Final Results

RNS Number : 8900Q

Henderson Far East Income Limited

12 November 2012

 



12 November 2012

This announcement contains regulated information.

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2012

Per Ordinary Share	31 August 2012	31 August 2011	% change
Net asset value	295.82p	287.09p	3.0%
Market price	290.13p	294.50p	-1.5%
Total earnings	24.50p	5.74p	326.8%
Revenue earnings	17.31p	16.49p	5.0%

MANAGEMENT REPORT

Extracts from the Chairman's Statement

I am pleased to report that despite the continuation of difficult market conditions our performance remains in positive territory. While it is disappointing that the strong dividend growth we expected at the beginning of the year did not materialise either from the region or the stocks we hold, we did benefit from some special dividends bolstering the Company's dividend revenue by 5%, which I am pleased to say was passed on to shareholders in the form of a 6.7% increase in the dividend.

Performance

In the year to 31 August 2012 the net asset value total return was 8.8% compared to 0.9% on the  FTSE All-World Asia Pacific ex Japan Index (sterling adjusted) for the same period. The share price total return was 4.0% over the same period. Revenue earnings increased by 5.0% from 16.49p per share to 17.31p.While revenue growth has provided real benefits to shareholders the Company's NAV performance has lagged our two Asian income peers.

This has happened as a consequence of our manager's conviction to dedicate part of the portfolio to stocks with medium to long term dividend growth potential rather than to focus purely on yielding stocks with limited growth possibilities. Mike Kerley, the Portfolio Manager, believes that China offers significant opportunities in this regard. The Board recognises that the resulting overweight position in China has so far produced a more restrained NAV performance relative to our Asian income peers as investors have preferred to support companies that offer more certainty of immediate yield irrespective of value or opportunities for future dividend growth. As equity yield becomes increasingly more expensive Mike believes that a focus on value and dividend growth will provide superior capital returns in the years to come. The Board remains supportive of this strategy.

Revenue

A fourth interim dividend of 4.10p per share has been declared making a total of 16.00p for the year, an increase of 6.7% on last year. Revenue after tax remained strong and once again we have been able to add to revenue reserves. Your Board remains confident that it will be able to at least maintain the level of total dividend in the coming year.

Capital and gearing

As reported at the half year, the Company has entered into a £30 million multi-currency loan facility which enables it to borrow as and when appropriate. At the year end the amount drawn down stood at £21.4 million and net gearing was 5.1%.

In addition, your Board has continued with its policy of issuing shares when the opportunity arises. During the year 1,475,000 shares were issued for net proceeds of £4,257,000, all at a premium. The Board will continue with a policy of issuing shares which will result in a NAV enhancement for shareholders.

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2012

MANAGEMENT REPORT (continued)

Asia

In May the Board spent a week in Thailand and Indonesia as part of its ongoing commitment to keeping abreast of regional developments. The region in which we invest is vast and change is constant. We observed jobs being moved from China, where wages are rising, to other Asian countries with lower wage rates and significant movement of Japanese production capacity to avoid the disadvantages of a very high Yen. These developments are having a significant social and economic impact across the region.

The other key driver we identified was the impact of rising expectations among the population. Indonesia is a case in point: 240 million people with a median age of 29 who expect a significantly better life than that of their parents. Consumption is rising rapidly but, unlike in 1998, increased living standards are not being fuelled by foreign debt but by domestic economic activity. The risk of borrowing internationally is firmly established in the minds of politicians and business people, a mindset that should be very comforting for investors. Thailand is another country undergoing significant change. The financial crisis of 1998 hit it very hard and since then considerable political and social adjustment has taken place. Politicians understand that the excessive centralisation of the country, whereby the residents of Bangkok accounting for 15% of the population, take 40% of national income is not conducive to economic progress. Regional development is now a priority and economic growth should be the beneficiary. In both countries there are of course further challenges to overcome. Cronyism, corruption and failure of infrastructure development to keep up with economic growth will need to be addressed.

We came away with a positive view of the outlook. The momentum of change is strong, the human and financial capital is present in abundance and the willingness to work hard is clear even to the casual observer.

Outlook

High levels of market volatility can be expected for quite some time yet. On a positive note political leaders in the West seem to have finally grasped the scale of the economic and social problems we are facing. It is to be hoped that this realisation will result in the formulation of a coordinated global approach. Gaining consensus and applying uniform policies will be extremely difficult to achieve but events will surely galvanise the political will to do so. From an investor point of view current difficulties do provide some opportunities. Portfolio history does demonstrate that investment in troubled and uncertain times often produces excellent and sustained returns in future years. This overall approach is valid for most markets but seems particularly appropriate in Asia where low valuations can be found and companies have excess cash, low levels of debt and significant scope to increase dividends.

Annual General Meeting

The Company's AGM will be held at 12 noon on Tuesday 18 December 2012 at Liberté House, 19-23 La Motte Street, Jersey, JE2 4SY. As usual an open presentation to shareholders will be held at Henderson's offices in London the following day, Wednesday 19 December 2012, at 11.00am where Mike Kerley will make an investment presentation and he and I will be happy to answer questions.

John Russell                                                     

Chairman

12 November 2012                                     - MORE-

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2012

MANAGEMENT REPORT (continued)

Principal Risks and Uncertainties

The Board has drawn up a matrix of risks facing the Company and has put in place a schedule of investment limits and restrictions appropriate to the Company's investment objective and policy, in order to mitigate risks as far as practicable. The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:

• Investment and Strategy

An inappropriate investment strategy, for example, in terms of asset allocation or level of gearing, may result in under performance against the companies in the peer group, and also in the Company's shares trading on a wider discount. The Board manages these risks by ensuring a diversification of investments and a regular review of the extent of borrowings. The Portfolio Manager operates in accordance with an investment limits and restrictions policy determined by the Board, which includes limits on the extent to which borrowings may be employed. The Board reviews the limits and restrictions on a regular basis and the Manager confirms adherence to them every month. The Manager provides the Board with management information, including performance data and reports and shareholder analyses. The Directors monitor the implementation and results of the investment process with the Portfolio Manager at each Board meeting and monitor risk factors in respect of the portfolio. Investment strategy is reviewed at each meeting.

• Market

Market risk arises from uncertainty about the future prices of the Company's investments. This is commented on in the Annual Report.

• Accounting, legal and regulatory

The Company is regulated by the Jersey Financial Services Commission and complies with the regulatory requirements in Jersey. The Company must comply with the provisions of the Companies (Jersey) Law 1991 and since its shares are listed on the London Stock Exchange, the UKLA's Listing and Disclosure Rules. The Company must also ensure compliance with the listing rules of the New Zealand Stock Exchange. A breach of company law could result in the Company and/or the Directors being fined or the subject of criminal proceedings and financial and reputational damage. A breach of the UKLA Rules could result in the suspension of the Company's shares. The Board relies on its Company Secretary and advisers to ensure adherence to company law and UKLA and New Zealand Stock Exchange Rules.

• Operational

Disruption to, or the failure of, the Manager's or the Administrator's accounting, dealing, or payment systems or the Custodian's records could prevent the accurate reporting or monitoring of the Company's financial position. The Administrator, BNP Paribas Securities Services Fund Administration Limited ('BNPP'), sub-contracts some of the operational functions (principally relating to trade processing, investment administration and accounting) to BNP Paribas Securities Services. Details of how the Board monitors the services provided by the Manager and other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal control section of the Annual Report.

• Financial

The financial risks faced by the Company include market risk (market price risk, interest rate risk and currency risk), liquidity risk and credit risk. Further details are disclosed in the Annual Report. Additional disclosures are provided in accordance with IFRS 7: Financial Instruments: Disclosures.

Related party transactions

The contracts with Henderson and BNPP are the only related party arrangements currently in place. Other than fees payable in the ordinary course of business, there have been no material transactions with these related parties which have affected the financial position or performance of the Company in the financial year.

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2012

MANAGEMENT REPORT (Continued)

Statement under Disclosure and Transparency Rules

The Directors, who are listed in the Annual Report, each confirm to the best of their knowledge that:

(a)     the financial statements, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

(b)    the Report of the Directors in the Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that they face.

For and on behalf of the Board

David Staples

Director

12 November 2012

Twenty Largest Holdings

These twenty investments total £159,250,000 (twenty largest holdings in 2011: £143,601,000) representing 51.1% (2011: 50.9%) by value of the total investments.

Rank 2012	Name of Investment	Country	Sector	Value £'000
1	Asustek Computer (*)	Taiwan	Technology	9,836
2	Digital China Holdings	China	Technology	9,664
3	Suncorp	Australia	Financials	9,421
4	Tabcorp Holdings	Australia	Consumer Services	9,363
5	Charoen Pokphand Food	Thailand	Consumer Goods	8,825
6	Telecom Corporation of New Zealand	New Zealand	Telecommunications	8,489
7	Advanced Information Services	Thailand	Telecommunications	8,432
8	Philippine Long Distance Telephone (†)	The Philippines	Telecommunications	8,416
9	Telekomunikasi Indonesia	Indonesia	Telecommunications	7,803
10	Ascendas Real Estate	Singapore	Property	7,785
11	Link REIT	Hong Kong	Property	7,710
12	NWS Holdings	Hong Kong	Industrials	7,408
13	Commonwealth Bank of Australia	Australia	Financials	7,363
14	Capitamall Trust REIT	Singapore	Property	7,270
15	Shanghai Industrial	China	Industrials	7,101
16	Amcor	Australia	Industrials	7,053
17	Telstra Corporation	Australia	Telecommunications	7,036
18	Cheung Kong Holdings	Hong Kong	Property	6,799
19	Taiwan Semiconductor Manufacturing (†)	Taiwan	Technology	6,798
20	DBS Group	Singapore	Financials	6,678

(*) Structured products    (†) American depository Receipts

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2012

Audited Statement of Comprehensive Income

for the year ended 31 August 2012

	Year ended 31 August 2012			Year ended 31 August 2011
	Revenue return	Capital return	Total	Revenue return	Capital return	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Investment income	18,643	-	18,643	18,023	-	18,023
Other income	2,220	-	2,220	1,532	-	1,532
Gains/(losses) on investments held at fair value through profit or loss	-	9,085	9,085	-	(8,754)	(8,754)
	---------	---------	---------	---------	---------	---------
Total income	20,863	9,085	29,948	19,555	(8,754)	10,801
	---------	---------	---------	---------	---------	---------
Expenses
Management fees	(1,423)	(1,423)	(2,846)	(1,566)	(1,566)	(3,132)
Other expenses	(379)	(379)	(758)	(293)	(293)	(586)
	---------	---------	---------	---------	---------	---------
Profit/(loss) before finance costs and taxation	19,061	7,283	26,344	17,696	(10,613)	7,083
Finance costs	(11)	(11)	(22)	(14)	(14)	(28)
	---------	---------	---------	---------	---------	---------
Profit/(loss) before taxation	19,050	7,272	26,322	17,682	(10,627)	7,055
Taxation	(1,555)	-	(1,555)	(1,379)	-	(1,379)
	---------	---------	---------	---------	---------	---------
Profit/(loss) for the year and total comprehensive income	17,495	7,272	24,767	16,303	(10,627)	5,676
	=====	=====	=====	=====	=====	=====
Earnings/(loss) per ordinary share  (note 4)	17.31p	7.19p	24.50p	16.49p	(10.75)p	5.74p
	=====	=====	=====	=====	=====	=====

The total column of this statement represents the Statement of Comprehensive Income, prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2012

Audited Statement of Changes in Equity

Year ended 31 August 2012	Stated share capital £'000	Distributable reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
Total equity at 31 August 2011	63,470	180,471	29,788	13,660	287,389
Total comprehensive income:
Profit for the year	-	-	7,272	17,495	24,767
Transactions with owners, recorded directly to equity:
Dividends paid	-	-	-	(15,972)	(15,972)
Shares issued	4,276	-	-	-	4,276
Share issue costs	(19)	-	-	-	(19)
Liquidation proceeds from predecessor company	-	-	59	-	59
	----------	-----------	----------	----------	----------
Total equity at 31 August 2012	67,727	180,471	37,119	15,183	300,500
	======	======	======	======	======
Year ended 31 August 2011	Stated share capital £'000	Distributable reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
Total equity at 31 August 2010	52,146	180,471	40,390	11,909	284,916
Total comprehensive income:
(Loss)/Profit for the year	-	-	(10,627)	16,303	5,676
Transactions with owners, recorded directly to equity:
Dividends paid Receipt of unclaimed Dividends from Predecessor Company	- -	- -	- -	(14,563) 11	(14,563) 11
Shares issued	11,403	-	-	-	11,403
Share issue costs	(79)	-	-	-	(79)
Liquidation proceeds from predecessor company	-	-	25	-	25
	---------	----------	----------	----------	----------
Total equity at 31 August 2011	63,470	180,471	29,788	13,660	287,389
	======	======	======	======	======

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HENDERSON FAR EAST INCOME LIMITED

 Annual Financial Report for the year ended 31 August 2012

Audited Balance Sheet

at 31 August 2012

			2012 £'000	2011 £'000
Non current assets
Investments held at fair value through profit or loss			311,859	283,077
			----------	----------
Current assets
Other receivables			4,948	3,043
Cash and cash equivalents			6,076	3,288
			----------	----------
			11,024	6,331
			----------	----------
Total assets			322,883	289,408
			----------	----------
Current liabilities
Written options			(254)	(813)
Other payables			(715)	(702)
Bank loans overdrafts			(21,414)	(504)
			----------	----------
			(22,383)	(2,019)
			----------	----------
Net assets			300,500	287,389
			======	======
Equity attributable to equity shareholders
Stated share capital			67,727	63,470
Distributable reserve			180,471	180,471
Retained earnings:
Other capital reserves			37,119	29,788
Revenue reserve			15,183	13,660
			----------	----------
Total equity			300,500	287,389
			======	======
Net asset value per ordinary share			295.82p	287.09p
			======	======

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2012 and were signed on its behalf by:

David Payne Staples                                                                                          

Director                                                                                                                 

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2012

Audited Statement of Cash Flows

for the year ended 31 August 2012

	2012 £'000	2011 £'000
Operating activities
Profit before taxation	26,322	7,055
Add back interest payable	16	28
(Less)/add : (gains)/losses on investments held at fair value through profit or loss	(9,085)	8,754
Purchases of investments	199,661	173,238
Sales of investments	(219,659)	(183,287)
Decrease in other receivables	26	51
(Increase)/decrease in prepayments and accrued income	(1,554)	128
(Increase)/decrease in amounts due from brokers	(954)	3,201
(Increase)/decrease in other payables	88	(37)
Stock dividends included in investment income	(66)	(405)
	----------	----------
Net cash (outflow)/inflow from operating activities before interest and taxation	(5,205)	8,726
Interest paid	(16)	(28)
Withholding tax on investment income	(1,630)	(1,298)
	----------	----------
Net cash (outflow)/inflow from operating activities	(6,851)	7,400
	----------	----------
Financing activities
Net loans drawdown Equity dividends paid	21,414 (15,972)	(14,563)
Unclaimed dividends received from predecessor company	-	11
Liquidation proceeds received from predecessor company	59	25
Share issue proceeds	4,856	10,972
Share issue costs	(22)	(77)
	----------	----------
Net cash inflow/(outflow) from financing	10,335	(3,632)
	----------	----------
Increase in cash and cash equivalents	3,484	3,768
Cash and cash equivalents at the start of the year	2,784	(1,180)
Exchange movements	(192)	196
	----------	----------
Cash and cash equivalents at the end of the year (including bank overdrafts of £nil  (2011: £504,000))	6,076	2,784
	======	======

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2012

Notes:

1.	Accounting Policies
	Basis of preparation
	This financial information for the year ended 31 August 2012 has been prepared in accordance with International Financial Reporting Standards ('IFRS'). These comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee ('IASC') that remain in effect, to the extent that IFRS have been adopted. The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the revaluation of certain financial instruments. The financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (£'000) except where otherwise indicated. The principal accounting policies adopted are set out in the Annual Report. Where consistent with IFRS, the financial statements have also been prepared in accordance with the guidance set out in the Statement of Recommended Practice ('SORP') for Investment Companies issued by the Association of Investment Companies ('AIC') as revised in January 2009.
		2012	2011
2.	Investment income	£'000	£'000
	Overseas dividends	18,577	17,618
	Stock dividends	66	405
		---------	---------
		18,643	18,023
		======	======
	Analysis of investment income by geographical segment:
	Australia	3,638	2,945
	China	3,243	2,649
	Hong Kong	1,961	2,167
	Indonesia	834	320
	Japan	290	312
	Malaysia New Zealand	313 302	339 -
	The Philippines	450	757
	Singapore	1,999	2,168
	South Korea	933	1,610
	Taiwan	3,052	2,901
	Thailand	1,628	1,855
		---------	---------
		18,643	18,023
		======	======
	All of the above income is derived from equity investments. -MORE-

	-10 - HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2012
		2012		2011
3.	Other income	£'000		£'000
	Bank and other interest	4		5
	Option premium income	2,216		1,527
		-------		-------
		2,220		1,532
		======		======
4.	Earnings/(loss) per ordinary share
	The earnings per ordinary share figure is based on the net gains for the year of £24,767,000 (2011: £5,676,000) and on 101,077,558 (2011: 98,873,304) being the weighted average number of ordinary shares in issue during the year. The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below.
			2012	2011
			£'000	£'000
	Net revenue profit		17,495	16,303
	Net capital profit/(loss)		7,272	(10,627)
			-------	-------
	Net total profit		24,767	5,676
			======	======
	Weighted average number of ordinary shares in issue during the year		101,077,558	98,873,304
	Revenue earnings per ordinary share		17.31p	16.49p
	Capital earnings/(loss) per ordinary share		7.19p	(10.75)p
			-------	-------
	Total earnings per ordinary share		24.50p	5.74p
			======	======
	The company has no securities in issue that could dilute the return per ordinary share. Therefore the basic and diluted earnings per ordinary share are the same. - MORE -

	-11 - HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2012
				2012		2011
5.	Dividends	Record date	Pay date	£'000		£'000
	Fourth interim dividend 3.60p for the year ended 2010	5 November 2010	30 November 2010	-		3,530
	First interim dividend 3.60p for the year ended 2011	4 February 2011	28 February 2011	-		3,562
	Second interim dividend 3.60p for the year ended 2011	6 May 2011	31 May 2011	-		3,577
	Third interim dividend 3.90p for the year ended 2011	5 August 2011	31 August 2011	-		3,894
	Fourth interim dividend 3.90p for the year ended 2011	4 November 2011	30 November 2011	3,919		-
	First interim dividend 3.90p for the year ended 2012	3 February 2012	29 February 2012	3,930		-
	Second interim dividend 3.90p for the year ended 2012	4 May 2012	31 May 2012	3,958		-
	Third interim dividend 4.10p for the year ended 2012	3 August 2012	31 August 2012	4,165		-
				-------		-------
				15,972		14,563
				======		======
	The fourth interim dividend for the year ended 31 August 2012 has not been included as a liability in these financial statements as it was announced and paid after the year end. The table below sets out the total dividends paid and to be paid in respect of the financial year. The revenue available for distribution by way of dividend for the year is £17,495,000 (2011: £16,303,000).
				2012	2011
				£'000	£'000
	First interim dividend for 2012 - 3.90p (2011 : 3.60p)			3,930	3,562
	Second interim dividend for 2012 - 3.90p (2011 : 3.60p)			3,958	3,577
	Third interim dividend for 2012 - 4.10p (2011 : 3.90p)			4,165	3,894
	Fourth interim dividend for 2012 - 4.10p (2011 : 3.90p) (payable 30 November 2012 based on 101,580,564 shares in issue at 12 November 2012)			4,165	3,919
				----------	----------
				16,218	14,952
				======	======
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	-12 - HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2012
6.	Net asset value per share
	The basic net asset value per ordinary share and the net asset value attributable to ordinary shareholders at the year end calculated in accordance with the Articles of Association were as follows:
		Net asset value per share 2012 pence	Net asset value attributable 2012 £'000	Net asset value per share 2011 pence	Net asset value attributable 2011 £'000
	Ordinary shares	295.82	300,500	287.09	287,389
		======	======	======	======
	The basic net asset value per ordinary share is based on 101,580,564 (2011: 100,105,564) ordinary shares, being the number of ordinary shares in issue.
7.	Stated share capital		Authorised	2012 Issued and fully paid		£'000
	Opening balance at 1 September
	Ordinary shares of no par value		Unlimited	100,105,564		63,470
	Issued during the year Share Issue Costs			1,475,000     -		4,276 (19)
				--------------		-------------
	Closing balance at 31 August 2012			101,580,564		67,727
				=========		========
	During the year, the Company issued 1,475,000 (2011: 3,525,000) shares for proceeds of £4,257,000 (2011: £11,324,000) net of costs.
8.	Going concern statement
	The Directors believe it is appropriate to continue to adopt the going concern basis in preparing the financial statements as the assets of the Company consist mainly of securities which are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future. In reviewing the position as at the date of this statement, the Board has considered the going concern and liquidity risk: 'Guidance for Directors of UK Companies 2009' issued by the Financial Reporting Council in October 2009.
9.	2012 Financial information
	The figures and financial information for the year ended 31 August 2012 are compiled from an extract of the latest financial statements and do not constitute statutory accounts. These financial statements included the report of the auditors which was unqualified.
10.	2011 Financial information
	The figures and financial information for the year ended 31 August 2011 are compiled from an extract of the latest published accounts and do not constitute the statutory accounts for that period.
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	-13- HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2012
11.	Company Status
	The Company is a Jersey domiciled closed-end investment company, number 95064, which was incorporated in 2006 and which is listed on the London and New Zealand Stock Exchanges. The Company is a Jersey fund with its registered office at Liberté House, 19-23 La Motte Street, St. Helier, Jersey, JE2 4SY and is regulated by the Jersey Financial Services Commission.
12.	Annual Report and Annual Review
	The Annual Report and Financial Statements will be available for posting to those shareholders who have requested a copy on 19 November 2012 and copies will be available on the Company's website (www.hendersonfareastincome.com) or in hard copy format from the Company's registered office, Liberté House, 19-23 La Motte Street, St Helier, Jersey, JE2 4SY. Shareholders who did not in 2010 indicate that they wish to receive the full Annual Report in future years will receive an abbreviated report on the Company's results for the year, the Annual Review. The Annual General Meeting will be held at the registered office on Tuesday 18 December 2012 at 12 noon. The Notice of the Annual General Meeting will be sent to shareholders with the Annual Report.
	For further information please contact:
	Mike Kerley
	Portfolio Manager, Henderson Far East Income Limited
	Telephone: [phone]
	James de Sausmarez
	Head of Investment Trusts, Henderson Global Investors
	Telephone: [phone]
	Sarah Gibbons-Cook
	Investor Relations and PR Manager, Henderson Global Investors
	Telephone: [phone]
	Jeremy Hamon
	BNP Paribas Securities Services Fund Administration, Company Secretary
	Telephone: [phone]
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.

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