Annual Financial Report

RNS Number : 7177D

Aberdeen New Dawn Invest Trust PLC

28 June 2019

ABERDEEN NEW DAWN INVESTMENT TRUST PLC

ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 30 APRIL 2019

Legal Entity Identifier (LEI): 5493002K00AHWEME3J36

Investment Objective

To provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries ex Japan.

Benchmark

MSCI All Countries Asia Pacific ex Japan Index (Sterling adjusted).

Management

The Company's Manager is Aberdeen Standard Fund Managers Limited ("ASFML", the "AIFM" or the "Manager") which has delegated the investment management of the Company to Aberdeen Standard Investments (Asia) Limited ("ASI Asia" or the "Investment Manager"). Both companies are wholly owned subsidiaries of Standard Life Aberdeen plc, which was formed by the merger of Aberdeen Asset Management PLC and Standard Life plc in August 2017. Aberdeen Standard Investments is a brand of the investment businesses of the merged entity.

Website

Up to date information can be found on the Company's website: www.newdawn-trust.co.uk

COMPANY OVERVIEW - FINANCIAL HIGHLIGHTS

Share price total return^AB		Net asset value total return^AB
2019	+8.0%	2019	+4.9%
2018	+13.3%	2018	+12.9%

Benchmark total return^B		Ongoing charges^A
2019	+3.0%	2019	1.13%
2018	+13.0%	2018	1.10%

Revenue return per share		Dividend per Ordinary share
2019	4.30p	2019	4.30p
2018	4.47p	2018	4.30p
^A Alternative Performance Measure
^B Total return represents capital return plus dividends reinvested.

For further information, please contact:

Scott Anderson

Aberdeen Standard Fund Managers Limited

0131 222 1863

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. Investors may not get back the amount they originally invested.

COMPANY OVERVIEW - CHAIRMAN'S STATEMENT

Results and Dividend

In a year when the Company celebrates its 30th anniversary, it is pleasing to report that it delivered resilient returns in a challenging period for Asian equities. In addition to good stock selection by your Investment Manager, the Company also benefitted from the Brexit-related weakness in Sterling, which amplified foreign-currency denominated returns.

The net asset value ("NAV") total return for the year was 4.9%, which compares to a total return of 3.0% from the benchmark, the MSCI All Countries Asia Pacific ex Japan Index (Sterling adjusted). The share price total return was 8.0%, following a narrowing of the discount at which the Ordinary shares trade to the NAV. The share price at the end of the year was 250.0p, representing a discount of 11.1% (2018: 13.4%) to the NAV per share of 281.12p.

The Board is pleased to announce a final dividend of 3.3p per share (2018: 3.3p), making a total dividend for the year of 4.3p per share, unchanged from the previous year. If approved by Shareholders at the Annual General Meeting, the final dividend will be paid on 13 September 2019 to Shareholders on the register on 16 August 2019.

30th Anniversary

On 12 May 2019, the Company celebrated its 30th anniversary since launch. As at 30 April 2019, the Company returned almost 2,000% to shareholders in NAV total return terms since that date, significantly outperforming the benchmark, which over the same period returned 1,311%. £1,000 invested at launch would have been worth £17,412 at the year end.

Over the past 30 years, the Asia Pacific region has experienced the Asian Financial Crisis, the Global Financial Crisis as well as multiple periods of political turmoil in individual countries. However, over the period there has also been huge economic expansion in the region. The Company has weathered these challenges as well as capitalising on the opportunities available across the region.

Overview for the Year

Despite volatile conditions, equity markets in the Asia Pacific region ended the period under review in positive territory. Markets and investor appetite were impacted by a confluence of risks throughout 2018. These included higher interest rates and fears about shrinking global liquidity, worsening trade tensions and slowing global growth. However, sentiment improved in the New Year as receding trade and monetary policy worries fuelled a broad-based rebound.

The period was one of political significance for Asia, with key elections across several countries. In both India and Indonesia, reform-minded incumbents were re-elected with clear majorities, although in Thailand, the outcome remains inconclusive. On the whole, the results bode well for structural reforms and future economic growth across the region.

China was a key driver of sentiment during the period as trade friction with the US compounded fears about its slowing economy. While this had an impact on equities markets for most of 2018, there was a rebound from January 2019 on an apparent easing of trade tensions and fresh fiscal support from Beijing.

Despite the volatility, the Company's exposure to China bolstered performance which was attributable to the quality of the portfolio's mainland holdings with a number making impressive contributions. Among them was financial services group Ping An Insurance, which is benefiting from a growing domestic insurance market driven by rapidly rising income levels.

The Company's exposure to Chinese stocks continued to increase during the year. While corporate governance is still a concern, your Investment Manager has seen signs of progress, with more companies adopting better practices. More broadly, China's longer-term potential remains bright given the expanding consumer class and massive domestic market. Your Investment Manager introduced several more Chinese holdings that are well-placed to access the structural growth of sectors including health care, tourism and technology. Some of these new additions, such as online car-buying portal Autohome, have already proved beneficial to performance.

Apart from trade, monetary policy also swayed markets over the period. Initially, major central banks, led by the Federal Reserve, seemed set to end a decade of easy money policies. With the US Dollar also strengthening, most Asian central banks raised their own interest rates to combat inflation and defend their currencies. However, mounting signs of faltering growth in the US and Europe forced a re-think. Notably, the Federal Reserve turned dovish, though the supportive impact of looser monetary conditions may have been thwarted by the trade dispute with China. While the gloomier economic outlook weighed on banking stocks, Indonesia's Bank Central Asia ("BCA") bucked the trend and was a notable outperformer. BCA had benefited from rising interest rates earlier in the year, but its consistently impressive financial performance was also rewarded by the market.

Meanwhile, technology stocks lagged the market after a sustained period of strength. Escalating trade tensions hurt consumer sentiment, with fears of slowing demand for chips and smartphones. This hampered the technology-heavy, export-oriented Korean market, along with sluggish economic growth and corporate earnings. Given the portfolio's underweight exposure to South Korea, this was positive for performance. Your Investment Manager also refined the portfolio's South Korean exposures, selling holdings that faced challenging prospects while adding to those with brighter prospects. Elsewhere, your Investment Manager also introduced some Australian holdings with the aim of providing more varied exposure to the portfolio in sectors with good growth prospects.

The Investment Manager's Review provides more insight on how regional markets and specific holdings performed, and more detail on key portfolio changes.

Gearing

As disclosed in the Half Yearly Report, in December 2018 the Company cancelled its £30 million multi-currency revolving loan facility and entered into a new loan agreement with The Royal Bank of Scotland, extending until December 2023, comprising a five year fixed rate loan of £20 million, with an interest rate of 2.626%, and a £15 million three year multi-currency revolving loan facility. Together with the previous £5 million fixed rate loan, this temporarily increases the Company's borrowing facilities to £40 million until the £5 million loan matures in October 2019, at which point the value of the Company's borrowing facilities will return to £35 million.

An aggregate Sterling equivalent of £33.2 million was drawn down at the year end and gearing (net of cash) was 9.3% as at 30 April 2019 compared to 7.6% at the start of the year.

The Board considers that gearing is one of the key benefits of an investment trust structure and that it was appropriate to re-finance the loan ahead of its original maturity in October 2019.

Full details of the Company's loans are provided in note 12 to the financial statements.

Share Buybacks and Treasury Shares

In common with other investment trusts, the Company has bought back shares with the aim of providing a degree of liquidity to the market at times when the discount to the NAV has widened in normal market conditions. It is the view of the Board that this policy is in the interests of all Shareholders. The Board closely monitors the discount and we review the operation of the share buy back policy at each Board meeting as well as considering other options for managing the discount. The Board will seek to renew the Company's share buyback authority at the Annual General Meeting.

As stated above, the discount narrowed from 13.4% to 11.1% during the year.

During the year, the Company bought back 2.6 million shares, representing 2.3% of the issued share capital. These shares were bought back and held in treasury. The Company's stated policy on treasury shares is that these can only be re-issued to the market at a premium to the NAV per share at that time. Shares held in treasury do not qualify to receive dividends. Ordinary shares can be reissued out of treasury more efficiently than new Ordinary shares can be issued. The Board therefore believes that it is appropriate for shares bought back to be held in treasury.

In accordance with its stated policy the Company cancelled 2.8 million treasury shares.

Annual General Meeting

The Annual General Meeting will be held on Wednesday 4 September 2019 at 12 noon at the offices of Aberdeen Standard Investments, Bow Bells House, 1 Bread Street, London EC4M 9HH.

Board Succession

As previously announced, having been a Director of the Company since 2007 and Chairman since 2012 I will stand down from the Board at the Annual General Meeting on 4 September. I will be succeeded as Chairman by Donald Workman who was appointed as an independent non-executive Director on 1 October 2018. Donald has a wealth of commercial experience, including significant involvement in businesses throughout the Asia Pacific region and I wish him and my Board colleagues good fortune in the future.

John Lorimer has indicated that he intends to step down from the Board on conclusion of the Annual General Meeting in 2020 by which time he will have been a Director of the Company for 10 years including 8 years as Chairman of the Audit and Risk and Management Engagement Committees. We are currently running a process to recruit a replacement for these roles and would intend to have a new Director appointed to ensure a smooth transition ahead of that date.

Outlook

It is clear that the direction of US-China trade talks will be crucial for sentiment in the Asia Pacific region. Markets could remain volatile for some time if the conflict continues. Already, companies seem to be becoming more cautious by delaying spending and investment. A full-blown trade war could significantly hurt regional economies and corporate earnings, although this remains the worst-case scenario amid continuing talks. In addition to this, there are other geopolitical worries, such as a rekindling of US tensions with both Iran and North Korea. However, amid this uncertainty, governments in the region are pragmatic. Most of them are ensuring that fiscal and monetary policies remain broadly supportive of growth and liquidity.

In this environment, your Investment Manager continues to focus on the fundamentals, with the portfolio invested in businesses with resilient sources of earnings that should protect them in tougher times. At the same time, recent changes to increase the portfolio's exposure to certain key growth sectors position the Company to access Asia's huge potential where a growing and increasingly affluent middle class should bolster demand for a greater variety of products, services and technologies. The Board remains confident that your Investment Manager's investment approach will ensure that the portfolio has the requisite quality to deliver sustainable returns for the Company over the long term.

David Shearer

Chairman

27 June 2019

STRATEGIC REPORT - OVERVIEW OF STRATEGY

Business Model

The business of the Company is that of an investment company which seeks to qualify as an investment trust for tax purposes. The Directors do not envisage any change in this activity in the foreseeable future.

Investment Objective

The Company's investment objective is to provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries ex Japan.

Investment Policy

The Company's assets are invested in a diversified portfolio of securities in quoted companies spread across a range of industries and economies in the Asia Pacific region excluding Japan. Investments may also be made through collective investment schemes and in companies traded on stock markets outside the Asia Pacific region provided that over 75% of their consolidated revenue is earned from trading in the Asia Pacific region or they hold more than 75% of their consolidated net assets in the Asia Pacific region.

Gearing

The Board is responsible for determining the gearing strategy for the Company. Gearing is used selectively to leverage the Company's portfolio in order to enhance returns where and to the extent this is considered appropriate to do so. At the year end the Company had net gearing of 9.32% which compares with a current maximum limit set by the Board of 25%. Borrowings are short to medium term and particular care is taken to ensure that any bank covenants permit maximum flexibility of investment policy.

Investment in Other Listed Investment Companies

In addition, it is the investment policy of the Company to invest no more than 15% of its gross assets in other listed investment companies (including investment trusts). As at 30 April 2019, 2.5% of the Company's gross assets were invested in listed investment companies.

Delivering the Investment Policy

The Directors are responsible for determining the Company's investment objective and investment policy. Day-to-day management of the Company's assets has been delegated, via the AIFM, to the Investment Manager.

Benchmark

The Company compares its performance to the MSCI All Countries Asia Pacific ex Japan Index (Sterling adjusted).

Promoting the Company

The Board recognises the importance of promoting the Company to prospective investors both for improving liquidity and enhancing the value and rating of the Company's shares. The Board believes one effective way to achieve this is through subscription to, and participation in, the promotional programme run by the Standard Life Aberdeen Group on behalf of a number of investment trusts under its management. The Company's financial contribution to the programme is matched by the Standard Life Aberdeen Group. The Manager's promotional and investor relations teams report to the Board giving analysis of the promotional activities as well as updates on the shareholder register and any changes in the make up of that register.

The purpose of the programme is both to communicate effectively with existing shareholders and to gain new shareholders with the aim of improving liquidity and enhancing the value and rating of the Company's shares. Communicating the long-term attractions of the Company is key and therefore the Company also supports the Manager's investor relations programme which involves regional roadshows, promotional and public relations campaigns together with certain Company-specific initiatives.

Board Diversity

The Board recognises the importance of having a range of skilled and experienced individuals with the right knowledge represented on the Board in order to allow it to fulfil its obligations. The Board also recognises the benefits and is supportive of the principle of diversity in its recruitment of new Board members. The Board will not display any bias for age, gender, race, sexual orientation, religion, ethnic or national origins or disability in considering the appointment of its Directors. In view of its size, the Board will continue to ensure that all appointments are made on the basis of merit against the specification prepared for each appointment and the Board does not therefore consider it appropriate to set measurable objectives in relation to its diversity.

At 30 April 2019, there were four male Directors and two female Directors.

Principal Risks and Uncertainties

There are a number of risks which, if realised, could have a material adverse effect on the Company and its financial condition, performance and prospects. The risks and uncertainties faced by the Company are reviewed by the Audit and Risk Committee in the form of a risk matrix, and the principal risks and uncertainties facing the Company at the current time, together with a description of the mitigating actions the Board has taken, are set out in the table below. The Board has carried out a robust assessment of these risks, which include those that would threaten its business model, future performance, solvency or liquidity. The principal risks associated with an investment in the Company's shares are published monthly on the Company's factsheet and they can also be found in the pre-investment disclosure document ("PIDD") published by the Manager, both of which are available on the Company's website.

Risk

Mitigating Action

Investment strategy and objectives - the setting of an unattractive strategic proposition to the market and the failure to adapt to changes in investor demand may lead to the Company becoming unattractive to investors, a decreased demand for its shares and a widening discount.

The Board keeps the level of discount at which the Company's shares trade, as well as the investment objective and policy under review and holds an annual strategy meeting where it reviews investor relations reports and updates from the Investment Manager and the Company's broker.

The Directors are updated at each Board meeting on the composition of, and any movements in, the shareholder register.

Investment management - poor stock selection or investing outside of the investment restrictions and guidelines set by the Board could result in poor performance and an inability to meet the Company's objectives, as well as a widening discount.

The Board meets the Manager on a regular basis and keeps investment performance under close review. Representatives of the Investment Manager attend all Board meetings and a detailed formal appraisal of the Standard Life Aberdeen Group is carried out annually by the Management Engagement Committee.

The Board sets, and monitors, the investment restrictions and guidelines, and receives regular reports which include performance reporting on the implementation of the investment policy, the investment process and application of the guidelines. The Board also monitors the Company's share price relative to the NAV per share.

Investment limits

In addition to the limits set out in the investment policy, the Investment Manager is authorised by the Board to invest up to 15% of the Company's gross assets in any single stock, calculated at the time an investment is made.

Income/dividends - the level of the Company's dividends and future dividend growth will depend on the performance of the underlying portfolio. Any change in the tax treatment of dividends or interest received by the Company may reduce the level of net income available for the payment of dividends to shareholders.

The Directors review detailed income forecasts at each Board meeting. The Company has built up significant revenue reserves which can be drawn upon if required should there be a shortfall in revenue returns.

Financial - the financial risks associated with the portfolio could result in losses to the Company.

The financial risks associated with the Company include market risk, liquidity risk and credit risk, all of which are mitigated, to some extent, by the Investment Manager. Further details of the steps taken to mitigate the financial risks associated with the portfolio are set out in note 16 to the financial statements.

Gearing - a fall in the value of the Company's investment portfolio could be exacerbated by the impact of gearing. It could also result in a breach of loan covenants.

The Board sets the gearing limits within which the Investment Manager can operate. Gearing levels and compliance with loan covenants are monitored on an ongoing basis by the Manager and at regular Board meetings. In the event of a possible impending covenant breach, appropriate action would be taken to reduce borrowing levels.

In addition, ASFML, as alternative investment fund manager, has set overall leverage limits.

Regulatory - failure to comply with relevant laws and regulations (including the Companies Act, The Financial Services and Markets Act, The Alternative Investment Fund Managers Directive, accounting standards, investment trust regulations, the Listing Rules, Disclosure Guidance and Transparency Rules, Prospectus Rules and corporate governance regulations) could result in fines, loss of reputation and potentially loss of an advantageous tax regime.

The Board and Manager monitor changes in government policy and legislation which may have an impact on the Company, and the Audit and Risk Committee monitors compliance with regulations by reviewing internal control reports from the Manager. From time to time the Board employs external advisers to advise on specific matters.

Operational - the Company is dependent on third parties for the provision of all systems and services (in particular, those of the Standard Life Aberdeen Group) and any control failures and gaps in their systems and services could result in fraudulent activities or a loss or damage to the Company.

Written agreements are in place with all third party service providers.

The Board receives reports from the Manager on its internal controls and risk management throughout the year and receives assurances from all its other significant service providers on at least an annual basis.

The Manager monitors closely the control environments and quality of services provided by third parties, including those of the Depositary, through service level agreements, regular meetings and key performance indicators.

Key Performance Indicators ("KPIs")

The Board uses a number of financial performance measures to assess the Company's success in achieving its objective and determining the progress of the Company in pursuing its investment policy. The main KPIs, which are considered at each Board meeting, are shown in the following table.

Performance of net asset value ("NAV")	The Board considers the Company's NAV total return figures to be the best indicator of performance over time.
Performance against benchmark index	The Board measures performance against the benchmark index - the currency-adjusted MSCI All Countries Asia Pacific ex Japan Index.
Revenue return per Ordinary share	The Board monitors the Company's net revenue return.
Dividends per share	The Board monitors the Company's annual dividends per Ordinary share.
Share price performance	The Board monitors the performance of the Company's share price on a total return basis.
Discount/premium to NAV	The discount/premium of the share price relative to the NAV per share is closely monitored by the Board.
Ongoing charges	The Board regularly monitors the Company's operating costs.

Environmental, Social and Human Rights Issues

The Company has no employees as the Board has delegated the day-to-day management and administrative functions to the Manager. There are therefore no disclosures to be made in respect of employees. The Company's socially responsible investment policy is set out below.

Socially Responsible Investment Policy

The Directors, through the Investment Manager, encourage companies in which investments are made to adhere to best practice in the area of corporate governance and socially responsible investing. The Investment Manager believes that this can best be achieved by entering into a dialogue with company management to encourage them, where necessary, to improve their policies in both areas.

The Investment Manager's ultimate objective, however, is to deliver superior investment returns for its clients. Accordingly, whilst the Investment Manager will seek to favour companies which pursue best practice in these areas, this must not be to the detriment of the overall return on the investment portfolio.

UK Stewardship Code and Proxy Voting as an Institutional Shareholder

Responsibility for actively monitoring the activities of portfolio companies has been delegated by the Board to the Manager which has sub-delegated that authority to the Investment Manager.

The full text of the Company's response to the Stewardship Code may be found on its website.

Modern Slavery Act

Due to the nature of the Company's business, being a company that does not offer goods and services to customers, the Board considers that it is not within the scope of the Modern Slavery Act 2015 because it has no turnover. The Company is therefore not required to make a slavery and human trafficking statement. In any event, the Board considers the Company's supply chains, dealing predominantly with professional advisers and service providers in the financial services industry, to be low risk in relation to this matter.

Global Greenhouse Gas Emissions

The Company has no greenhouse gas emissions to report from its operations, nor does it have responsibility for any other emissions producing sources under the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013.

Duration

The Company does not have a fixed life. However, under its Articles of Association, if, in the 90 days preceding the Company's financial year end (30 April), the Ordinary shares have been trading, on average, at a discount in excess of 15% to the underlying NAV (excluding current year income, and with borrowings stated at market value) over the same period, notice will be given of an ordinary resolution to be proposed at the following Annual General Meeting to approve the continuation of the Company. If the resolution for the continuation of the Company is not passed at that Annual General Meeting or any adjournment thereof, the Directors will convene a general meeting to be held not more than three months after the Annual General Meeting at which a special resolution for the winding-up of the Company will be proposed. In the 90 days to 30 April 2019 the average discount to the underlying NAV (excluding current year income, and with borrowings stated at market value) of the Ordinary shares was 11.1% and therefore no continuation resolution will be put to the Company's shareholders at this year's Annual General Meeting.

Viability Statement

The Board considers the Company, with no fixed life, to be a long term investment vehicle and it intends to maintain the current mandate. For the purposes of this viability statement, the Board has decided that three years is an appropriate period over which to report. The Board considers that this period reflects a balance between looking out over a long term horizon and the inherent uncertainties of looking out further than three years.

In assessing the viability of the Company over the review period, the Directors have focused upon the following factors:

• The principal risks and uncertainties and the steps taken to mitigate these risks.

• The role of the Audit and Risk Committee in reviewing and monitoring the Company's internal control and risk management systems.

• The ongoing relevance of the Company's investment objective.

• The liquidity of the Company's portfolio. All of the Company's investments are in quoted equities actively traded on recognised stock exchanges.

• The closed-ended nature of the Company which means that it is not subject to redemptions.

• The use of the Company's share buy back and share issuance policies to help address any imbalance of supply and demand for the Company's shares.

• The current and maximum levels of gearing, compliance with loan covenants and level of headroom within the financial covenants (see note 12 to the financial statements for details of loan covenants).

• The ability of the Company to refinance its loan facilities, on or before maturity.

• The potential requirement of the Board to propose a resolution to approve the continuation of the Company at future Annual General Meetings. As explained above, this is dependent upon the level of discount in the 90 days preceding the Company's financial year end and there is no requirement for such a resolution to be proposed at the forthcoming Annual General Meeting.

In making its assessment, the Board has considered that there are other matters that could have an impact on the Company's prospects or viability in the future, including a large economic shock, significant stock market volatility, and changes in regulation or investor sentiment.

Taking into account the Company's current position and the potential impact of its principal risks and uncertainties, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due for a period of three years from the date of this Report.

Outlook

The Board's view on the general outlook for the Company can be found in the Chairman's Statement whilst the Investment Manager's views on the outlook for the portfolio are included in its statement below.

On behalf of the Board

David Shearer

Chairman

27 June 2019

STRATEGIC REPORT - RESULTS

Financial Highlights (capital return)

	30 April 2019	30 April 2018	% change
Total assets	£347,660,000	£339,874,000	+2.3
Total equity shareholders' funds (net assets)	£314,411,000	£311,816,000	+0.8
Market capitalisation	£279,603,000	£270,135,000

Net asset value per Ordinary share (including current year income)	281.12p	272.41p	+3.2
Net asset value per Ordinary share (excluding current year income)^AB	277.79p	268.90p	+3.3
Share price (mid market)	250.00p	236.00p	+5.9
Discount to net asset value per Ordinary share (including current year income)	11.1%	13.4%
Discount to net asset value per Ordinary share (excluding current year income)^AB	10.0%	12.2%

MSCI AC Asia Pacific ex Japan Index (currency adjusted, capital gains basis)	772.65	773.05	-0.1

Net gearing ^B	9.32%	7.59%

Dividend and earnings
Revenue return per share^C	4.30p	4.47p	-3.8
Dividends per share^D	4.30p	4.30p	-
Dividend cover	1.00	1.04
Revenue reserves^E	£13,104,000	£13,118,000

Operating costs
Ongoing charges ratio^B	1.13%	1.10%

^A Based on capital only NAV.
^B Considered to be an Alternative Performance Measure
^C Measures the total earnings for the year divided by the weighted average number of Ordinary shares in issue (see Statement of Comprehensive Income).
^D The figures for dividends reflect the years in which they were earned (see note 8) and assume approval of the final dividend.
^E Prior to payment of proposed final dividend.

STRATEGIC REPORT - PERFORMANCE

Performance (total return)

	1 year return	3 year return	5 year return
	%	%	%
Net asset value^A	+4.9	+64.7	+63.0
Share price^A	+8.0	+69.8	+64.7
MSCI AC Asia Pacific ex Japan Index (currency adjusted)	+3.0	+58.8	+71.1
^A Alternative Performance Measure.

Dividends

	Rate	xd date	Record date	Payment date
Interim 2019	1.00p	3 January 2019	4 January 2019	25 January 2019
Proposed final 2019	3.30p	15 August 2019	16 August 2019	13 September 2019
	_______
Total 2019	4.30p
	_______
Interim 2018	1.00p	4 January 2018	5 January 2018	26 January 2018
Final 2018	3.30p	16 August 2018	17 August 2018	14 September 2018
	_______
Total 2018	4.30p
	_______

Ten Year Financial Record

Year to 30 April	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Total revenue (£'000)	4,372	5,752	6,799	6,562	6,819	7,412	7,004	6,922	7,481	7,442
	______	______	______	______	______	______	______	______	______	______
Per share (p)A
Net revenue return	2.37	3.17	3.97	3.89	3.79	4.18	4.06	4.05	4.47	4.30
Total return	66.34	26.44	(2.72)	33.49	(18.68)	31.74	(34.72)	68.66	30.97	11.88
Net dividends paid/proposed	2.00	2.50	3.30	3.40	3.60	3.80	3.90	4.00	4.30	4.30
Net asset value	162.16	186.60	181.38	210.57	188.49	216.67	179.43	244.90	272.41	281.12
	______	______	______	______	______	______	______	______	______	______
Shareholders' funds (£'000)	201,969	232,406	225,908	262,263	234,762	269,398	216,243	286,191	311,816	314,411
	______	______	______	______	______	______	______	______	______	______

A Figures for 2010-2013 have been restated to reflect the 5:1 sub-division on 3 September 2013.

STRATEGIC REPORT - INVESTMENT MANAGER'S REVIEW

Portfolio Review

The Company's net asset value ("NAV") for the year ended 30 April 2019 rose by 4.9% on a total return basis, compared to a total return of 3.0% from the MSCI All Countries Asia Pacific ex Japan Index. The main factor driving returns was stock selection in China, Indonesia and the Philippines. Also, the Company's holdings in the financial and material sector made a positive contribution to performance.

During the period, US-China trade tensions unexpectedly worsened with retaliatory tariffs weighing on Asian markets. While China bore the brunt of the volatility, other open economies, such as Singapore, Taiwan and Korea, also came under pressure. The US Federal Reserve's monetary policy also steered market direction, with a reversal of its tightening stance in the New Year allowing markets to recover some initial losses. In addition general elections in India, Indonesia and Thailand added to the uncertainty, although all three markets ended the year higher.

Despite the trade-related turmoil, the Chinese holdings were among the strongest contributors to performance notably the position in the Aberdeen Standard - China A Share Equity Fund. The fund's holdings are high-quality stocks with solid balance sheets, healthy cash flows and good earnings visibility. They are also domestically focused companies in sectors such as consumer, travel and healthcare that have been more insulated from trade-related pressures. It has been this focus on resilient locally-based holdings that has enabled the Company to outperform in China, amid slowing growth and heightened trade tensions.

One such holding is Ping An Insurance, which has exposure to China's growing middle class and increasing sophistication of its consumers. It was one of the best performing holdings in the portfolio as its 2018 profits beat forecasts on robust growth from its core life and health-insurance businesses. We like Ping An given the growth potential from the underpenetrated life-insurance business, its sound risk management practices and innovative use of technology. Chinese retail mall and residential property developer China Resources Land also performed well following robust results and earnings upgrades, defying the slowdown in consumer spending and continued march of e-commerce.

While our view on Chinese companies has evolved over recent years, our long-term preference for Indian companies remains undiminished. The portfolio's holding of the Aberdeen Standard - Indian Equity Fund was among the best performers in the portfolio for the year. This fund holds companies with dominant market positions and good growth potential, such as Hindustan Unilever, UltraTech Cement and Housing Development Finance Corporation ("HDFC"). These companies have competent managements and proven history of achieving above-industry returns almost irrespective of the macroeconomic and political conditions in the country. While the Indian market performed well over the period, it was a rollercoaster ride as a strengthening US Dollar and rising oil prices put pressure on the currency and current account. A liquidity crunch in the non-bank financial sector and a dispute between Pakistan and India further exacerbated concerns. Pressures eventually eased, however, as geopolitical tensions receded and the central bank intervened to cut interest rates and inject liquidity. Positive momentum for the incumbent Bharatiya Jain Party ("BJP") in the run up to the general election lifted markets. At the time of writing, the BJP had won a landslide victory, paving the way for Prime Minister Narendra Modi to push through further reforms in his second term that should bode well for the market and economy over the longer term.

Another key market in the portfolio is Singapore, which lagged the region on concerns over trade tensions and weak global growth. Companies turned cautious, opting to conserve cash rather than boost dividends. In addition, the property sector corrected following the imposition of further measures to limit demand. This restricted returns for real estate developer City Developments and conglomerate Keppel Corp, whose earnings from property trading were similarly hampered. Elsewhere in the property sector, the holding in the Philippine company, Ayala Land, contributed substantially to performance. It produced solid results, as residential pre-sales registered double-digit growth and office occupancy rates improved.

In terms of sectors, the Company's exposure to the financial sector was positive for performance. Besides Ping An Insurance, Hong-Kong listed insurer AIA Group's shares rose on news that the Chinese government has given approval for it to operate in two more mainland cities. The portfolio's best performer was Indonesia's Bank Central Asia, as its margins continued to expand owing to its superior liquidity and lower cost of funds. In contrast, OCBC, Standard Chartered and HSBC were weak as these were viewed as being more exposed to China's slowing economy. The Federal Reserve's pivot to a more cautious policy stance further affected these banks, which had been set to gain from higher interest rates. Despite the short-term weakness, we believe their long-term fundamentals remain intact.

In the materials sector, the exposure to Australian miners Rio Tinto and BHP Group supported performance as they benefited from a rise in iron ore prices, following another Brazilian mining dam disaster. We continue to look for opportunities in Australia that could offer sustainable returns. The biotech company CSL has been a core Australian holding which has added to returns consistently as it benefitted from its exposure to global markets. Last year, we introduced another Australian healthcare stock, Cochlear, a global leader in implants for hearing loss. The Company boasts cutting edge technology, a healthy balance sheet, a well-established distribution network as well as a commitment towards research and development that should maintain its competitive advantage. We also initiated oil and gas producer Woodside Petroleum, a well-run private sector oil and gas company with strengths in LNG supply.

Meanwhile, we continued to reposition the portfolio in line with our long-term quality style, reinforcing our high-conviction views and better managing the risk of lower-conviction positions. Aside from those mentioned above, we also introduced three holdings in China. Online car-dealership platform Autohome and hotel chain Huazhu Group are both market leaders in their respective fields. Sunny Optical Technology is a key lens supplier for smartphone cameras. It is also well positioned for the trend towards autonomous driving, which would generate new demand for cameras and lenses in cars.

We funded these positions by divesting the holding in ST Engineering, the Singapore defense and aerospace company, given its high valuation and low earnings growth; and Indocement, following consolidation of Indonesia's cement industry as competitor Semen Indonesia gained more than half of the domestic market via an acquisition. We also sold Hong Kong landlord and Chinese shopping mall developer Hang Lung Group, but retained some exposure through its subsidiary, Hang Lung Properties. Elsewhere, South Korea has been a challenging market and it has served the portfolio well to have limited exposure there. The technology and consumer sectors in particular came under pressure from trade tensions and negative currency effects. We exited Naver, Amorepacific Group and E-Mart.

Outlook

We remain cautious in view of the prevailing uncertainties, although heightened risk aversion is likely to make investors more discerning and refocus on fundamentals. The US-China trade war could drag on for some time, and we would need to consider the repercussions of extended tariffs on investor sentiment, stock markets and the region's economic growth, aside from the broader impact on global supply chains. However, Asia's underlying fundamentals and longer-term prospects remain sound. Economic growth in Asia should still exceed other regions, with improved governance and healthy structural trends, such as a growing workforce, greater affluence and technological advancement. At the corporate level, valuations appear to be fair and at a significant discount to developed markets, especially the US. Earnings growth is likely to be in the high single-digit range.

We will continue to focus on high-quality companies with solid balance sheets and proven track records that can weather the volatility. Beyond the short-term noise, we are well positioned to identify new investments given our focus on stock selection and extensive presence across the region. We have been moving towards direct investments in markets, such as China, Indonesia and Vietnam, whereas previously we had sought exposure via safe-haven markets such as Hong Kong and Singapore. We also continue to engage with, and monitor, our holdings closely and we believe that our deep research and quality focus will continue to deliver sustainable long-term returns for your Company.

Aberdeen Standard Investments (Asia) Limited

27 June 2019

PORTFOLIO - TEN LARGEST INVESTMENTS

As at 30 April 2019

			Valuation	Total	Valuation
			2019	assets^A	2018
Company	Industry	Country	£'000	%	£'000
Aberdeen Standard - Indian Equity Fund^B
A tax-efficient pooled India fund with a long-term investment approach managed by the same team managing the Company.	Collective Investment Scheme	India	40,673	11.7	37,897
Aberdeen Standard - China A Share Equity Fund^B
The fund offers a selection of Chinese companies that benefit from rising consumption and incomes of a growing middle class. However, investing directly in the A-share market remains challenging and the Manager believes it is more prudent to do so via a pooled vehicle offering diversification with lower stock-specific risk and volatility.	Collective Investment Scheme	China	22,406	6.5	22,579
Tencent Holdings
The internet giant continues to strengthen its ecosystem, and the Manager sees tremendous potential in Tencent's advertising business as it starts monetising its social media and payment platforms.	Interactive Media & Services	China	19,884	5.7	11,484
Samsung Electronics Pref
A leading semiconductor manufacturer which is also a major player in mobile phones and TFT-LCDs. The Company owns the preferred shares, which trade at a discount to the ordinary shares.	Technology Hardware Storage & Peripherals	South Korea	16,385	4.8	19,056
Taiwan Semiconductor Manufacturing Company
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	14,968	4.3	13,257
Jardine Strategic Holdings
A Hong Kong conglomerate with regional interests in retail, property, hotels and auto distribution. It provides the Company with a diversified exposure to the Asian consumer, backed by good distribution networks, established franchises and a decent valuation.	Industrial Conglomerates	Hong Kong	11,984	3.5	13,122
AIA Group
A leading pan-Asian life insurance company, it is poised to take advantage of Asia's growing affluence, backed by an effective agency force and solid fundamentals.	Insurance	Hong Kong	10,575	3.0	10,543
Ayala Land
A leading property developer in the Philippines with an attractive land bank, well-respected brand and expertise across residential, commercial and retail sectors.	Real Estate Management & Development	Philippines	10,412	3.0	9,890
Bank Central Asia
Among the largest local private banks in Indonesia, it is well capitalised and has a big and stable base of low-cost deposits that funds its lending, while asset quality remains solid.	Banks	Indonesia	9,740	2.8	8,348
Oversea-Chinese Banking Corporation
A well-managed Singapore bank with a solid capital base and good cost-to-income ratio. It is diversified by both geography and service offerings, with interests spanning South East Asia, North Asia, wealth management and life assurance as well as its core banking activities.	Banks	Singapore	9,486	2.7	12,772
Top ten investments			166,513	48.0

PORTFOLIO - OTHER INVESTMENTS

As at 30 April 2019

			Valuation	Total	Valuation
			2019	assets^A	2018
Company	Industry	Country	£'000	%	£'000
Ping An Insurance H Shares	Insurance	China	9,345	2.7	2,550
China Resources Land	Real Estate Management & Development	China	7,602	2.2	3,143
BHP Group (London listing)	Metals & Mining	Australia	7,018	2.0	6,637
CSL	Biotechnology	Australia	6,988	2.0	7,991
Rio Tinto (London Listing)	Metals & Mining	Australia	6,700	1.9	8,292
HSBC Holdings	Banks	Hong Kong	6,697	1.9	6,639
Siam Cement (Foreign)	Construction Materials	Thailand	6,586	1.9	7,281
Hong Kong Exchanges & Clearing	Capital Markets	Hong Kong	6,419	1.9	6,976
Aberdeen New India Investment Trust{B}	Investment Trusts	India	6,414	1.8	6,029
Swire Properties	Real Estate Management & Development	Hong Kong	5,907	1.7	4,887
Top twenty investments			236,189	68.0
DBS Group Holdings	Banks	Singapore	5,404	1.6	5,741
Keppel Corporation	Industrial Conglomerates	Singapore	5,133	1.5	6,840
City Developments	Real Estate Management & Development	Singapore	4,930	1.4	7,758
Autohome ADR	Internet Software & Services	China	4,651	1.3	-
Astra International	Automobiles	Indonesia	4,592	1.3	1,390
Yum China Holdings	Hotels, Restaurants & Leisure	China	4,415	1.3	4,904
LG Chem	Chemicals	South Korea	4,101	1.2	1,564
M.P. Evans Group	Food Products	United Kingdom	4,017	1.2	4,281
John Keells Holdings	Industrial Conglomerates	Sri Lanka	3,839	1.1	2,864
Kerry Logistics Network	Air Freight & Logistics	Hong Kong	3,667	1.1	1,428
Top thirty investments			280,938	81.0
Standard Chartered (London listing)	Banks	United Kingdom	3,652	1.1	4,835
United Overseas Bank	Banks	Singapore	3,629	1.0	3,828
Cochlear	Health Care Providers & Services	Australia	3,625	1.0	-
China Mobile	Wireless Telecommunication Services	China	3,535	1.0	6,153
Vietnam Dairy Products	Food Products	Vietnam	3,477	1.0	3,998
Wuxi Biologics (Cayman)	Life Sciences Tools & Services	China	3,460	1.0	-
Venture Corp	Electronic Equipment, Instruments & Components	Singapore	3,348	1.0	4,422
Anhui Conch Cement H Shares	Construction Materials	China	3,329	1.0	5,017
Singapore Telecommunication	Diversified Telecommunication Services	Singapore	3,244	0.9	6,394
Public Bank Berhad	Banks	Malaysia	3,013	0.9	3,179
Top forty investments			315,250	90.9
Taiwan Mobile	Wireless Telecommunication Services	Taiwan	2,976	0.9	3,414
Huazhu Group ADR	Hotels, Restaurants & Leisure	China	2,894	0.8	-
ASM Pacific Technology	Semiconductors & Semiconductor Equipment	Hong Kong	2,690	0.8	3,025
Aberdeen Standard Asia Focus^B	Investment Trusts	Other Asia	2,570	0.7	2,546
Unilever Indonesia	Household Products	Indonesia	2,371	0.7	2,732
Bangkok Dusit Medical Services (Foreign)	Health Care Providers & Services	Thailand	1,909	0.5	1,613
Mobile World	Specialty Retail	Vietnam	1,862	0.5	-
Sunny Optical Technology	Electronic Equipment, Instruments & Components	China	1,743	0.5	-
Raffles Medical	Health Care Providers & Services	Singapore	1,725	0.5	1,757
Woodside Petroleum	Oil, Gas & Consumable Fuels	Australia	1,533	0.4	-
Top fifty investments			337,523	97.2
Swire Pacific B Shares	Real Estate Management & Development	Hong Kong	1,265	0.4	4,250
Yoma Strategic Holdings	Real Estate Management & Development	Myanmar	1,134	0.3	1,445
Amorepacific Corporation	Personal Goods	South Korea	975	0.3	2,431
Hang Lung Properties	Real Estate Management & Development	Hong Kong	923	0.3	882
DFCC Bank	Banks	Sri Lanka	628	0.2	2,925
E-Mart	Food & Staples Retailing	South Korea	521	0.2	776
Total investments			342,969	98.9
Net current assets^C			4,241	1.2
Total assets^A			347,210	100.1
^A As defined.
^B Holding also managed by the Standard Life Aberdeen Group but not subject to double charging of management fees.
^C Excluding short-term bank loans of £13,311,000.
Note: Unless otherwise stated, foreign stock is held and all investments are equity holdings.

PORTFOLIO - CHANGES IN ASSET DISTRIBUTIONS

	Value at		Sales	Appreciation/	Value at
	30 April 2018	Purchases	proceeds	(depreciation)	30 April 2019
Country	£'000	£'000	£'000	£'000	£'000
Australia	22,920	5,108	(2,362)	198	25,864
China	55,830	26,940	(8,554)	9,045	83,261
Hong Kong	53,685	2,564	(10,582)	4,460	50,127
India	43,926	5,950	(4,385)	1,596	47,087
Indonesia	15,409	3,490	(5,019)	2,823	16,703
Malaysia	3,179	-	-	(166)	3,013
Myanmar	1,445	-	-	(310)	1,135
Other Asia	2,546	-	-	25	2,571
Philippines	9,890	-	(1,746)	2,268	10,412
Singapore	52,773	857	(10,426)	(6,304)	36,900
South Korea	30,721	3,413	(6,250)	(5,452)	22,432
Sri Lanka	3,640	1,615	(180)	(608)	4,467
Taiwan	16,671	2,113	(3,345)	2,505	17,944
Thailand	8,894	-	(949)	550	8,495
United Kingdom	9,116	-	(4,386)	2,939	7,669
Vietnam	3,998	5,681	(2,399)	(1,941)	5,339
	________	________	________	________	________
Total investments	334,643	57,731	(60,583)	11,628	343,419
Net current assets^A	5,231	-	-	(990)	4,241
	________	________	________	________	________
Total assets less current liabilities	339,874	57,731	(60,583)	10,638	347,660
	________	________	________	________	________

^A Excluding short-term bank loans of £13,311,000 (2018 - £23,058,000).

DIRECTORS' REPORT (EXTRACT)

The Directors present their report and the audited financial statements for the year ended 30 April 2019.

Results and Dividends

The financial statements for the year ended 30 April 2019 are contained below. An interim dividend of 1.0p per Ordinary share was paid on 25 January 2019 and the Board recommends a final dividend of 3.3p per Ordinary share, payable on 13 September 2019 to shareholders on the register on 16 August 2019. The relevant ex-dividend date is 15 August 2019. A resolution in respect of the final dividend will be proposed at the forthcoming Annual General Meeting.

Investment Trust Status

The Company is registered as a public limited company (registered in England and Wales No. 02377879) and is an investment company within the meaning of Section 833 of the Companies Act 2006. The Company has been approved by HM Revenue & Customs as an investment trust subject to it continuing to meet the relevant eligibility conditions of Section 1158 of the Corporation Tax Act 2010 and the ongoing requirements of Part 2 Chapter 3 Statutory Instrument 2011/2999 for all financial years commencing on or after 1 May 2012. The Directors are of the opinion that the Company has conducted its affairs for the year ended 30 April 2019 so as to enable it to comply with the ongoing requirements for investment trust status.

Individual Savings Accounts

The Company has conducted its affairs in such a way as to satisfy the requirements as a qualifying security for Individual Savings Accounts. The Directors intend that the Company will continue to conduct its affairs in this manner.

Capital Structure

The issued Ordinary share capital at 30 April 2019 consisted of 111,841,348 Ordinary shares of 5p and 8,388,101 shares held in treasury. During the year the Company purchased 2,622,500 Ordinary shares to be held in treasury and it cancelled 2,819,187 of its shares held in treasury. Since the end of the year, it has purchased a further 80,000 Ordinary shares to be held in treasury. At the date of approval of this Report there were 111,761,348 Ordinary shares of 5p in issue and 8,468,101 shares held in treasury.

Voting Rights

Each Ordinary shareholder is entitled to one vote on a show of hands at general meetings of the Company and, on a poll, to one vote for every share held. The Ordinary shares, excluding treasury shares, carry a right to receive dividends. On a winding up or other return of capital, after meeting the liabilities of the Company, the surplus assets will be paid to Ordinary shareholders in proportion to their shareholdings.

There are no restrictions on the transfer of Ordinary shares in the Company other than certain restrictions which may from time to time be imposed by law.

Management Agreement

The Company has appointed Aberdeen Standard Fund Managers Limited ("ASFML"), a wholly owned subsidiary of Standard Life Aberdeen plc, as its alternative investment fund manager. ASFML has been appointed to provide investment management, risk management, administration and company secretarial services and promotional activities to the Company. The Company's portfolio is managed by Aberdeen Standard Investments (Asia) Limited ("ASI Asia") by way of a group delegation agreement in place between ASFML and ASI Asia. In addition, ASFML has sub-delegated promotional activities to Aberdeen Asset Managers Limited and administrative and secretarial services to Aberdeen Asset Management PLC. Details of the management fee and fees payable for promotional activities are shown in notes 4 and 5 to the financial statements.

The management agreement is terminable on not less than 12 months' notice. In the event of termination by the Company on less than the agreed notice period, compensation is payable to the Manager in lieu of the unexpired notice period.

Substantial Interests

At 30 April 2019 the following interests in the issued Ordinary share capital of the Company had been disclosed in accordance with the requirements of the FCA's Disclosure Guidance and Transparency Rules ("DTR"):

Shareholder	Number of Ordinary shares held	% held^B
City of London Investment Management Company	14,737,592	13.2
Wells Capital Management	9,169,108	8.2
Aberdeen Standard Investment Trust Share Plans^A	8,990,811	8.0
Derbyshire County Council	7,780,000	7.0
Funds managed by Rathbones	7,262,140	6.5
Quilter Cheviot Investment Management	5,436,921	4.9
1607 Capital Partners LLC	4,770,786	4.3

^A Non-beneficial interest

^B Based on 111,841,348 Ordinary shares in issue as at 30 April 2019

There have been no changes notified to the Company since the year.

Corporate Governance

The Company is committed to high standards of corporate governance. The Board is accountable to the Company's shareholders for good governance and this statement describes how the Company has applied the principles identified in the UK Corporate Governance Code (the "UK Code"), as published in April 2016, which is available on the Financial Reporting Council's website: frc.org.uk.

The Board has also considered the principles and recommendations of the AIC Code of Corporate Governance as published in July 2016 (the "AIC Code") by reference to the AIC Corporate Governance Guide for Investment Companies (the "AIC Guide"). The AIC Code, as explained by the AIC Guide, addresses all the principles set out in the UK Code, as well as setting out additional principles and recommendations on issues that are of specific relevance to investment trusts. The AIC Code and AIC Guide are available on the AIC's website: theaic.co.uk. The Board considers that reporting in accordance with the principles and recommendations of the AIC Code, and by reference to the AIC Guide (which incorporates the UK Code), will provide better information to shareholders.

The Board confirms that, during the year, the Company complied with the recommendations of the AIC Code and the relevant provisions of the UK Code, except as set out below.

The UK Code includes provisions relating to:

1. the role of the chief executive (A.1.2);

2. executive directors' remuneration (D.1.1 and D.1.2); and

3. the need for an internal audit function (C.3.6).

For the reasons set out in the AIC Guide, and as explained in the UK Code, the Board considers that these provisions are not relevant to the position of the Company, being an externally managed investment company. In particular, all of the Company's day-to-day management and administrative functions are outsourced to third parties. As a result, the Company has no executive directors, employees or internal operations. The Company has therefore not reported further in respect of these provisions.

The Company is also non-compliant with Provision A.4.1 of the UK Code which states that the Board should appoint a Senior Independent Director. The Board has considered whether a Senior Independent Director should be appointed and has concluded that, given the current size of the Board and the fact that it is comprised entirely of non-executive Directors, this is unnecessary at the present time.

The full text of the Company's Corporate Governance Statement will be available on its website.

The Board notes the content of the new UK Code of Corporate Governance published by the FRC in July 2018 (the "2018 UK Code"), which is applicable for accounting periods beginning on or after 1 January 2019, and the new AIC Code of Corporate Governance published in February 2019 (the "2019 AIC Code"). The Board expects the Company to be compliant with the relevant provisions of the new codes for the year ending 30 April 2020 and will report its compliance in next year's Annual Report.

Directors

Mr Workman was appointed as a Director on 1 October 2018 and at the year end the Board comprised six Directors, consisting of a non-executive Chairman and five non-executive Directors. All Directors, with the exception of Mr Young, are considered by the Board to be independent and free of any material relationship with the Standard Life Aberdeen Group. Mr Young is a director of various entities connected with, or within, the Standard Life Aberdeen Group and, as such, is not considered to be independent.

Directors attended scheduled Board and Committee meetings during the year ended 30 April 2019 as shown in the table below (with their eligibility to attend the relevant meeting in brackets).

Director	Board Meetings	Audit and Risk Committee Meetings	Nomination Committee Meetings	Management Engagement Committee Meetings
D Shearer^A	6 (6)	2 (2)	2 (2)	1 (1)
J Lorimer	6 (6)	2 (2)	2 (2)	1 (1)
S Rippingall	6 (6)	2 (2)	2 (2)	1 (1)
M Sears	6 (6)	2 (2)	2 (2)	1 (1)
D Workman	4 (4)	1 (1)	1 (1)	- (-)
H Young^B	6 (6)	- (-)	2 (2)	- (-)

^A Mr Shearer is not a member of the Audit and Risk Committee, although he attends by invitation.

^BMr Young is not a member of the Audit and Risk or Management Engagement Committees.

The Board meets more frequently when business needs require.

Directors' and Officers' Liability Insurance

The Company's Articles of Association indemnify each of the Directors out of the assets of the Company against any liabilities incurred by them as a Director of the Company in defending proceedings, or in connection with any application to the Court in which relief is granted. In addition, the Directors have been granted qualifying indemnity provisions by the Company which are currently in force. Directors' and Officers' liability insurance cover has been maintained throughout the year at the expense of the Company.

Management of Conflicts of Interest

The Board has a procedure in place to deal with a situation where a Director has a conflict of interest. As part of this process, each Director prepares a list of other positions held and all other conflict situations that may need to be authorised either in relation to the Director concerned or his or her connected persons. The Board considers each Director's situation and decides whether to approve any conflict, taking into consideration what is in the best interests of the Company and whether the Director's ability to act in accordance with his or her wider duties is affected. Each Director is required to notify the Company Secretary of any potential or actual conflict situations that will need authorising by the Board. Authorisations given by the Board are reviewed at each Board meeting.

No Director has a service contract with the Company although all Directors are issued with letters of appointment.

The Company has a policy of conducting its business in an honest and ethical manner. The Company takes a zero-tolerance approach to bribery and corruption and has procedures in place that are proportionate to the Company's circumstances to prevent them. The Manager also adopts a group-wide zero-tolerance approach and has its own detailed policy and procedures in place to prevent bribery and corruption. Copies of the Manager's anti-bribery and corruption policies are available on its website.

In relation to the corporate offence of failing to prevent tax evasion, it is the Company's policy to conduct all business in an honest and ethical manner. The Company takes a zero-tolerance approach to facilitation of tax evasion whether under UK law or under the law of any foreign country and is committed to acting professionally, fairly and with integrity in all its business dealings and relationships.

Going Concern

The Company's assets consist substantially of equity shares in companies listed on recognised stock exchanges and in most circumstances are realisable within a short timescale. The Board has set limits for borrowing and regularly reviews cash flow projections and compliance with banking covenants. The Directors believe that, after making enquiries, the Company has adequate resources to continue in operational existence for the foreseeable future and has the ability to meet its financial obligations as they fall due for a period of at least twelve months from the date of approval of this Report. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Accountability and Audit

Each Director confirms that, so far as he or she is aware, there is no relevant audit information of which the Company's Auditor is unaware, and they have taken all the steps that they could reasonably be expected to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's Auditor is aware of that information.

Independent Auditor

The Company's Auditor, Ernst & Young LLP, has indicated its willingness to remain in office. The Board will place resolutions before the Annual General Meeting to re-appoint Ernst & Young LLP as Auditor for the ensuing year and to authorise the Directors to determine its remuneration.

Relations with Shareholders

The Directors place a great deal of importance on communication with shareholders. Shareholders and investors may obtain up to date information on the Company through its website and the Manager's Customer Services Department.

The Board's policy is to communicate directly with shareholders and their representative bodies without the involvement of the management group (including the Company Secretary or the Manager) in situations where direct communication is required, and representatives from the Board meet with major shareholders on an annual basis in order to gauge their views.

In addition, the Company Secretary only acts on behalf of the Board, not the Manager, and there is no filtering of communication. At each Board meeting the Board receives full details of any communication from shareholders to which the Chairman responds personally as appropriate.

The Notice of the Annual General Meeting is sent out at least 20 working days in advance of the meeting. All shareholders have the opportunity to put questions to the Board and Manager at the meeting.

Electronic Communications

The Company's Articles of Association allow shareholders to elect to receive communications from the Company and allow voting in electronic format. If shareholders would like to receive future communications in electronic format they should contact the Company's registrar, Equiniti Limited. If shareholders wish to continue to receive Annual Reports and other communications in hard copy format only they need take no further action.

Annual General Meeting

The Annual General Meeting will be held at the offices of Standard Life Aberdeen plc, Bow Bells House, 1 Bread Street, London EC4M 9HH on 4 September 2019 at 12 noon.

By order of the Board

Aberdeen Asset Management PLC

Company Secretary

27 June 2019

STATEMENT OF COMPREHENSIVE INCOME

		Year ended 30 April 2019			Year ended 30 April 2018
		Revenue	Capital	Total	Revenue	Capital	Total
	Notes	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments held at fair value through profit or loss	10	-	11,628	11,628	-	30,425	30,425
Income	3	7,442	-	7,442	7,481	-	7,481
Management fee	4	(902)	(902)	(1,804)	(924)	(924)	(1,848)
Administrative expenses	5	(839)	-	(839)	(739)	-	(739)
Exchange (losses)/gains		-	(1,745)	(1,745)	-	1,443	1,443
		_______	_______	______	_______	______	_______
Net return before finance costs and taxation		5,701	8,981	14,682	5,818	30,944	36,762

Finance costs	6	(422)	(422)	(844)	(296)	(296)	(592)
		_______	_______	______	_______	______	_______
Return before taxation		5,279	8,559	13,838	5,522	30,648	36,170

Taxation	7	(429)	-	(429)	(346)	-	(346)
		_______	_______	______	_______	______	_______
Return after taxation		4,850	8,559	13,409	5,176	30,648	35,824
		_______	_______	______	_______	______	_______

Return per Ordinary share (pence)	9	4.30	7.58	11.88	4.47	26.50	30.97
		_______	_______	______	_______	______	_______

The total column of this statement represents the profit and loss account of the Company.
The Company does not have any income or expense that is not included in "Return after taxation" and therefore this represents the "Total comprehensive income for the year".
All revenue and capital items are derived from continuing operations.
The accompanying notes are an integral part of the financial statements.

STATEMENT OF FINANCIAL POSITION

		As at	As at
		30 April 2019	30 April 2018
	Notes	£'000	£'000
Fixed assets
Investments at fair value through profit or loss	10	343,419	334,643
		_________	_________
Current assets
Debtors	11	926	1,127
Cash at bank and in hand		3,853	4,507
		_________	_________
		4,779	5,634
		_________	_________
Creditors: amounts falling due within one year	12
Loans		(13,311)	(23,058)
Other creditors		(538)	(403)
		_________	_________
		(13,849)	(23,461)
		_________	_________
Net current liabilities		(9,070)	(17,827)
		_________	_________
Total assets less current liabilities		334,349	316,816

Non-current creditors	12
Loans		(19,938)	(5,000)
		_________	_________
Net assets		314,411	311,816
		_________	_________

Share capital and reserves
Called-up share capital	13	6,011	6,152
Share premium account		17,955	17,955
Capital redemption reserve		10,543	10,402
Capital reserve	14	266,798	264,189
Revenue reserve		13,104	13,118
		_________	_________
Equity shareholders' funds		314,411	311,816
		_________	_________

Net asset value per Ordinary share (pence)	15	281.12	272.41
		_________	_________

The accompanying notes are an integral part of the financial statements.

STATEMENT OF CHANGES IN EQUITY

For the year ended 30 April 2019

		Share	Capital
	Share	premium	redemption	Capital	Revenue
	capital	account	reserve	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 30 April 2018	6,152	17,955	10,402	264,189	13,118	311,816
Buy back of Ordinary shares for treasury	-	-	-	(5,950)	-	(5,950)
Cancellation of Ordinary shares held in treasury	(141)	-	141	-	-	-
Return after taxation	-	-	-	8,559	4,850	13,409
Dividends paid (see note 8)	-	-	-	-	(4,864)	(4,864)
	________	_________	_________	________	________	________
Balance at 30 April 2019	6,011	17,955	10,543	266,798	13,104	314,411
	________	_________	_________	________	________	________

For the year ended 30 April 2018

		Share	Capital
	Share	premium	redemption	Capital	Revenue
	capital	account	reserve	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 30 April 2017	6,347	17,955	10,207	239,100	12,582	286,191
Buy back of Ordinary shares for treasury	-	-	-	(5,559)	-	(5,559)
Cancellation of Ordinary shares held in treasury	(195)	-	195	-	-	-
Return after taxation	-	-	-	30,648	5,176	35,824
Dividends paid (see note 8)	-	-	-	-	(4,640)	(4,640)
	________	_________	_________	________	________	________
Balance at 30 April 2018	6,152	17,955	10,402	264,189	13,118	311,816
	________	_________	_________	________	________	________

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.

STATEMENT OF CASHFLOWS

		Year ended	Year ended
		30 April 2019	30 April 2018
	Notes	£'000	£'000
Operating activities
Net return before finance costs and taxation		14,682	36,762
Adjustment for:
Gains on investments		(11,628)	(30,425)
Currency losses/(gains)		1,745	(1,443)
Dividend income		(7,433)	(7,478)
Dividend income received		7,796	7,396
Interest income		(9)	(3)
Interest income received		9	3
Increase in other debtors		(13)	(12)
Increase/(decrease) in other creditors		181	(177)
Stock dividends included in investment income		(358)	(341)
Overseas withholding tax		(487)	(328)
		_________	_________
Net cash flow from operating activities		4,485	3,954

Investing activities
Purchases of investments		(57,373)	(42,057)
Sales of investments		60,492	51,710
		_________	_________
Net cash from investing activities		3,119	9,653

Financing activities
Equity dividends paid	8	(4,864)	(4,640)
Interest paid		(778)	(586)
Buy back of Ordinary shares for treasury		(6,056)	(5,570)
Loan repayment		(28,074)	-
Loan drawdown		32,032	-
		_________	_________
Net cash used in financing activities		(7,740)	(10,796)
		_________	_________
(Decrease)/increase in cash		(136)	2,811
		_________	_________
Analysis of changes in cash during the year
Opening balance		4,507	1,719
Effect of exchange rate fluctuations on cash held		(518)	(23)
(Decrease)/increase in cash as above		(136)	2,811
		_________	_________
Closing balances		3,853	4,507
		_________	_________

The accompanying notes are an integral part of the financial statements.

NOTES TO THE FINANCIAL STATEMENTS:

For the year ended 30 April 2019

1.	Principal activity
	The Company is a closed-end investment company, registered in England & Wales No 02377879, with its Ordinary shares being listed on the London Stock Exchange.

2.	Accounting policies
	(a)	Basis of accounting
		The financial statements have been prepared in accordance with Financial Reporting Standard 102 and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued in November 2014 and updated in February 2018 with consequential updates. The financial statements are prepared in sterling which is the functional currency of the Company and rounded to the nearest £'000. They have also been prepared on the assumption that approval as an investment trust will continue to be granted by HMRC.

		The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Further detail is included in the Directors' Report (unaudited).

		The Company's investments and borrowings are made in a number of currencies, however the Board considers the Company's functional currency to be Sterling. In arriving at this conclusion, the Board considered that the shares of the Company are listed on the London Stock Exchange, it is regulated in the United Kingdom, principally having its shareholder base in the United Kingdom, pays dividends and expenses in Sterling. Consequently, the Board also considers the Company's presentational currency to be Sterling.

		Significant accounting judgements, estimates and assumptions
		The preparation of financial statements requires the use of certain significant accounting judgements, estimates and assumptions which requires management to exercise its judgement in the process of applying the accounting policies and are continually evaluated. The Directors do not consider there to be any significant estimates within the financial statements. Special dividends are assessed and credited to capital or revenue according to their circumstances.

	(b)	Valuation of investments
		Listed investments have been designated upon initial recognition as fair value through profit or loss. Investments are recognised and de-recognised on the trade date at cost. Subsequent to initial recognition, investments are valued at fair value which for listed investments is deemed to be bid market prices. The fair value of the Company's investments in collective investment schemes has been determined by reference to their quoted net asset values. Gains and losses arising from changes in fair value are included as a capital item in the Statement of Comprehensive Income and are ultimately recognised in the capital reserve.

	(c)	Income
		Dividends, including taxes deducted at source, are included in revenue by reference to the date on which the investment is quoted ex-dividend. Special dividends are reviewed on a case-by-case basis and may be credited to capital, if circumstances dictate. 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. Fixed returns on non-equity shares are recognised on a time apportioned basis so as to reflect the effective yield on shares. Other returns on non-equity shares are recognised when the right to return is established. Where the Company has elected to receive its dividends in the form of additional shares rather than cash, the amount of the scrip dividend is recognised as income. Any excess in the value of the shares received over the amount of the cash dividend is recognised in capital reserves. Interest receivable on bank balances is dealt with on an accruals basis.

	(d)	Expenses
		All expenses are accounted for on an accruals basis. Expenses are charged through the revenue column of the Statement of Comprehensive Income except as follows:
		- expenses directly relating to the acquisition or disposal of an investment, which are charged to the capital column of the Statement of Comprehensive Income and are separately identified and disclosed in note 10; and
		- the Company charges 50% of investment management fees and finance costs to the capital column of the Statement of Comprehensive Income, 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
		The tax payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of Comprehensive Income because it excludes items of income or expenditure that are taxable or deductible in other years and it further excludes items that are never taxable or deductible (see note 7 for a more detailed explanation).

		Deferred taxation is provided on all timing differences, that have originated but not reversed at the Statement of Financial Position date, where transactions or events that result in an obligation to pay more or a right to pay less tax in future have occurred at the Statement of Financial Position date, measured on an undiscounted basis and based on enacted tax rates. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company's taxable profits and its results as stated in the accounts which are capable of reversal in one or more subsequent periods. Due to the Company's status as an investment trust company, and the intention to continue to meet the conditions required to obtain approval for the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments.

	(f)	Foreign currencies
		Assets and liabilities in foreign currencies are translated at the rates of exchange ruling on the Statement of Financial Position date. Transactions involving foreign currencies are converted at the rate ruling on the date of the transaction. Gains and losses on the realisation of foreign currencies are recognised in the Statement of Comprehensive Income as capital or revenue, depending upon their nature.

	(g)	Dividends payable
		Final dividends are recognised from the date on which they are declared and approved by shareholders. Interim dividends are recognised when paid.

	(h)	Nature and purpose of reserves
		Called up share capital
		The Ordinary share capital on the Statement of Financial Position relates to the number of shares in issue and in treasury. Only when the shares are cancelled, either from treasury or directly, is a transfer made to the capital redemption reserve.

		Share premium account
		The balance classified as share premium includes the premium above nominal value from the proceeds on issue of any equity share capital comprising Ordinary shares of 5p. This is not a distributable reserve.

		Capital redemption reserve
		The capital redemption reserve is used to record the amount equivalent to the nominal value of any of the Company's own shares purchased and cancelled in order to maintain the Company's capital. This is not a distributable reserve.

		Capital reserve
		Gains or losses on disposal of investments and changes in fair values of investments are transferred to the capital reserve. The capital element of the management fee and relevant finance costs are charged to this reserve. Any associated tax relief is also credited to this reserve. The costs of share buybacks to be held in treasury have also been deducted from this reserve.

		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.

	(i)	Borrowings
		Bank loans are initially recognised at cost, being the fair value of the consideration received, net of any issue expenses. Subsequently, they are measured at amortised cost using the effective interest method. Finance charges are accounted for on an accruals basis using the effective interest rate method and are charged 50% to revenue and 50% to capital.

		2019	2018
3.	Income	£'000	£'000
	Income from investments
	UK dividend income	1,350	1,284
	Overseas dividends	5,725	5,853
	Scrip dividends	358	341
		_________	_________
		7,433	7,478
		_________	_________
	Other income
	Deposit interest	9	3
		_________	_________
	Total income	7,442	7,481
		_________	_________

		2019			2018
		Revenue	Capital	Total	Revenue	Capital	Total
4.	Management fee	£'000	£'000	£'000	£'000	£'000	£'000
	Management fee	902	902	1,804	924	924	1,848
		_______	_______	______	_______	_______	_______

	Management and secretarial services are provided by Aberdeen Standard Fund Managers Limited ("ASFML").

	The management fee is payable monthly in arrears based on an annual rate of 0.85% of the net asset value of the Company valued monthly, with the following provisions for commonly managed funds:
	- the Company's investments in Aberdeen Standard - Indian Equity Fund, Aberdeen Standard Asia Focus Investment Trust PLC and Aberdeen New India Investment Trust PLC are excluded from the calculation of the investment management fee. The Company's investment in Aberdeen Standard - China A Share Equity Fund is held in a share class not subject to management charges at a fund level and the Manager is therefore entitled to a fee on the value of the Company's investment. The total value of such commonly managed funds, on a bid price basis (basis on which management fee is calculated), at the year end was £72,063,000 (2018 - bid basis - £69,051,000).
	- the Company receives a rebate from the Manager for the amount of fees in excess of 0.85% of net assets charged by the Manager for any commonly managed fund.

	The balance due to ASFML at the year end, net of any rebates was £311,000 (2018 - £159,000).

	The agreement is terminable by either party on not less than twelve months' notice to the other. In the event of termination by the Company on less than the agreed notice period, compensation is payable to the Manager in lieu of the unexpired notice period.

		2019	2018
5.	Administrative expenses	£'000	£'000
	Promotional activities	152	158
	Directors' fees	132	141
	Safe custody fees	132	121
	Auditor's remuneration:
	- fees payable to the Company's Auditor for the audit of the Company's annual financial statements	20	15
	- fees payable to the Company's Auditor for the review of the Company's half yearly financial statements	5	4
	- fees payable to the Company's auditor and its associates for iXBRL tagging services	2	2
	Other administration expenses	396	298
		_________	_________
		839	739
		_________	_________

	The Company has an agreement with ASFML for the provision of promotional activities. The total fees payable during the year were £152,000 (2018 - £158,000) and the sum due to ASFML at the year end was £47,000 (2018 - £13,000).

	No pension contributions were made in respect of any of the Directors.

	The Company does not have any employees.

		2019			2018
		Revenue	Capital	Total	Revenue	Capital	Total
6.	Finance costs	£'000	£'000	£'000	£'000	£'000	£'000
	Interest on bank loans	422	422	844	296	296	592
		_______	_______	_______	_______	_______	_______

			2019			2018
			Revenue	Capital	Total	Revenue	Capital	Total
7.	Taxation		£'000	£'000	£'000	£'000	£'000	£'000
	(a)	Analysis of charge for the year
		Overseas tax	501	-	501	413	-	413
		Overseas tax reclaimable	(72)	-	(72)	(67)	-	(67)
			_______	_______	_______	_______	_______	_______
		Total tax charge for the year	429	-	429	346	-	346
			_______	_______	_______	_______	_______	_______

	(b)	Factors affecting the tax charge for the year
		The tax assessed for the year is lower than the current standard rate of corporation tax in the UK.

			2019			2018
			Revenue	Capital	Total	Revenue	Capital	Total
			£'000	£'000	£'000	£'000	£'000	£'000
		Net return before taxation	5,279	8,559	13,838	5,522	30,648	36,170
			_______	_______	_______	_______	_______	_______
		Net return multiplied by standard rate of corporation tax in the UK of 19%	1,003	1,626	2,629	1,049	5,823	6,872
		Effects of:
		Non-taxable UK dividend income	(256)	-	(256)	(244)	-	(244)
		Non-taxable overseas dividends	(1,156)	-	(1,156)	(1,177)	-	(1,177)
		Overseas tax suffered	429	-	429	346	-	346
		Surplus management expenses and loan relationship deficits not relieved	409	251	660	372	232	604
		Non-taxable exchange losses/(gains)	-	332	332	-	(274)	(274)
		Non-taxable gains	-	(2,209)	(2,209)	-	(5,781)	(5,781)
			_______	_______	_______	_______	_______	_______
		Total tax charge	429	-	429	346	-	346
			_______	_______	_______	_______	_______	_______

	(c)	Provision for deferred taxation
		No provision for deferred taxation has been made in the current year or in the prior year.

		The Company has not provided for deferred tax on capital gains or losses arising on the revaluation or disposal of investments as it is exempt from tax on these items because of its status as an investment trust company.

	(d)	Factors that may affect future tax charges
		At the year end, the Company has an unrecognised deferred tax asset of £4,577,000 (2018 - £3,986,000) arising as a result of excess management expenses and non-trade loan relationship deficits. These expenses will only be utilised if the Company has profits chargeable to corporation tax in the future.

		2019	2018
8.	Dividends	£'000	£'000
	Amounts recognised as distributions to equity holders in the period:
	Final dividend for 2018 - 3.3p (2017 - 3.0p)	3,741	3,486
	Interim dividend for 2019 - 1.0p (2018 - 1.0p)	1,123	1,154
		_______	_______
		4,864	4,640
		_______	_______

	The proposed final dividend in respect of the year ended 30 April 2019 is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.

	The table below sets out the proposed final dividend, together with the interim dividend paid, in respect of the financial year, which is the basis on which the requirements of Section 1158 of the Corporation Tax Act 2010 are considered. The revenue available for distribution by way of dividend for the year is £4,850,000 (2018 - £5,176,000).

		2019	2018
		£'000	£'000
	Interim dividend for 2019 - 1.0p (2018 - 1.0p)	1,123	1,154
	Proposed final dividend for 2019 - 3.3p (2018 - 3.3p)	-	3,741
		_______	_______
		1,123	4,895
		_______	_______

	Subsequent to the year end the Company has purchased for treasury a further 80,000 Ordinary shares. Therefore the amounts reflected above for the cost of the proposed final dividend for 2019 are based on 111,761,348 Ordinary shares, being the number of Ordinary shares in issue excluding those held in treasury at the date of this Report.

		2019		2018
9.	Return per Ordinary share	£'000	p	£'000	p
	Revenue return	4,850	4.30	5,176	4.47
	Capital return	8,559	7.58	30,648	26.50
		_______	_______	_______	_______
	Total return	13,409	11.88	35,824	30.97
		_______	_______	_______	_______

	Weighted average number of Ordinary shares in issue{A}		112,843,126		115,681,655
			__________		__________
	{A} Calculated excluding shares held in treasury.

		Listed	Listed
		overseas	in UK		Total
10.	Investments	£'000	£'000		£'000
	Fair value through profit or loss:
	Opening book cost	153,385	21,029		174,414
	Opening fair value gains on investments held	148,638	11,591		160,229
		_______	_______		_______
	Opening valuation	302,023	32,620		334,643
	Movements in the year:
	Purchases at cost	57,731	-		57,731
	Sales - proceeds	(56,196)	(4,387)		(60,583)
	Sales - realised gains	21,577	680		22,257
	Current year fair value (losses)/gains on investments held	(12,088)	1,459		(10,629)
		_______	_______		_______
	Closing valuation	313,047	30,372		343,419
		_______	_______		_______
	Closing book cost	176,497	17,322		193,819
	Closing fair value gains on investments held	136,550	13,050		149,600
		_______	_______		_______
		313,047	30,372		343,419
		_______	_______		_______

			2019		2018
			£'000		£'000
	Investments listed on an overseas investment exchange		313,047		302,023
	Investments listed on the UK investment exchange		30,372		32,620
			_______		_______
			343,419		334,643
			_______		_______

			2019		2018
	Gains on investments held at fair value through profit or loss		£'000		£'000
	Realised gains on sales		22,257		26,293
	(Decrease)/increase in fair value gains on investments held		(10,629)		4,132
			_______		_______
			11,628		30,425
			_______		_______

	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 on investments held at fair value through profit or loss in the Statement of Comprehensive Income. The total costs were as follows:

			2019	2018
			£'000	£'000
	Purchases		91	42
	Sales		107	78
			_______	_______
			198	120
			_______	_______

	The above transaction costs are calculated in line with the AIC SORP. The transaction costs in the Company's Key Information Document are calculated on a different basis and in line with the PRIIPs regulations.

		2019	2018
11.	Debtors	£'000	£'000
	Prepayments and accrued income	691	1,048
	Amounts due from brokers	91	-
	Other loans and receivables	144	79
		_______	_______
		926	1,127
		_______	_______

			2019	2018
12.	Creditors		£'000	£'000
	Amounts falling due within one year:
	a)	Loans
		Foreign currency loans	8,311	20,558
		Sterling loan	5,000	2,500
			_______	_______
			13,311	23,058
			_______	_______

			2019	2018
	b)	Other	£'000	£'000
		Amounts due to brokers	-	106
		Other creditors	538	297
			_______	_______
			538	403
			_______	_______

			2019	2018
	Non-current creditors:		£'000	£'000
	Sterling loan		19,938	5,000
			_______	_______

	During the year the Company increased its loan facility with The Royal Bank of Scotland International Limited to £40,000,000. On 14 December 2018 the Company repaid its US$8,680,000 and £6,000,000 loans and a new £20,000,000 bank loan, at a fixed rate of 2.626%, maturing on 14 December 2023 was drawn down incurring an arrangement fee of £67,500. This expense will be amortised over the life of the loan.

	In addition to the above, the Company had a floating rate bank loan of HK$85,000,000 (2018 - HK$154,100,000), equivalent to £8,311,000 (2018 - £14,256,000), with a maturity date of 15 May 2019 (2018 - 23 May 2018) and a fixed rate bank loan of £5,000,000 (2018 - £5,000,000) drawn down from the £40,000,000 facility with The Royal Bank of Scotland International Limited at interest rates of 2.38429% and 2.75% (2018 - 1.95% and 2.75%) respectively.

	As of the latest date prior to the signing of this Report the HK$85,000,000 loan had been drawn down to 15 July 2019 at interest rate of 3.37286%.

	The terms of the bank loan with The Royal Bank of Scotland International Limited state that:
	- the net tangible assets of the Company must be not less than £125 million at all times;
	- the ratio of gross borrowings to adjusted assets must be less than 25% at all times (adjusted assets are total gross assets less (i) the value of any unlisted investment; (ii) the value in excess of 10% of total gross assets invested in the largest single security or asset; (iii) the value of any single security or asset (other than the largest security or asset referred to above) exceeds 5% of gross assets; (iv) the value in excess of 60% of total gross assets invested in the top twenty largest investments; (v) the extent to which the value of securities in collective investment schemes exceeds 30% of gross assets; and (vi) the extent to which the aggregated value of securities or assets in countries with a Standard and Poor's foreign sovereign debt rating lower than BBB exceeds 30% of gross assets.); and
	- the facility, under which the loans are made, is split into three tranches, a £5,000,000 fixed rate facility which will expire on 7 October 2019, a £20,000,000 fixed rate facility which will expire on 14 December 2023 and a £15,000,000 floating rate facility which will expire on 14 December 2021.

	The Company has met all financial covenants throughout the period and up to the date of this Report.

		2019	2018
13.	Called-up share capital	£'000	£'000
	Allotted, called up and fully paid:
	111,841,348 (2018 - 114,463,848) Ordinary shares of 5p each	5,592	5,723

	Held in treasury:
	8,388,101 (2018 - 8,584,788) Ordinary shares of 5p each	419	429
		_______	_______
		6,011	6,152
		_______	_______

	During the year 2,622,500 (2018 - 2,398,250) Ordinary shares of 5p each were repurchased by the Company at a total cost, including transaction costs, of £5,950,000 (2018 - £5,559,000). All of the shares were placed in treasury. On 30 April 2019 2,819,187 (2018 - 3,887,029) Ordinary shares held in treasury were cancelled. Shares held in treasury represent 7.50% of the Company's total issued share capital at 30 April 2019. Shares held in treasury do not carry a right to receive dividends.

	Subsequent to the year end the Company bought back for treasury a further 80,000 Ordinary shares for a total consideration of £196,000.

		2019	2018
14.	Capital reserve	£'000	£'000
	At 1 May 2018	264,189	239,100
	Movement in fair value gains	11,628	30,425
	Foreign exchange movement	(1,745)	1,443
	Buy back of Ordinary shares for treasury	(5,950)	(5,559)
	Expenses allocated to capital	(1,324)	(1,220)
		_______	_______
	At 30 April 2019	266,798	264,189
		_______	_______

	The capital reserve includes investment holding gains amounting to £149,600,000 (2018 - £160,229,000), as disclosed in note 10.

15.	Net asset value per share
	The net asset value per 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:

		2019	2018
	Net assets attributable	£314,411,000	£311,816,000
	Number of Ordinary shares in issue (excluding shares held in treasury)	111,841,348	114,463,848
	Net asset value per share	281.12p	272.41p

16.	Financial instruments
	Risk management
	The Company's investment activities expose it to various types of financial risk associated with the financial instruments and markets in which it invests. The Company's financial instruments comprise securities and other investments, cash balances, loans and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting settlement, and debtors for accrued income.

	The Board has delegated the risk management function to ASFML under the terms of its management agreement with ASFML (further details of which are included under note 4). The Board regularly reviews and agrees policies for managing each of the key financial risks identified with the Manager. The types of risk and the Manager's approach to the management of each type of risk, are summarised below. Such approach has been applied throughout the year and has not changed since the previous accounting period.

	Risk management framework
	The directors of Aberdeen Standard Fund Managers Limited collectively assume responsibility for ASFML's obligations under the AIFMD including reviewing investment performance and monitoring the Company's risk profile during the year.

	ASFML is a fully integrated member of the Standard Life Aberdeen Group ("the Group"), which provides a variety of services and support to ASFML in the conduct of its business activities, including the oversight of the risk management framework for the Company. The AIFM has delegated the day to day administration of the investment policy to Aberdeen Standard Investments Asia Limited, which is responsible for ensuring that the Company is managed within the terms of its investment guidelines and the limits set out in its pre-investment disclosures to investors (details of which can be found on the Company's website). The AIFM has retained responsibility for monitoring and oversight of investment performance, product risk and regulatory and operational risk for the Company.

	The Manager conducts its risk oversight function through the operation of the Group's risk management processes and systems which are embedded within the Group's operations. The Group's Risk Division supports management in the identification and mitigation of risks and provides independent monitoring of the business. The Division includes Compliance, Business Risk, Market Risk, Risk Management and Legal. The team is headed up by the Group's Head of Risk, who reports to the Group CEO. The Risk Division achieves its objective through embedding the Risk Management Framework throughout the organisation using the Group's operational risk management system ("SHIELD").

	The Group's Internal Audit Department is independent of the Risk Division and reports directly to the Group CEO and to the Audit Committee of the Group's Board of Directors. The Internal Audit Department is responsible for providing an independent assessment of the Group's control environment.

	The Group's corporate governance structure is supported by several committees to assist the board of directors, its subsidiaries and the Company to fulfil their roles and responsibilities. The Group's Risk Division is represented on all committees, with the exception of those committees that deal with investment recommendations. The specific goals and guidelines on the functioning of those committees are described on the committees' terms of reference.

	Risk management
	The main risks the Company faces from its financial instruments are (i) market risk (comprising interest rate risk, currency risk and price risk), (ii) liquidity risk and (iii) credit risk.

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

	Interest rate risk
	Interest rate movements may affect:
	- the level of income receivable on cash deposits; and,
	- interest payable on the Company's variable rate borrowings.

	Management of the risk
	The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions.

	The Board imposes borrowing limits to ensure gearing levels are appropriate to market conditions and reviews these on a regular basis. Borrowings comprise fixed rate, revolving, and uncommitted facilities. The fixed rate facilities are used to finance opportunities at low rates and, the revolving and uncommitted facilities to provide flexibility in the short-term. Current bank covenant guidelines state that the total borrowings will not exceed 25% of the adjusted net assets of the Company as defined in note 12.

	Interest risk profile
	The interest rate risk profile of the portfolio of the Company's financial assets and liabilities, excluding equity holdings which are all non-interest bearing, at the Statement of Financial Position date was as follows:

					Weighted average							Weighted
					period for which							average			Fixed	Floating
					rate is fixed							interest rate			rate	rate
	At 30 April 2019				Years							%			£'000	£'000
	Assets
	Indonesia Rupiah				-							-			-	69
	Sterling				-							0.47			-	1,383
	Taiwan Dollar				-							-			-	1
	Vietnam Dong				-							-			-	2,400
															_______	_______
															-	3,853
															_______	_______

					Weighted average							Weighted
					period for which							average			Fixed	Floating
					rate is fixed							interest rate			rate	rate
					Years							%			£'000	£'000
	Liabilities
	Bank loan - £20,000,000				4.55							2.63			19,938	-
	Bank loan - £5,000,000				0.44							2.75			5,000	-
	Bank loan - HK$85,000,000				0.08							2.38			8,311	-
															_______	_______
															33,249	-
															_______	_______

					Weighted average							Weighted
					period for which							average			Fixed	Floating
					rate is fixed							interest rate			rate	rate
	At 30 April 2018				Years							%			£'000	£'000
	Assets
	Indonesia Rupiah				-							-			-	53
	Sterling				-							-			-	2,804
	Taiwan Dollar				-							-			-	70
	Vietnam Dong				-							-			-	1,580
															_______	_______
															-	4,507
															_______	_______

					Weighted average							Weighted
					period for which							average			Fixed	Floating
					rate is fixed							interest rate			rate	rate
					Years							%			£'000	£'000
	Liabilities
	Bank loan - £2,500,000				0.08							1.53			2,500	-
	Bank loan - £5,000,000				1.44							2.75			5,000	-
	Bank loan - HK$154,100,000				0.08							1.95			14,256	-
	Bank loan - US$8,680,000				0.08							2.90			6,302	-
															_______	_______
															28,058	-
															_______	_______

	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 maturity date of the Company's loans are shown in note 12.
	The floating rate assets consist of cash deposits on call earning interest at prevailing market rates.
	The Company's equity portfolio and short-term debtors and creditors (excluding bank loans) have been excluded from the above tables.

	Interest rate sensitivity
	Movements in interest rates would not significantly affect net assets attributable to the Company's shareholders and total profit.

	Foreign currency risk
	All of the Company's investment portfolio is invested in overseas securities and the Statement of Financial Position, therefore, can be significantly affected by movements in foreign exchange rates.

	Management of the risk
	It is not the Company's policy to hedge this risk on a continuing basis but the Company may, from time to time, match specific overseas investment with foreign currency borrowings. The Company's borrowings, as detailed in note 12, are predominantly in sterling.

	The revenue account is subject to currency fluctuation arising on dividends paid in foreign currencies. The Company does not hedge this currency risk.

	Foreign currency exposure by currency of denomination:

		30 April 2019									30 April 2018
				Net				Total						Net		Total
				monetary				currency						monetary		currency
		Investments		assets				exposure			Investments			assets		exposure
		£'000		£'000				£'000			£'000			£'000		£'000
	Australian Dollar	12,146		-				12,146			7,991			-		7,991
	Hong Kong Dollar	87,041		(8,311)				78,730			68,912			(14,256)		54,656
	Indonesian Rupiah	16,703		69				16,772			15,408			53		15,461
	Malaysian Ringgit	3,013		-				3,013			3,179			-		3,179
	Philippine Peso	10,412		-				10,412			9,890			-		9,890
	Singapore Dollar	38,036		-				38,036			54,217			-		54,217
	South Korean Won	22,431		91				22,522			30,720			-		30,720
	Sri Lankan Rupee	4,467		-				4,467			3,640			-		3,640
	Taiwanese Dollar	17,944		1				17,945			16,671			70		16,741
	Thai Baht	8,495		-				8,495			8,894			-		8,894
	US Dollar	46,349		-				46,349			40,605			(6,302)		34,303
	Vietnam Dong	5,339		2,400				7,739			3,998			1,580		5,578
		_______		_______				_______			_______			_______		_______
	Total	272,376		(5,750)				266,626			264,125			(18,855)		245,270
		_______		_______				_______			_______			_______		_______

	Foreign currency sensitivity
	The following table details the Company's sensitivity to a 10% increase and decrease in sterling against the foreign currencies in which the Company has exposure. 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.

														2019		2018
														£'000		£'000
	Australian Dollar													1,215		799
	Hong Kong Dollar													7,873		5,466
	Indonesian Rupiah													1,677		1,546
	Malaysian Ringgit													301		318
	Philippine Peso													1,041		989
	Singapore Dollar													3,804		5,422
	South Korean Won													2,252		3,072
	Sri Lankan Rupee													447		364
	Taiwanese Dollar													1,795		1,674
	Thai Baht													850		889
	US Dollar													4,635		3,430
	Vietnam Dong													774		558
														_______		_______
														26,664		24,527
														_______		_______

	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 quoted investments.

	Management of the 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. Both the allocation of assets and the stock selection process 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.

	Price risk sensitivity
	If market prices at the Statement of Financial Position date had been 10% higher or lower while all other variables remained constant, the return attributable to Ordinary shareholders for the year ended 30 April 2019 would have increased/(decreased) by £34,342,000 (2018 - increased/(decreased) by £33,464,000) and equity reserves would have increased/(decreased) by the same amount.

	(ii) Liquidity risk
	This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities as they fall due in line with the maturity profile analysed below.

			Within				Within		Within				Within		Within
			1 year				1-2 years		2-3 years				3-4 years		4-5 years	Total
	At 30 April 2019		£'000				£'000		£'000				£'000		£'000	£'000
	Bank loans		13,311				-		-				-		19,938	33,249
	Interest cash flows on bank loans		615				524		524				525		396	2,584
	Cash flows on other creditors		538				-		-				-		-	538
			_______				_______		_______				_______		_______	_______
			14,464				524		524				525		20,334	36,371
			_______				_______		_______				_______		_______	_______

			Within				Within		Within				Within		Within
			1 year				1-2 years		2-3 years				3-4 years		4-5 years	Total
	At 30 April 2018		£'000				£'000		£'000				£'000		£'000	£'000
	Bank loans		23,058				5,000		-				-		-	28,058
	Interest cash flows on bank loans		178				69		-				-		-	247
	Cash flows on other creditors		403				-		-				-		-	403
			_______				_______		_______				_______		_______	_______
			23,639				5,069		-				-		-	28,708
			_______				_______		_______				_______		_______	_______

	Management of the risk
	The Board imposes borrowing limits to ensure gearing levels are appropriate to market conditions and reviews these on a regular basis. Borrowings comprise a £5,000,000 fixed rate credit facility, which expires on 7 October 2019, a £20,000,000 fixed rate credit facility, which expires on 14 December 2023 and revolving multi-currency credit facility, which expires on 14 December 2021. The Board has imposed a maximum gearing level, measured on the most stringent basis of calculation after netting off cash equivalents, of 25%. Details of borrowings at 30 April 2019 are shown in note 12.

	Liquidity risk is not considered to be significant as the Company's assets comprise mainly readily realisable securities, which can be sold to meet funding commitments if necessary. Short-term flexibility is achieved through the use of the loan facility, details of which can be found in note 12. Under the terms of the loan facility, the Manager provides the lender with loan covenant reports on a monthly basis, to provide the lender with assurance that the terms of the facility are not being breached. The Manager will also review the credit rating of a lender on a regular basis. Details of the Board's policy on gearing are shown in the interest rate risk section of this note.

	(iii) Credit risk
	This is the risk of failure of the counterparty to a transaction to discharge its obligations under that transaction that could result in the Company suffering a loss.

	Management of the risk
	Investment transactions are carried out with a large number of brokers, whose credit-standing is reviewed periodically by the Manager, and limits are set on the amount that may be due from any one broker. Cash is held only with reputable banks with high quality external credit enhancements.

	Credit risk exposure
	In summary, compared to the amounts in the Statement of Financial Position, the maximum exposure to credit risk at 30 April was as follows:

						2019								2018
						Statement of								Statement of
						Financial				Maximum				Financial		Maximum
						Position				exposure				Position		exposure
						£'000				£'000				£'000		£'000
	Current assets
	Loans and receivables					926				926				1,127		1,127
	Cash at bank and in hand					3,853				3,853				4,507		4,507
						_______				_______				_______		_______
						4,779				4,779				5,634		5,634
						_______				_______				_______		_______

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

	Fair values of financial assets and financial liabilities
	The carrying values of fixed asset investments are stated at their fair values, which have been determined with reference to quoted market prices. For all other short-term debtors and creditors, their book values approximate to fair values because of their short-term maturity. Bank loans are valued at amortised cost in accordance with the Company's stated accounting policy.

17.	Fair value hierarchy
	FRS 102 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following classifications:

	Level 1:	unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date.
	Level 2:	inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly.
	Level 3:	inputs are unobservable (ie for which market data is unavailable) for the asset or liability.

	The financial assets and liabilities measured at fair value in the Statement of Financial Position are grouped into the fair value hierarchy at the reporting date as follows:

			Level 1	Level 2	Level 3	Total
	As at 30 April 2019		£'000	£'000	£'000	£'000
	Financial assets at fair value through profit or loss
	Quoted equities		280,340	-	-	280,340
	Collective investment schemes		-	63,079	-	63,079
			_______	_______	_______	_______
	Total fair value		280,340	63,079	-	343,419
			_______	_______	_______	_______

			Level 1	Level 2	Level 3	Total
	As at 30 April 2018		£'000	£'000	£'000	£'000
	Financial assets at fair value through profit or loss
	Quoted equities		274,167	-	-	274,167
	Collective investment schemes		-	60,476	-	60,476
			_______	_______	_______	_______
	Total fair value		274,167	60,476	-	334,643
			_______	_______	_______	_______

	Quoted equities
	The fair value of the Company's investments in quoted equities has 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.

	Collective investment schemes
	The fair value of the Company's investments in collective investment schemes has been determined by reference to their quoted net asset values at the reporting date and hence are categorised in Fair Value Level 2.

18.

Related party transactions and transactions with the Manager

Mr Young is also a director of the Company's Investment Manager, Aberdeen Standard Investments (Asia) Limited, which is a wholly-owned subsidiary of Standard Life Aberdeen plc. Management, promotional activities and secretarial and administration services are provided to the Company by Aberdeen Standard Fund Managers Limited. Details of transactions during the year and balances outstanding at the year end disclosed in notes 4 and 5.

19.	Capital management policies and procedures
	The investment objective of the Company is to provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries ex Japan.

	The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance.

	The Board 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 level of equity shares in issue; 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 does not have any externally imposed capital requirements.

ALTERNATIVE PERFORMANCE MEASURES
Alternative performance measures are numerical measures of the Company's current, historical or future performance, financial position or cash flows, other than financial measures defined or specified in the applicable financial framework. The Company's applicable financial framework includes FRS 102 and the AIC SORP.

Total return is considered to be an alternative performance measure. NAV and share price total returns show how the NAV and share price has performed over a period of time in percentage terms, taking into account both capital returns and dividends paid to shareholders. NAV total return involves investing the net dividend in the NAV of the Company with debt at fair value on the date on which that dividend goes ex-dividend. Share price total return involves reinvesting the net dividend in the share price of the Company on the date on which that dividend goes ex-dividend.

The tables below provide information relating to the NAVs and share prices of the Company on the dividend reinvestment dates during the years ended 30 April 2019 and 30 April 2018.

	Dividend				Share
2019	rate		NAV		price
30 April 2018	N/A		272.41p		236.00p
16 August 2018	3.30p		262.91p		227.00p
3 January 2019	1.00p		246.21p		215.00p
30 April 2019	N/A		281.12p		250.00p
			_________		_________
Total return			4.9%		8.0%
			_________		_________

	Dividend				Share
2018	rate		NAV		price
30 April 2017	N/A		244.90p		212.00p
3 August 2017	3.00p		258.50p		226.00p
4 January 2018	1.00p		277.22p		243.00p
30 April 2018	N/A		272.41p		236.00p
			_________		_________
Total return			12.9%		13.3%
			_________		_________

Dividend cover
Revenue return per share of 4.30p (2018 - 4.47p) divided by dividends per share of 4.30p (2018 - 4.30p) expressed as a ratio.

Discount to net asset value
The amount by which the market price per Ordinary share of 250.00p (2018 - 236.00p) is lower than the net asset value per Ordinary share (including income 281.12p (2018 - 272.41p); excluding income 277.79p (2018 - 268.90p)), expressed as a percentage of the adjusted net asset value per Ordinary share.

Net asset value per Ordinary share (ex income)
The Company also uses net asset value (ex income) per share as an alternative performance measure. This is calculated as follows:

		2019		2018
Net assets attributable		£314,411,000		£311,816,000
Less: Revenue for the year		£(4,850,000)		£(5,176,000)
Add: Dividends paid during the year		£1,123,000		£1,154,000
		_________		_________
Net assets (ex income)		£310,684,000		£307,794,000
Number of Ordinary shares in issue		111,841,348		114,463,848
		_________		_________
NAV (ex income) per Ordinary share		277.79p		268.90p
		_________		_________

Net gearing
Net gearing measures the total borrowings of £33,249,000 (30 April 2018 - £29,524,000) less cash and cash equivalents of £3,944,000 (30 April 2018 - £4,401,000) divided by shareholders' funds of £314,411,000 (30 April 2018 - £311,816,000), expressed as a percentage. Under AIC reporting guidance cash and cash equivalents includes amounts due and to brokers at the year end as well as cash.

Ongoing charges
Ongoing charges is considered to be an alternative performance measure. The ongoing charges ratio has been calculated in accordance with guidance issued by the AIC as the total of investment management fees and administrative expenses and expressed as a percentage of the average net asset values throughout the year.

		2019		2018
Investment management fees (£'000)		1,803		1,848
Administrative expenses (£'000)		839		739
Less: non-recurring charges (£'000)		(89)		(13)
		_________		_________
Ongoing charges (£'000)		2,553		2,574
		_________		_________
Average net assets (£'000)		294,966		306,307
		_________		_________
Ongoing charges ratio (excluding look-through costs)		0.87%		0.84%
		_________		_________
Look-through costs^A		0.26%		0.26%
		_________		_________
Ongoing charges ratio (including look-through costs)		1.13%		1.10%
		_________		_________

^A Costs associated with holdings in collective investment schemes as defined by the Committee of European Securities Regulators' guidelines on the methodology for the calculation of the ongoing charges figure, issued on 1 July 2010.
^B During both years net asset values with debt at fair value equated to net asset value with debt at amortised cost due to the short-term nature of the bank loans.

The ongoing charges ratio provided in the Company's Key Information Document is calculated in line with the PRIIPs regulations.

Additional Notes to the Annual Financial Report

The Annual General Meeting will be held at 12 noon on 4 September 2019 at Bow Bells House, 1 Bread Street, London EC4M 9HH.

If approved at the Annual General Meeting, the final dividend of 3.3p per share will be paid on 13 September 2019 to holders of Ordinary shares on the register at the close of business on 16 August 2019. The relevant ex-dividend date is 15 August 2019.

The Annual Financial Report Announcement is not the Company's statutory accounts. The above results for the year ended 30 April 2019 have been agreed with the auditor and are an abridged version of the Company's full accounts, which have been approved and audited with an unqualified report. The 2017 and 2018 statutory accounts received unqualified reports from the Company's auditor and did not include any reference to matters to which the auditor drew attention by way of emphasis without qualifying the reports, and did not contain a statement under s.498(2) or 498(3) of the Companies Act 2006. The financial information for 2018 is derived from the statutory accounts for 2018 which have been delivered to the Registrar of Companies. The 2019 accounts will be filed with the Registrar of Companies in due course.

The Annual Report and Accounts will be posted to shareholders in July 2019. Copies will be available during normal business hours from the Secretary, Aberdeen Asset Management PLC, 1 George Street, Edinburgh EH2 2LL or from the Company's website, www.newdawn-trust.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.

By order of the Board

Aberdeen Asset Management PLC

Company Secretary

27 June 2019

* Neither the Company's website nor the content of any website accessible from hyperlinks on it (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

FR LLFVERVIDFIA

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