Final Results

Aberdeen Asian Income Fund Limited 10 March 2008 ABERDEEN ASIAN INCOME FUND LIMITED PRELIMINARY ANNOUNCEMENT OF UNAUDITED FINAL RESULTS for the year ended 31 December 2007 I have pleasure in presenting the second Annual Report & Accounts for Aberdeen Asian Income Fund Limited ('your Company') for the year ended 31 December 2007. Highlights • Net Asset Value Total Return +13.9% • Share Price Total Return +2.7% • Ordinary share discount to net asset value has tightened to -0.8% • Dividend payments increased Background During the period to 31 Dec 2007, your Company's net asset value total return was 13.9% with the underlying basic net asset value per Ordinary share (NAV) rising from 112.2p to 123.5p. The share price fell 1.4 % over the period, as the discount to NAV at which the shares trade moved from 0.6 % to 10.5%. In comparison, the total return on the benchmark MSCI AC Asia Pacific ex-Japan Index rose by 34.9% in sterling terms over the period. While the portfolio's performance has been disappointing on a relative basis, it should be remembered that since your Company's inception the benchmark has provided a simple reference point, rather than a precise performance comparator. Your Manager is not bound by the benchmark when selecting suitable investments for your Company, largely because many of the components of the benchmark do not provide sufficient income to meet the dividend objective. Notwithstanding this general point, your Board is mindful that, with Asian markets having had an exceptional year, it might be expected that the portfolio would have performed better than in fact was the case. Your Manager has highlighted the key areas that contributed to the fund's performance in the Manager's Report on pages 8 and 9 in the Annual Report. What becomes clear on closer analysis is that the market rises were narrowly based, led by China and India. Far from being an opportunity missed, these markets have prompted concerns for some time. Both turned increasingly speculative, making valuations difficult to justify. Besides which, income payouts in both markets tend to be low, as might be expected from their growth orientation. Thus there has been a short-term opportunity cost as a result of your Company's income objective. Share Buy-backs, Dividends, Special Dividends and Gearing At the time of the launch of the Company your Board indicated that an active discount management policy would be operated through the use of share buy-backs with the aim of maintaining the price of the Ordinary shares at a discount of no more than 5% to the underlying NAV. Clearly, therefore, your Board was concerned to note the level of the discount at which the Company's shares were trading, particularly during the second half of the year. During this period the Company purchased in the market 800,000 Ordinary shares for cancellation and subsequent to the year end a further 280,000 shares have been purchased for cancellation. Your Board has absolute discretion to make purchases of Ordinary shares for cancellation, subject to the Listing Rules and Jersey law and the Directors will consider the merits of making further buy backs subject to the volatility of the markets, if and when any suitable opportunities arise in the future. At the time of writing the Ordinary share discount to net asset value has tightened to 0.8%. Following recent amendments to Jersey company law, your Board is proposing to take shareholder authority at the Annual General Meeting to hold any shares that have been purchased in the market in treasury. This would provide the Company with flexibility to reissue any shares purchased as well or to cancel them. Your Board's policy is only to issue shares from treasury at a premium to the prevailing net asset value per Ordinary share. On 17 July 2007 the Board declared a first interim dividend of 2.0p per Ordinary share in respect of the year ending 31 December 2007 (2006 - 2.0p), which was payable on 28 August 2007 to shareholders on the register on 27 July 2007. A second interim dividend of 2.75p per Ordinary share (2006 - 2.50p) was announced on 16 January 2008 and was paid on 26 February 2008 to shareholders on the register on 25 January 2008. It should be noted that the overall payout has been lifted by a number of special dividends from your Company's investments. These one-off pay-outs made up about 12% of the Company's underlying 2007 revenues and they should not necessarily be expected to occur in the future By their very nature, these special dividends are unlikely to be maintained and, therefore could well have a distorting effect when comparing future dividend pay-outs against last year's. Your Company has retained short-term gearing throughout the period with borrowings of HKD 137.7 million and USD 12.2 million (GBP 15.0 million in total) representing a gearing level of 11.1% of net assets at the year end. 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 stockmarkets. Overview The global economy perhaps reached a turning point in 2007. In the US we saw one consequence of years of relatively cheap money with the collapse of structured credit markets. The ramifications, which rest in part on a deteriorating US housing market, are still playing out. In Asia, meanwhile, a wider debate has started on how far the region is immune to an economic slowdown and I touched on this in last year's Interim Report. While the answers here matter hugely, it is worth recalling first how much of a boom Asia has been enjoying. Throughout the year countries upgraded their economic growth forecasts and most economies are at their strongest for a decade. Government, corporate and household balance sheets have benefited from tight cost management and savings accumulation. For example, corporate gearing has fallen to around 20%, while governments have continued to rack up huge foreign exchange surpluses. This has created a positive environment for company earnings, which in turn has supported equity markets. Foreign investors have been instrumental in leading markets higher and Asian markets have looked relatively inexpensive on global comparisons. Furthermore, with the US Dollar continuing to come under downward pressure, regional currency appreciation has further increased returns. But Asia has a weakness, which is its reliance on foreign demand. It is well-understood that its surplus savings are re-cycled into US assets, particularly Treasury bonds. So long as Asia wants to own Dollars to ensure its exports stay competitive, global imbalances will persist. In the meantime, the rise of sovereign wealth funds has signalled a more muscular approach to reserve management. Many countries have surpluses far in excess of what they require in order to manage currencies and are looking both for more diverse - and commercial - returns. Less noticed, domestic portfolio investment has actually remained quite modest, the exceptions being China, where technical factors constrict the options for savers, and Korea. What does this mean now that the global economy is slowing? In Asia, the debate has focused on whether the region can wean itself off its dependency on the US, or 'decouple'. Here, it is important to note that stock markets and economies may be set on different trajectories. For stock markets, decoupling may only get harder. The globalised nature of share trading is such that volatility today on Wall Street has increased correlation. Simply put, Asia has become more volatile too. At an economic level, however, headline growth may well continue at a decent rate. Yet the early signs are that exporters face a slowdown in demand, which will not be easily substituted, although Europe, for example, has become a more significant trading partner. But how far this slowdown permeates the broader economic activity is too early to judge. Perhaps a slowdown is not in itself the sole concern. For China, in particular, it may actually help domestic policymakers confront the symptoms of runaway activity. But across the region, the conjunction of higher inflation is worth pondering. Fuel and wage costs are proving difficult for companies to pass on. Rising currencies are a further obstacle. Margins will surely be squeezed and affect earnings in due course. For policymakers the challenge will be to initiate the right pro-growth policies. After years of belt-tightening there is a danger that governments pump-prime wastefully, or pander to special interests - especially where elections are imminent. The reflex imposition of price controls on food, which we've seen in some countries lately, is clearly distorting. Your Managers are hopeful for two reasons. First, the policy options are considerable given the healthy state of national finances. Second, from the perspective of stockmarkets, a little forced self-examination wouldn't go amiss, particularly as Asian markets have enjoyed a five-year bull run. After the 30%-plus gains last year, valuations have become less well supported. In some industries, particularly cyclicals and China-growth stocks in general, a bubble has been evident for some time. A period of consolidation would, then, help investors focus on fundamentals and ought to benefit your Company given your Managers' investment style. Already markets have seen some re-adjustment. Your Manager's focus on valuations and quality, which is the cornerstone of their investment philosophy, has resulted in a portfolio that's strengths were not recognised fully during the momentum driven bull market. In more uncertain markets, however, this policy has begun to be properly recognised and the portfolio outperformed its benchmark strongly over the final quarter. This trend has continued into our new year. As at 4 March 2008, the Company's latest net asset value per Ordinary share was 118.8p which represents a fall (in capital terms) of 3.3% compared with a fall in the benchmark of 11.9% since 1 January 2008. If sustained, the opportunity this presents could be large. Dividends, which are a large component of your Company's total return, had become increasingly overlooked when momentum was the ascendant driver of stock markets. Current market conditions are now very different and, your Managers expect the rewards of the decently-run, cash generative companies that they target to become more recognised. Further sell-offs, in the meantime, will only increase the buying opportunities. Time of course will tell whether we are guilty of wishful thinking - but your Board is at one with your Managers in believing that it is fundamentals that drive stock markets over the long term. Annual General Meeting The Company's Annual General Meeting ('AGM') will be held at 9.30 a.m. on Tuesday, 15 April 2008 at No.1 Seaton Place, St Helier, Jersey and your Board looks forward to meeting as many shareholders as possible. This year we will also be holding an informal shareholder presentation in London on Tuesday 29 April 2008 at 12.30 p.m. 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 a representative from the management team and receive a general update on your Company and the markets in the Far East. 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 like to take this opportunity to encourage you to vote on the AGM resolutions 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 Interim Report to 30 June 2008, which will be issued to shareholders at the end of August 2008. 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 your Manager as well as the latest net asset value and share price information which is updated daily. Peter Arthur Chairman 7 March 2008 INCOME STATEMENT Year ended Period from 8 November 2005 31 December 2007 to 31 December 2006 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Investment income Dividend income 6,622 - 6,622 6,197 - 6,197 Interest income 833 - 833 831 - 831 ________ ________ ________ ________ ________ ________ Total revenue 7,455 - 7,455 7,028 - 7,028 Gains on financial assets at fair value - 12,186 12,186 - 9,195 9,195 through profit or loss Currency gains - 365 365 - 1,147 1,147 ________ ________ ________ ________ ________ ________ 7,455 12,551 20,006 7,028 10,342 17,370 ________ ________ ________ ________ ________ ________ Expenses Investment management fee (505) (757) (1,262) (445) (667) (1,112) Other operating expenses (622) - (622) (612) - (612) Set up costs - - - (75) - (75) ________ ________ ________ ________ ________ ________ Profit before finance costs and tax 6,328 11,794 18,122 5,896 9,675 15,571 ________ ________ ________ ________ ________ ________ Finance costs (339) (508) (847) (313) (469) (782) ________ ________ ________ ________ ________ ________ Profit for the period attributable to 5,989 11,286 17,275 5,583 9,206 14,789 equity Shareholders ________ ________ ________ ________ ________ ________ Earnings per Ordinary share (pence): Basic and diluted 5.45 10.27 15.72 5.08 8.37 13.45 ________ ________ ________ ________ ________ ________ The total column of this statement represents the Income Statement 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. All income is attributable to the equity holders of Aberdeen Asian Income Fund Limited. There are no minority interests. BALANCE SHEET As at As at 31 December 31 December 2007 2006 £'000 £'000 Non-current assets Investments held at fair value through profit or loss 146,686 136,714 __________ __________ Current assets Cash and cash equivalents 3,243 1,327 Other receivables 706 1,809 __________ __________ 3,949 3,136 __________ __________ Current liabilities Bank loans (15,010) (15,290) Other payables (784) (1,191) __________ __________ (15,794) (16,481) __________ __________ Net current liabilities (11,845) (13,345) __________ __________ Net assets 134,841 123,369 __________ __________ Share capital and reserves Ordinary share capital 109,200 110,000 Warrant reserve 2,200 2,200 Capital redemption reserve 800 - Capital reserve 18,215 7,786 Revenue reserve 4,426 3,383 __________ __________ Equity Shareholders' funds 134,841 123,369 __________ __________ Net asset value per Ordinary share (pence): Basic 123.48 112.15 Diluted 122.90 112.15 __________ __________ STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2007 Capital Share Warrant redemption Capital Revenue Retained capital reserve reserve reserve reserve earnings Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Opening balance 110,000 2,200 - 7,786 3,383 - 123,369 Purchase of own shares (800) - 800 (857) - - (857) Profit for the period - - - - - 17,275 17,275 Transferred from retained earnings to - - - 11,286 - (11,286) - capital reserve * Transferred from retained earnings to - - - - 5,989 (5,989) - revenue reserve Dividends paid - - - - (4,946) - (4,946) _______ _______ _______ _______ _______ _______ _______ Balance at 31 December 2007 109,200 2,200 800 18,215 4,426 - 134,841 _______ _______ _______ _______ _______ _______ _______ For the period from 8 November 2005 to 31 December 2006 Share Warrant Capital Revenue Retained capital reserve reserve reserve earnings Total £'000 £'000 £'000 £'000 £'000 £'000 Opening balance - - - - - - Issue of Ordinary shares 110,000 - - - - 110,000 Issue of Warrants - 2,200 - - - 2,200 Share issue costs - - (1,420) - - (1,420) Profit for the period - - - - 14,789 14,789 Transferred from retained earnings to - - 9,206 - (9,206) - capital reserve * Transferred from retained earnings to - - - 5,583 (5,583) - revenue reserve Dividends paid - - - (2,200) - (2,200) _______ _______ _______ _______ _______ _______ Balance at 31 December 2006 110,000 2,200 7,786 3,383 - 123,369 _______ _______ _______ _______ _______ _______ * Represents the capital profit attributable to equity Shareholders per the Income Statement. CASH FLOW STATEMENT Period from Year ended 8 November 2005 to 31 December 2007 31 December 2006 £'000 £'000 £'000 £'000 Profit for the period 17,275 14,789 Add back interest payable 847 782 Gains on investments held at fair value through profit or loss (12,186) (9,195) Net gain on foreign exchange (365) (1,147) Net purchases of investments held at fair value through profit 2,214 (127,519) or loss Decrease/(increase) in amounts due from brokers 1,346 (1,413) Increase in other receivables (258) (363) (Decrease)/increase in amounts due to brokers (792) 792 Increase in other payables 197 203 _______ _______ Net cash inflow/(outflow) from operating activities before 8,278 (123,072) interest and tax Bank and loan interest paid (644) (618) _______ _______ Net cash inflow/(outflow) from operating activities 7,634 (123,690) Financing activities Net proceeds of share issue - 108,580 Purchase of own shares (857) - Proceeds of issue of Warrants - 2,200 Dividends paid (4,946) (2,200) Loans drawn down - 33,063 Loans repaid - (15,944) _______ _______ _______ _______ Net cash (outflow)/inflow from financing activities (5,803) 125,699 _______ _______ Net increase in cash and cash equivalent 1,831 2,009 Cash and cash equivalents of the start of the year 1,327 - Effect of foreign exchange rate changes 85 (682) _______ _______ Cash and cash equivalents at the end of the year 3,243 1,327 _______ _______ Notes: 1. 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 2007. The financial statements have been prepared in accordance with the guidance set out in the Statement of Recommended Practice ('SORP') for investment trusts issued by the Association of Investment Companies ('AIC') and revised in December 2005. The Company has adopted the following new and amended IFRS and IFRIC interpretations during the year. Adoption of these revised standards and interpretations did not have any effect on the financial statements of the Company. They did however give rise to additional disclosures: - IFRS 7 Financial Instruments: Disclosures This standard requires disclosures that enable users to evaluate the significance of the Company's financial instruments and the nature and extent of risks arising from those financial instruments. - IAS 1 Amendment - Presentation of Financial Statements This amendment requires the Company to make new disclosures to enable users of the financial statements to evaluate the Company's objectives, policies and processes for managing capital. At the date of authorisation of the financial statements, the following Standards and Interpretations were in issue but not yet effective: - IFRIC 12 Service Concession Arrangements (effective for annual periods beginning on or after 1 January 2008) - IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (effective for annual periods beginning on or after 1 January 2008) - IFRIC 13 Customer Loyalty Programmes (effective for annual periods beginning on or after 1 July 2008) - IFRS 8 Operating Segments (effective for annual periods beginning on or after 1 January 2009) - IFRS 2 Share Based Payments (effective for annual periods beginning on or after 1 January 2009) - IAS 23 Amendment - Borrowing Costs (effective for annual periods beginning on or after 1 January 2009) 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 on their application. (b) Segmental reporting The Directors are of the opinion that the Company is engaged in a single segment of business, being investment business. (c) 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 is recognised as income. Special dividends are credited to capital or revenue according to their circumstances. The fixed returns on debt securities and non-equity shares are recognised on a time apportionment basis so as to reflect the effective yield on the debt securities and shares. Interest receivable from cash and short-term deposits is accrued to the end of the financial period. (d) 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 Income Statement 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 9; - 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. (e) Taxation Under Article 123A of the Income Tax (Jersey) Law 1961, as amended, the Company has obtained Jersey exempt company status for the year and is therefore exempt from Jersey income tax on non Jersey source income and bank interest (by concession). A £600 (2006 - £600) annual exempt company fee is payable by the Company. (f) 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 instruments is based on their quoted bid price at the Balance Sheet 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 Income Statement 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. (g) 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. (h) Other receivables and payables Other receivables do not carry any interest and are short-term in nature and are accordingly stated at their nominal value. Other payables are non interest bearing and are stated at their nominal value. (i) Dividends payable Dividends will be paid twice a year (the Company does not intend to pay final dividends). The first interim dividend was paid on 28 August 2007 and the second interim dividend was paid on 26 February 2008, both in respect of the year to 31 December 2007. Under IFRS dividends are reflected in the financial statements in the period in which they are paid. (j) Nature and purpose of reserves Warrant reserve The Warrant reserve was created on the issue of the 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 12. The reserve reflects the issue price of unexercised Warrants. Capital redemption reserve The capital redemption reserve is created on the cancellation of share capital and the balance reflects the value of Ordinary share capital redeemed by the Company. This reserve is not distributable. Capital reserve (i) Realised This reserve reflects any gains or losses on investments realised in the period that have been recognised in the Income Statement. In addition, any prior unrealised gains or losses on such investments are transferred from the unrealised capital reserve to realised capital reserve on disposal of the investment. (ii) Unrealised This reserve reflects any increases and decreases in the fair value of investments which are recognised in the Income Statement. Revenue reserve This reserve reflects all income and costs which are recognised in the revenue column of the Income Statement. The revenue reserve represents the amount of the Company's reserves distributable by way of dividend. (k) Foreign currency Monetary assets and liabilities denominated in foreign currencies are converted into Sterling at the rate of exchange ruling at the Balance Sheet date. The financial statements are presented in sterling, which is the Company's functional and presentational currency. Transactions during the year involving foreign currencies are converted at the rate of exchange ruling at the transaction date. Gains and losses on the realisation of foreign currencies are recognised in the Income Statement and are then transferred to the realised capital reserve. (l) 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 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. 2. The Company is a closed-end investment company incorporated in Jersey, with its shares being listed on the London Stock Exchange. The Company was incorporated on 8 November 2005. 3. Earnings per share Basic The earnings per Ordinary share is based on the net income after taxation of £17,275,000 (2006 - £14,789,000) and on 109,862,890 (2006 - 110,000,000) 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 Period from 8 November 2005 31 December 2007 to 31 December 2006 Revenue Capital Total Revenue Capital Total Net profit (£'000) 5,989 11,286 17,275 5,583 9,206 14,789 _______ _______ _______ _______ _______ _______ Weighted average number of Ordinary shares in issue 109,862,890 110,000,000 __________ __________ Return per Ordinary share (pence) 5.45 10.27 15.72 5.08 8.37 13.44 _______ _______ _______ _______ _______ _______ 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 EPS because they are antidilutive for the period presented. 4. 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 2007 2007 2006 2006 Basic p £'000 p £'000 Ordinary shares 123.48 134,841 112.15 123,369 ___________ ___________ ___________ ___________ The basic net asset value per Ordinary share is based on 109,200,000 (2006 - 110,000,000) 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 2007 2007 2006 2006 Diluted p £'000 p £'000 Ordinary shares 122.90 161,241 112.15 123,369 ___________ ___________ ___________ ___________ The diluted net asset value per Ordinary share has been calculated by reference to 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 2007 (31 December 2006 - 22,000,000) were exercised on the first day of the financial year at 120p per share, giving a total of 131,200,000 Ordinary shares. At 31 December 2006 the basic net asset value was less than 120p, therefore there was an antidilutive effect from the potential exercise of the warrants and it is therefore not reported. 5. Income Period from Year ended 8 November 2005 31 December 2007 to 31 December 2006 Income £'000 £'000 Income from investments Overseas dividends 6,622 6,197 Interest income Bond interest 773 676 UK Treasury Bill interest - 51 Deposit interest 60 104 ___________ ___________ 833 831 ___________ ___________ Total income 7,455 7,028 ___________ ___________ 6. The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2007. The statutory accounts for 2007 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies in due course. 7. The Annual Report will be posted to Shareholders in due course and further copies may be obtained from the registered office, No.1 Seaton Place, St Helier, Jersey JE4 8YJ. Aberdeen Private Wealth Management Limited Secretary 7 March 2008 This information is provided by RNS The company news service from the London Stock Exchange

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