, in the value of the portfolio.

During the year the Company's borrowings were short-term loans, details of which can be found in note 12.

The loans are valued at amortised cost, using the effective interest rate method in the financial statements. The Board regulates the overall level of gearing by raising or lowering cash balances.

Fair value of financial assets

Investments held at fair value through profit or loss are valued at their quoted bid prices which equate to their fair values. The Directors are of the opinion that the financial assets are stated at fair value in the Balance Sheet and considers that this is equal to the carrying amount.

Fair values of financial liabilities

The fair value of borrowings as at the 31 December 2009 has been estimated at £10,558,000 which is the same as the carrying value due to their short term nature. At 31 December 2008 the fair value was £15,686,000 which is the same as the carrying value.

17.	Capital management policies and procedures
	The Company's capital management objectives are:
	- to ensure that the Company will be able to continue as a going concern, and
	- to maximise the income and capital return to its equity shareholders through an appropriate balance of equity capital and debt. The policy is that debt should not exceed 25% of net assets.

	The Company's capital at 31 December comprises:
		2009	2008
		£'000	£'000
	Debt
	Borrowings under the multi-currency loan facility	10,558	15,686
		___________	___________
	Equity
	Equity share capital	109,790	108,440
	Retained earnings and other reserves	44,608	8,689
		___________	___________
		154,398	117,129
		___________	___________

		2009	2008
	Debt as a % of net assets	6.84	13.39
		___________	___________

	The Board, with the assistance of the Manager monitors and reviews the broad structure of the Company's capital on an ongoing basis. This review includes:
	- the planned level of gearing, which takes account of the Manager's views on the market;
	- the need to buy back equity shares for cancellation, which takes account of the difference between the net asset value per share and the share price (ie the level of share price discount or premium);
	- the need for new issues of equity shares; and
	- the extent to which revenue in excess of that which is required to be distributed should be retained.

	The Company's objectives, policies and processes for managing capital are unchanged from the preceding accounting period.

	The Company is subject to the following externally imposed capital requirements:
	- the bank borrowings under the Company's credit facility with Barclays Bank are not to exceed 25% of net assets as measured in accordance with the policies used in the annual financial statements;
	- under the Company's Articles of Association borrowings must not exceed an amount equal to the adjusted total of capital and reserves.

	These requirements are unchanged since last year, and the Company has complied with them during both the current and prior year.

18.	Related party transaction
	Mr H Young is a director of Aberdeen Asset Management Asia Limited (AAM Asia), which is a subsidiary of Aberdeen Asset Management PLC (AAM). Aberdeen Private Wealth Management Limited has an agreement to provide management services to the Company, which it has sub-delegated to AAM Asia. AAM has an agreement to provide administration services to the Company.

	The terms of these agreements are outlined in notes 5 and 6.

19.	Fair value hierarchy
	The Company adopted the amendments to IFRS 7 'Financial Instruments: Disclosures' effective from 1 January 2009. These amendments require an entity to classify fair value measurements using a fair value hierarchy that reflects the significance.

	- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
	- Level 2: inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly (ie as prices) or indirectly (ie derived from prices); and
	- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

	The financial assets and liabilities measured at fair value in the statement of financial position are grouped into the fair value hierarchy at 31 December 2009 as follows:

			Level 1	Level 2	Level 3	Total
		Note	£'000	£'000	£'000	£'000
	Financial assets at fair value through profit or loss
	Quoted equities	a)	150,671	-	-	150,671
	Quoted bonds	b)	9,742	-	-	9,742
			_______	_______	_______	_______
	Net fair value		160,413	-	-	160,413
			_______	_______	_______	_______

	a) Quoted equities
	The fair value of the Company's investments in quoted equities have been determined by reference to their quoted bid prices at the reporting date. Quoted equities included in Fair Value Level 1 are actively traded on recognised stock exchanges.

	b) Quoted bonds
	The fair value of the Company's investments in Corporate quoted bonds have been determined by reference to their quoted bid prices at the reporting date.

20.	Events after the reporting period
	A further 1,200,000 Ordinary shares have been issued by the Company subsequent to the reporting period end at a total consideration received, including transaction costs, of £1,631,000. Following the share issues' 110,990,000 Ordinary shares remain in issue.

	On 31 March 2010 the Barclays credit facility was repaid in full and HK$81,841,607 and US$6,557,751 were drawn under the terms of a new 12 month senior secured multi currency revolving facility agreement with Scotiabank Europe PLC (the "New Facility"). The New Facility contains the following covenants; (i) the borrower shall not permit adjusted net asset coverage to be less than 4.00 to 1.00; (ii) the borrower shall not permit at any time its net asset value to be less than £80 million; (iii) the aggregate value of investments of the borrower issued by any single issuer not to exceed 10% of total net assets; (iv) the aggregate value of investments in any industry as defined by the MSCI Industries Standard not to exceed 25% and 40% in respect of the commercial banking industry; (v) no investment in asset backed securities; (vi) restrictions on certain derivative transactions; and (vii) borrower to maintain investments in at least seven countries.

Additional Notes:

21. The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2009. The annual audited accounts for 2009 will be finalised on the basis of the financial information presented by the Directors in this annual financial report announcement and will be delivered to the Jersey Financial Services Commission in due course.

22. The Annual Report will be posted to Shareholders in April and further copies may be obtained from the registered office, No.1 Seaton Place, St Helier, Jersey JE4 8YJ and on the Company's website www.asian-income.co.uk.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements. Investors may not get back the amount they originally invested.

Aberdeen Private Wealth Management Limited

Secretary

31 March 2010

10. INVESTMENT PORTFOLIO - TEN LARGEST INVESTMENTS

As at 31 December 2009
			Valuation	Total	Valuation
		Country	2009	assets	2008
Company	Sector	of activity	£'000	%{B}	£'000{C}
DB Indo CLN 10% 22/07/17 IDR 'FR28'
Credit linked note issued by Deutsche Bank and linked to the Indonesia Government Bond 10% 07/17 as the underlying asset.	Government Securities	Indonesia	9,742	5.9	8,323
Siam Cement
Thailand's largest industrial conglomerate with operations in petrochemicals, cement, paper and building materials.	Construction Materials	Thailand	8,656	5.2	4,251
Taiwan Mobile
One of the leading domestic mobile phone operators, with over 30% market share. Recent results have shown flat revenues due to the maturity of the market, but the company continues to exert good cost controls.	Wireless Telecommunication Services	Taiwan	7,988	4.8	6,748
United Overseas Bank
Historically, this Singapore bank has earned a higher return on its business than its competitors. The bank also looks good in regional terms with a strong capital base and impressive cost-to-income ratio. It has also embarked on a selective regional expansion.	Commercial Banks	Singapore	7,725	4.7	4,422
Swire Pacific
A Hong Kong-listed conglomerate, with interests in aviation (via Cathay Pacific), property, beverages, marine services and industrial activities.	Real Estate Management & Development	Hong Kong	7,459	4.5	4,955
Oversea-Chinese Banking Corporation
A well-run Singaporean bancassurance company seeking to generate additional value for shareholders by restructuring assets and via regional expansion.	Commercial Banks	Singapore	7,337	4.4	4,408
Taiwan Semiconductor
The world's largest dedicated semiconductor foundry, it provides wafer manufacturing, wafer probing, assembly and testing, mask production and design services.	Semiconductors & Semiconductor Equipment	Taiwan	7,129	4.3	5,353
QBE Insurance Group
One of Australia's leading general insurance and reinsurance companies. Its business is diversified geographically across five locations, and it has a good, long-term track record of generating shareholder returns.	Insurance	Australia	7,049	4.3	4,727
British American Tobacco
Manufacturer & marketer of tobacco products in Malaysia through BAT's international brands such as Dunhill and Lucky Strike.	Tobacco	Malaysia	6,967	4.2	7,960
Commonwealth Bank of Australia
One of Australia's big four lenders with the largest domestic retail banking business.	Commercial Banks	Australia	6,867	4.2	3,148
Top ten investments			76,919	46.5

INVESTMENT PORTFOLIO - OTHER INVESTMENTS

As at 31 December 2009
			Valuation	Total	Valuation
		Country	2009	assets	2008
Company	Sector	of activity	£'000	%{B}	£'000{C}
PTT Exploration & Production	Oil, Gas & Consumable Fuels	Thailand	6,385	3.9	5,004
Australia & New Zealand Banking Group	Commercial Banks	Australia	5,731	3.5	3,332
Singapore Technologies Engineering	Aerospace & Defence	Singapore	4,859	2.9	3,890
PetroChina	Oil, Gas & Consumable Fuels	China	4,833	2.9	3,955
Telstra	Diversified Telecommunications	Australia	4,762	2.9	4,631
Guinness Anchor	Beverages	Malaysia	4,651	2.8	3,756
Singapore Telecommunications	Diversified Telecommunications	Singapore	4,622	2.8	4,161
Public Bank	Commercial Banks	Malaysia	4,342	2.6	3,790
Singapore Press Holdings	Media	Singapore	4,290	2.6	3,979
Digi Com	Wireless Telecommunication Services	Malaysia	4,266	2.6	4,603
Top twenty investments			125,660	76.0
Advanced Information Services	Wireless Telecommunication Services	Thailand	3,978	2.4	3,923
Hong Leong Finance	Consumer Finance	Singapore	3,972	2.4	2,821
Telekomunikasi Indonesia	Diversified Telecommunications	Indonesia	3,497	2.1	2,454
Hong Leong Bank	Commercial Banks	Malaysia	3,438	2.1	2,409
Singapore Post	Air Freight & Logistics	Singapore	3,243	2.0	2,776
Telecom Corp of New Zealand	Diversified Telecommunications	New Zealand	3,047	1.8	2,495
Siam Makro	Food & Staples Retailing	Thailand	2,827	1.7	2,331
SBS Transit	Road & Rail Operator	Singapore	2,454	1.5	2,640
Bank Of Philippine Islands	Commercial Banks	Philippines	2,291	1.4	2,001
Giordano International	Speciality Retail	Hong Kong	1,969	1.2	1,848
Top thirty investments			156,376	94.6
Hana Microelectronics	Electronic Equipment & Instruments	Thailand	1,739	1.1	891
Pos Malaysia	Air Freight & Logistics	Malaysia	1,548	1.0	1,624
Kingmaker Footwear	Textiles, Apparel & Luxury Goods	Hong Kong	750	0.5	435
Total value of investments			160,413	97.2
Net current assets{A}			4,543	2.8
Total assets{B}			164,956	100.0

{A} Excluding bank loans of £10,558,000.
{B} As defined in the Annual Report and Accounts.
{C} Purchases and/or sales effected during the year will result in 2008 and 2009 values not being directly comparable.

This information is provided by RNS

The company news service from the London Stock Exchange

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