1. EQUITIES | FIXED INCOME | PROPERTY
Aberdeen Asset Management
Group overview
At Aberdeen, asset management is our business.
We operate independently and only manage assets for third parties, allowing
us to focus solely on their needs, without conflicts of interest. We now manage
e160 billion of third party assets from our offices around the world.
Our clients access our investment expertise across the three asset classes: equities,
fixed income and property.
We package our skills in the form of segregated and pooled products across borders.
We invest worldwide and follow a predominantly long-only approach, based on
fundamentally sound investments – we do not chase market fads.
Our investment teams are based in the markets or regions in which they invest.
Clients understand our process and portfolios because they are transparent.
aberdeen-asset.com
Q4/09

2. Equities
• Bottom-up investment style, emphasising company fundamentals
• Team approach, with asset managers based in the regions where we invest
• low portfolio turnover, buying stocks and holding them for the long term
• First-hand research is central to our process
• No investment without interviewing the company’s management first
Aberdeen’s mainstream equity process dates from the early 1990s and we believe its
advantage lies in the consistency of its approach, irrespective of market conditions.
From the company visits and analysis carried out regionally, through to portfolio
construction decisions, we adopt a team approach. Cross-coverage of securities
locally ensures objectivity; we avoid cultivating ‘star’ managers. Diversification at the
stock level is our main control of risk. We aim to add value by capitalising on original
research. We see equity risk in terms of investing in a poor quality company, or
overpaying for a good one.
Equity investment process Equities breakdown
Company visit note Risk UK North America
controls €3.5bn €2.4bn
Specialist
equities
STEP STEP STEP €5.3bn
1 2 3 Asia
Pacific Global/
€19.4bn EAFE
Quality Aberdeen Price Portfolio €10.7bn
Pass or fail? universe Cheap or construction
expensive
Global
Europe
Potential Watchlist/ Monitor emerging markets
€1.5bn
revisit review €12.6bn
Total €55.4bn As at 30 September 2009
Source: Aberdeen Asset Managers limited
Active management Long-term focus
We aim to add value by identifying good Our mainstream strategies are simple;
quality stocks, defined chiefly in terms of we buy and hold, add on price dips and
management and business model, which take profits on price rises. This reduces
are attractively priced. Good stockpicking is transaction costs and keeps portfolios
the key to our performance. We downplay focused. We rarely pursue short-term
benchmarks in portfolio construction returns for mainstream equity strategies,
since these provide little clue to future albeit for specialist portfolios, activity may
performance. Our asset managers avoid be more dynamic.
businesses that we do not understand or
those with discriminatory shareholder Team approach
structures. We employ around 110 equity
investment professionals globally.
Proprietary research Portfolio decisions are made
Our mainstream equity managers always collectively, and we avoid cultivating
visit companies before investing, making ‘star’ fund managers. Cross-coverage
thousands of visits annually to existing of securities also increases objectivity
and prospective holdings. Every contact is and lessens reliance on individuals.
documented in detail. If a security fails our
screens, we will not own it, irrespective of
its index weight.

3. Fixed income
• Active management, operating globally, in a transparent and accountable structure
• Belief that multiple sources of added value improve the risk-return profile
• Specialist teams working independently within their area of expertise
• local presence in london, Philadelphia, Singapore and Sydney
• Strong derivatives capability to assist implementation of both active and liability
matching strategies
Aberdeen’s fixed income process dates back to the 1980s. Our alpha teams are
responsible for generating investment strategies within their specialist areas, while
our product teams are responsible for allocating and monitoring risk budgets,
tailoring investment strategies for individual portfolios and are accountable for
overall performance.
Fixed income investment process Fixed income breakdown
1 2 Money market Emerging markets
Portfolio Manager Product Team €14.8bn €2.7bn
Agree client risk Sets client Convertibles
Europe
and return investment €0.7bn
€5.7bn
requirements strategy
Asia Pacific Currency
€10.2bn overlay
€1.7bn
Evaluating risk
Global
at every step
€9.6bn
4 3 High yield
Product Alpha €0.8bn
Team Teams US
UK €11.0bn
Risk budgeting, Idea generation
€14.2bn
review and in an unconstrained
oversight universe Total €71.4bn As at 30 September 2009
Source: Aberdeen Asset Managers limited
Active management Team approach
We aim to add value by exploiting market We employ over 130 investment
inefficiencies in interest rates, currency, professionals across our teams. They invest
investment grade credit, emerging market within clearly delineated parameters,
debt and high yield. We have dedicated with defined reporting lines. Our team
portfolio managers and analysts in the structure is based on transparency and
three main time zones. They operate as accountability.
close-knit teams, with investment decision-
making devolved to specialists, based on Diverse solutions
their knowledge and expertise. Many clients are moving to higher
performance or core plus mandates.
Flexible and disciplined Another trend is the move away from
investment process market-based indices and the use of
Our investment structure enables us not liability driven benchmarks. We aim to
only to follow a disciplined investment deliver performance across the full range of
process but also to be flexible to manage our fixed income capabilities. We also use
portfolios for a wide variety of client derivatives, such as interest rate and credit
requirements. This may range from default swaps, to add value and also to
strategies which employ multiple sources match liability exposures.
of uncorrelated returns to those that are
focused on a particular specialist area.

4. Property
• An active property investment manager
• Unrivalled local presence in key international markets
• Separate accounts and collective funds, including funds-of-funds
• Disciplined investment process, supported by research on the ground
• Team approach, with managers based in the regions where we invest
We offer a wide range of well-structured property investment vehicles that provide
strong risk-adjusted returns and a choice of geographic and sector allocation. In
addition to funds holding direct property, Aberdeen has pioneered the development
of funds of property funds, with exposure to Continental Europe and Asia. Active
management, top-class research, local presence and a rigorous investment process
are the means by which we add value to property investment.
Property investment process Property breakdown
Other
€0.4bn
Forecasts
Investment Investment Asia
& Relative A
Strategy Plan Sele sset €0.6bn UK
Pricing cti
o €6.4bn
n
Review
Transactions
Nordic
€7.2bn
e Continental &
at nnan
T l
Re
et
nt
Allocation io n t Ass eme Eastern Europe
ship g
Selection Mana €10.2bn
Management
Total €24.8bn As at 30 September 2009
Source: Aberdeen Asset Managers limited
Active management Structured investment process
Our understanding of the factors that drive Our proven investment process links the
returns stems from our local presence and three essential disciplines of allocation,
our dedicated research capability. A unique selection and asset management. We apply
feature of property is the value that can be it rigorously to all property sectors and
added by active asset management, and geographies. Our principle is to combine
selecting assets with this potential enables advanced top-down research with a
a skilful investment manager to create pragmatic, but structured, bottom-up
alpha and outperform the market. approach from our local professionals.
The former focuses on managing beta, or
Local presence portfolio risk, the latter on creating alpha.
Active property investment requires a local
presence. We have expanded in Europe’s Delivering risk-adjusted returns
heartland and, through our Singapore We aim to help our institutional clients
office, into Asia. We now number some achieve well diversified property exposure
600 professionals based in 13 countries. by delivering superior risk-adjusted returns
This unrivalled local reach is essential to through funds that offer a clear choice of
our understanding of local markets and our geographic or sectoral exposure. With our
commitment to local decision making. advanced portfolio modelling techniques,
we provide an understanding of the risk of
different property investments and their
place in multi-asset portfolios.

5. BRITISh ISlES CONTINENTAl EUROPE AMERICAS
• Aberdeen (head office) • Amsterdam • Philadelphia
• Edinburgh • Brussels • São Paulo
• Glasgow • Budapest • Toronto
• Jersey • Copenhagen
Philadelphia, PA is our
• london • Frankfurt
hub for North America
As our home market, we • Geneva
and includes fixed income
have several offices around • helsinki
the British Isles. By AuM, • luxembourg and US equity teams. We
• Milan manage over e24.2 billion
29% of our clients are
• Oslo on behalf of US clients.
based in the British Isles,
• Paris Philadelphia is also the
accounting for e45.9
• Stockholm base for US client servicing
billion. The city of Aberdeen
• St Petersburg and consultant relations
is our headquarters, and
where we locate many
• Zurich staff. With the US mutual
fund range acquired from
Our presence across
Group functions including Continental Europe is Nationwide, we now have
legal, group information growing significantly, a strong platform on which
and human resources; further enhanced by the to service institutional and
london is the investment recent acquisition of certain wholesale channels.
centre for UK & European businesses from Credit Sao Paulo and Toronto
equity and fixed income Suisse. Amsterdam is a key offices were opened in
teams, our largest office by marketing office for the October and November
number of staff, and where Dutch pensions market and respectively.
we locate most UK client also European property
servicing and business clients. The Nordic region is
relationship staff. the base of operations for
Edinburgh is the investment much of our global property
centre for global equity, capability. luxembourg
multi-asset and structured is the domicile for the
product teams, as well as Aberdeen Global fund
the company secretarial range. Continental Europe
teams for the UK now accounts for 37% of
investment trust range. group AuM.
KEY ASSETS BY ClIENT TYPE
Open ended funds
• Main investment centres €32.0bn
Pension funds
€44.8bn
• Sales and distribution
offices only Other
Insurance
• Key property centres
only
€18.2bn institutional
€12.3bn
Closed end
Central
funds
banks,
€9.6bn
government
Third agencies
party distribution €15.3bn
€27.8bn
Source: Aberdeen Asset Managers Limited
Figures as at 30 September 2009 Total €160.0bn As at 30 September 2009

6. MIDDlE EAST AND AFRICA ASIA PACIFIC AUSTRAlIA
The Middle East and Africa • Bangkok • Sydney
are important sources of • hong Kong
With 75 employees and
institutional funds, and we • Kuala lumpur
e11.1 billion invested by
have strong client bases • Shanghai
Australian clients in our
which we service from • Singapore
london. We currently • Taipei products, the Group’s
manage over e12.3 billion • Tokyo Australian operation has
a sizeable presence in this
of assets for institutional The Asian headquarters of relatively sophisticated
and sovereign wealth the Group is in Singapore, retirement savings market.
entities in those regions. and is home to most of Our funds in Australia
our Asian fund managers offer local investors a
covering the main asset comprehensive choice of
classes, as well as to domestic, regional, global
substantial marketing, and emerging market
client servicing and investments. Additionally,
administrative functions: we manage a range of
over 155 staff in all. Other specialist mandates in fixed
full service offices are in income and equities and an
hong Kong, Kuala lumpur investment company that
and Bangkok, plus we have is listed on the Australian
research and client servicing Stock Exchange.
in North Asia. Asian clients
account for e7.6 billion of
AuM and our investment
in Asian securities, both
equities and fixed income,
is a core competence for
the group.
Global reach, local understanding
We know global markets from the local level upwards, drawing on over 1,850 staff,
across 28 offices in 23 countries.
We believe our focus, size and approach enable us to provide effective asset
management and superior client service.
Our teams champion original thinking and knowledge, so investment decisions are
based only on our own research.
As a group, we have the scale to provide global coverage of financial markets; yet we
are small enough to focus on each and every portfolio decision.
Close-knit teams, clear investment processes and flat structures are important to us.
We seek to grow our clients’ assets in a way that is manageable and sustainable over
the longer term.
The information on the Aberdeen Asset Management Group contained in this document is of a general nature on the activities carried out
by certain group entities. This information is therefore only indicative and does not constitute any form of contractual agreement, nor is
it to be considered as an offer or solicitation to deal in any financial instruments or engage in any investment service or activity. The value
of investments can fall as well as rise and investors may get back less than the amount invested. Issued and approved by Aberdeen Asset
Managers limited which is authorised and regulated by the Financial Services Authority in the United Kingdom. Member of the Aberdeen
Asset Management PlC group of companies. Registered Office: 10 Queens Terrace, Aberdeen AB10 1YG.
Registered in Scotland No. 108419 01 5008_1209