Interim Results

Schroder Oriental Income Fund Ltd
30 April 2007


                                                                   30 April 2007

Unaudited Interim Results

The Directors of Schroder Oriental Income Fund Limited (the 'Company') announce
the unaudited interim results for the six months

ended 28 February 2007.



Income Statement (Unaudited)

                                                         For the six months ended        For the seven months ended
                                                              28 February 2007                28 February 2006

                                                      Revenue     Capital      Total       Revenue    Capital  Total
                                          Note          £'000       £'000      £'000         £'000      £'000  £'000
Gains/(losses) on investments held                          -      25,020     25,020             -      9,304  9,304
at fair value

Exchange gains/(losses)                                     -         777        777             -      (535)  (535)
Income                                                  3,576           -      3,576         5,831          -  5,831
Investment management fee                    2          (193)       (450)      (643)         (205)      (479)  (684)
Performance fee                              3              -       (818)      (818)             -      (208)  (208)
Administrative expenses                                 (163)        (15)      (178)         (139)          -  (139)
Net return before finance costs and                     3,220      24,514     27,734         5,487      8,082 13,569
taxation

Finance Costs                                           (183)       (427)      (610)         (208)      (461)  (669)
Net return on ordinary activities                       3,037      24,087     27,124         5,279      7,621
before taxation                                                                                               12,900

Taxation on ordinary activities                         (233)           -      (233)         (479)          -  (479)
Net return on ordinary activities                       2,804      24,087     26,891         4,800      7,621 12,421
after taxation attributable to
equity shareholders
Net return per ordinary share                4          1.78p      15.34p     17.12p         3.10p      4.93p  8.03p




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

The total column represents the profit and loss account of the Company.

The Company has no recognised gains or losses other than those disclosed in the
Income Statement and the Reconciliation of

Movements in Shareholders' Funds. Accordingly, no Statement of Total Gains or
Losses is presented.


Balance Sheet (Unaudited)                                         Note              At              At                At
                                                                           28 February     28 February         31 August
                                                                                  2007            2006              2006
                                                                                 £'000           £'000             £'000
Fixed Assets
Investments held at fair value through profit and loss                         207,523         193,033           180,296
Current Assets
Debtors                                                                          3,249             762             1,137
Cash at bank                                                                     5,289           5,490             2,102
                                                                                 8,538           6,252             3,239

Creditors: amount falling due within one year
Purchases outstanding                                                            2,132               -                 -
Foreign currency loans                                                          29,864          30,137            23,490
Accruals                                                                         1,312           1,269               414
                                                                                33,308          31,406            23,904
Net current liabilities                                                       (24,770)        (25,154)          (20,665)
Net assets attributable to shareholders                                        182,753         167,879           159,631

Capital and Reserves
Called up share capital                                                          1,571           1,571             1,571
Special reserve                                                                153,887         153,887           153,887
Capital reserves                                                                22,018           7,621           (2,069)
Revenue reserve                                                                  5,277           4,800             6,242
Total equity shareholders' funds                                               182,753         167,879           159,631
Net asset value per ordinary share                                   5         116.37p         106.90p           101.64p



Reconciliation of Movements in Shareholders' Funds (Unaudited)

                                                          Share      
                                             Share      Premium      Special      Capital    Revenue
                                           Capital      Account      Reserve     Reserves    Reserve          Total 
                                             £'000        £'000        £'000        £'000      £'000          £'000
Issue of ordinary shares                     1,571      153,887            -            -          -        155,458
Net realised gains during the
period                                           -            -            -        7,621          -          7,621
Retained profit for the period                   -            -            -            -      4.800          4,800
Balance as at 28 February 2006               1,571      153,887            -        7,621      4,800        167,879

                                                          Share      
                                             Share      Premium      Special      Capital    Revenue
                                           Capital      Account      Reserve     Reserves    Reserve          Total 
                                             £'000        £'000        £'000        £'000      £'000          £'000
Issue of ordinary shares                     1,571      155,711            -            -          -        157,282
Share issue expenses                             -      (1,824)            -            -          -        (1,824)
Cancellation of Share Premium                    -    (153,887)      153,887            -          -              -
Account
Net capital return on ordinary                   -            -            -      (2,069)          -        (2,069)
activities
First interim dividend paid                      -            -            -            -    (3,887)        (3,887)
Retained profit for the period                   -            -            -            -     10,129         10,129
Balance as at 31 August 2006                 1,571            -      153,887      (2,069)      6,242        159,631

                                                          Share      
                                             Share      Premium      Special      Capital    Revenue
                                           Capital      Account      Reserve     Reserves    Reserve          Total 
                                             £'000        £'000        £'000        £'000      £'000          £'000
Balance at 31 August 2006                    1,571            -      153,887      (2,069)      6,242        159,631
Dividends paid in respect of
the  period ended 31 August
2006                                             -            -            -            -    (3,769)        (3,769)
Net capital return on ordinary
activities
                                                 -            -            -       24,087          -         24,087
Retained profit for the period                   -            -            -            -      2,804          2,804
Balance as at 28 February 2007               1,571            -      153,887       22,018      5,277        182,753


Cash Flow Statement (Unaudited)
                                  For the six    For the seven  For the thirteen
                                  months ended    months ended    months ended
                               28 February 2007 28 February 2006  31 August 2006
                                        £'000          £'000           £'000
Operating activities

Income from investments                 4,084          4,774            10,912
Interest received                          59            277               429
Administrative expenses                  (238)          (118)             (326)
Investment management fee                (602)          (382)             (971)

Net cash inflow from operating 
activities                              3,303          4,551            10,044
Returns on investments and 
servicing of finance                     (507)          (589)           (1,400)
Bank loan and overdraft interest
paid

Net cash inflow from returns on 
investments and servicing of finance     (507)          (589)           (1,400)
Taxation                                 (233)          (479)           (1,222)
Overseas tax paid                      (3,769)             -            (3,887)
Dividends paid                        (67,288)      (230,861)         (301,348)
Financial investment                   63,773         47,808           119,290 
Purchase of investments
Sale of investments

Net cash outflow from 
financial investments                  (3,515)      (183,053)         (182,058)

Net cash outflow before financing      (4,721)      (179,570)         (178,523)
Financing                               7,131         29,863            25,063
Bank loan drawn                             -        155,458           155,458
Net proceeds from issue of
ordinary shares                         7,131        185,321           180,521
Net cash inflow from financing            777           (261)              104
Effects of foreign exchange gains
on cash and cash equivalents            3,187          5,490             2,102
Increase in cash and cash
equivalents during the period   



Reconciliation of Net Debt (Unaudited)

                                  For the six    For the seven  For the thirteen
                                  months ended    months ended    months ended
                               28 February 2007 28 February 2006  31 August 2006
                                     £'000            £'000            £'000

Movement in cash during the period   3,187            5,490            2,102
Net debt brought forward           (21,388)               -                -
Exchange gains/(losses)                757             (274)           1,573

Movement in bank loans              (7,131)         (29,863)         (25,063)

Net debt carried forward           (24,575)         (24,647)         (21,388)


Notes

1 Basis of preparation

The financial statements have been prepared on the historical cost basis,
modified to include the revaluation of fixed asset investments and in accordance
with applicable accounting standards in the United Kingdom and on the basis that
all activities are continuing.

The Directors consider it is appropriate to present the financial statements in
accordance with the Statement of Recommended Practice - Financial Statement of
Investment Trust Companies ('the SORP'), revised in December 2005, although the
SORP applies only to investment trust companies.

2 Investment management fee

Under the terms of the Management Agreement, the manager is entitled to receive
a basic management fee of an amount equivalent to 0.75 per cent. per annum of
the net assets of the Company (plus any applicable VAT), payable quarterly in
arrears and calculated as at the last business day in February, May, August and
November in each year while the agreement remains in force.

For the six months ended 28 February 2007, a total fee of £643,000 has been
accrued under the terms of the management agreement.

3 Performance fee    

The Manager is also entitled to receive a performance fee based on the
performance of the Company's adjusted net asset value per share. The performance
fee is 10 per cent. of the amount by which the adjusted net asset value per
share (adjusted as described below) at the end of the relevant calculation
period exceeds a hurdle, being 107 per cent. of the adjusted net asset value per
share at the end of the previous calculation period multiplied by the time
weighted average of the number of shares in issue during the period. The net
asset value as at the end of the period will be adjusted as appropriate to take
account of dividends, buy-backs or issues of shares and to add back performance
fees paid or accrued for during the period.

For the six months ended 28 February 2007, a total fee of £818,000 has been
accrued under the terms of the management agreement.

4 Net revenue return per share

Revenue return per share is based on the revenue attributable to shareholders of
£2,804,000 and on 157,050,000 shares, being the weighted average number of
shares in issue during the period.

5 Net asset value per share

Net asset value per share is based on the net assets attributable to the
shareholders of £182,753,000 and on 157,050,000 shares in issue at the end of
the period.

6 Dividends

The directors have declared a first interim dividend for the year ending 31
August 2007 of 2.25 pence per share, payable on 30 April 2007 to shareholders
registered on 10 April 2007. The shares were quoted ex-dividend on 4 April 2007.

This statement was approved by the Board of Directors on 30 April 2007.

Investment Manager's Review

The net asset value of the Company recorded a total return of 17.6% over the
period to 28 February 2007. An interim dividend of 2.25p has been proposed.

It has been another good period for equity returns in the region, with the MSCI
All Countries Pacific ex Japan Index recording a total return of 15.2% in
sterling terms.

The backdrop has continued to be favourable for equities. Global growth momentum
has slowed, but this has been confined primarily to the United States and to
Japan in contrast to most of Europe and the emerging markets, with China alone
contributing an estimated 12% of total global economic growth in 2006. Interest
rates continued to rise in Europe and began to do so in Japan.  However,
importantly for Asia, US short-term rates were increasingly perceived as having
peaked. This has augmented benign local liquidity conditions in many of the
regional markets, most notably Singapore where real estates and bank stocks led
a strong market rally.

While a similar trend was evident in Hong Kong, the domestic sectors were
overshadowed by more directly China-related stocks.  These were buoyed by
continued strong economic growth, a steadily rising renminbi, and the
continuation of a spectacular rally (130% in 2006) in the domestic (or 'A')
share markets which are largely closed to foreign investors. Although Chinese
stocks corrected sharply in January, they still offered amongst the highest
returns in the review period.

Other areas of strength included some of the ASEAN markets, including Malaysia
on hopes for better corporate governance and lower inflation thanks to falling
energy prices, and the Philippines which exhibited the strongest performance of
the region as interest rates fell below 4%, remittances from overseas nationals
rose some 40%, and the property market showed signs of recovery after a decade
of torpor.

In contrast, Thailand and Korea trailed the regional average. In Thailand, the
aftermath of the ousting of the Prime Minister (most notably a misguided but
brief attempt to impose capital controls in December) rattled investors. For
Korea, concerns over growth globally (particularly the United States) and a
rising Korean won, notably against the Japanese yen, were adverse factors for
the export-oriented sectors. Meanwhile, blunt administrative measures by the
authorities to restrain property prices and high interest rates impacted
domestic sectors such as construction and retailing.

Performance and Portfolio Activity

Performance has been strong in absolute terms, and has also out-paced that of
the MSCI AC Pacific ex Japan reference Index, although this does not have the
bias towards higher income shares evident in the Company's portfolio. Heavy
weightings in Singapore and the underweighting in Korea have both been
significant positive factors, while strong stock selection was evident in
Indonesia, and to a lesser extent in Taiwan. The only areas of significant
disappointment were stock selection in Australia and Singapore. While the
holdings in fixed income hampered relative performance in a time of strongly
rising equity markets, this was more than offset by the benefit of the
portfolio's gearing.

In terms of policy, the major exposures have remained fairly stable, with
largest country weights being in Australia, Hong Kong, Taiwan and Singapore.
Changes at the margin included adding to Thailand following the weakness late in
2006 (focusing on high yielding utility type stocks with very attractive yields)
and to Hong Kong, at the expense of reduction to Indonesia and the elimination
of the direct exposure to Japan. Sectoral exposure remained biased towards
domestic sectors such as financials, real estate, telecoms and selected
industrials.

Outlook and Policy

The end of the Company's half-year coincided with a bout of market volatility,
prompted by increased concern over the spreading mortgage problems in the United
States, and the possible knock-on impact on both consumer sentiment and the more
exotic corners of the credit markets. Rising volatility and widening credit
spreads have had their usual impact on the smaller more emerging markets, with
an Asian dimension added by the gyrations of the Chinese A share markets.

We believe it is important, however, to make a distinction between the recent
volatility and the more significant sell-off seen in May 2006. The issue this
time concerned a deficiency in global growth rather than fears of inflationary
strength. Clearly recession in the United States will be an unhelpful backdrop
for Asian markets, but this is not our central expectation. We are a long way
from seeing the travails of the sub-prime mortgage market feeding through into
more general credit issues.  The robust health of the corporate sector, the
strength of employment and household incomes suggests that the underlying
position of the US, and global, economies is healthy.

Against the backdrop of a soft landing in the United States (perhaps aided by
some stimulatory action from the Federal Reserve), we believe that Asian
equities can still produce attractive returns, supported by domestic drivers to
growth including ample liquidity, supportive property markets and undergeared
banking systems. It is also an environment in which higher yielding equities can
prosper, and we continue to be encouraged at a stock by stock level by the
steady progress in regional thinking among investors and management about the
importance of capital efficiency and shareholder returns.

We continue to see plenty of opportunities to invest in soundly managed, soundly
financed and growing companies which offer well-covered dividends significantly
in excess of domestic interest rates.

Schroder Investment Management Limited

Interim Report

The Interim Report will be mailed to registered shareholders in May 2007 and
from the date of release copies of the Interim Report will be made available to
the public at the Company's Registered Office and at 31 Gresham Street, London
EC2V 7QA.


Enquiries:

Schroder Investment Management Limited
John Spedding
(020 7658 3206)

30 April 2007



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