Unaudited Results for the Half-Year ended 28 February 2018

L egalE ntity Id entifier: 2 1 38 0 0 8 D IQ RE O D 38 O 596
HENDERSON FAR EAST INCOME LIMITED
Unaudited Results for the Half-Year ended 28 February 2018
This announcement contains regulated information
Financial HighlightsAs at
28 February 2018
As at
31 August 2017
Net asset value per ordinary share369.93p375.19p
Share price369.00p380.00p
Net assets£449,196,000£442,482,000
(Discount)/premium(0.3%)1.3%
Total return performance6 months
%
1 year
%
3 years
%
5 years
%
Net asset value total return
1
1.411.235.039.4
FTSE All-World Asia Pacific ex Japan Index (total return)
2
2.513.444.653.5
FTSE All-World Asia Pacific Index (total return)
3
4.212.247.666.1
Share price total return
4
(0.2)11.032.139.5
Dividendspaid during the period
Fourth interim (paid 30 November 2017)5.3p
Firstinterim (paid 28 February 2018)5.3p
1
N etas s etvalu e (N A V )totalretu rn (inc lu d ing d ivid end s reinves ted )
2
FTS E A ll-W orld A s ia P ac ific ex Japan Ind ex (s terling ad ju s ted ), forc om paris on pu rpos es (inc lu d ing d ivid end s reinves ted )
3
FTS E A ll-W orld A s ia P ac ific (s terling ad ju s ted ), forc om paris on pu rpos es (inc lu d ing d ivid end s reinves ted )
4
S hare pric e totalretu rn (inc lu d ing d ivid end s reinves ted )
The C om pany d oes nothave a form albenc hm ark. Itu s es the FTS E A ll-W orld A s ia P ac ific ex Japan Ind ex
(s terling ad ju s ted )forreferenc e pu rpos es only.
S ou rc es : M ornings tarforthe A IC , D atas tream
INTERIM MANAGEMENT REPORT
Chairman’s Statement
In rec entm onths we have benefited from renewed inves torinteres tin the A s ia P ac ific region prim arily as a
res u ltof renewed globalc onfid enc e in the ou tlook forA s ian ec onom ies as c om pared to the US and the UK.
The flow of fu nd s from wes tto eas thas been s ignific antand you rC om pany has s hared in this trend with a
higherlevelofnew s hare is s u anc e ata prem iu m to netas s etvalu e whic h benefits alls harehold ers .
Performance
In the s ix m onths to 2 8 Febru ary 2 0 1 8 , the netas s etvalu e totalretu rn of the C om pany was 1 . 4% whils tthe
s hare pric e totalretu rn was -0 . 2 % reflec ting the red u c tion in the prem iu m to netas s etvalu e atwhic h the
s hares have trad ed overthe period . The FTS E A ll-W orld A s ia P ac ific ex Japan Ind ex retu rned 2 . 5% overthe
s am e period as growth s toc ks c ontinu ed to ou tperform valu e and yield .
Dividends
O n 30 N ovem ber2 0 1 7 , the C om pany paid a fou rth interim d ivid end of 5. 30 p pers hare in res pec tof the year
end ed 31 A u gu s t2 0 1 7 m aking a totalof 2 0 . 8 p forthe year, an inc reas e of 4. 0 % overthe previou s year. In
res pec tof the c u rrentfinanc ialyear, a firs tinterim d ivid end of 5. 30 p per s hare was paid on 2 8 Febru ary
2 0 1 8 and a s ec ond interim d ivid end of the s am e am ou ntwas d ec lared on 1 9 A pril2 0 1 8 and willbe paid on
31 M ay 2 0 1 8 . Y ou rB oard rem ains c onfid entthatitwillatleas tbe able to m aintain the leveloftotald ivid end s
in this financ ialyear.
Material Events or Transactions
A totalof 3, 493, 0 0 0 new s hares were is s u ed in the s ix m onths to 2 8 Febru ary 2 0 1 8 ata prem iu m to net
as s etvalu e, thereby enhanc ing the netas s etvalu e per s hare. Y ou r B oard willc ontinu e to is s u e s hares

where itis N A V enhanc ing for s harehold ers to d o s o. S inc e the period end a fu rther 90 0 , 0 0 0 s hares have
been is s u ed .
In Febru ary ofthis yearthe C om pany’ s £ 35m revolving m u lti-c u rrenc y loan fac ility with C om m onwealth B ank
of A u s tralia expired and was replac ed with a new £ 45m fac ility with S u m itom o M its u iB anking C orporation.
A tthe period end £ 32 . 7 m had been d rawn d own.
Outlook
W eaker and m ore volatile globalm arkets are reflec ting c onc erns abou tgeopolitic alis s u es thatthreaten
globalec onom ic growth, pros perity and peac e. Rec entc hanges in the s taffing ofthe US A d m inis tration have
s ignalled fu rther m oves in the d irec tion of trad e res tric tions and a m ore aggres s ive foreign polic y. M u c h of
the world is c om m itted to free trad e thu s c reating s ignific anttens ions with a protec tionis tUS . H ow this will
play ou tis notpos s ible to pred ic t. C hina's res pons e to US im pos ed tariffs is probably the bes tind ic ator of
the likely ou tc om e. The E U and C hina willres pond with their own tariffs on US im ports and the negative
effec ts on the US willbe forthc om ing. This willbe a d iffic u ltc allfor C hina and their politic aland d iplom atic
s kills willlargely d rive the ou tc om e. Ifthe res pons e is too s oftthere willbe negative reac tions in C hina, if too
s trong itm ay prom ptan even m ore aggres s ive US res pons e. O verallits tills eem s likely thata levelof
c om prom is e willbe reac hed . Failu re to d o s o willhave negative reperc u s s ions everywhere. S o farUS tariff
inc reas es appear to have had a m inim al im pac t on global growth bu t the C om pany’ s portfolio has
m aintained a high d om es tic foc u s as a c u s hion in the eventthatfu rtherm eas u res are im plem ented . D es pite
thes e u nc ertainties A s ian earnings have s hown c ontinu alu pgrad es over the pas tyear and the u nd erlying
fu nd am entals ofthe region c ontinu e to im prove provid ing attrac tive opportu nities forinves tors .
John Russell
Chairman
19 April 2018
Fund Manager’s Report
Review
A s ia P ac ific ex Japan m arkets c ontinu ed their s trong perform anc e over the s ix m onths to Febru ary 2 0 1 8 ,
althou gh the retu rns were m itigated by the s trength of s terling. The FTS E A llW orld A s ia P ac ific ex Japan
ind ex retu rned 8 . 7 % in loc alc u rrenc y term s (2 . 5% in s terling term s ) as globaland regionalec onom ic
s trength, c om bined with a pos itive c orporate earnings trajec tory, pu s hed m arkets higher.
In a period d om inated by politic aland geopolitic alu nc ertainty the pos itive retu rns generated are enc ou raging
and reflec tan im provem entin the u nd erlying fu nd am entals of the A s ia P ac ific region. Forthe firs ttim e s inc e
2 0 0 9 A s ian earnings have s een c ontinu alu pgrad es whic h has helped A s ia P ac ific ex Japan ou tperform its
d eveloped m arketpeers . E arnings growth in exc es s of2 0 % was witnes s ed for2 0 1 7 and , enc ou ragingly, this
m om entu m has c ontinu ed , with m id teen earnings growth forec as tforboth 2 0 1 8 and 2 0 1 9.
The bes tperform ing m arketwas Thailand whic h ros e 1 4. 9% in s terling term s as the s trength of the energy
s ec tor ou tweighed u nc ertainty c onc erning s u bd u ed ec onom ic growth, high levels of bad d ebtwithin the
banking s ec tor and u nc ertainty over nextyear’ s elec tions . A fter a s u s tained period of u nd erperform anc e
M alays ia ou tperform ed helped by the rec overy in the oilpric e, as M alays ia is the only oilexporter in the
region. In ad d ition M alays ia is s een as a key s poke in the wheelof C hina’ s O ne B eltO ne Road polic y and a
prim ary benefic iary of C hines e inbou nd inves tm ent. S ingapore c om pleted the lis tof A S E A N ou tperform ers
as the ec onom y is s howing s igns ofrec overy es pec ially in the s hipping and oils ervic es s ec torwhile property
pric es are beginning to im prove following a prolonged period ofgovernm entpolic y ins pired weaknes s .
The C hines e m arketagain ou tperform ed its regionalpeers . The 1 9
th
c om m u nis tparty c ongres s in O c tober
2 0 1 7 herald ed the s tartof X iJinping’ s s ec ond 5 yearterm and reinforc ed the polic ies from his firs tterm . In
his three hou r long s peec h X iou tlined his d es ire to rem ove poverty by 2 0 2 1 and to tu rn C hina into a fu lly
d eveloped nation by 2 0 49. P olic ies to reform the s tate owned enterpris es , c ou nter c orru ption, im prove the
environm entand prom ote C hines e good s both athom e and abroad were atthe c entre of thes e am bitions
while the O ne B eltO ne Road initiative wou ld inc reas e C hina’ s s tand ing both regionally and globally.
The wors tperform ing m arketwas Ind ia where the Febru ary 2 0 1 8 bu d getrec eived a m ixed res pons e as the
governm entattem pted to balanc e the need forinc reas ed s pend ing on infras tru c tu re agains tthe d em and s of
a higher oilpric e. The targetfis c ald efic itof 3. 3% of GD P ros e from 3% in 2 0 1 7 /1 8 and c au s ed s om e
c onc ern when bas ed on an oilpric e s om e way below the c u rrentlevel. This , c om bined with the pos s ibility of
inc reas ed governm ents pend ing lead ing into key s tate elec tions , c au s ed s om e weaknes s in the ru pee.

Tec hnology was the s tand ou tperform eratthe s ec torlevel. Tenc ent, the C hines e s oc ialm ed ia, gam ing and
e-c om m erc e behem oth ros e c ons id erably over the period , d om inating retu rns . D efens ive s ec tors
u nd erperform ed with telec om s in partic u larlagging.
Performance
O verthe period the N A V totalretu rn was 1 . 4% in s terling term s , ju s tover1 % behind the ind ex perform anc e.
The bigges tc ontribu torto u nd erperform anc e was s tyle with growth c ontinu ing to ou tperform valu e and yield .
C om panies like Tenc entepitom is e the growth s tyle, with s trong earnings growth, high valu ations and zero
d ivid end yield and as a res u ltd o nots u itthis C om pany’ s s tyle or objec tives . In ad d ition, with interes trates
ris ing the appetite for s toc ks with high yield s red u c es im pac ting the C om pany’ s hold ings of telec om s and
reales tate property tru s ts .
D es pite thes e s tyle head wind s there were s om e notable s u c c es s es atthe s toc k level. P TT, the Thaienergy
c om pany ros e 42 % while D aliFood s (34% ), A nhu iC onc h C em ent(34% ) and H u ayu A u tom otive (2 2 % ) in
C hina alls ignific antly ou tperform ed the c ou ntry and regionalind ic es .
Revenue and Dividends
The C om pany’ s revenu e is d own 5% c om pared to the s am e period las tyear. The 6% ris e in s terling d u ring
the period is the m ain c au s e bu tthere is als o a c ontribu tion from portfolio m ix. A tthis tim e las tyear the
C om pany had a higherweighting to A u s tralia whic h partly pays d ivid end s in the C om pany’ s firs thalf while in
2 0 1 8 the portfolio is m ore expos ed to C hina whic h pays d ivid end s m os tly in the C om pany’ s s ec ond half. In
s u m m ary the C om pany’ s revenu e whic h is u s u ally s plitone-third to two-third s in favou rof the s ec ond half is
m ore bac k-end weighted in this financ ialyear.
The d ivid end s tory forA s ia rem ains a c om pelling one. S trong earnings growth and c as h flow generation are
res u lting in m ore progres s ive d ivid end polic ies from the c om panies we inves tin and the m arketin general. In
the las t s ix m onths Korean c om panies in partic u lar s u c h as S am s u ng E lec tronic s , KB Financ ial and
M ac q u arie Korea Infras tru c tu re have annou nc ed higherd ivid end s than the m arketwas expec ting whic h has
been benefic ialforthe C om pany’ s revenu e bu tals o forc apitalperform anc e as thes e annou nc em ents were
wellrec eived by the m arket.
Activity
The inc reas e in weighting in C hina was partly d u e to m arketperform anc e bu tals o d u e to the ad d ition of a
few new nam es . O ver the period we ad d ed energy c om pany P etroc hina, c em entc om pany A nhu iC onc h,
A gric u ltu ralB ank ofC hina and , finally, s oftware ou ts ou rc erand c lou d d eveloperC hinas oft. Thes e pu rc has es
are a m ixtu re of private and s tate owned enterpris es whic h we believe are benefic iaries of u nd erlying growth
trend s and reform . Thes e inves tm ents were partly fu nd ed by the s ales of Jiangs u E xpres s way and C hina
M obile.
E ls ewhere we ad d ed B H P B illiton to the portfolio in expec tation of m ore effic ientc apitalm anagem entand
higherd ivid end s and als o ad d ed anotheroilrefiner– S -O ilofS ou th Korea. A ftera nu m berofyears with zero
weighting in M alays ia we ad d ed P u blic B ank to the portfolio as a benefic iary of the im proving ec onom ic
environm ent.
Thes e pu rc has es were fu nd ed by the s ales of C TC I, P owertec h and Q u anta C om pu ter in Taiwan and a
red u c tion in the pos ition in S am s u ng E lec tronic s following a very s trong period ofperform anc e.
Outlook
The weighting in C hina has inc reas ed ten perc entage points from the s am e period las tyearand rem ains the
bes tc om bination of valu e, inc om e and inc om e growth in the region. B anks , with the exc eption of thos e in
A u s tralia, are als o an inc reas ingly im portantpartof the portfolio. They are c heap relative to his tory, with
good d ivid end s and , im portantly foran inc om e foc u s ed portfolio, have a pos itive c orrelation to ris ing interes t
rates . This provid es a natu ralhed ge to the higher yield partof the portfolio whic h is ad vers ely im pac ted by
s u c h a m ove. O u rbank expos u re is foc u s ed on C hina, H ong Kong, Korea, S ingapore and M alays ia. O ther
notable expos u re is the energy s ec tor where we retain ou r pos itive view on refining m argins in the fac e of
s trong d em and and a lac k of new s u pply while c ons u m er s toc ks ac ros s the region retain appealas
d is pos able inc om es c ontinu e to ris e.
W e are c au tiou s ly optim is tic on the region. The elem entof c au tion c om es m ainly from ou ts id e the region
with geopolitic aland politic altens ions ru nning high ac ros s the world , while s ky high valu ations in m any as s et
c las s es c allfora d egree of c au tion. The ris e in US interes trates and the potentialforrem ovalofq u antitative

eas ing from the c entralbanks ofJapan and the E U ats om e pointthis yearc ou ld als o provid e head wind s for
eq u ity m arketperform anc e. Forthis reas on gearing willbe u s ed forthe fac ilitation of new id eas ratherthan
being d irec tional.
A s ia P ac ific m arkets have ris en in the las teighteen m onths bu tkeptbroad ly in line with earnings growth,
thereby keeping the pric e to earnings (P E ) valu ation atan attrac tive levelvers u s its own his tory and its
d eveloped m arket peers . C orporate earnings growth is expec ted to be robu s t and the potential for
s u s tainable and growing d ivid end s is extrem ely attrac tive as c om panies c ontinu e to generate c as h flow and
s lowly ad opta m ore s harehold erfriend ly d ivid end c u ltu re overtim e.
Mike Kerley
Fund Manager
19 April 2018
Principal Risks and Uncertainties
The princ ipalris ks and u nc ertainties as s oc iated with the C om pany’ s bu s ines s c an be d ivid ed into the
following m ain areas :
•Inves tm entand s trategy
•A c c ou nting, legaland regu latory
•O perational
•Financ ial
Inform ation on thes e ris ks and how they are m anaged is given in the A nnu alReportfor the year end ed 31
A u gu s t2 0 1 7 . In the view of the B oard thes e princ ipalris ks and u nc ertainties are as applic able to the
rem aining s ix m onths ofthe financ ialyearas they were to the s ix m onths u nd erreview.
Related Party Transactions
The C om pany’ s c u rrentrelated parties are its D irec tors and Janu s H end ers on. There have been no m aterial
trans ac tions between the C om pany and its D irec tors d u ring the period and the only am ou nts paid to them
were in res pec tof expens es and rem u neration forwhic h there were no ou ts tand ing am ou nts payable atthe
period end .
In relation to the provis ion of s ervic es by Janu s H end ers on, otherthan fees payable by the C om pany in the
ord inary c ou rs e of bu s ines s and the provis ion of s ales and m arketing s ervic es , there have been no m aterial
trans ac tions with Janu s H end ers on affec ting the financ ialpos ition of the C om pany d u ring the period u nd er
review.
Directors’ Responsibility Statement
The D irec tors c onfirm that, to the bes toftheirknowled ge:
(a)the c ond ens ed s etof financ ials tatem ents has been prepared in ac c ord anc e with IA S 34 – Interim
Financ ialReporting (“IA S 34”);
(b)the interim m anagem ent report inc lu d es a fair review of the inform ation req u ired by D is c los u re
Gu id anc e and Trans parenc y Ru le 4. 2 . 7 R (ind ic ation of im portantevents d u ring the firs ts ix m onths
and d es c ription ofprinc ipalris ks and u nc ertainties forthe rem aining s ix m onths ofthe year); and
(c )the interim m anagem ent report inc lu d es a fair review of the inform ation req u ired by D is c los u re
Gu id anc e and Trans parenc y Ru le 4. 2 . 8 R (d is c los u re of related party trans ac tions and c hanges
therein).
The m aintenanc e and integrity ofthe C om pany’ s webs ite is d elegated to Janu s H end ers on.
L egis lation in Jers ey governing the preparation and d is s em ination of financ ials tatem ents m ay d iffer from
legis lation in other ju ris d ic tions . The D irec tors s hallrem ain res pons ible for es tablis hing and c ontrolling the
proc es s ford oing s o, and forens u ring thatthe financ ials tatem ents are c om plete and u naltered in any way.
For and on behalf of the Board
John Russell, Chairman
19 April 2018

Investment Portfolio
A s at2 8 Febru ary 2 0 1 8
Valuation at
28 February
Country of2018
CompanyincorporationSector£'000% of Portfolio
C hina C ons tru c tion B ankC hinaFinanc ials1 6, 91 73. 65
S am s u ng E lec tronic s
1
S ou th KoreaTec hnology1 5, 7 333. 40
A gric u ltu ralB ank ofC hinaC hinaFinanc ials1 4, 0 8 73. 0 4
Taiwan S em ic ond u c torM anu fac tu ring
2
TaiwanTec hnology1 3, 2 7 92 . 8 7
D aliFood sC hinaC ons u m erGood s1 3, 0 8 12 . 8 2
H u ayu A u tom otive S ys tem s
3
C hinaC ons u m erGood s1 2 , 5602 . 7 1
B ank ofC hinaC hinaFinanc ials1 2 , 1 1 32 . 61
P etroc hinaC hinaO il& Gas1 2 , 0 8 02 . 61
C hina Y angtze P ower
3
C hinaUtilities1 1 , 9632 . 59
KB Financ ialGrou pS ou th KoreaFinanc ials1 1 , 9532 . 58
Top Ten Investments133,76628.88
M ac q u arie Grou pA u s traliaFinanc ials1 1 , 8 552 . 56
Rio Tinto L tdA u s traliaB as ic M aterials1 1 , 48 52 . 48
H S B C H old ingsUK (H ong Kong)Financ ials1 1 , 4652 . 47
P TTThailandO il& Gas1 1 , 42 62 . 47
S tarP etroleu m RefiningThailandO il& Gas1 1 , 1 682 . 41
M ac q u arie Korea Infras tru c tu re Fu ndS ou th KoreaFinanc ials1 0 , 97 52 . 37
B H P B illiton L im itedA u s traliaB as ic M aterials1 0 , 7 1 92 . 31
S park N ew ZealandN ew ZealandTelec om m u nic ations1 0 , 4432 . 2 5
C hina Res ou rc es L andC hinaP roperty1 0 , 32 22 . 2 3
P u blic B ankM alays iaFinanc ials1 0 , 2 572 . 2 2
Top Twenty Investments243,88152.65
S park Infras tru c tu reA u s traliaUtilities9, 8 522 . 1 3
S -O ilS ou th KoreaO il& Gas9, 62 32 . 0 8
H on H aiP rec is ion Ind u s tryTaiwanTec hnology9, 5312 . 0 6
L end L eas eA u s traliaP roperty9, 2 982 . 0 1
S u nc orpA u s traliaFinanc ials9, 1 7 61 . 98
Taiwan C em entTaiwanInd u s trials9, 1 531 . 98
A d vanc ed S em ic ond u c torE ngineeringTaiwanTec hnology9, 1 0 61 . 96
M apletree GreaterC hina C om m erc ial
Tru s t
H ong KongP roperty8 , 9921 . 94
A s c end as RE ITS ingaporeP roperty8 , 8 0 31 . 90
A M PA u s traliaFinanc ials8 , 7 931 . 8 9
Top Thirty Investments336,20872.58
S c entre Grou pA u s traliaP roperty8 , 6471 . 8 7
S K Telec om
2
S ou th KoreaTelec om m u nic ations8 , 57 91 . 8 5
D igitalTelec om m u nic ationsThailandTelec om m u nic ations8 , 31 91 . 8 0
M apletree C om m erc ialTru s tS ingaporeP roperty8 , 2 7 61 . 7 9
IN G L ife Ins u ranc eS ou th KoreaFinanc ials8 , 2 531 . 7 8
H KT Tru s t& H KTH ong KongTelec om m u nic ations8 , 0 521 . 7 4
A nhu iC onc h C em entC hinaInd u s trials7 , 9941 . 7 2
N eteas e
2
C hinaTec hnology7 , 8 2 81 . 69
A m c orA u s traliaInd u s trials7 , 6971 . 66
S K InnovationS ou th KoreaB as ic M aterials7 , 3661 . 59
Top Forty Investments417,21990.07
Fairfax M ed iaA u s traliaC ons u m erS ervic es7 , 0 8 11 . 53
Telekom u nikas iInd ones iaInd ones iaTelec om m u nic ations7 , 0 691 . 53
Zhengzhou Y u tong B u s C o.
3
C hinaInd u s trials7 , 0 641 . 52
United O vers eas B ankS ingaporeFinanc ials6, 8 401 . 48

A nta S ports P rod u c tsC hinaC ons u m erGood s6, 2 1 31 . 34
C hinas oftInternationalC hinaTec hnology5, 7 411 . 2 4
N W SH ong KongInd u s trials4, 91 61 . 0 6
Q u anta C om pu tersTaiwanTec hnology1 , 57 30 . 34
C hina Fores try H old ingsC hinaB as ic M aterials--
C hinas oftInternationalA pr1 8 P u t
(E xpiry 0 9/0 4/1 8 )
C hinaTec hnology(41 )(0 . 0 1 )
Top Fifty Investments463,675100.10
C hina C ons tru c tion B ank A pr1 8 C all
(E xpiry 30 /0 4/1 8 )
C hinaFinanc ials(62 )(0 . 0 2 )
A nta S ports P rod u c ts M ay 1 8 C all
(E xpiry 2 8 /0 5/1 8 )
C hinaC ons u m erGood s(1 97 )(0 . 0 4)
S K Innovation A pr1 8 C all(E xpiry
1 0 /0 4/1 8 )
S ou th KoreaB as ic M aterials(2 0 3)(0 . 0 4)
Total Investments463,213100.00
(1 )
P referred S hares
(2 )
A m eric an D epos itary Rec eipts
(3)
P artic ipation N otes
Sector and Geographic Exposureas a perc entage ofthe inves tm entportfolio exc lu d ing c as h
* Inc lu d es H S B C H old ings
Condensed Statement of Comprehensive Income
Sector Exposure
Portfolio as at
28 February
2018
%
P ortfolio as at
2 8 Febru ary
2 0 1 7
%
Geographic Exposure
Portfolio as at
28 February
2018
%
P ortfolio as at
2 8 Febru ary
2 0 1 7
%
Financ ials
28.6
2 0 . 2C hina
29.7
2 0 . 4
Tec hnology
13.6
1 6. 1A u s tralia
20.4
2 4. 4
P roperty
11.7
1 2 . 2S ou th Korea
15.6
1 7 . 0
O il& Gas
9.6
4. 6Taiwan
9.2
1 1 . 5
Telec om m u nic ations
9.2
1 5. 5H ong Kong*
7.2
6. 5
Ind u s trials
8.0
1 1 . 6Thailand
6.7
6. 4
C ons u m erGood s
6.8
3. 7S ingapore
5.2
7 . 7
B as ic M aterials
6.3
5. 0N ew Zealand
2.3
2 . 4
Utilities
4.7
5. 6M alays ia
2.2
-
C ons u m erS ervic es
1.5
5. 5Ind ones ia
1.5
2 . 4
Ind ia
-
1 . 3
Total100.0
1 0 0 . 0
Total100.0
1 0 0 . 0
Half-year ended 28 February
2018 (Unaudited)
H alf-yearend ed 2 8 Febru ary
2 0 1 7 (Unau d ited )
Y earend ed 31 A u gu s t2 0 1 7
(A u d ited )
Revenue
return
£’000
Capital
return
£’000
Total
£’000
Revenu e
retu rn
£ ’ 0 0 0
C apital
retu rn
£ ’ 0 0 0
Total
£ ’ 0 0 0
Revenu e
retu rn
£ ’ 0 0 0
C apital
retu rn
£ ’ 0 0 0
Total
£ ’ 0 0 0
Inves tm entinc om e
7,897-7,897
8 , 551-8 , 5512 7 , 7 0 2-2 7 , 7 0 2
O therinc om e
1,108-1,108
960-9602 , 563-2 , 563
(L os s )/gain on
inves tm ents held at
fairvalu e throu gh
profitorlos s
-(256)(256)
-2 2 , 40 82 2 , 40 8-45, 7 5445, 7 54
N etforeign
exc hange
gain/(los s )
-905905
-(8 35)(8 35)-(1 , 498 )(1 , 498 )

The totalc olu m n of this s tatem entrepres ents the C ond ens ed S tatem entof C om prehens ive Inc om e of the
C om pany, prepared in ac c ord anc e with IA S 34.
The revenu e retu rn and c apitalretu rn c olu m ns are s u pplem entary to this and are prepared u nd ergu id anc e
pu blis hed by the A s s oc iation of Inves tm ent C om panies . A llitem s in the above s tatem ent d erive from
c ontinu ing operations .
A llinc om e is attribu table to the eq u ity s harehold ers ofthe C om pany. There are no m inority interes ts .
Condensed Statement of Changes in Equity
exc lu d ing
gain/(los s )on
inves tm ents
------------------------
------------------------------------------------
Total income9,0056499,654
9, 51 12 1 , 57 331 , 0 8 430 , 2 6544, 2 567 4, 52 1
-----------------------
-----------------------------------------------
Expenses
M anagem entfees
(973)(973)(1,946)
(8 92 )(8 92 )(1 , 7 8 4)(1 , 8 65)(1 , 8 65)(3, 7 30 )
O therexpens es
(247)(247)(494)
(1 92 )(1 92 )(38 4)(42 1 )(42 1 )(8 42 )
-----------------------
-----------------------------------------------
Profit/(loss)
before finance
costs and
taxation
7,785
(571)7,214
8 , 42 72 0 , 48 92 8 , 91 62 7 , 97 941 , 97 069, 949
Financ e c os ts
(105)(105)(210)
(8 7 )(8 7 )(1 7 4)(1 69)(1 69)(338 )
-----------------------
-----------------------------------------------
Profit/(loss)
before taxation7,680(676)7,004
8 , 3402 0 , 40 22 8 , 7 422 7 , 8 1 041 , 8 0 169, 61 1
Taxation
(639)-(639)
(652 )-(652 )(2 , 40 0 )-(2 , 40 0 )
-----------------------
-----------------------------------------------
Profitfor the
period and total
comprehensive
income
7,041(676)6,365
7 , 68 82 0 , 40 22 8 , 0 902 5, 41 041 , 8 0 167 , 2 1 1
-----------------------
-----------------------------------------------
Earnings per
ordinary share
basic and diluted
(note 2 )
5.88p(0.57p)5.31p
6. 67 p1 7 . 7 2 p2 4. 39p2 1 . 94p36. 0 9p58 . 0 3p
-----------------------
---------------------------------------------
Half-year ended 28 February 2018(Unaudited)
Stated
capital
£’000
Distributable
reserve
£’000
Capital
reserves
£’000
Revenue
reserve
£’000
Total
£’000
Total equity at 31 August 2017121,784180,471117,56022,667442,482
Total comprehensive income:
(Loss)/profit for the period--(676)7,0416,365
Transaction with owners,
recorded directly to equity:
Dividends paid---(12,736)(12,736)
Shares issued13,138---13,138
Share issue costs(53)---(53)
Total equity at 28 February 2018134,869180,471116,88416,972449,196

Condensed Balance Sheet
28February
2018
(Unaudited)
£’000
2 8 Febru ary
2 0 1 7
(Unau d ited )
£ ’ 0 0 0
31 A u gu s t
2 0 1 7
(A u d ited )
£ ’ 0 0 0
Non current assets
Inves tm ents held atfairvalu e throu gh profitor
los s (note 8 )
463,716
42 5, 598465, 2 66
Current assets
O therrec eivables
12,730
3, 1 403, 42 1
C as h and c as h eq u ivalents
16,874
2 , 90 51 0 , 2 41
29,604
6, 0 451 3, 661
Total assets493,320
431 , 64347 8 , 92 7
Current liabilities
W ritten options
(503)
(1 , 942 )(3, 67 1 )
O therpayables
(10,961)
(1 , 694)(941 )
B ank loans and overd rafts
(32,660)
(2 0 , 967 )(31 , 8 33)
(44,124)
(2 4, 60 3)(36, 445)
Net assets449,196
40 7 , 0 40442 , 48 2
H alf-yearend ed 2 8 Febru ary 2 0 1 7 (Unau d ited )
S tated
c apital
£ ’ 0 0 0
D is tribu table
res erve
£ ’ 0 0 0
C apital
res erves
£ ’ 0 0 0
Revenu e
res erve
£ ’ 0 0 0
Total
£ ’ 0 0 0
Totaleq u ity at31 A u gu s t2 0 1 61 0 9, 47 11 8 0 , 47 17 5, 7 592 1 , 1 5838 6, 8 59
Totalc om prehens ive inc om e:
P rofitforthe period--2 0 , 40 27 , 68 82 8 , 0 90
Trans ac tion with owners ,
rec ord ed d irec tly to eq u ity:
D ivid end s paid---(1 1 , 7 53)(1 1 , 7 53)
S hares is s u ed3, 8 60---3, 8 60
S hare is s u e c os ts(1 6)---(1 6)
Totaleq u ity at2 8 Febru ary 2 0 1 71 1 3, 31 51 8 0 , 47 196, 1 611 7 , 0 9340 7 , 0 40
Y earend ed 31 A u gu s t2 0 1 7 (A u d ited )
S tated
c apital
£ ’ 0 0 0
D is tribu table
res erve
£ ’ 0 0 0
C apital
res erves
£ ’ 0 0 0
Revenu e
res erve
£ ’ 0 0 0
Total
£ ’ 0 0 0
Totaleq u ity at31 A u gu s t2 0 1 61 0 9, 47 11 8 0 , 47 17 5, 7 592 1 , 1 5838 6, 8 59
Totalc om prehens ive inc om e:
P rofitforthe year--41 , 8 0 12 5, 41 067 , 2 1 1
Trans ac tion with owners ,
rec ord ed d irec tly to eq u ity:
D ivid end s paid---(2 3, 90 1 )(2 3, 90 1 )
S hares is s u ed1 2 , 362---1 2 , 362
S hare is s u e c os ts(49)---(49)
Totaleq u ity at31 A u gu s t2 0 1 71 2 1 , 7 8 41 8 0 , 47 11 1 7 , 5602 2 , 667442 , 48 2

Equity attributable to equity shareholders
S tated s hare c apital
134,869
1 1 3, 31 51 2 1 , 7 8 4
D is tribu table res erve
180,471
1 8 0 , 47 11 8 0 , 47 1
Retained earnings :
C apitalres erves
116,884
96, 1 611 1 7 , 560
Revenu e res erve
16,972
1 7 , 0 932 2 , 667
Total equity449,196
40 7 , 0 40442 , 48 2
Net asset value per ordinary share
(note 3)
369.93p
351 . 93p37 5. 1 9p
Condensed Statement of Cash Flows
Half-yearended
28 February
2018
(Unaudited)
£’000
H alf-yearend ed
2 8 Febru ary
2 0 1 7
(Unau d ited )
£ ’ 0 0 0
Y earend ed
31 A u gu s t2 0 1 7
(A u d ited )
£ ’ 0 0 0
Operating activities
P rofitbefore tax
7,004
2 8 , 7 4269, 61 1
A d d bac k: financ e c os t
210
1 7 4338
L os s /(gain)on inves tm ents held atfairvalu e
throu gh profitorlos s
256
(2 2 , 40 8 )(45, 7 54)
N etforeign exc hange (gain)/los s exc lu d ing
foreign exc hange (gain)/los s on inves tm ents
(905)
8 351 , 498
S ales ofinves tm ents
160,052
1 49, 0 0 0331 , 0 8 0
P u rc has es ofinves tm ents
(161,927)
(1 45, 656)(342 , 2 2 2 )
D ec reas e in prepaym ents and ac c ru ed
inc om e
221
1 0(2 0 8 )
(Inc reas e)/d ec reas e in am ou nts d u e from
brokers
(9,530)
1 7 11 0 9
Inc reas e in otherpayables
978
1 0 9(67 7 )
Inc reas e in am ou nts d u e to brokers
9,086
-
S toc k d ivid end s inc lu d ed in inves tm ent
inc om e
-
(96)(2 0 3)
Net cash inflow from operating activities
before interest and taxation5,445
1 0 , 8 8 11 3, 57 2
Interes tpaid
(254)
(1 69)(30 1 )
W ithhold ing tax on inves tm entinc om e
(639)
(652 )(2 , 40 0 )
Net cash inflow from operating activities
after interest and taxation4,552
1 0 , 0 601 0 , 8 7 1
Financing activities
N etloans repaym ent
2,063
(5, 7 7 4)5, 2 32
E q u ity d ivid end s paid
(12,736)
(1 1 , 7 53)(2 3, 90 1 )
S hare is s u e proc eed s
13,138
3, 8 601 2 , 362
S hare is s u e c os ts
(53)
(1 6)(49)
Net cash(outflow)/inflowfrom financing2,412
(1 3, 68 3)(6, 356)
Increase/(decrease) in cash and cash
equivalents6,964
(3, 62 3)4, 51 5
Cash and cash equivalents at the start of
the period / year10,241
5, 9445, 944
E xc hange m ovem ents
(331)
58 4(2 1 8 )
Cash and cash equivalents at the end of
the period / year16,874
2 , 90 51 0 , 2 41

Notes:
1. Accounting Policies:
(a) Basis of preparation
The c ond ens ed interim financ ialinform ation has been prepared on a going c onc ern bas is , in ac c ord anc e
with IA S 34 and the D is c los u re Gu id anc e and Trans parenc y Ru les ofthe UK's Financ ialC ond u c tA u thority.
The A nnu al Report and Financ ial S tatem ents for the year end ed 31 A u gu s t 2 0 1 7 were prepared in
ac c ord anc e with InternationalFinanc ialReporting S tand ard s (‘ IFRS ’ ) as ad opted by the E u ropean Union.
The u nau d ited res u lts for the half-year end ed 2 8 Febru ary 2 0 1 8 have been prepared u s ing the s am e
ac c ou nting polic ies as thos e applied in the C om pany’ s financ ials tatem ents for the year end ed 31 A u gu s t
2 0 1 7 . The 31 A u gu s t2 0 1 7 financ ials tatem ents inc lu d e d etails of any new ac c ou nting s tand ard s notyet
ad opted by the C om pany. There has been no c hange to the s egm entalreporting as s es s m entc om pared to
the 31 A u gu s t2 0 1 7 financ ials tatem ents .
Thes e c ond ens ed financ ials tatem ents d o notinc lu d e allinform ation req u ired for a fu lls etof financ ials
s tatem ents . The figu res and financ ialinform ation forthe yearend ed 31 A u gu s t2 0 1 7 are an extrac tbas ed on
the pu blis hed financ ials tatem ents and s hou ld be read in c onju nc tion with them .
The c ond ens ed financ ialinform ation forthe half-years end ed 2 8 Febru ary 2 0 1 8 and 2 8 Febru ary 2 0 1 7 has
notbeen au d ited .
(b) Investments held at fair value through profit or loss
A llinves tm ents are d es ignated u pon initialrec ognition as held atfair valu e throu gh profitor los s . Thes e
financ ialas s ets are d es ignated on the bas is thatthey are partof a grou p of financ ialas s ets whic h are
m anaged and have their perform anc e evalu ated on a fair valu e bas is . Financ ialas s ets are rec ognis ed /d e-
rec ognis ed atthe trad e d ate of the pu rc has e/d is pos al. P roc eed s willbe m eas u red atfairvalu e, whic h willbe
regard ed as the proc eed s of s ale les s any trans ac tion c os ts . The fair valu e of the financ ialins tru m ents is
bas ed on theirq u oted bid pric e atthe balanc e s heetd ate, withou td ed u c tion of the es tim ated fu tu re s elling
c os ts . P artic ipation notes are fairvalu ed by referenc e to u nd erlying s toc ks . The fairvalu e of option c ontrac ts
is d eterm ined by referenc e to the B lac k-S c holes m od el. The fair valu es of u nq u oted financ ialins tru m ents
within the portfolio are bas ed on theirlas tau d ited netas s etvalu es d is c ou nted where nec es s ary to arrive at
a fairvalu e.
C hanges in the fair valu e of inves tm ents held atfair valu e throu gh profitor los s and gains and los s es on
d is pos al, inc lu d ing exc hange gains and los s es , are rec ognis ed in the S tatem entof C om prehens ive Inc om e
as ‘ Gain or los s on inves tm ents held atfair valu e throu gh profitor los s ’ , inc lu d ing exc hange gains and
los s es . A ls o inc lu d ed within this c aption are trans ac tion c os ts in relation to the pu rc has e or s ale of
inves tm ents , inc lu d ing the d ifferenc e between the pu rc has e pric e of an inves tm entand its bid pric e atthe
d ate ofpu rc has e.
Significant accounting judgments and estimates
The preparation of the C om pany’ s financ ial s tatem ents req u ires m anagem ent to m ake ju d gem ents ,
es tim ates and as s u m ptions that affec t the am ou nts rec ognis ed in the financ ial s tatem ents ; however,
u nc ertainty abou t thes e as s u m ptions and es tim ates c ou ld res u lt in ou tc om es that req u ire a m aterial
ad ju s tm entto the c arrying am ou ntof the as s etor liability affec ted in the fu tu re. A s the m ajority of the
C om pany’ s financ ialas s ets are q u oted s ec u rities , in the opinion of the D irec tors , the am ou nts inc lu d ed as
as s ets and liabilities in the financ ials tatem ents are nots u bjec tto s ignific antju d gem ents , es tim ates or
as s u m ptions .
The C om pany’ s hold ings in P artic ipation N otes are valu ed at£ 31 . 6 m illion (2 8 Febru ary 2 0 1 7 : £ 2 9. 9 m illion,
31 A u gu s t 2 0 1 7 : £ 30 . 1 m illion). Thes e are valu ed by referenc e to the u nd erlying q u oted s toc k. The
obligations relating to the options valu ed at£ 50 3, 0 0 0 (liability)(2 8 Febru ary 2 0 1 7 : £ 1 , 942 , 0 0 0 (liability), 31
A u gu s t2 0 1 7 : £ 3, 67 1 , 0 0 0 (liability))are valu ed by referenc e to the B lac k-S c holes m od el.
2. Earnings per ordinary share
The earnings per ord inary s hare figu re is bas ed on the netprofitafter taxation of £ 6, 365, 0 0 0 (half-year
end ed 2 8 Febru ary 2 0 1 7 : profit£ 2 8 , 0 90 , 0 0 0 ; year end ed 31 A u gu s t2 0 1 7 : profit£ 67 , 2 1 1 , 0 0 0 ) and on
1 1 9, 7 64, 0 56 ord inary s hares (half-yearend ed 2 8 Febru ary 2 0 1 7 : 1 1 5, 1 60 , 564; yearend ed 31 A u gu s t2 0 1 7 :
1 1 5, 8 2 9, 2 63)being the weighted average nu m beroford inary s hares in is s u e d u ring eac h ofthe period s .

The earnings per ord inary s hare d etailed above c an be fu rther analys ed between revenu e and c apital, as
below:
Half-year
ended
28 February
2018
(Unaudited)
£’000
H alf-year
end ed
2 8 Febru ary
2 0 1 7
(Unau d ited )
£ ’ 0 0 0
Y earend ed
31 A u gu s t
2 0 1 7
(A u d ited )
£ ’ 0 0 0
N etrevenu e profit
7,041
7 , 68 82 5, 41 0
N etc apitalprofit
(676)
2 0 , 40 241 , 8 0 1
N ettotalprofit
6,365
2 8 , 0 9067 , 2 1 1
W eighted average nu m beroford inary s hares
in is s u e d u ring the period /year
119,764,056
1 1 5, 1 60 , 5641 1 5, 8 2 9, 2 63
Pence
P enc eP enc e
Revenu e earnings perord inary s hare
5.88
6. 672 1 . 94
C apitalearnings perord inary s hare
(0.57)
1 7 . 7 236. 0 9
Totalearnings perord inary s hare
5.31
2 4. 3958 . 0 3
The C om pany d oes nothave any d ilu tive s ec u rities ; therefore the bas ic and d ilu ted retu rns pers hare are the
s am e.
3.Net asset value per ordinary share
The bas ic netas s etvalu e per ord inary s hare is bas ed on a netas s etvalu e of £ 449, 1 96, 0 0 0 (2 8 Febru ary
2 0 1 7 : £ 40 7 , 0 40 , 0 0 0 ; 31 A u gu s t2 0 1 7 : £ 442 , 48 2 , 0 0 0 )and on 1 2 1 , 42 8 , 564 (2 8 Febru ary 2 0 1 7 : 1 1 5, 660 , 564;
31 A u gu s t2 0 1 7 : 1 1 7 , 935, 564)ord inary s hares , being the nu m berof ord inary s hares in is s u e ateac h period
end .
4. Transaction costs
P u rc has e trans ac tion c os ts for the half-year end ed 2 8 Febru ary 2 0 1 8 were £ 1 8 9, 0 0 0 (half-year end ed 2 8
Febru ary 2 0 1 7 : £ 1 8 4, 0 0 0 ; year end ed 31 A u gu s t2 0 1 7 : £ 48 4, 0 0 0 ). Thes e m ainly c om pris e c om m is s ion.
S ales trans ac tion c os ts for the half-year end ed 2 8 Febru ary 2 0 1 8 were £ 2 7 5, 0 0 0 (half-year end ed 2 8
Febru ary 2 0 1 7 : £ 349, 0 0 0 ; yearend ed 31 A u gu s t2 0 1 7 : £ 7 31 , 0 0 0 ).
5. Share capital
D u ring the s ix m onths u nd er review the C om pany is s u ed a totalof 3, 493, 0 0 0 s hares (half-year end ed 2 8
Febru ary 2 0 1 7 : 1 , 1 2 5, 0 0 0 ; year end ed 31 A u gu s t2 0 1 7 : 3, 40 0 , 0 0 0 ) for netproc eed s of £ 1 3, 0 8 5, 0 0 0 (half-
year end ed 2 8 Febru ary 2 0 1 7 : £ 3, 8 44, 0 0 0 ; year end ed 31 A u gu s t2 0 1 7 : £ 1 2 , 31 3, 0 0 0 ) netof c os ts . S inc e
the period end a fu rther90 0 , 0 0 0 s hares have been is s u ed fornetproc eed s of£ 3, 2 93, 0 0 0 .
6. Dividends
The C om pany pays d ivid end s on a q u arterly bas is . O n 30 N ovem ber2 0 1 7 a fou rth interim d ivid end of 5. 3p
per s hare was paid in res pec tof the year end ed 31 A u gu s t2 0 1 7 . A firs tinterim d ivid end , in res pec tof the
yearend ed 31 A u gu s t2 0 1 8 , of 5. 3p pers hare was paid on 2 8 Febru ary 2 0 1 8 . The s ec ond interim d ivid end
of 5. 3p per s hare willbe paid on 31 M ay 2 0 1 8 to s harehold ers on the regis ter on 4 M ay 2 0 1 8 . The
C om pany’ s s hares willbe q u oted ex-d ivid end on 3 M ay 2 0 1 8 . B as ed on the nu m berofs hares in is s u e on 1 9
A pril2 0 1 8 , the c os tofthe d ivid end willbe £ 6, 48 3, 0 0 0 .
7. Management Fees
M anagem entfees are c harged in ac c ord anc e with the term s of the m anagem entagreem entata rate of
0 . 9% perannu m of the firs t£ 40 0 , 0 0 0 , 0 0 0 of netas s ets and 0 . 7 5% perannu m of the balanc e of netas s ets
greaterthan £ 40 0 , 0 0 0 , 0 0 0 .
8. Financial Instruments
A tthe period end the c arrying valu e offinanc ialas s ets and financ ialliabilities approxim ates theirfairvalu e.

Financial instruments carried at fair value
Fair value hierarchy
The table below analys es rec u rring fair valu e m eas u rem ents for financ ialas s ets and financ ialliabilities .
Thes e fairvalu e m eas u rem ents are c ategoris ed into d ifferentlevels in the fairvalu e hierarc hy bas ed on the
inpu ts to valu ation tec hniq u es u s ed . The d ifferentlevels are d efined as follows :
L evel1 : valu e u s ing q u oted pric es in ac tive m arkets forid entic alas s ets and liabilities .
L evel2 : valu ed by referenc e to valu ation tec hniq u es u s ing obs ervable inpu ts otherthan q u oted pric es in
L evel1 .
L evel3: valu ed by referenc e to valu ation tec hniq u es u s ing inpu ts thatare notbas ed on obs ervable
m arketd ata.
Financial assets and financial liabilities at fair value
through profit or loss at 28 February 2018
Level 1
£'000
Level 2
£'000
Level 3
£’000
Total
£’000
Investments including derivatives:
-Equity securities designated at fair value through profit
or loss432,12931,587-463,716
- Written options-(503)-(503)
Total financial assets and liabilities carried at fair value432,12931,084-463,213
Financ ialas s ets and financ ialliabilities atfair valu e throu gh
profitorlos s at2 8 Febru ary 2 0 1 7
L evel1
£ '0 0 0
L evel2
£ '0 0 0
L evel3
£ ’ 0 0 0
Total
£ ’ 0 0 0
Inves tm ents inc lu d ing d erivatives :
-E q u ity s ec u rities d es ignated atfair valu e throu gh profitor
los s395, 68 32 9, 91 5-42 5, 598
-W ritten options-(1 , 942 )-(1 , 942 )
Totalfinanc ialas s ets and liabilities c arried atfairvalu e395, 68 32 7 , 97 3-42 3, 656
Financ ialas s ets and financ ialliabilities atfair valu e throu gh
profitorlos s at31 A u gu s t2 0 1 7
L evel1
£ '0 0 0
L evel2
£ '0 0 0
L evel3
£ ’ 0 0 0
Total
£ ’ 0 0 0
Inves tm ents inc lu d ing d erivatives :
-E q u ity s ec u rities d es ignated atfair valu e throu gh profitor
los s435, 1 2 230 , 1 44-465, 2 66
-W ritten options
-(3, 67 1 )-(3, 67 1 )
Totalfinanc ialas s ets and liabilities c arried atfairvalu e435, 1 2 22 6, 47 3-461 , 595
L evel3 inves tm ents relate to one hold ing of C hina Fores try, trans ferred into L evel3 in 2 0 1 2 , written d own to
zero d u ring the yearend ed 31 A u gu s t2 0 1 4.
There have been no m ovem ents in L evel3 inves tm ents d u ring the half-yearend ed 2 8 Febru ary 2 0 1 8 and 2 8
Febru ary 2 0 1 7 and the yearend ed 31 A u gu s t2 0 1 7 .
The C om pany’ s hold ings in options and P artic ipation N otes are inc lu d ed within L evel2 .
The valu ation tec hniq u es u s ed by the C om pany are explained in the ac c ou nting polic ies note of the A nnu al
Reportand Financ ialS tatem ents forthe yearend ed 31 A u gu s t2 0 1 7 .
P rem iu m s from written options d u ring the half-year end ed 2 8 Febru ary 2 0 1 8 were £ 1 , 0 7 2 , 0 0 0 (half-year
end ed 2 8 Febru ary 2 0 1 7 : £ 948 , 0 0 0 , yearend ed 31 A u gu s t2 0 1 7 : £ 2 , 532 , 0 0 0 ).
The valu ation tec hniq u es and inpu ts u s ed forlevel2 and level3 inves tm ents are as d is c los ed in note 1 (b).
9. Going concern
The as s ets of the C om pany c ons is talm os tentirely of s ec u rities thatare lis ted and regu larly trad ed and ,
ac c ord ingly, the D irec tors believe that the C om pany has ad eq u ate financ ial res ou rc es to c ontinu e in
operationalexis tenc e foratleas ttwelve m onths from the d ate ofapprovalofthe financ ials tatem ents . H aving

as s es s ed thes e fac tors and the princ ipalris ks , the B oard has d ec id ed thatitis appropriate forthe financ ial
s tatem ents to be prepared on a going c onc ern bas is .
10.Net debt reconciliation
Bank loans and
Cash andoverdraft repayable
cash equivalentswithin one yearTotal
£'000£'000£'000
Net debt as at 31 August 2017
1 0 , 2 41(31 , 8 33)(2 1 , 592 )
C as h flows6, 964(2 , 0 63)4, 90 1
E xc hange m ovem ents(331 )1 , 2 3690 5
Net debt as at 28 February 2018
1 6, 8 7 4(32 , 660 )(1 5, 7 8 6)
11.Half-Year Report
The H alf-Y earReportwillbe available on the C om pany’ s webs ite (www. hend ers onfareas tinc om e. c om )orin
hard c opy form atfrom the C om pany’ s regis tered offic e, IFC 1 , The E s planad e, S tH elier, Jers ey, JE 1 4B P
from late A pril2 0 1 8 . S harehold ers willbe s enta c opy of the Upd ate, an abrid ged vers ion of the half-year
res u lts , in early M ay 2 0 1 8 .
12. General Information
a) Company Objective
The C om pany s eeks to provid e s harehold ers with a growing totalannu ald ivid end per s hare, as wellas
c apitalapprec iation, from a d ivers ified portfolio ofinves tm ents from the A s ia P ac ific region. .
b) Company Status
The C om pany is a Jers ey d om ic iled c los ed -end inves tm ent c om pany, nu m ber 950 64, whic h was
inc orporated in 2 0 0 6 and whic h is lis ted on the L ond on and N ew Zealand S toc k E xc hanges . The IS IN
nu m ber is JE 0 0 B 1 GX H 7 51 . The L ond on S toc k E xc hange c od e is H FE L . The C om pany is a Jers ey fu nd
whic h is regu lated by the Jers ey Financ ialS ervic es C om m is s ion.
c) Directors, Secretary and Registered Office
The D irec tors of the C om pany are John Ru s s ell(C hairm an), D avid M as hiter, Ju lia C hapm an, D avid S taples
and N ic holas George. The S ec retary is B N P P aribas S ec u rities S ervic es S . C . A . Jers ey B ranc h, repres ented
by S iobhan L avery and whic h is regu lated by the Jers ey Financ ialS ervic es C om m is s ion. The regis tered
offic e is IFC 1 , The E s planad e, S tH elier, Jers ey, JE 1 4B P .
d) Website
D etails of the C om pany’ s s hare pric e and netas s etvalu e, together with generalinform ation abou tthe
C om pany, m onthly fac ts heets and d ata, c opies of annou nc em ents , reports and d etails of generalm eetings
c an be fou nd at(www. hend ers onfareas tinc om e. c om ).
Independent Review Report to Henderson Far East Income Limited
Conclusion
W e have been engaged by H end ers on Far E as tInc om e L im ited (the “C om pany”)to review the c ond ens ed
s etof financ ials tatem ents in the half-yearly financ ialreportfor the s ix m onths end ed 2 8 Febru ary 2 0 1 8 of
the C om pany whic h c om pris es the C ond ens ed S tatem ent of C om prehens ive Inc om e, the C ond ens ed
S tatem entof C hanges in E q u ity, the C ond ens ed B alanc e S heet, the C ond ens ed S tatem entof C as h Flows
and the related explanatory notes .
B as ed on ou rreview, nothing has c om e to ou rattention thatc au s es u s to believe thatthe c ond ens ed s etof
financ ials tatem ents in the half-yearly financ ialreportfor the s ix m onths end ed 2 8 Febru ary 2 0 1 8 is not
prepared , in allm aterialres pec ts , in ac c ord anc e with IA S 34 Interim Financ ialReporting as ad opted by the
E U and the D is c los u re Gu id anc e and Trans parenc y Ru les (“the D TR”) of the UK’ s Financ ialC ond u c t
A u thority (“the UK FC A ”).

Scope of review
W e c ond u c ted ou r review in ac c ord anc e with InternationalS tand ard on Review E ngagem ents (UK and
Ireland ) 2 41 0 Review of Interim Financ ialInform ation P erform ed by the Ind epend entA u d itor of the E ntity
is s u ed by the A u d iting P rac tic es B oard foru s e in the UK. A review of interim financ ialinform ation c ons is ts
of m aking enq u iries , prim arily of pers ons res pons ible for financ ialand ac c ou nting m atters , and applying
analytic aland otherreview proc ed u res . W e read the otherinform ation c ontained in the half-yearly financ ial
reportand c ons id er whether itc ontains any apparentm is s tatem ents or m aterialinc ons is tenc ies with the
inform ation in the c ond ens ed s etoffinanc ials tatem ents .
A review is s u bs tantially les s in s c ope than an au d itc ond u c ted in ac c ord anc e with InternationalS tand ard s
on A u d iting (UK)and c ons eq u ently d oes notenable u s to obtain as s u ranc e thatwe wou ld bec om e aware of
alls ignific antm atters thatm ightbe id entified in an au d it. A c c ord ingly, we d o notexpres s an au d itopinion.
Directors’ responsibilities
The half-yearly financ ialreportis the res pons ibility of, and has been approved by, the d irec tors .The
d irec tors are res pons ible forpreparing the half-yearly financ ialreportin ac c ord anc e with the D TR of the UK
FC A .
A s d is c los ed in note 1 , the annu alfinanc ials tatem ents of the C om pany are prepared in ac c ord anc e with
InternationalFinanc ialReporting S tand ard s as ad opted by the E U.The d irec tors are res pons ible for
preparing the c ond ens ed s etoffinanc ials tatem ents inc lu d ed in the half-yearly financ ialreportin ac c ord anc e
with IA S 34 as ad opted by the E U.
Our responsibility
O u rres pons ibility is to expres s to the C om pany a c onc lu s ion on the c ond ens ed s etoffinanc ials tatem ents in
the half-yearly financ ialreportbas ed on ou rreview.
The purpose of our review work and to whom we owe our responsibilities
This reportis m ad e s olely to the C om pany in ac c ord anc e with the term s of ou rengagem entletterto as s is t
the C om pany in m eeting the req u irem ents of the D TR of the UK FC A . O u rreview has been u nd ertaken s o
thatwe m ights tate to the C om pany thos e m atters we are req u ired to s tate to itin this reportand forno other
pu rpos e. To the fu lles textentperm itted by law, we d o notac c eptoras s u m e res pons ibility to anyone other
than the C om pany forou rreview work, forthis report, orforthe c onc lu s ions we have reac hed .
A nd rew P . Q u inn
Forand on behalfofKP M G C hannelIs land s L im ited
C hartered A c c ou ntants
37 E s planad e, S t. H elier, Jers ey
JE 4 8 W Q
1 9 A pril2 0 1 8
Forfu rtherinform ation pleas e c ontac t:
M ike Kerley
Fu nd M anagerforH end ers on FarE as tInc om e L im ited
Telephone: 0 2 0 7 8 1 8 50 53
Jam es d e S au s m arez
D irec torand H ead ofInves tm entTru s ts , H end ers on Inves tm entFu nd s L im ited
Telephone: 0 2 0 7 8 1 8 3349
S arah Gibbons -C ook
Inves torRelations and P R M anager, H end ers on Inves tm entFu nd s L im ited
Telephone: 0 2 0 7 8 1 8 31 98
S iobhan L avery
C om pany S ec retary and RN S A gent
B N P P aribas S ec u rities S ervic es S . C . A . Jers ey B ranc h
Telephone: 0 1 534 7 0 9 1 8 1
Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks
on the Company’s website (or any other website) is incorporated into, or forms part of, this announcement.