Annual Financial Report

Aberdeen Asia Focus PLC (formerly abrdn Asia Focus plc)

ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31 JULY 2025

Legal Entity Identifier (LEI): 5493000FBZP1J92OQY70

Aberdeen Asia Focus PLC (the "Company" or "AAS") which invests in a diversified portfolio of quoted smaller companies with strong growth prospects across a range of Asian industries and economies, is pleased to report a strong set of full year results, in the year of our 30th anniversary, and entry into the FTSE 250.

Highlights:

· Net assets increased to £558.6 million (2024: £502.3 million).

· During the period the Company delivered a NAV total return of 20.3% and a share price total return of 26.6% (MSCI AC Asia ex Japan Small Cap Index returned 7.6%).

· Examples of holdings that contributed to the strong performance in the period included:

o  Precision Tsugami China, which makes high-precision machine tools, did well on the back of earnings improvements and a solid order pipeline including early orders in robotics and AI;

o  Within the technology sector, Choma ATE and Taiwan Union Technology significantly outperformed, with their share prices rising 90.8% and 56.5% during the period, respectively;

o  In India, Bharti Hexacom demonstrated strong earnings defensiveness supported by rising industry pricing and good revenue per user growth;

o  In South Korea, Korea Shipbuilding & Offshore Engineering, and ship servicing company Hyundai Marine Solution performed well on the back of a robust outlook for the sector.

· Four interim dividends have been declared in respect of the financial year ended 31 July 2025 amounting to 6.43p per Ordinary 5p share (2024: 6.42p). This represents a yield of 1.8% based upon the share price at the time of writing of 363p.

· AAS joined the FTSE 250 in June 2025.

Krishna Shanmuganathan, the Company's Chair commented:

"Long term outperformance, with a keen eye to optimising shareholder returns, has always been this Company's goal. Since our inception in 1995, our NAV total return of +2995.6% equates to an annualised 12.2% rise compared to the benchmark index's 5.1% annualised return since inception.

"The long-term outperformance reflects our unique approach to portfolio composition and management. Smaller companies, which in the Asian context means companies with market capitalisations below £5 billion, are often under-researched and overlooked by mainstream analysts. Our deeply researched, high conviction portfolio, which is 96% different from the benchmark, means that we can identify hidden gems and future winners with strong structural growth drivers, offering a differentiated proposition for investors.

In a period of significant volatility, Asian economies have remained resilient. The region's structural long-term growth drivers, such as urbanisation, digitalisation, consumer market growth, and the green transition, remain intact. We look to the future with confidence."

For further information please contact:

Ben Heatley, Aberdeen +44 (0) 20 7156 2382

Performance Highlights

Chair's Statement

It brings me great pleasure to present another set of strong results in this the Company's 30th anniversary year. Our net assets grew to £558.6 million, and we joined the FTSE 250 Index in June 2025. The Company was also recognised by the Association of Investment Companies (AIC) as a double 'ISA Millionaire' Trust, having returned over £2 million to ISA savers who invested their full annual allowances since ISAs were introduced, the highest return of any Asia-focused trust in the AIC's analysis.

In order to reflect recent changes to our Manager's branding, the Board has resolved, with effect from 14 October 2025, to change the Company's name to "Aberdeen Asia Focus PLC".

Your Company will continue to target a diverse and attractive range of smaller companies in Asia. It is important to clarify that though relatively small in Asia, many of these companies would be large enough to be part of the FTSE100 in London. Since these businesses are often under-researched and less widely owned, your Manager is able to uncover hidden gems, the next generation of market leaders capitalising on structural growth trends in economies which are themselves growing at pace. Thus, we provide access to a compelling and diversified portfolio created by expert, bottom-up stock selection that looks very different to any reference benchmark.

Investment Performance

Your Company's share price delivered a +26.6% return while the net asset value ('NAV') grew by 20.3% in sterling terms, both on a total return basis including the reinvestment of dividends. This compared very well with the MSCI AC Asia ex Japan Small Cap Index's total return of 7.6% and the larger cap MSCI AC Asia ex Japan Index's 15.3% in sterling terms.

This outperformance reflects your Manager's unwavering commitment to investing in quality and resilience with long-term growth prospects amongst Asia's next generation of market leaders, and their expertise, based on an on-the-ground presence with 39 analysts and investment managers operating around the region, providing bottom-up research and local intelligence.

Over the longer term, your Company's NAV total return per share has returned an outstanding 2995.6% in absolute terms since inception in 1995, equating to 12.2% per annum, reflecting your Manager's excellent investment track record of delivering sustained returns to Shareholders. This compares very favourably against returns of 593.6% for the large-cap benchmark (MSCI AC Asia Pacific ex Japan Index), and 343.5% for the blended small-cap benchmark index.

Dividends and Reserves

The Board continues to recognise the importance of your Company's dividend income for many shareholders. As such, the income generation of the portfolio has been robust and supportive of the progressive dividend policy approved by shareholders in 2022. Your Company has maintained or raised the Ordinary dividend every year since 1998 and is expected to be named as one of the AIC's Next Generation of 'Dividend Heroes' in the near future.

In total, four interim dividends have been declared in respect of the financial year ended 31 July 2025 amounting to 6.43p per Ordinary 5p share (2024: 6.42p). This represents a yield of 1.8% based upon the share price at the time of writing of 363p. It is pleasing to note that there remains over 13.6p per share in revenue reserves at the year end which is significantly in excess of a year's worth of cover for the annual dividend.

Gearing - CULS conversion

On 31 May 2025 the £36.5m of outstanding Convertible Unsecured Loan Stock 2025 ("CULS") matured with approximately £5.5m being redeemed by CULS holders for cash and the balance of £31m electing to convert into new Ordinary shares resulting in the issue of 10,562,933 new Ordinary shares. 

Having reviewed the gearing options available, the Company entered into a new, secured, two-year multi-currency revolving credit facility (the "Facility") of £35 million with The Bank of Nova Scotia, London Branch (the "Lender") which will expire on 28 May 2027. 

Under the terms of the Facility, the Company also has the option to increase the level of the commitment to £50 million, subject to the Lender's credit approval. £35 million has been drawn down under the new Facility and was used to finance the part redemption of the CULS with the balance having been invested by the Investment Manager in accordance with the Company's investment policy.

As at 31 July 2025, the net gearing stood at 10.2% (2024: 10.4%).

Protecting Shareholders' Interests

As you will recall, your Board took proactive steps as part of the strategic review in 2021 to further promote shareholders' interests, in particular the introduction of a five-year conditional tender opportunity, the linking of investment management fees to market cap rather than NAV and the move to progressive and more frequent dividends.

We are pleased that performance remains well ahead of the benchmark since 1 August 2021, the start date for the five-year conditional tender monitoring period, with the portfolio's NAV total return per share being 36.9% versus the benchmark return of 25.9% as at 31 July 2025.

As a measure of our continued commitment to Shareholders' interests, and underlining your Board's belief that your Company's share price discount to NAV does not accurately reflect the strength of the portfolio and future prospects, we have significantly stepped-up share buybacks over the past 12 months, not only to provide additional liquidity but also to limit share price volatility for Shareholders.

Over the year the Ordinary shares have traded at an average discount of 15.8% and we have bought back 17.9m Ordinary shares (11.6% of issued share capital) in the market at a discount to the prevailing NAV per share (2024: 1.8% of issued share capital), ending the period on a discount of 10.1% (2024: 14.3%). These buybacks have resulted in an uplift to NAV of 1.6% or 5.5p per share.

Value for Money

We strive to keep the cost of investing low so that our shareholders can retain as much of the return on their investment as possible. Ongoing charges for the year were 0.91% (2024: 0.89%), primarily made up of the management fee. Your Company is one of the very few to have linked the management fee to the market capitalisation rather than the NAV of the Company, further aligning the Investment Manager with you, the Shareholders.

Your Board continues to keep all costs under review but believes that, given the breadth and depth of on-the-ground research by your Manager, the very selective stock picking (your Company's portfolio has an active share of 96.5% at year end) and the long-term outperformance, the current fees constitute good value for money.

Your Investment Manager

In a challenging environment for active managers, your Manager continues to invest in talent and research, adding depth to its smaller company research capabilities in Asia, with two new research analysts having joined the team in the year, one with a primary focus on small and mid-cap companies in India and the other a senior technology analyst. Given these new additions in areas of growing importance, your Board and I remain encouraged by your Manager's firm commitment to Asia, where it is well known for its expertise.

Your Manager is also focused on enhancing its investment process in three key ways. First, the sharpening of research with updated guidelines for stock notes and sector reviews and a streamlined peer review process to improve consistency and efficiency. Fundamental analysis workshops and the use of AI are also helping boost productivity.

Second, an evolution of the team's structure for improved clarity and focus, separating portfolio management from research. Your Manager now has pure research analysts covering all core sectors, having made some experienced hires, which will help consolidate Aberdeen's comprehensive research platform. This adjustment increases individual accountability and means research insights can flow through faster while portfolio managers, such as your Company's, can concentrate on performance.

Finally, the improving of portfolio construction, where the greater use of technology and closer collaboration with risk teams are supporting more effective decision-making.

Notably, senior and experienced hires and the promotion of Pruksa Iamthongthong, who will lead the Aberdeen Asian equity franchise as Flavia Cheong retires, signal a strong bench of talent within the Manager's ranks. Whilst we reiterate our thanks to Flavia Cheong after over 30 years of Asian equity investing with Aberdeen, Gabriel Sacks continues as lead manager on the Company's investment portfolio, ably supported by Xin-Yao Ng. Both are supported by the wider Aberdeen Asia Pacific equity team of analysts and investment managers based in the region.

Promoting your Company

The Board maintains its view that many investors are still underestimating the benefits of allocating part of their capital to Asian smaller companies, which have proven to be less correlated to mainstream equities and have offered superior returns compared with Asian large caps. As a result, we are actively working to promote the Company further, to bring the success of your Company to new shareholders, using a suite of modern and traditional public relations tools from social media to the financial press. 

Annual General Meeting

The Company's Annual General Meeting is scheduled for 12:30 p.m. on 8 December 2025. In line with best practice the voting on all business at the AGM will be conducted by way of a poll which will be administered on the day by the Company's registrar.

The AGM will be preceded by a short presentation from the management team and following the formal business there will be a light shareholder buffet lunch alongside the opportunity to meet the Directors and Manager. In addition to the usual ordinary business being proposed at the AGM, as special business the Board is seeking to renew the authority to issue new shares and sell treasury shares for cash at a premium without pre-emption rules applying and to renew the authority to buy back shares and either hold them in treasury for future resale (at a premium to the prevailing NAV per share) or cancel them. I would encourage all Shareholders to support the Company and lodge proxy voting forms in advance of the meeting, regardless of whether they intend to attend in person.

In light of the significant take up by Shareholders of the online presentation held in 2024, in advance of the AGM, the Board has decided to hold another interactive Online Shareholder Presentation which will be held at 11:00 a.m. on 1 December 2025. During the presentation, Shareholders will receive updates from myself and the Investment Manager and there will be the opportunity for an interactive question and answer session where we will endeavour to answer as many questions as time allows. Following the online presentation, Shareholders will still have time to submit their proxy votes prior to the AGM and as a Board we encourage all Shareholders to lodge their votes in advance in this manner. Full registration details can be found at: asia-focus.co.uk.

Outlook

In a period of significant volatility, economies across much of Asia have been resilient. Corporate earnings are holding up. The region's structural long-term growth drivers, such as urbanisation, digitalisation, consumer market growth, and the green transition, remain intact.

Meanwhile, potential US interest rate cuts and a weaker US dollar would further ease financial conditions in Asia, support local currencies and improve the relative appeal of Asian equities, including Asian smaller companies which are more sensitive to liquidity cycles and more agile in deploying capital for growth.

Aside from greater agility versus larger caps, Asian smaller companies are less correlated to global indexes and more tied to domestic consumption and innovation. The smaller company universe is inherently less efficient and poorly researched, making it ideal for active stock picking. Here, your Investment Manager's on-the-ground presence and long track record in Asia provides a distinct competitive edge.

Your Investment Manager has invested in companies that tend to be local or global leaders with unique products and/or critical services, ranging from precision manufacturing to healthcare diagnostics, meaning that these businesses are extremely resilient even in volatile markets.

In this age of noise and uncertainty, your Manager's ability to uncover quality businesses should, as in the past, serve your Company well. Your Board and I remain confident in your Manager's ability to continue delivering disciplined, bottom-up outperformance and, with that, sustainable returns and growth over the long term.

Krishna Shanmuganathan Chair22 October 2025

Investment Manager's Review

Performance Review

Despite an uncertain backdrop, the MSCI AC Asia Ex Japan Small Cap Index (the "benchmark") gained 7.6% in sterling terms. This compares to the Company's net asset value ("NAV") and share price which both significantly outperformed, delivering 20.3% and 26.6%, respectively, on a total return basis. This strong performance vindicates our long-standing approach of uncovering and investing in high-quality Asian smaller companies with strong growth prospects, capable management, solid balance sheets and steady cash flows. 

Notably, the portfolio's outperformance against its benchmark was driven mainly by positive stock selection. Among the key macro performance drivers, we would highlight the portfolio's exposure to Hong Kong and China, which were among the best performing markets over the year.

The year under review was extremely challenging for investors, not just in Asia but also globally. In the aftermath of Donald Trump's US presidential win in November 2024, investor sentiment was impacted by global growth concerns, rising geopolitical tensions, tariff risks and uncertainty about US monetary policy direction. In addition, some Asian markets were further weighed down by domestic turmoil, such as South Korea, which briefly came under martial law.

In the second half of this reporting season, markets became more volatile. The emergence of China's AI start-up DeepSeek led to mainland markets rallying on optimism around AI applications, but it also had investors scrambling to adjust expectations around AI, datacentre capex, and technology hardware demand. Meanwhile, President Trump announced reciprocal tariffs that were much higher than expected, sparking a sharp sell-off across many already nervous markets. Subsequently, however, fresh trade accords between the US and several countries brought some policy clarity and investor relief, as President Trump's actions proved less severe than his rhetoric. While tensions in the Middle East persisted, the lower probability of a broader regional conflict with Iran, along with US inflation and dovish Federal Reserve comments, also helped lift sentiment. 

Hong Kong rallied on significant inflows from mainland Chinese investors. This spike in buying interest was amplified for smaller companies, where trading is typically thin. Easing local funding conditions and lower interbank rates earlier in the year also supported risk appetite. Aside from our country allocation, our holdings also boosted performance. Two stocks stood out. Precision Tsugami China, which makes high-precision machine tools, did well on the back of earnings improvements and a solid order pipeline. It is also seeing early orders in robotics and AI, two areas of structural growth, which has piqued investors' interest in the company. Dah Sing Financial delivered solid results, supported by a resilient net interest margin and a stronger contribution from its insurance partnership. We decided to exit the position on the back of price strength witnessed in July 2025, as our investment thesis played out, and also trimmed exposure to Precision Tsugami given its strong run as its share price more than doubled with a gain of 131.7%.

Among our mainland holdings, gear and reducer manufacturer Zhejiang Shuanghuan Driveline rallied on the back of healthy earnings and anticipation that it will be a key beneficiary of demand from humanoid robotics. Software developer Kingdee, a newly initiated stock, climbed as the company continued to deliver better results than its peers and is expected to gain from the rising adoption of Agentic AI in its enterprise resource planning tools.

Elsewhere, our Taiwan exposure added to performance. Taiwan is our second biggest country exposure after India, albeit our allocation is still lower than the benchmark. This worked in our favour during a year when Taiwan was a relative laggard. Our core technology holdings, such as Choma ATE and Taiwan Union Technology significantly outperformed, with their share prices rising 90.8% and 56.5% during the period, respectively. Chroma ATE benefited from rising complexity in chip testing, driving growth in its expanding semiconductor testing business. Taiwan Union saw stronger demand for its higher-end copper-clad laminates, a key component in printed circuit boards, as customers continued upgrading to higher-end products. In contrast, textile group Makalot lagged as orders from US clients slowed amid the tariff uncertainty.

Turning to India, similarly, our underweight to the market proved positive for performance. The market was weighed down by a confluence of both domestic and external headwinds, including near-term growth concerns and weaker corporate earnings. Adding to the uncertainty were foreign institutional outflows, uncertainties around tariffs and volatile oil prices. However, the sell-off is helping to ease valuation concerns, taking some of the excessive froth witnessed out of the market. Stock selection also contributed positively. Bharti Hexacom demonstrated earnings defensiveness typical of a telecommunication company, supported by rising industry pricing, strong average revenue per user growth, and subscriber additions. Vijaya Diagnostic Centre performed well, reflecting its management's execution ability and an integrated business model that has kept it ahead of its rivals. On the other hand, Newgen Software Technology posted lacklustre first-quarter results indicating a delay in the conversion of its healthy order pipeline into revenues.

Elsewhere, our holdings in the Korean shipping sector were also strong. Korea Shipbuilding & Offshore Engineering and ship servicing company Hyundai Marine Solution performed well on the back of a robust outlook for the sector, while US restrictions placed on Chinese shipbuilders, their main rivals, have made them structurally less competitive.

Portfolio Activity

We aim to manage a diversified portfolio of around 50 well-run companies with industry-leading positions and strong management teams. With that in mind, we continue to fine-tune the portfolio towards companies with attractive growth prospects, steady cash flow generation and clearer earnings visibility given the prevailing global backdrop. Our key trades through the year have reflected our commitment to staying disciplined, sizing positions with care and rotating into the best ideas that we can find. While we will not be right all of the time, we hope to get it right more often than not, and when we are wrong, be nimble, move quickly and act to rectify our mistakes.

Through the review period, our trading activity underscored the breadth and depth of the investment universe in Asian smaller companies, across countries and sectors, with some initiations highlighted below.

In China, we are leaning towards newer large-scale consumption trends, such as music streaming, travel and leisure, pet food, and internet platforms, and moving away from traditional staples. A good example is our investment in Netease Cloud Music, the second-ranked music streaming app in China, which is popular with younger users. The platform's high user engagement comes from its personalised playlists and music recommendations, which significantly enhance the user experience. While most of its users are still on the free tier, there is substantial potential for revenue growth by converting them to paying subscribers - a strategy that the company prioritises over raising prices. We expect the company to deliver double-digit revenue growth and continued margin improvement. Towards the end of the Company's financial year, we also introduced Hesai to the portfolio, an exciting business that we expect to be one of the global leaders in LiDAR sensors, used primarily for autonomous driving and other industrial applications.

In South Korea, we introduced a new holding in Classys, which makes high-end medical devices used in clinics and beauty centres for non-invasive treatments like skin tightening and lifting and body contouring. Such machines use technologies that are ultrasound or laser-based and do not require surgery. This industry of medical aesthetics is still in the early stages of growth, and Classys is well positioned to capitalise on the opportunity leveraging off Korea's strong R&D capabilities in the medical and cosmetics industries.

We also invested in Capitaland India Trust, a Singapore-listed property trust that owns income-generating assets in India, including IT parks, logistics spaces, and industrial facilities, with consistent dividend growth. The trust is well-positioned to benefit from India's long-term development with a 10-year development pipeline providing growth visibility, especially in tech business parks and warehousing. Its data centre assets are expected to be a major growth driver, while occupancy is above market averages and rental income continues to grow steadily.

Finally in Taiwan, we initiated a position in Chung-Hsin Electric & Machinery, a domestic-focused business that is well-positioned to benefit from rising electricity demand in the country, helping to diversify our more tech-heavy and export-oriented exposure in Taiwan.

Across the portfolio, we are also sizing positions to manage risk and return thoughtfully. Aside from Dah Sing Financial, we also sold out of India's Prestige Estates, another holding that had performed very well for the Company over several years, demonstrating our price discipline. We also exited the position in Taiwan's Sinbon Electronics after a bounce in the share price because we disagreed with the market's excitement around its robotics pipeline; here we preferred to redeploy the capital into companies with better earnings visibility.

Staying humble and admitting our mistakes early is also an important part of trying to deliver better returns to the Company's shareholders. Position sizing also means we do not need a high "hit rate" to outperform, provided our winners are allowed to compound and our losers are contained.

Here, kitchen appliance maker Hangzhou Robam is a good example of how we acted quickly when an investment thesis did not materialise as planned. In March, we invested in Robam, due to its strong brand equity in premium kitchen appliances, offering exposure to improving consumption trends in China at an appealing valuation and with a high dividend yield. The company had maintained healthy margins despite a decline in the construction channel in recent years, helped by non-construction and home upgrading demand from both online and offline channels. Also, government subsidies and signs of stabilisation in the property market, particularly in higher-tier cities where Robam had greater exposure, suggested upside potential. After our initiation, however, Robam's revenues and profits weakened as the property market remained soft, given that its sales are closely tied to new home completions. At the same time, Chinese consumers began trading down, which led Robam to push lower-margin mass-market products and its secondary brand "Mingqi", resulting in a dilution in gross margins and lower than expected earnings growth. The positive impact of national subsidies and offline retail recovery also started to fade, while competition in the kitchen appliance sector intensified, forcing Robam to cut prices. As a result, we decided to cut our losses and exit our small position in July.

Our approach as investment manager of the trust is to maintain a balanced portfolio composed of several of Asia's leading business franchises leaning into secular growth, managing risk with discipline, and focusing on compounding returns for our shareholders over the long term.

Outlook

Since your Company was launched 30 years ago, we can point to a significant long term track record of outperformance with an annualised return since inception of 12.2% against the MSCI AC Asia ex Japan Small Cap index's 5.1% return. We believe this is because we have consistently uncovered and invested in high-quality companies that can perform well even in tough times. In aggregate, the holdings in the portfolio generate over 80% of their revenues from within Asia, and many are leaders in their fields with critical products or services. These businesses tend to be resilient, with strong balance sheets, and well-positioned for future growth with experienced management teams and prudent capital allocation.

Importantly, many of these opportunities lie within the Asian smaller companies space, which is often overlooked, under-researched, and misunderstood. Small-cap equities in Asia have outperformed the broader market index over the past three, five, and 10 years and, contrary to popular belief, their volatility has not consistently exceeded that of the broader market. This challenges the notion that small caps are inherently riskier.

Part of this small-cap resilience comes from better diversification across countries and sectors, and less concentration in a few mega caps. Many of these smaller companies are also more closely aligned with powerful secular growth trends in Asia, including AI, robotics, semiconductors, and renewable energy. Furthermore, low and weaker research coverage of small caps, as compared to large caps, means that active managers can uncover undervalued "hidden gems" and generate alpha through in-depth, on the ground fundamental research. The lower correlation between small-cap stocks across Asia and with global equity markets can also help reduce overall portfolio risk.

More broadly, as the dominance of US markets potentially begins to fade, investors may look to Asia for growth, value, and diversification. The companies that we seek to invest in are fundamentally sound, supported by low leverage, strong competitive positioning, and a broadly favourable macroeconomic environment with limited inflationary pressures. Asian smaller companies - often overlooked and under researched - can offer compelling opportunities for those willing to take a closer look. We remain excited about the growth prospects for the portfolio and believe that it will continue to thrive and deliver sustainable returns over the long term.

Gabriel Sacks and Xin-Yao Ng abrdn Asia Limited22 October 2025

Overview of Strategy

Business Model

The business of the Company is that of an investment company which seeks to qualify as an investment trust for UK capital gains tax purposes.

Investment Objective

The Company aims to maximise total return to shareholders over the long term from a portfolio made up predominantly of quoted smaller companies in the economies of Asia excluding Japan.

Investment Policy

The Company invests in a diversified portfolio of securities (including equity shares, preference shares, convertible securities, warrants and other equity-related securities) predominantly issued by quoted smaller companies spread across a range of industries and economies in the Investment Region. The Investment Region includes Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Korea, Laos, Malaysia, Myanmar, Pakistan, The Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam, together with such other economies in Asia as approved by the Board.

The Company may invest up to 10% of its net assets in collective investment schemes, and up to 10% of its net assets in unquoted companies, calculated at the time of investment.

The Company may also invest in companies traded on stock markets outside the Investment Region provided over 75% of each company's consolidated revenue, operating income or pre-tax profit is earned from trading in the Investment Region or the company holds more than 75% of their consolidated net assets in the Investment Region.

When the Board considers it in shareholders' interests, the Company reserves the right to participate in rights issues by an investee company.

Risk Diversification

The Company will invest no more than 15% of its gross assets in any single holding including listed investment companies at the time of investment.

Gearing

The Board is responsible for determining the gearing strategy for the Company. Gearing is used selectively to leverage the Company's portfolio in order to enhance returns where and to the extent this is considered appropriate to do so. Gearing is subject to a maximum gearing level of 25% of NAV at the time of drawdown.

Investment Manager and Alternate Investment Fund Manager

The Company's Alternative Investment Fund Manager, appointed as required by EU Directive 2011/61/EU, is abrdn Fund Managers Limited ("aFML") which is authorised and regulated by the Financial Conduct Authority. Day to day management of the portfolio is delegated to abrdn Asia Limited ("abrdn Asia", the "Manager" or the "Investment Manager"). aFML and abrdn Asia are wholly owned subsidiaries of Aberdeen Group Plc.

Delivering the Investment Policy

The Directors are responsible for determining the investment policy and the investment objective of the Company. Day to day management of the Company's assets has been delegated, via the AIFM, to the Investment Manager, abrdn Asia. abrdn Asia invests in a diversified range of companies throughout the Investment Region in accordance with the investment policy. abrdn Asia follows a bottom-up investment process based on a disciplined evaluation of companies through direct visits by its fund managers. Stock selection is the major source of added value. No stock is bought without the fund managers having first met management. abrdn Asia estimates a company's worth in two stages, quality then price. Quality is defined by reference to management, business focus, the balance sheet and corporate governance. Price is calculated by reference to key financial ratios, the market, the peer group and business prospects. Top-down investment factors are secondary in the abrdn Asia's portfolio construction, with diversification rather than formal controls guiding stock and sector weights. Whilst the management of the Company's investments is not undertaken with any specific instructions to exclude certain asset types or classes, the Investment Manager considers ESG as part of the research for each asset class during the investment review process. For the manager, ESG investment is about active engagement, in the belief that the performance of assets held around the world can be improved over the longer term.

A detailed description of the investment process and risk controls employed by the Manager is disclosed on pages 100 and 101 of the published Annual Report and financial statements for the year ended 31 July 2025. A comprehensive analysis of the Company's portfolio is disclosed on pages 28 to 37 of the published Annual Report and financial statements for the year ended 31 July 2025 including a description of the ten largest investments, the portfolio investments by value, sector/geographical analysis and currency/market performance. At the year end the Company's portfolio consisted of 60 holdings.

Benchmark Index

From 1 August 2021 the Manager has utilised the MSCI AC Asia ex Japan Small Cap Index (currency adjusted) as well as peer group comparisons for Board reporting. For periods prior to 1 August 2021, a composite index is used comprising the MSCI AC Asia Pacific ex Japan Small Cap Index (currency adjusted) up to 31 July 2021 and the MSCI AC Asia ex Japan Small Cap Index (currency adjusted) thereafter. It is likely that performance will diverge, possibly quite dramatically in either direction, from the comparative index. The Manager seeks to minimise risk by using in-depth research and does not see divergence from an index as risk.

Promoting the Company's Success

In accordance with corporate governance best practice, the Board is now required to describe to the Company's shareholders how the Directors have discharged their duties and responsibilities over the course of the financial year following the guidelines set out under section 172 (1) of the Companies Act 2006 (the "s172 Statement"). This Statement, from 'Promoting the Success of the Company' to "Long Term Investment" on page 18 of the published Annual Report and financial statements for the year ended 31 July 2025, provides an explanation of how the Directors have promoted the success of the Company for the benefit of its members as a whole, taking into account the likely long term consequences of decisions, the need to foster relationships with all stakeholders and the impact of the Company's operations on the environment.

The purpose of the Company is to act as a vehicle to provide, over time, financial returns to its shareholders. The Company's Investment Objective is disclosed on page 15 of the published Annual Report and financial statements for the year ended 31 July 2025. The activities of the Company are overseen by the Board of Directors of the Company.

The Board's philosophy is that the Company should operate in a transparent culture where all parties are treated with respect and provided with the opportunity to offer practical challenge and participate in positive debate which is focused on the aim of achieving the expectations of shareholders and other stakeholders alike. The Board reviews the culture and manner in which the Manager operates at its regular meetings and receives regular reporting and feedback from the other key service providers. 

Investment trusts, such as the Company, are long-term investment vehicles, with a recommended holding period of five or more years. Typically, investment trusts are externally managed, have no employees, and are overseen by an independent non-executive board of directors. Your Company's Board of Directors sets the investment mandate, monitors the performance of all service providers (including the Manager) and is responsible for reviewing strategy on a regular basis. All this is done with the aim of preserving and, indeed, enhancing shareholder value over the longer term.

Stakeholders

The Company's main stakeholders have been identified as its shareholders, the Manager (and Investment Manager), service providers, investee companies and debt providers. More broadly, the environment and community at large are also stakeholders in the Company. The Board is responsible for managing the competing interests of these stakeholders. Ensuring that the Manager delivers outperformance for Ordinary shareholders over the longer term without adversely affecting the risk profile of the Company which is known and understood by the loan note holders. This is achieved by ensuring that the Manager stays within the agreed investment policy.

Shareholders

Shareholders are key stakeholders in the Company - they look to the Manager to achieve the investment objective over time. The following table describes some of the ways we engage with our shareholders:

The Manager

The key service provider for the Company is the Alternative Investment Fund Manager and the performance of the Manager is reviewed in detail at each Board meeting. The Manager's investment process is outlined on pages 100 and 101 and further information about the Manager is given on page 99 of the published Annual Report and financial statements for the year ended 31 July 2025. Shareholders are key stakeholders in the Company - they are looking to the Manager to achieve the investment objective over time and to maximise total return to shareholders over the long term from a portfolio made up predominantly of quoted smaller companies in the economies of Asia excluding Japan. The Board is available to meet at least annually with shareholders at the Annual General Meeting and this includes informal meetings with them over lunch following the formal business of the AGM. This is seen as a very useful opportunity to understand the needs and views of the shareholders. In between AGMs, the Directors and Manager also conduct programmes of investor meetings with larger institutional, private wealth and other shareholders to ensure that the Company is meeting their needs. Such regular meetings may take the form of joint presentations with the Investment Manager or meetings directly with a Director where any matters of concern may be raised directly. 

Other Service Providers

The other key stakeholder group is that of the Company's third party service providers. The Board is responsible for selecting the most appropriate outsourced service providers and monitoring the relationships with these suppliers regularly in order to ensure a constructive working relationship. Our service providers look to the Company to provide them with a clear understanding of the Company's needs in order that those requirements can be delivered efficiently and fairly. The Board, via the Management Engagement Committee, ensures that the arrangements with service providers are reviewed at least annually in detail. The aim is to ensure that contractual arrangements remain in line with best practice, services being offered meet the requirements and needs of the Company and performance is in line with the expectations of the Board, Manager, Investment Manager and other relevant stakeholders. Reviews include those of the Company's depositary and custodian, share registrar, broker and auditor. 

Principal Decisions

Pursuant to the Board's aim of promoting the long-term success of the Company, the following principal decisions have been taken during the year:

Portfolio The Investment Manager's Review details the key investment decisions taken during the year and subsequently. The Investment Manager has continued to monitor the investment portfolio throughout the year under the supervision of the Board. A list of the key portfolio changes can be found in the Investment Manager's Report. 

Gearing At the time of the maturity of the CULS in May 2025 the Board reviewed the Company's level of gearing together with potential gearing options. In conjunction with the Manager it was agreed to replace the CULS with a new £35m two-year bank facility with Nova Scotia Bank.

Marketing and Promotion During the year the Board sought to further improve the marketing and promotional activities conducted on behalf of the Company and following a competitive tender Burson Buchanan were appointed to provide the Manager with further PR support.

Long Term Investment

The Investment Manager's investment process seeks to outperform over the longer term. The Board has in place the necessary procedures and processes to continue to promote the long-term success of the Company. The Board will continue to monitor, evaluate and seek to improve these processes as the Company continues to grow over time, to ensure that the investment proposition is delivered to shareholders and other stakeholders in line with their expectations.

Key Performance Indicators (KPIs)

The Board uses a number of financial performance measures to assess the Company's success in achieving its objective and to determine the progress of the Company in pursuing its investment policy. The main KPIs identified by the Board in relation to the Company, which are considered at each Board meeting, are as follows:

Principal Risks and Uncertainties

There are a number of risks which, if realised, could have a material adverse effect on the Company and its financial condition, performance and prospects. Risks are identified and documented through a risk management framework and further details on the risk matrix are provided in the Directors' Report. The Board, through the Audit Committee, has undertaken a robust review of the principal risks and uncertainties facing the Company including those that would threaten its business model, future performance, solvency or liquidity. Those principal risks are disclosed in the table below together with a description of the mitigating actions taken by the Board. The principal risks associated with an investment in the Company's Shares are published monthly on the Company's factsheet or they can be found in the pre-investment disclosure document published by the Manager, both of which are available on the Company's website. 

The Board also has a process to review longer term risks and consider emerging risks and if any of these are deemed to be significant these risks are categorised, rated and added to the risk matrix.

Macroeconomic risks arising from geopolitical risks such as the ongoing conflicts in Ukraine and the Middle East together with tensions in East Asia as well as the imposition of trade tariffs by the US continue to present significant uncertainty to world markets. In addition to the risks listed below, the Board is also very conscious of the risks emanating from increased environmental, social and governance challenges. As climate change pressures mount, the Board continues to monitor, through its Manager, the potential risk that investee companies may fail to keep pace with the appropriate rates of change and adaption.

The Board does not consider that the principal risks and uncertainties identified have changed significantly during the year or since the date of this Annual Report and are not expected to change materially for the current financial year.

Promoting the Company

The Board recognises the importance of promoting the Company to prospective investors both for improving liquidity and enhancing the value and rating of the Company's shares. The Board believes an effective way to achieve this is through subscription to and participation in the promotional programme run by the Manager on behalf of a number of investment trusts under its management. The Company's financial contribution to the programme is matched by the Manager. The Manager reports quarterly to the Board giving analysis of the promotional activities as well as updates on the shareholder register and any changes in the make-up of that register.

The purpose of the programme is both to communicate effectively with existing shareholders and to gain new shareholders with the aim of improving liquidity and enhancing the value and rating of the Company's shares. Communicating the long-term attractions of your Company is key and therefore the Company also supports the Manager's investor relations programme which involves regional roadshows, promotional and public relations campaigns. 

Board Diversity

The Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge represented on the Board in order to allow the Board to fulfil its obligations. The Board also recognises the benefits and is supportive of the principle of diversity in its recruitment of new Board members. The Board will not display any bias for age, gender, race, sexual orientation, religion, ethnic or national origins, or disability in considering the appointment of its Directors. Although the Board does not set diversity targets, it is mindful of best practice in this area. At 31 July 2025, there were three male Directors and three female Directors on the Board and the Company is compliant with the diversity and inclusion targets set out in Chapter 6 of the FCA's Listing Rules. Further details are disclosed in the Directors' Report on page 45 of the published Annual Report and financial statements for the year ended 31 July 2025.

The UK Stewardship Code and Proxy Voting

The Company supports the UK Stewardship Code 2020 and seeks to play its role in supporting good stewardship of the companies in which it invests. Responsibility for actively monitoring the activities of portfolio companies has been delegated by the Board to the Manager.

The Manager is a signatory of the UK Stewardship Code 2020 which aims to enhance the quality of engagement by investors with investee companies in order to improve their socially responsible performance and the long-term investment return to shareholders. The Manager's Annual Stewardship Report for 2024 may be found at aberdeenplc.com. While delivery of stewardship activities has been delegated to the Manager, the Board acknowledges its role in setting the tone for the effective delivery of stewardship on the Company's behalf.

The Board has also given discretionary powers to the Manager to exercise voting rights on resolutions proposed by the investee companies within the Company's portfolio. The Manager reports to the Board on a six-monthly basis on stewardship (including voting) issues and additional information may be found on pages 102 to 105 of the published Annual Report and financial statements for the year ended 31 July 2025.

Global Greenhouse Gas Emissions and Streamlined Energy and Carbon Reporting ("SECR")

All of the Company's activities are outsourced to third parties. The Company therefore has no greenhouse gas emissions to report from the operations of its business, nor does it have responsibility for any other emissions producing sources under the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013. For the same reason as set out above, the Company considers itself to be a low energy user under the SECR regulations and therefore is not required to disclose energy and carbon information. Further information on the Manager's obligatory disclosures under the Taskforce on Climate-related Financial Disclosures ("TCFD") may be found on the Company's website.

Environmental, Community, Social and Human Rights Issues

The Company has no employees and, accordingly, there are no disclosures to be made in respect of employees. In relation to the investment portfolio, the Board has delegated assessment of these issues to the Investment Manager, responsibility and further information may be found on pages 102 to 105 of the published Annual Report and financial statements for the year ended 31 July 2025.

Modern Slavery Act

Due to the nature of its business, being a Company that does not offer goods and services to customers, the Board considers that the Company is not within the scope of the Modern Slavery Act 2015 because it has no turnover. The Company is therefore not required to make a slavery and human trafficking statement. The Board considers the Company's supply chains, dealing predominantly with professional advisers and service providers in the financial services industry, to be low risk in relation to this matter.

Viability Statement

The Company does not have a formal fixed period strategic plan but the Board formally considers risks and strategy at least annually. The Board considers the Company, with no fixed life, to be a long-term investment vehicle, but for the purposes of this viability statement has decided that a period of three years is an appropriate period over which to report. The Board considers that this period reflects a balance between looking out over a long-term horizon and the inherent uncertainties of looking out further than three years.

In assessing the viability of the Company over the review period the Directors have conducted a robust review of the principal risks, focusing upon the following factors:

- The principal risks detailed in the Strategic Report;

- The ongoing relevance of the Company's investment objective in the current environment;

- The demand for the Company's Shares evidenced by the historical level of premium and or discount; and

- The level of income generated by the Company.

In the event of triggering the conditional Tender Offer in 2026, the liquidity of the Company's portfolio has been carefully considered including the results of stress test analysis performed by the Manager under a wide number of market scenarios.

In making this assessment, the Board has examined scenario analysis covering the impact of significant historical market shocks such as the 2008 Global Financial Crisis, Covid-19 and the Chinese Devaluation on the liquidity of the portfolio, as well as future scenarios such as geo-political tensions in East Asia, and how these factors might affect the Company's prospects and viability in the future.

Accordingly, taking into account the Company's current position, the fact that the Company's investments are mostly liquid and the potential impact of its principal risks and uncertainties, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due for a period of three years from the date of this Report. In making this assessment, the Board has considered that matters such as significant economic or stock market volatility, a substantial reduction in the liquidity of the portfolio or changes in investor sentiment could have an impact on its assessment of the Company's prospects and viability in the future.

Future

The Board's view on the general outlook for the Company can be found in my Chair's Statement on page 11 of the published Annual Report and financial statements for the year ended 31 July 2025 whilst the Investment Manager's views on the outlook for the portfolio are included on page 14 of the published Annual Report and financial statements for the year ended 31 July 2025.

The Strategic Report has been approved by the Board and signed on its behalf by:

Krishna Shanmuganathan, Chair22 October 2025

Results

Performance (total return)

Ten Largest Investments

As at 31 July 2025

Portfolio

Investment Case Studies

NetEase Cloud Music (China)

In which year did we first invest?

February 2025

% Holding:

2.5%

Where is their head office?

Hangzhou, China

What does the company do?

NetEase Cloud Music (NEM) is the second-largest operator in China's music streaming market, competing head-to-head with Tencent Music.

Why do we like the company?

We are seeing a key shift in the way music platforms are perceived in China. Previously, these platforms were viewed as pure streaming services that delivered songs to listeners just like a jukebox. Now, however, the narrative is shifting. Investors are starting to value these platforms as not just low-margin distributors but rather community-based eco-systems with multiple ways of monetising fan engagement, like social media businesses.

Within this context, we decided to invest in NEM, a fast-growing digital music platform in China. It has carved out a niche by focusing on independent artists and social engagement, differentiating itself from a pure streaming platform. NEM also stands out from the crowd for its highly engaged Gen Z user base, with 90% of its users born after 1990. It is dominant in China's Tier-1 and Tier-2 cities, which are economically active and more likely to pay for digital content.

Unlike its main rival Tencent Music Entertainment, which splits its user base across three apps, NEM has a single, unified platform. This gives it a clearer brand identity and stronger user loyalty. Its personalised playlists and music recommendations significantly enhance user experience and are popular with younger users resulting in a customer retention rate of c95%. Over 40% of its streamed content comes from independent musicians, which is cheaper and more profitable than licensed music. By June 2025, NEM had more than 819,000 registered independent artists contributing 4.8 million music tracks to its library.

Although NEM's monetisation is still in its infancy, the company is focused on growing its user base through subscriptions that are priced below its peers. This allows room for future price increases and paywall expansion without losing users. Its partnership with Alibaba also boosts subscriber growth and long-term stickiness. The company currently has more than 200 million monthly active users but only 55 million paying subscribers -a ratio of 26% - which indicates a long runway for revenue growth, alongside improving profitability given the asset-light nature of the business.

Turning to its finances, NEM is profitable with positive cash flow and a healthy balance sheet with its net cash position representing almost 20% of its market capitalisation. Its margins are improving thanks to rising paying users, better cost control and regulatory changes that have reduced licensing costs. It is on track to have positive retained earnings by 2028-2029, which we expect will enable management to do buybacks and pay dividends, boosting shareholder returns.

How has the company performed since we invested in it?

Since we bought the stock in February 2025, NEM's share price has climbed 48.2% in sterling terms from March to July 2025. This reflects the company's solid business performance. In the first half of 2025, NEM's monthly active users (MAUs) kept growing steadily, while its daily‑to‑monthly user ratio (DAU/MAU) stayed above 30%, showing healthy engagement. Subscription revenue also rose 15.2% year‑on‑year, mainly thanks to more paying users, though this was slightly offset by a lower average spend per user due to a changing subscriber mix. NEM's profitability improved as well. Its gross margin reached 36.4%, up from the same period in 2024, driven by larger scale, better monetisation of the core music business, and ongoing cost controls driving a 40.8% year-on-year increase in operating profit.

Mobile World (Vietnam)

In which year did we first invest?

March 2025

% Holding:

1.5%

Where is their head office?

Ho Chi Minh City, Vietnam

What does the company do?

Mobile World is a Vietnamese consumer electronics retailer that has branched out into grocery. It is the biggest domestic grocery retailer with a broad store network and first mover advantage in a country where informal food markets are still prevalent.

Why do we like the company?

Most Vietnamese still buy their groceries at traditional wet markets. According to NielsenIQ Vietnam, traditional trade channels including small grocery stores and wet markets make up 75-83% of total market sales.

With modern grocery retail so heavily under-penetrated, there is plenty of room for growth. Here is where we see Mobile World, a leading consumer electronics retailer, stand out. It has a first-mover advantage in modern grocery, through its Bach Hoa Xanh (BHX) chain, which operates more than 2,000 minimarts. These marts sell fresh food products, such as meat, fish, and vegetables, along with other essential consumer goods. BHX has the highest share of the modern minimart segment and differentiates itself by making fresh food a core part of its offering, supported by improving cold chain logistics and disciplined store management. We see BHX as a key beneficiary of the structural shift towards organised retail in the country.

Beyond groceries, Mobile World is also Vietnam's largest retailer of phones and electronics. Its core electronics chains - The Gioi Di Dong and Dien May Xanh - generate strong cash flow. After two tough years, the domestic electronics market is recovering on the back of lower interest rates and a product replacement cycle. Mobile World is pushing services like buy now pay later and 0% instalment options to capture more market share alongside differentiated logistics offerings.

Another smaller but fast-growing business within the Group is pharmacy, with Mobile World's An Khang chain having the third highest market share in the country. The pharmacy retail market in Vietnam is also highly fragmented with traditional shops accounting for the lion's share of the market. Management aims to grow revenue and reach breakeven by improving store productivity.

Overall, we view Mobile World as an attractively valued company, backed by experienced management with a good track record in retail execution. It is well placed to capitalise on the underpenetrated modern retail and ecommerce sectors, given the exciting growth dynamics as well as rising wealth levels in Vietnam.

How has the company performed since we invested in it?

Since we first invested in it in March 2025, Mobile World's share price has risen by 6.9% (from April to July 2025) in sterling terms. However there has been broader short-term weakness in the domestic stock market, owing to tariff concerns, policy uncertainty and mixed economic indicators. We are seeing signs of a property recovery in the north, but it remains sluggish in the south. Consumer spending continues to be lacklustre, including in the second quarter of 2025. We remain confident that Mobile World's fundamentals will continue to support its longer-term growth outlook.

Korea Shipbuilding & Offshore Engineering (Korea)

In which year did we first invest?

February 2024

% Holding:

2.0%

Where is their head office?

Gyeonggi Province, South Korea

What does the company do?

Korea Shipbuilding & Offshore Engineering (KSOE) is the world's largest shipbuilder by capacity.

Why do we like the company?

KSOE's transition from a small-cap stock to a large-cap leader epitomises why we like the company, andhow structural tailwinds have reshaped theshipbuilding industry.

Founded in a small fishing village in 1972, the company has now grown into a cash-generating group that controls the world's largest shipbuilding platform through Hyundai Heavy Industries, Samho Heavy Industry (100%) and Hyundai Mipo Dockyard. Together they hold about 17% of the global market share.

When we first invested in KSOE in early 2024, our investment case had rested on strong fundamentals: tight industry supply, superior technology, a deep order book and improving pricing, all of which are driving higher, more durable margins and strong free cash flow.

Furthermore, key structural pillars support the outlook for KSOE. First, the industry is in a long, replacement-led newbuild cycle. Ageing fleets and tougher emissions rules mean that ship owners are ordering newer and cleaner ships, lifting dock usage and delivery gains acrossKSOE's yards.

Second, KSOE is gaining market share in eco-friendly ships due to its strong research and development capabilities. It leads in LNG-dual fuel engines, focusing on X-DF engines, which lower carbon emissions by reducing heavy-fuel oil usage and are more profitable than fossil fuel engines. Notably, even Chinese yards, which are KSOE's fiercest rivals, continue to outsource complex engines tothe company.

Meanwhile, supply chain relocation and tariff uncertainty are pushing some demand from Chinese to Koreanyards. This has narrowed historic price gaps and reinforced KSOE's win rate, especially in eco-friendlyships and containers.

Finally, Korea's Value Up programme to boost corporate governance reform could prove pivotal in unlocking shareholder value. KSOE is cash-rich and still trades at a big discount to its net asset value. We see room for the group to lift its payouts, either by raising dividends and/or conducting share buybacks, and to manage its capital more efficiently. All this could support a sustained re-rating of the company.

How has the company performed since we invested in it?

Since we first invested in it in February 2024, KSOE's share price has risen 203.4% (March 2024 to July 2025) in sterling terms. We believe KSOE can deliver sustainable returns for years to come, supported by quality assets, industry tailwinds and growing cash payouts.

Directors' Report

The Directors present their Report and the audited financial statements for the year ended 31 July 2025.

Results and Dividends

Details of the Company's results and proposed dividends are shown on page 23 of the published Annual Report and financial statements for the year ended 31 July 2025.

Investment Trust Status

The Company (registered in England & Wales No. 03106339) has been accepted by HM Revenue & Customs as an investment trust subject to the Company continuing to meet the relevant eligibility conditions of Section 1158 of the Corporation Tax Act 2010 and the ongoing requirements of Part 2 Chapter 3 Statutory Instrument 2011/2999 for all financial years commencing on or after 1 August 2012. The Directors are of the opinion that the Company has conducted its affairs for the year ended 31 July 2025 so as to enable it to comply with the ongoing requirements for investment trust status.

Individual Savings Accounts

The Company has conducted its affairs so as to satisfy the requirements as a qualifying security for Individual Savings Accounts. The Directors intend that the Company will continue to conduct its affairs in this manner.

Capital Structure, Buybacks and Issuance

The Company's capital structure is summarised in note 14 to the financial statements. 

At 31 July 2025, there were 146,335,588 fully paid Ordinary shares of 5p each (2024 - 153,626,718 Ordinary shares of 5p each) in issue with a further 72,964,590 Ordinary shares of 5p held in treasury (2024 - 55,094,590 Ordinary shares of 5p each held in treasury). During the year 17,870,000 Ordinary shares were purchased in the market for treasury (2024 - 2,850,000). During the period and up to the date of this report no new Ordinary shares were issued for cash and no shares were sold from treasury Subsequent to the period end, 3,245,000 Ordinary shares were purchased in the market for treasury.

On 13 December 2024, 46,704 units of Convertible Unsecured Loan Stock 2025 ("CULS") were converted into 15,937 new Ordinary shares of 5p each. On 31 May 2025 the CULS issue matured and £35,578,398 nominal were redeemed by the CULS Trustee at £1 per unit with the remaining balance of £30,949,618 units converted into 10,562,933 new Ordinary shares. In accordance with the terms of the CULS Issue, (as adjusted to reflect the five for one share subdivision in February 2022), the conversion price of the CULS for both conversions was determined at 293.0p nominal of CULS for one Ordinary share of 5p.

Voting Rights

Ordinary shareholders are entitled to vote on all resolutions which are proposed at general meetings of the Company. The Ordinary shares carry a right to receive dividends. On a winding up, after meeting the liabilities of the Company, the surplus assets will be paid to Ordinary shareholders in proportion to their shareholdings.

Gearing

On 1 December 2020 the Company issued a £30 million Senior Unsecured Loan Note (the "Loan Note") at an annualised interest rate of 3.05%. The Loan Note is unsecured, unlisted and denominated in sterling and due to mature in 2035. The Loan Note ranks pari passu with the Company's other unsecured and unsubordinated financial indebtedness.

On 31 May 2025 the Company entered into a new, secured, two-year multi-currency revolving credit facility of £35 million with The Bank of Nova Scotia, London Branch which will expire on 28 May 2027. Under the terms of the Facility, the Company also has the option to increase the level of the commitment to £50 million, subject to the lender's credit approval. £35 million has been drawn down under the new facility.

Management Agreement

The Company has appointed abrdn Fund Managers Limited ("aFML"), a wholly owned subsidiary of Aberdeen Group Plc ("Aberdeen"), as its alternative investment fund manager. aFML has been appointed to provide investment management, risk management, administration and company secretarial services and promotional activities to the Company. The Company's portfolio is managed by abrdn Asia Limited ("abrdn Asia") by way of a group delegation agreement in place between aFML and abrdn Asia. In addition, aFML has sub-delegated administrative and secretarial services to abrdn Holdings Limited and promotional activities to abrdn Investments Limited ("aIL"). 

Management Fee

The annual management fee is based upon the market capitalisation of the Company and charged at 0.85% for the first £250,000,000, 0.60% for the next £500,000,000 and 0.50% over £750,000,000. Investment management fees are charged 25% to revenue and 75% to capital.

The management agreement may be terminated by either the Company or the Manager on the expiry of three months' written notice. On termination, the Manager would be entitled to receive fees which would otherwise have been due to that date. 

The Management Engagement Committee reviews the terms of the management agreement on a regular basis and have confirmed that, due to the long-term relative performance, investment skills, experience and commitment of the investment management team, in their opinion the continuing appointment of aFML and abrdn Asia is in the interests of shareholders as a whole.

Political and Charitable Donations

The Company does not make political donations (2024 - nil) and has not made any charitable donations during the year (2024 - nil).

Risk Management

Details of the financial risk management policies and objectives relative to the use of financial instruments by the Company are set out in note 19 to the financial statements.

The Board

The current Directors, C Black, K Shanmuganathan, L Cooper, A Finn, L Macdonald and D Curling were the only Directors who served during the year. Pursuant to Principle 23 of the AIC's Code of Corporate Governance which recommends that all directors should be subject to annual re-election by shareholders, all the members of the Board will retire at the AGM scheduled for 8 December 2024 and offer themselves for re-election. Details of each Director's contribution to the long-term success of the Company are provided on page 47 of the published Annual Report and financial statements for the year ended 31 July 2025.

The Board considers that there is a balance of skills and experience within the Board relevant to the leadership and direction of the Company and that all the Directors contribute effectively.

In common with most investment trusts, the Company has no employees. Directors' & Officers' liability insurance cover has been maintained throughout the year at the expense of the Company.

The Role of the Chair

The Chair is responsible for providing effective leadership to the Board, by setting the tone of the Company, demonstrating objective judgement and promoting a culture of openness and debate. The Chair facilitates the effective contribution, and encourages active engagement, by each Director. In conjunction with the Company Secretary, the Chair ensures that Directors receive accurate, timely and clear information to assist them with effective decision-making. The Chair leads the evaluation of the Board and individual Directors, and acts upon the results of the evaluation process by recognising strengths and addressing any weaknesses. The Chair also engages with major shareholders and ensures that all Directors understand shareholder views.

Davina Curling has been appointed Senior Independent Director, acting as a sounding board for the Chair and acting as an intermediary for other Directors as applicable. The Audit Committee Chairman and Senior Independent Director are both available to shareholders to discuss any concerns they may have.

Board Diversity

The Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge represented on the Board in order to allow it to fulfil its obligations. The Board also recognises the benefits and is supportive of, and will give due regard to, the principle of diversity in its recruitment of new Board members. The Board will not display any bias for age, gender, race, sexual orientation, socio-economic background, religion, ethnic or national origins or disability in considering the appointment of Directors. The Board will continue to ensure that all appointments are made on the basis of merit against the specification prepared for each appointment whilst also taking account of the targets set out in the FCA's Listing Rules, which are set out overleaf.

The Board has resolved that the Company's year-end date is the most appropriate date for disclosure purposes. The following information has been provided by each Director through the completion of questionnaires. 

Table for reporting on gender as at 31 July 2025

Table for reporting on ethnic background as at 31 July 2025

Notes:

1. The Company meets the target that at least 40% of Directors are women as set out in LR 6.6.6R (9)(a)(i) for the year ended 31 July 2025.

2. The Company meets the target that at least one Director is from a minority ethnic background as set out in LR 6.6.6R (9)(a)(iii).

3. The Company meets the target that at least one of the senior positions is filled by a woman set out in LR 6.6.6R(a)(ii), for the year to 31 July 2025 as Ms Davina Curling is Senior independent Director. The Company is externally managed and does not have any executive staff specifically it does not have either a CEO or CFO. The Board believes that it is appropriate and reasonable that the role of Audit Committee Chairman on an investment trust that has no executive staff should also be considered to be a senior position.

4. This column is not applicable as the Company is externally managed and does not have any executive staff. 

Corporate Governance

The Company is committed to high standards of corporate governance. The Board is accountable to the Company's shareholders for good governance and this statement describes how the Company has applied the principles identified in the UK Corporate Governance Code as published in July 2018 (the "UK Code"), which is available on the Financial Reporting Council's (the "FRC") website: frc.org.uk.

The Board has also considered the principles and provisions of the AIC Code of Corporate Governance as published in February 2019 (the "AIC Code"). The AIC Code addresses the principles and provisions set out in the UK Code, as well as setting out additional provisions on issues that are of specific relevance to the Company. The AIC Code is available on the AIC's website: theaic.co.uk.

The Board considers that reporting against the principles and provisions of the AIC Code, which has been endorsed by the FRC provides more relevant information to shareholders.

The Board confirms that, during the year, the Company complied with the principles and provisions of the AIC Code and the relevant provisions of the UK Code, except as set out below.

1. Interaction with the workforce (provisions 2, 5 and 6);

2. the role and responsibility of the chief executive (provisions 9 and 14);

3. previous experience of the chairman of a remuneration committee (provision 32); and

4. executive directors' remuneration (provisions 33 and 36 to 40).

For the reasons set out in the AIC Code, and as explained in the UK Corporate Governance Code, the Board considers that provisions 1 to 4 above are not relevant to the position of the Company, being an externally managed investment company. In particular, all of the Company's day-to-day management and administrative functions are outsourced to third parties. As a result, the Company has no executive directors, employees or internal operations. The Company has therefore not reported further in respect of provisions 1 to 4 above. The full text of the Company's Corporate Governance Statement can be found on the Company's website: asia-focus.co.uk. 

The Board is cognisant of the FRC's new Corporate Governance Code 2024 provisions effective for financial years commencing on 1 January 2025 and expects to be in compliance with the relevant elements of this Code for the year ending 31 July 2026.

During the year ended 31 July 2025, the Board had five scheduled meetings. In addition, the Audit Committee met twice, and the Management Engagement Committee met once and there has been a number of ad hoc Board meetings. Between meetings the Board maintains regular contact with the Manager. Directors have attended the following scheduled Board meetings and Committee meetings during the year ended 31 July 2025 (with their eligibility to attend the relevant meeting in brackets):

Policy on Tenure

In compliance with the provisions of the AIC Code, it is expected that Directors will serve in accordance with the nine-year time limits laid down by the AIC Code.

Board Committees

Audit Committee

The Audit Committee Report is on pages 57 to 59 of the published Annual Report and financial statements for the year ended 31 July 2025.

Nomination Committee

All appointments to the Board of Directors are considered by the Nomination Committee which comprises all of the Directors. The Board's overriding priority in appointing new Directors to the Board is to identify the candidate with the best range of skills and experience to complement existing Directors. The Board also recognises the benefits of diversity and its policy on diversity is referred to in the Strategic Report on page 21 of the published Annual Report and financial statements for the year ended 31 July 2025.

In March 2025 the Board undertook its annual evaluation of the Board, Directors, the Chair and the Audit Committee which was conducted by questionnaires facilitated by an independent external evaluation service provider, Board Forms. Following the evaluation process, the Board noted certain minor action points and concluded that, overall, it operates effectively to promote the success of the Company and that each Director makes an effective contribution to the collective actions of the Board. 

The Nomination Committee has reviewed the contributions of each Director ahead of their proposed re-elections at the AGM on 8 December 2025 Ms Black has continued to bring significant financial promotion, marketing and communications expertise to the Board and has been closely involved in the appointment of external PR consultants during the year; Mr Shanmuganathan has continued to bring his deep experience of Asia and has chaired all meetings effectively; Mr Cooper has brought the weight of his significant local and up to date Asian market experience to the Board's discussions; Mr Finn has brought relevant and recent accounting and financial experience to the board and has led the Audit Committee with expertise; Ms Macdonald has contributed significantly to the regular investment discussions and Ms Curling has contributed bringing her significant investment trust expertise to Board discussions. For the foregoing reasons, the independent members of the Nomination Committee have no hesitation in recommending the re-election of each Director who will be submitting themselves for re-election at the AGM on 8 December 2025.

Management Engagement Committee

The Management Engagement Committee comprises all the Directors and is chaired by Mr Finn. The Committee is responsible for reviewing the performance of the Investment Manager and its compliance with the terms of the management and secretarial agreement. The terms and conditions of the Investment Manager's appointment, including an evaluation of fees, are reviewed by the Committee on an annual basis. The Committee believes that the continuing appointment of the Manager on the terms agreed is in the interests of shareholders as a whole.

Remuneration Committee

Under the UK Listing Authority rules, where an investment trust has only non-executive directors, the Code principles relating to directors' remuneration do not apply. Accordingly, matters relating to remuneration are dealt with by the full Board, which acts as the Remuneration Committee, and is chaired by the Chair.

The Company's remuneration policy is to set remuneration at a level to attract individuals of a calibre appropriate to the Company's future development. Further information on remuneration is disclosed in the Directors' Remuneration Report on pages 53 to 55 of the published Annual Report and financial statements for the year ended 31 July 2025.

Terms of Reference

The terms of reference of all the Board Committees may be found on the Company's website asia-focus.co.uk and copies are available from the Company Secretary upon request. The terms of reference are reviewed and re-assessed by the Board for their adequacy on an annual basis.

Internal Control

In accordance with the Disclosure and Transparency Rules (DTR 7.2.5), the Board is ultimately responsible for the Company's system of internal control and for reviewing its effectiveness and confirms that there is an ongoing process for identifying, evaluating and managing the significant risks faced by the Company. This process has been in place for the year under review and up to the date of approval of this Annual Report and Financial Statements. It is regularly reviewed by the Board and accords with the FRC Guidance.

The Board has reviewed the effectiveness of the system of internal control. In particular, it has reviewed and updated the process for identifying and evaluating the significant risks affecting the Company and policies by which these risks are managed.

The Directors have delegated the investment management of the Company's assets to the Aberdeen Group within overall guidelines, and this embraces implementation of the system of internal control, including financial, operational and compliance controls and risk management. Internal control systems are monitored and supported by the Aberdeen Group's internal audit function which undertakes periodic examination of business processes, including compliance with the terms of the management agreement, and ensures that recommendations to improve controls are implemented.

Risks are identified and documented through a risk management framework by each function within the Aberdeen Group's activities. Risk includes financial, regulatory, market, operational and reputational risk. This helps the internal audit risk assessment model identify those functions for review. Any weaknesses identified are reported to the Board, and timetables are agreed for implementing improvements to systems. The implementation of any remedial action required is monitored and feedback provided to the Board.

The significant risks faced by the Company have been identified as being financial; operational; and compliance related.

The key components of the process designed by the Directors to provide effective internal control are outlined below:

- the Manager prepares forecasts and management accounts which allow the Board to assess the Company's activities and review its performance;

- the Board and Manager have agreed clearly defined investment criteria, specified levels of authority and exposure limits. Reports on these issues, including performance statistics and investment valuations, are regularly submitted to the Board and there are meetings with the Manager and Investment Manager as appropriate;

- as a matter of course the Manager's compliance department continually reviews Aberdeen's operations and reports to the Board on a six monthly basis;

- written agreements are in place which specifically define the roles and responsibilities of the Manager and other third-party service providers and, where relevant, ISAE3402 Reports, a global assurance standard for reporting on internal controls for service organisations, or their equivalents are reviewed;

- the Board has considered the need for an internal audit function but, because of the compliance and internal control systems in place within Aberdeen, has decided to place reliance on the Manager's systems and internal audit procedures; and

- at its October 2025 meeting, the Audit Committee carried out an annual assessment of internal controls for the year ended 31 July 2025 by considering documentation from the Manager, Investment Manager and the Depositary, including the internal audit and compliance functions and taking account of events since 31 July 2025. The results of the assessment, that internal controls are satisfactory, were then reported to the Board at the next Board meeting.

Internal control systems are designed to meet the Company's particular needs and the risks to which it is exposed. Accordingly, the internal control systems are designed to manage rather than eliminate the risk of failure to achieve business objectives and by their nature can only provide reasonable and not absolute assurance against mis-statement and loss.

Going Concern

In accordance with the Financial Reporting Council's guidance the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern. The Company's assets consist of equity shares in companies listed on recognised stock exchanges and are considered by the Board to be realisable within a relatively short timescale under normal market conditions. The Board has set overall limits for borrowing and reviews regularly the Company's level of gearing, cash flow projections and compliance with banking covenants.

The Board has reviewed stress testing on the portfolio covering reasonably possible downside market scenarios with attention on the resulting liquidity of the portfolio. The plausible downside scenarios modelled include historical market events including the Global Financial crisis in 2008, COVID-19 and other similar shocks and resulted in a reduction in portfolio valuation of up to 26.1% in the worst case.

The Directors are mindful of the Principal Risks and Uncertainties disclosed in the Strategic Report on pages 19 and 20 of the published Annual Report and financial statements for the year ended 31 July 2025and they believe that the Company has adequate financial resources to continue its operational existence for a period of 12 months from the date of approval of this Annual Report. They have arrived at this conclusion having confirmed that the Company's diversified portfolio of realisable securities is sufficiently liquid and could be used to meet short-term funding requirements were they to arise, including in potentially less favourable market conditions. The Directors have also reviewed the revenue and ongoing expenses forecasts for the coming year and considered the Company's Statement of Financial Position as at 31 July 2025 which shows net current liabilities of £26.6 million at that date, and do not consider this to be a concern due to the liquidity of the portfolio which would enable the Company to meet any short term liabilities if required. Accordingly, the Directors believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

Management of Conflicts of Interest

The Board has a procedure in place to deal with a situation where a Director has a conflict of interest. As part of this process, the Directors prepare a list of other positions held and all other conflict situations that may need to be authorised either in relation to the Director concerned or his connected persons. The Board considers each Director's situation and decides whether to approve any conflict, taking into consideration what is in the best interests of the Company and whether the Director's ability to act in accordance with his or her wider duties is affected. Each Director is required to notify the Company Secretary of any potential, or actual, conflict situations that will need authorising by the Board. Authorisations given by the Board are reviewed at each Board meeting.

No Director has a service contract with the Company although Directors are issued with letters of appointment upon appointment. The Directors' interests in contractual arrangements with the Company are as shown in note 18 to the financial statements. No other Directors had any interest in contracts with the Company during the period or subsequently.

The Board has adopted appropriate procedures designed to prevent bribery. The Company receives periodic reports from its service providers on the anti-bribery policies of these third parties. It also receives regular compliance reports from the Manager.

The Criminal Finances Act 2017 introduced a new corporate criminal offence of "failing to take reasonable steps to prevent the facilitation of tax evasion". The Board has confirmed that it is the Company's policy to conduct all its business in an honest and ethical manner. The Board takes a zero-tolerance approach to facilitation of tax evasion, whether under UK law or under the law of any foreign country.

Accountability and Audit

The respective responsibilities of the Directors and the auditors in connection with the financial statements are set out on pages 56 and 67 respectively of the published Annual Report and financial statements for the year ended 31 July 2025.

Each Director confirms that:

- so far as he or she is aware, there is no relevant audit information of which the Company's auditors are unaware; and,

- each Director has taken all the steps that they could reasonably be expected to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Additionally, there have been no important events since the year end that impact this Annual Report.

The Directors have reviewed the independent auditors' procedures in connection with the provision of non-audit services. No non-audit services were provided by the independent auditors during the year and the Directors remain satisfied that the auditors' objectivity and independence has been safeguarded.

Independent Auditors

At the December 2024 AGM shareholders approved the re-appointment of PricewaterhouseCoopers LLP ("PwC") as independent auditors to the Company. PwC has expressed its willingness to continue to be the Company's auditors and a Resolution to re-appoint PwC as the Company's auditors and to authorise the Directors to fix the auditors' remuneration will be put to the forthcoming Annual General Meeting.

Substantial Interests

The Board has been advised that the following shareholders owned 3% or more of the issued Ordinary share capital of the Company at 31 July 2025:

On 18 September 2025 City of London Investment Management Company notified a change in holding to 24,511,466 (16.9%) Ordinary shares. There have been no other significant changes notified in respect of the above holdings between 31 July 2025 and 22 October 2025.

The UK Stewardship Code and Proxy Voting

Responsibility for actively monitoring the activities of portfolio companies has been delegated by the Board to the AIFM which has sub-delegated that authority to the Manager.

The Manager follows the UK Stewardship Code which aims to enhance the quality of engagement by investors with investee companies in order to improve their socially responsible performance.

Relations with Shareholders

The Directors place a great deal of importance on communication with shareholders. The Annual Report is widely distributed to other parties who have an interest in the Company's performance. Shareholders and investors may obtain up to date information on the Company through the Manager's freephone information service and the Company's website asia-focus.co.uk. The Company responds to letters from shareholders on a wide range of issues. The Chair, often in conjunction with another Director, meets with the largest shareholders at least annually.

The Board's policy is to communicate directly with shareholders and their representative bodies without the involvement of the Aberdeen Group (either the Company Secretary or the Manager) in situations where direct communication is required and usually a representative from the Board meets with major shareholders on an annual basis to gauge their views.

The Notice of the Annual General Meeting, included within the Annual Report and financial statements, is sent out at least 20 working days in advance of the meeting. All shareholders have the opportunity to put questions to the Board or the Manager, either formally at the Company's Annual General Meeting or, where possible, at the subsequent buffet luncheon for shareholders. The Company Secretary is available to answer general shareholder queries at any time throughout the year.

Consumer Duty

The FCA's Consumer Duty rules were published in July 2022. The rules comprise a fundamental component of the FCA's consumer protection strategy and aim to improve outcomes for retail customers across the entire financial services industry through the assessment of various outcomes, one of which is an assessment of whether a product provides value. Under the Consumer Duty, the Manager is the product 'manufacturer' of the Company and therefore the Manager was required to publish its assessment of value from April 2023. Using a specially developed assessment methodology, the Manager assessed the Company as 'expected to provide fair value for the reasonably foreseeable future'. The Board reviews the Manager's annual assessment in order to better understand the Manager's basis of assessment and no concerns were identified with either the assessment method or the outcome of the assessment.

Special Business at the Annual General Meeting

Directors' Authority to Allot Relevant Securities

Approval is sought in Resolution 11, an ordinary resolution, to renew the Directors' existing general power to allot securities but will also, provide a further authority (subject to certain limits), to allot shares under a fully pre-emptive rights issue. The effect of Resolution 11 is to authorise the Directors to allot up to a maximum of 95.5 million shares in total (representing approximately 2/3 of the existing issued capital of the Company), of which a maximum of 47.7 million shares (approximately 1/3 of the existing issued share capital) may only be applied to fully pre-emptive rights issues. This authority is renewable annually and will expire at the conclusion of the next Annual General Meeting. The Board has no present intention to utilise this authority.

Disapplication of Pre-emption Rights

Resolution 12 is a special resolution that seeks to renew the Directors' existing authority until the conclusion of the next Annual General Meeting to make limited allotments of shares for cash of up to 10% of the issued share capital other than according to the statutory pre-emption rights which require all shares issued for cash to be offered first to all existing shareholders. This authority includes the ability to sell shares that have been held in treasury (if any), having previously been bought back by the Company. The Board has established guidelines for treasury shares and will only consider buying in shares for treasury at a discount to their prevailing NAV and selling them from treasury at or above the then prevailing NAV.

New shares issued in accordance with Resolution 12 and subject to the authority to be conferred by Resolution 11 will always be issued at a premium to the NAV per Ordinary share at the time of issue. The Board will issue new Ordinary shares or sell Ordinary shares from treasury for cash when it is appropriate to do so, in accordance with its current policy. It is therefore possible that the issued share capital of the Company may change between the date of this document and the Annual General Meeting and therefore the authority sought will be in respect of 10% of the issued share capital as at the date of the Annual General Meeting rather than the date of this document.

Purchase of the Company's Shares

Resolution 13 is a special resolution proposing to renew the Directors' authority to make market purchases of the Company's shares in accordance with the provisions contained in the Companies Act 2006 and the Listing Rules of the Financial Conduct Authority. The minimum price to be paid per Ordinary share by the Company will not be less than 5p per share (being the nominal value) and the maximum price should not be more than the higher of (i) 5% above the average of the middle market quotations for the shares for the preceding five business days; and (ii) the higher of the last independent trade and the current highest independent bid on the trading venue where the purchase is carried out.

The Directors do not intend to use this authority to purchase the Company's Ordinary shares unless to do so would result in an increase in NAV per share and would be in the interests of shareholders generally. The authority sought will be in respect of 14.99% of the issued share capital as at the date of the Annual General Meeting rather than the date of this document. 

The authority being sought in Resolution 13 will expire at the conclusion of the next Annual General Meeting unless it is renewed before that date. Any Ordinary shares purchased in this way will either be cancelled and the number of Ordinary shares will be reduced accordingly or under the authority granted in Resolution 12 above, may be held in treasury. During the year the Company has not bought back any Ordinary shares for Treasury.

If Resolutions 11 to 13 are passed, then an announcement will be made on the date of the Annual General Meeting which will detail the exact number of Ordinary shares to which each of these authorities relate.

These powers will give the Directors additional flexibility going forward and the Board considers that it will be in the interests of the Company that such powers be available. Such powers will only be implemented when, in the view of the Directors, to do so will be to the benefit of shareholders as a whole.

Notice of Meetings

Resolution 14 is a special resolution seeking to authorise the Directors to call general meetings of the Company (other than Annual General Meetings) on 14 days' notice. This approval will be effective until the Company's next Annual General Meeting in 2026. In order to utilise this shorter notice period, the Company is required to ensure that shareholders are able to vote electronically at the general meeting called on such short notice. The Directors confirm that, in the event that a general meeting is called, they will give as much notice as practicable and will only utilise the authority granted by Resolution 14 in limited and time sensitive circumstances.

Dividend Policy

As a result of the timing of the payment of the Company's quarterly dividends, the Company's Shareholders are unable to approve a final dividend each year. In line with good corporate governance, the Board therefore proposes to put the Company's dividend policy to Shareholders for approval at the Annual General Meeting and on an annual basis thereafter.

The Company's dividend policy shall be that dividends on the Ordinary Shares are payable quarterly in relation to periods ending October, January, April and July. It is intended that the Company will pay quarterly dividends consistent with the expected annual underlying portfolio yield. The Company has the flexibility in accordance with its Articles to make distributions from capital. Resolution 3, an ordinary resolution, will seek shareholder approval for the dividend policy.

Recommendation

Your Board considers Resolutions 11 to 14 to be in the best interests of the Company and its members as a whole and most likely to promote the success of the Company for the benefit of its members as a whole. Accordingly, your Board unanimously recommends that shareholders should vote in favour of Resolutions 11 to 14 to be proposed at the AGM, as they intend to do in respect of their own beneficial shareholdings amounting to 41,947 Ordinary shares. 

By order of the Boardabrdn Holdings Limited -Secretaries 280 BishopsgateLondon EC2M 4AG22 October 2025

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

For the year ended 31 July 2025