Interim Management Statement

RNS Number : 3262Z

Schroder Oriental Income Fund Ltd

17 July 2008

SCHRODER ORIENTAL INCOME FUND LIMITED

Interim Management Statement for the Quarter ended 31 May 2008

Investment Objective

The Company's investment objective is to provide a total return for investors primarily through investments in equities and equity-related investments, of companies which are based in, or which derive a significant proportion of their revenues from, the Asia Pacific region and which offer attractive yields.

Company Statistics as at 31 May 2008

Gross Assets	£225.4 million
Net Asset Value per ordinary share	125.90p
Share price	120.50p
Premium/(Discount)	(4.29%)
Number of holdings	91
Gearing	14.3%
Cash	3.1%
Yield	4.3%

Cumulative Performance to 31 May 2008

Performance over	3 m	6 m	1yr
Share Price (Total Return)	(0.7%)	(0.3%)	2.2%
Net Asset Value (Total Return)	(0.9%)	(2.3%)	2.9%

All Performance Data Source: Fundamental Data.

Portfolio Information as at 31 May 2008

Ten Largest Holdings

Stock Name	Country	Percentage of NAV (%)
BOC Hong Kong Holdings	Hong Kong	3.27
Macquarie Communications	Australia	2.88
Alumina	Australia	2.78
Suncorp-Metway	Australia	2.78
Energy Resources of Australia	Australia	2.75
Rio Tinto	Australia	2.66
Macquarie Infrastructure Group	Australia	2.57
Babcock & Brown Japan Property Trust	Australia	2.49
Chunghwa Telecom	Taiwan	2.46
Suntrec REIT	Singapore	2.43

Country Allocation

Country	Percentage of NAV (%)
Australia	33.35
Canada	2.20
China	1.79
Hong Kong	18.76
Indonesia	2.78
Japan	1.96
Korea	5.03
Malaysia	2.11
New Zealand	1.46
Philippines	3.81
Singapore	16.51
Taiwan	12.74
Thailand	4.35
USA	4.25

Material Events or Transactions

Appointment of a new Director

The Company announced on 21 April 2008 the appointment of Mr Fergus Dunlop as a Director of the Company with effect from 21 April 2008. In accordance with the Articles of Association, Mr Dunlop will be proposed for election at the Annual General Meeting to be held in December.

Share Buy-Backs

During the quarter ended 31 May 2008, the Company purchased 196,000 shares for cancellation.

Since 31 May 2008, the Company announced on 20 June 2008 that it had purchased 307,000 shares for cancellation. On 24 June 2008, it announced that it had purchased 150,000 shares for cancellation. On 4 July 2008, it announced that it had purchased 300,000 shares for cancellation. Following these purchases, there are 155,533,000 shares in issue.

There have been no other material events or transactions that have taken place up to the date of publication of this Statement.

Changes to Share Capital during the quarter ended 31 May 2008

	Issued Ordinary shares of 1p each
As at 29 February 2008	156,486,000
Shares issued during the period Shares bought back and cancelled during the period	Nil 196,000
Shares remaining in issue as at 31 May 2008	156,290,000

Company Information as at 31 May 2008

Sedol Code	B0CRWN5
Sector	Equity Investment Instruments
Launch Date	July 2005
Financial Year End	31 August
Next Dividend Payment	October 2008
Last Ex Div Date	9 April 2008
AGM	December