Title: 242346303.pdf URL Source: https://documentscdn.financialexpress.net/Literature/D150E6FB182563D6989876629D661D62/242346303.pdf Number of Pages: 5 Markdown Content: invtrusts.co.uk # Investment objective To provide investors with a total return primarily through investing in Asia Pacific securities, including those with an above average yield. Within its overall investment objective, the Company aims to grow its dividends over time. # Benchmark The Company’s portfolio is constructed without reference to the composition of any stock market index or benchmark. It is likely, therefore, that there will be periods when its performance will be quite unlike that of any index or benchmark and there can be no assurance that such divergence will be wholly or even primarily to the Company’s advantage. The Manager uses the MSCI AC Asia Pacific ex Japan Index (currency adjusted) for Board reporting purposes. # Cumulative performance (%) as at 30/04/26 1 month 3 months 6 months 1 year 3 years 5 years Share Price 296.0p 14.7 7.3 18.3 57.0 74.5 70.3 NAV A 317.1p 12.4 8.4 13.3 50.2 63.6 59.9 MSCI AC Asia Pacific ex Japan 11.7 7.0 10.5 42.4 60.3 37.9 # Discrete performance (%) 30/04/26 30/04/25 30/04/24 30/04/23 30/04/22 Share Price 57.0 5.8 5.1 (4.1) 1.8 NAV A 50.2 0.7 8.1 (5.0) 2.9 MSCI AC Asia Pacific ex Japan 42.4 3.9 8.3 (5.2) (9.2) Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen and Morningstar. Past performance is not a guide to future results. # Aberdeen Asian Income # Fund Limited Target consistent income and capital growth from a fund invested in some of Asia’s most successful and promising companies, expertly managed by teams on the ground Performance Data and Analytics to 30 April 2026 > A Including current year revenue. > B © 2026 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/ MethodologyDocuments/AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. Morningstar Sustainability Rating TM Morningstar Rating TM > B Morningstar Rating TM for Funds Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to similar funds. Ten largest holdings (%) TSMC Taiwan 13.3 Samsung Electronics Korea 10.1 Tencent China 4.2 SK Hynix Korea 3.1 Mediatek Taiwan 3.0 Rio Tinto Australia 2.5 Hang Lung Properties Hong Kong 2.3 Alibaba China 2.3 DBS Singapore 2.2 HDFC Bank India 2.0 Total 45.0 Total number of investments 64 All sources (unless indicated): Aberdeen: 30 April 2026. 02 Country allocation (%) Trust Regional Index Month’s market change Taiwan 24.9 24.6 22.5 China 22.7 22.8 0.6 Korea 19.7 18.5 34.1 Australia 12.4 12.1 3.9 India 6.6 11.8 5.9 Singapore 4.4 3.0 0.1 Hong Kong 3.0 3.6 0.7 Thailand 2.2 1.0 1.9 Indonesia 1.5 0.7 (9.8) New Zealand - 0.3 2.1 Malaysia - 1.1 1.2 Philippines - 0.3 (5.1) Cash 2.6 - - Total 100.0 100.0 Month’s market change represents the individual country returns calculated using the MSCI Index series (£). Market change is Total Return in GBP. Index may not add up to 100 due to rounding. Source: Aberdeen and MSCI. Fund risk statistics 3 Years 5 Years Annualised Standard Deviation of Fund 13.94 14.09 Beta 0.90 0.85 Sharpe Ratio 0.92 0.50 Annualised Tracking Error 3.62 5.09 Annualised Information Ratio 0.09 0.69 R-Squared 0.94 0.90 Source: Aberdeen & Factset. Basis: Total Return, Gross of Fees, GBP. Please note that risk analytics figures are calculated on gross returns whereas the performance figures are based on net asset value(NAV) returns. Key information Calendar Year end 31 December Accounts published April Annual General Meeting May Dividend paid February, May, August, November Launch date December 2005 Fund manager Asian Equities Team Ongoing charges C 0.92% Annual management fee 0.75% on the first £300m and 0.60% thereafter charged on the lower of market cap or net asset value Premium/(Discount) (6.7)% Yield D 5.8% Net cash/(gearing) E (3.1)% Active share F 59.5% # Aberdeen Asian Income Fund Limited Aberdeen Asian Income Fund Limited # 1 Year Premium/Discount Chart (%) -15 -12 -9 -6 -3 0Apr-26 Feb-26 Dec-25 Oct-25 Aug-25 Jun-25 Apr-25 # Fund managers’ report Market and portfolio review Asia Pacific ex Japan equities were volatile in April, yet the regional benchmark still ended the month up 12% in sterling terms. Markets swung sharply on Middle East developments, as an initial US-Iran ceasefire drove a relief rally, but sentiment faded as talks stalled and tensions rose again after the US tightened the Gulf embargo and fired on an Iranian -flagged vessel. The technology sector was the key driver of regional market performance, with the sector now making up 37% of the market capitalisation of the MSCI AC Asia Pacific ex Japan Index, versus 25% a year ago. The tech -heavy markets of South Korea and Taiwan led the region, both posting double -digit gains, on the back of strong first-quarter results. China, meanwhile, delivered weak domestic signals. March exports rose just 2.5% year on year, which was well below expectations, while new home prices fell 3.4%, pointing to the prevailing weak consumption despite resilient industrial output. Equity markets in China and Hong Kong closed broadly flat. The Indian market posted modest gains, with sentiment focused on the Reserve Bank of India’s defence of the rupee amid continued foreign outflows. The Iran conflict hit regional sentiment more broadly as well, as several Asian governments introduced subsidies to cushion imported inflation. Central banks turned more cautious, as the Bank of Korea flagged a likely downgrade to growth forecasts, the Monetary Authority of Singapore steepened the Singapore dollar policy band while lifting inflation projections, and the Bank of Thailand warned of severe downside risks if the Iran conflict escalated. In portfolio activity, we continued to invest in quality companies that are tied to long- term structural growth themes. Among the initiations, Taiwan’s Hon Hai, also known as Foxconn, is the world’s largest electronics maker and is successfully diversifying beyond Apple into electric vehicles (EVs) and semiconductors. It is benefiting from accelerating AI server demand, underpinned by strong execution. Its competitive edge is deepening as it builds out end-to-end server solutions, leveraging both on house capabilities and external sourcing amid an industry-wide shift towards standardisation. Hon Hai’s robust balance sheet is increasingly critical for clients, particularly as AI infrastructure costs keep rising. As a result, the company has emerged as a key strategic partner to industry leader Nvidia. > C Expressed as a percentage of average daily net assets for the year ended 31 December 2025. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. > D Calculated using the Company’s historic net dividends and month end share price. > E Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. > F The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the benchmark index holdings. Fund managers’ report continues overleaf 03 Aberdeen Asian Income Fund Limited Aberdeen Asian Income Fund Limited In India, we added HDFC Asset Management and ICICI Prudential Asset Management, which are well positioned for the structural growth of the domestic mutual fund industry. As a top -three domestic asset manager, HDFC Asset Management’s scale and brand support steady flows and pricing resilience, partly offsetting pressure from the regulator’s revised total expense ratio rules. As one of the largest and most successful asset managers, we view ICICI Prudential as an excellent proxy for the structural growth of domestic capital flows into the stock market on the back of rising retail participation. Elsewhere, we introduced two quality businesses with pricing power. Kweichow Moutai remains the dominant quality franchise in China’s consumer staples sector, with pricing power holding up despite weak end demand. Ex -factory and suggested retail price increases for Feitian, alongside strong growth in the iMoutai direct -to -consumer channel, are supporting market share and helping absorb inventory pressure across the industry. Distributor margins remain attractive, cushioning earnings through the current destocking phase. While its volume growth is likely constrained and earnings growth modest in the near term, Moutai’s scarcity value, solid balance sheet, and ability to compound through cycles support its role as a long -term core holding. The other was Ventia Services, a leading provider of essential infrastructure services across Australia and New Zealand, underpinned by long -dated, inflation -linked contracts with government and blue -chip clients. Its scale, high renewal rates, and capital -light model support steady earnings and strong cash conversion. Diversification across sectors and customers, combined with disciplined risk management and a flexible workforce, reinforces its defensive growth profile. Industry conditions remain supportive, with population growth, infrastructure spending, and the energy transition sustaining demand. Ventia’s track record in winning and executing large contracts, particularly in higher -margin telecommunications, positions the business for positive mix improvement and operating leverage over time. Against this, we exited Metcash in view of better opportunities elsewhere. In terms of engagement, we met management and the interim chair of HDFC Bank following the previous chairman’s resignation to understand any governance implications arising from the allegations referenced in his resignation letter. Management stated no governance breaches, wrongdoings or ethical violations were raised with the board, and framed the episode as a difference in views. To address uncertainty, the board commissioned an independent external review. The Reserve Bank of India also publicly indicated it sees no material governance concerns, noting that any further supervisory follow-up would likely remain confidential. Outlook Considering the ongoing uncertainty, we remain vigilant in identifying opportunities across Asian equity markets. We continue to assess the implications of evolving tariff dynamics and potential shifts in monetary policy, while carefully managing growth exposures within our portfolio. Looking forward, Asian corporates remain fundamentally sound, supported by low leverage, strong competitive positioning, and a broadly favourable macroeconomic environment with limited inflationary pressures. While challenges persist, the companies we hold are led by dynamic management teams, have robust financials, and face high barriers to entry and globally competitive business models. These attributes have enabled them to navigate past shocks effectively, and we remain optimistic about their long-term growth and dividend prospects. We continue to believe that high-quality companies are best placed to demonstrate resilience, particularly in the face of heightened volatility and macroeconomic uncertainty and will look to use market volatility to opportunistically take positions in high- quality stocks with good yield potential at attractive valuations. AIFMD Leverage Limits > Gross Notional 2.5x > Commitment 2x Assets/Debt (£m) > Equities 470.2 > Fixed Income 0.0 > Gross Assets 483.2 > Debt 31.2 > Cash & cash > equivalents > 17.1 Capital structure > Ordinary shares 142,515,862 > Treasury Shares 52,417,527 Allocation of management fees and finance costs > Capital 60% > Revenue 40% Borrowing policy > Up to 25% of net assets (measured at the time > any borrowings are drawn down). Trading details > Reuters/Epic/ > Bloomberg code > AAIF > ISIN code GB00B0P6J834 > Sedol code B0P6J83 > Stockbrokers Peel Hunt LLP > Market makers SETSmm # i Factsheet Receive the factsheet by email as soon as it is available by registering at www.aberdeeninvestments.com/ trustupdates www.aberdeeninvestments.com/aaif Contact Private investors trusts@aberdeenp lc.com Institutional Investors InvestmentTrustInvestorRelations-UK@ aberdeenp lc.com Ben Heatley Head of Closed End Fund Sales Ben.Heatley@aberdeenp lc.com # Fund managers’ report - continued The risks outlined overleaf relating to gearing, emerging markets, exchange rate movements and warrants are particularly relevant to this investment company but should be read in conjunction with all warnings and comments given. Important information overleaf 04 Aberdeen Asian Income Fund Limited # Aberdeen Asian Income Fund Limited Statement of Operating Expenses Publication date: 23 April 2026 Recurring Operating Expenses (£000s) Year ending 31 Dec 2025 % of NAV Year ending 31 Dec 2024 % of NAV % Change (YOY) Management Fee (inc AIFM) 2,339 0.63% 2,368 0.62% -1.2% Custody fees and bank charges 147 0.04% 163 0.04% -9.8% Promotional activities 324 0.09% 286 0.07% 13.3% Directors remuneration 214 0.06% 215 0.06% -0.5% Auditors' remuneration 59 0.02% 60 0.02% -1.7% Printing & postage 19 0.01% 23 0.01% -17.4% Professional fees 85 0.02% 132 0.03% -35.6% Registrars fees 102 0.03% 60 0.02% 70.0% Other administrative expenses 120 0.03% -24 -0.01% -600.0% Ongoing Operating Expenses (ex indirect fund management expenses) 3,409 0.92% 3,283 0.85% 3.8% Expenses relating to investments in other collective investments 0.00% 0.00% Ongoing Operating Expenses (inc indirect fund management expenses) 3,409 0.92% 3,283 0.85% 3.8% Average Net Asset Value 372,177 384,548 -3.2% Operating Expense Ratio (ex indirect fund management expenses) 0.92% 0.85% Operating Expense Ratio (inc indirect fund management expenses) 0.92% 0.85% Transaction costs and other one-off expenses (£000s) Year ending 31 Dec 2025 % of NAV Year ending 31 Dec 2024 % of NAV % Change (YOY) Transaction costs 1,210 0.33% 467 0.12% 159.1% Performance fees 0.00% 0.00% Other non-recurring expenses 54 0.01% 134 0.03% -59.7% Total 1,264 0.34% 601 0.16% 110.3% Service Providers Non-EEA AIFM abrdn Asia Limited Investment Manager abrdn Asia Limited UK Administrator abrdn Investments Limited Company Secretary JTC Fund Solutions (Jersey) Limited Fund Accounting Services BNP Paribas Fund Services UK Limited Auditor KPMG Channel Islands Limited Custodian BNP Paribas S.A. London Branch Registrar Link Market Services (Jersey) Limited Corporate Broker Peel Hunt Summary of Current Key Commercial Arrangements abrdn Asia Limited provides portfolio and risk management services and acts as the Company’s non-EU ‘alternative investment fund manager’ for the purposes of the Alternative Investment Fund Managers Directive 2011/61/EU. abrdn Investments Limited (a UK based wholly owned subsidiary of Aberdeen Group plc, authorised and regulated by the Financial Conduct Authority) has been appointed to provide general administrative and advisory services, fund accounting, secretarial, marketing and promotional activities as well as group risk and compliance reporting to the Company. aIL has sub-delegated fund accounting services to BNP Paribas Services UK Limited. JTC Fund Solutions (Jersey) Limited (JTC) has been appointed under an administration agreement between JTC and the Company to provide certain Jersey based services including, but not limited to Jersey administration services and compliance with applicable Jersey codes (including provision of a compliance officer, money laundering reporting officer and money laundering compliance officer). JTC also provide a registered office and company secretarial services. Termination of the management agreement is subject to six months’ notice. Further details of the management fee arrangements are contained in notes 5 and 20 to the financial statements in the Annual Report. No performance fee. Fee scale % of Market Cap £0-£350m 0.75% >£350m 0.60% Directors fee rates (£) Year ending 31 Dec 2025 Year ending 31 Dec 2023 % change YoY Chair 51,000 49,000 4.1% Chair of Audit & Risk Committee 41,500 40,000 3.8% Senior Independent Director 37,500 35,000 7.1% Director 35,500 34,000 4.4% Number of Directors 5 5 Important Information The Statement of Operating Expenses is designed to help investors understand the impact of operating expenses on financial performance. Operating expenses are NOT deducted from the value of an investor's shareholding, which is derived from the share price. The market value (share price) of all publicly traded companies reflects a wide range of factors, including the estimated impact of operating expenses on future financial performance. The market value of an investment trust may diverge materially, both positively and negatively, from the reported net asset value. 0006300338 For more information visit invtrusts.co.uk # Important information Risk factors you should consider prior to investing: • The value of investments, and the income from them, can go down as well as up and investors may get back less than the amount invested. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. • The Company may charge expenses to capital which may erode the capital value of the investment. • Movements in exchange rates will impact on both the level of income received and the capital value of your investment. • There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value. • As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. • The Company invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down. • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. • Derivatives may be used, subject to restrictions set out for the Company, in order to manage risk and generate income. The market in derivatives can be volatile and there is a higher than average risk of loss. Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Investment should only be following a review of the current Key Information Document (KID) and pre-investment disclosure document (PIDD) both of which are available on www.invtrusts. co.uk. Any data contained herein which is attributed to a third party ("Third Party Data") is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by Aberdeen*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Aberdeen* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. *Aberdeen means the relevant member of the Aberdeen Group, being Aberdeen Group plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis, should not be taken as an indication or guarantee of any future performance analysis forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI” Parties) expressly disclaims all warranties (including without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com). abrdn Investments Limited, registered in Scotland (No. 108419), 1 George Street, Edinburgh EH2 2LL, authorised and regulated by the Financial Conduct Authority in the UK. Aberdeen Asian Income Fund Limited has a registered office at JTC House, 28 Esplanade, St Helier, Jersey JE4 2QP, JTC Fund Solutions (Jersey) Limited acts as the administrator, and the Collective Investment Fund is regulated by the Jersey Financial Services Commission.