For professional use only Not for Public distribution. Christophe Palumbo Business Development Manager Benelux

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1 For professional use only Not for Public distribution Beleggingsopportuniteiten in Azië Christophe Palumbo Business Development Manager Benelux

2 Inhoud Over Aberdeen Asset Management Aberdeen in Azië De situatie in Azië: groei, stabiliteit en waardering Aberdeen Global II Asia Pacific Multi Asset Fund * - Bouwstenen: Asia Pacific Aandelen Aziatische vastrentende waarden Strategische en tactische Asset allocatie Bijlagen * De activa van Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen werden overgenomen door Aberdeen Global II - Multi Asset Asia Pacific Fund op 24 september AGII - Multi Asset Asia Pacific Fund is met ingang van 1 december 2011 verder gegaan onder de naam AGII - Asia Pacific Multi Asset Fund 1

3 Over Aberdeen Asset Management Aberdeen is een vermogensbeheerder pur sang met een notering in de FTSE 100 Ervaren management team $286,5 miljard beheerd vermogen en een marktkapitalisatie van $4,5 miljard Geografische spreiding 31 kantoren verspreid over de hele wereld 1964 medewerkers, waaronder 500 professionele beleggers, verspreid over de hele wereld Significant aantal aandelen in bezit bij management en medewerkers (7,3%* direct of door middel van een langetermijnbonusstructuur) Beleggingsexpertise, toegespitst op drie belangrijke beleggingscategorieën: aandelen, vastrentende waarden en onroerend goed, alsmede oplossingen op maat Transparante beleggingsprocessen Een gediversifieerde en mondiale onderneming Bron: Aberdeen Asset Management, 30 juni * bij verwatering 2

4 Internationaal bereik: wereldwijd 31 kantoren AuM by domicile Sales & Distribution Fort Lauderdale Philadelphia Toronto Investment centres Philadelphia Toronto Property centre Philadelphia Head Office Aberdeen Sales & Distribution Amsterdam Copenhagen Frankfurt Helsinki London Milan Paris Zurich Investment centres Edinburgh Budapest Asia Pacific 12.4% Middle East & Africa 8.8% Europe ex UK United Kingdom 31.8% 28.2% Property centres Amsterdam Copenhagen Glasgow London Oslo Stockholm Budapest Edinburgh Geneva Jersey Luxembourg Oslo Stockholm London Paris Brussels Frankfurt Helsinki Milan Paris Sales & Distribution Bangkok Hong Kong Singapore Shanghai Sydney Taiwan Tokyo Melbourne Investment centres Bangkok Hong Kong Kuala Lumpur Singapore Sydney Tokyo Property centre Singapore Americas 18.7% Investment Centre São Paulo Property Centre São Paulo Global reach, local understanding, independent thinking Source: Aberdeen Asset Management, 30 Jun 12 3

5 Aberdeen is een belangrijke belegger in Azië Beleggingen voor cliënten in Azië Aandelen Asia Pacific ex Japan USD 81,4mrd* Aandelen Japan 5% Vastgoed Azië 1% Aandelen Japan USD 4,7mrd* Asia Pacific Vastrentende waarden 18% Asia Pacific Vastrentend Vastgoed Azië USD 19,5mrd USD 1,4mrd** Totaal USD 107,0mrd Aandelen Asia Pacific ex Japan 76% Bron: Aberdeen Asset Management, 31 aug * Inclusief globaal / regionale beleggingen. ** Belegd in Singapore 4

6 Awards België 2011 Moneytalk Awards: Best Emerging Market Equity Fund De Tijd & L Echo Awards: Best Emerging Market Equity Fund La Libre Belgique / De Standaard Morningstar Awards: Best Specialist Equity Fund House Best Global Emerging Markets Equity Fund Best Asia Pacific Equity Fund 5

7 Asia Pacific beheerdersteam * Head of desk ^ CEO of Aberdeen Islamic Asset Management Sdn Bhd Bron: Aberdeen Asset Management, 22 aug 2012 Flavia Cheong Chong Yoon-Chou Kristy Fong Gan Ai Mee Andrew Gillan Mark Gordon-James Pruksa Iamthongthong Adrian Lim Louis Lu Yoojeong Oh Thomas Reeves David Smith James Thom Christopher h Wong Hugh Young* Mark Daniels Michelle Lopez Robert Penaloza* Andrew Preston Camille Simeon Natalie Tam Chhai Ung Hugh Young Hoofd Aandelen Azië Singapore Sydney Bangkok Kuala Lumpur Hong Kong Orsen Karnburisudthi Ratanawan Saengkitikomol Adithep Vanabriksha* Gerald Ambrose* Evan Cheah Mohd Najman Md Isa Bharat Joshi Jolynn Kek Abdul Jalil Rasheed^ Andrew San Nicholas Chui Frank Tian Kathy Xu Nicholas Yeo* Tokyo Keita Kubota Kwok Chern Yeh* Sandy Lim Yuki Meyer Centrale Handelaren: Rebecca Ang Richard Ang Linda Mangsud Derek McCole* Investment support (8) Centrale Handelaren: Jira Vareewattanasak Investment support (1) Kenneth Akintewe Marisa Loh Adam McCabe Charles Macgregor Anthony Michael* Gareth Nicholson Suhaila Suboh Thu Ha Chow Yueh Ee Leen Handelaren (Valuta): Mark Khoo, Ambrose Tan Nick Bishop David Choi Garreth Innes Amy Mangan John Manning Michael Moen Victor Rodriguez* Gerard Sheehan Justin Tyler Handelaren: Jane Tiftis Pongtharin Sapayanon* Supakorn Tulyathan Edmund Goh Jeremy Teng Satoshi Hisanaga Ben Brandon-King Hong Li Min Kang Puay Ju* Glyn Nelson Tai Kok Jing Vida Tandean Peter Elston John Livingstone Andrew Petris Asia Pacific Aandelen Asia Pacific Vastrentende waarden Vastgoed Aberdeen Solutions 6

8 Beleggers staan voor een investeringsraadsel Factoren: - Lage rendementen - Onstabiele munten - Precaire geopolitiek Deze factoren leiden tot hoofdpijn bij beleggers: - Minder plaatsen waar men terecht kan voor inkomen en een totaal rendement - Extreme volatiliteit Het resultaat: - Beleggers zijn voorzichtig en terughoudend in het nemen van beslissingen 7

9 Wat is de oplossing? Back to basics investing Flexibiliteit: - Een echte Multi-Asset aanpak dat dynamische asset allocatie toelaat - Dit is essentieel in zo'n snel veranderende omgeving Groei zoeken: - Focussen op de groeigebieden van de wereld (Azië en Emerging Markets) is zinvol Kwaliteit: - Focus op bottom-up stock selectie - Focus op kwaliteitsbedrijven die een eventuele storm kunnen doorstaan - Focus op sterke munten met potentieel 8

10 De situatie in Azië: groei, stabiliteit en waardering

11 Groei in Azië f Overigen Afrika 9% 4% Japan 6% Opkomende markten in Azië 29% Noord Amerika 11% Japan 2% Overigen 9% Afrika 12% Noord Amerika 21% Latijns Amerika 8% Latijns Amerika 9% Europa 22% Europa 9% Opkomende markten in Azië 49% Prognose is dat Azië in 2050 goed is voor 49% van het mondiale bbp Bron: Citi aug 2012; bbp berekend in 2010 PPP USD 10

12 Opkomst van de middenklasse stuwt de groei in Azië Bron: The Emerging Middle Class in Developing Countries, Homi Kharas, Jan

13 De wereld anno 2050 Top 10 van de grootste economieën in de wereld (in biljoen 2010 koopkrachtpariteit in USD) bbp per capita (2010 koopkrachtpariteit in USD) 2050 Positie Land 2050 Positie Land India 86 1 Singapore China 80 2 Hong Kong US 39 3 Taiwan Indonesië 14 4 Zuid-Korea Brazilië 12 5 US Nigeria 10 6 Saudi Arabië Rusland 8 7 Canada Mexico 7 8 UK Japan 6 9 Zwitserland Egypte 6 10 Oostenrijk Note that GDP (Gross Domestic Product) figures are measured in 2010 PPP USD Volgens de voorspellingen van Citi bevinden in 2050 drie van de vier grootste economieën ter wereld zich in Azië. India en China zullen ieder dubbel zo groot zijn als de Amerikaanse economie De vier rijkste landen ter wereld liggen dan in Azië (gerekend naar bbp per hoofd van de bevolking) Bron: Citi Investment Research and Analysis, per 31 Mar

14 Stabiliteit juist in Azië Verwachte overheidsschuld Minste toename van schuld Meeste toename van schuld Beleidsmakers in Azië hebben meer mogelijkheden om te reageren op de uitdagende economische omstandigheden Bron: Citigroup Global Markets Asia Macro View, 1 Feb 12 13

15 Wij verwachten dat valuta in Azië in waarde blijft stijgen JPMorgan Asian Currency Index Valutastijgingen zullen gebruikt blijven worden als beleidsinstrument Gebruikt om import van inflatie tegen te gaan Helpt in de transformatie naar binnenlandse vraag JPMorgan Asia Currency Index bestaat uit de volgende valuta s: CNY (37.9%), HKD (8.7%), INR (7.8%), IDR (3.0%), KRW (14.3%), MYR (5.2%), PHP (1.8%), SGD (10.0%), TWD (6.3%) and THB (5.0%) Bron: Bloomberg, per 26 Sep

16 Obligaties in Azië bieden aantrekkelijk rendement Bron: Bloomberg, HSBC, 31 Aug 2012 US 5-Yr Treasury yield vs HSBC Asian Local Bond Index yield Yield (%) Yield Difference (HSBC Asian Local Bond Index minus US 5-Yr Treasury) Y %) ield Difference(% 15

17 Aberdeen Global II Asia Pacific Multi Asset Fund De activa van Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen werden op 24 sep 2010 overgenomen door Aberdeen De activa van Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen werden op 24 sep 2010 overgenomen door Aberdeen Global II - Multi Asset Asia Pacific Fund. AGII - Multi Asset Asia Pacific Fund is met ingang van 1 december 2011 verder gegaan onder de naam AGII - Asia Pacific Multi Asset Fund ^ Benchmark is gewijzigd van Libor USD 3M + 400bps tot 40% MSCI AC Asia Pacific, 30% JPM Asian Credit Index en 30% HSBC Local Currency Index

18 Aberdeen Global II Asia Pacific Multi Asset Fund* Productkenmerken en voordelen Bron: Aberdeen Asset Management, 31 Aug 2012 Doelstelling Beleggers toegang bieden tot een gediversifieerde portefeuille met kansen in Aziatische vastrentende waarden en aandelen, door te investeren in diverse categorieën, zoals Aziatische obligaties in lokale valuta, rente- en kredietrisico strategieën en Asia Pacific aandelen Toegang tot de markten in één van de snelst groeiende regio s van de wereldeconomie Voordelen De fondsallocaties kunnen snel inspelen op veranderende marktomstandigheden, actieve spreiding in Asia Pacific aandelen, vastrentende waarden, valuta's en liquide middelen Maakt gebruik van Aberdeen s regionale professionele beleggers en de expertise van het wereldwijde Multi-Asset team Benchmark^ 40% MSCI AC Asia Pacific Index 30% JACI Asian Credit Index 30% HSBC Asian Local Bond Index Equity neutral weight (Current target weight) 40% (33%) Asian Fixed Income neutral weight (Current target weight) 60% (60%) Beheerkost 1,5% (Retail)/1,0% (institutioneel) * De assets van Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen zijn overgenomend door Aberdeen Global II Multi Asset Asia Pacific Fund op 24 Sep AGII - Multi Asset Asia Pacific Fund is met ingang van 1 Dec 11 verder gegaan onder de naam AGII - Asia Pacific Multi Asset Fund ^ Benchmark is gewijzigd van Libor USD 3M + 400bps in 40% MSCI AC Asia Pacific., 30% JPM Asian Credit Index en 30% HSBC Local Currency Index 17

19 Gebaseerd op (meermaals bekroonde) sterke bouwstenen Asia Pacific aandelen Vastrentende waarden Azië Aberdeens multi-asset mogelijkheden 18

20 Gebaseerd op (meermaals bekroonde) sterke bouwstenen Asia Pacific aandelen Vastrentende waarden Azië Aberdeens multi-asset mogelijkheden 19

21 Aberdeens beleggingsfilosofie Wij zijn van mening dat, op de lange termijn, aandelenkoersen de onderliggende fundamentals goed weerspiegelen Wij ontdekken de beste mogelijkheden tegen redelijke tot goedkope waarderingen via onze bedrijfsbezoeken Risico bestaat voor ons uit het beleggen in een bedrijf van slechte kwaliteit en/of er teveel voor betalen, het risico is niet benchmark-gebonden Nadruk op de collectieve wijsheid van het team, niet op individuele sterren Wij handelen niet, maar beleggen voor de lange termijn - en alleen in bedrijven die we begrijpen èn die wij kunnen waarderen 20

22 Aziatische merken Deze effecten worden alleen gebruikt voor illustratieve doeleinden, zij dienen slechts ter illustratie van de beleggingsmethode en niet als indicatie van prestaties 21

23 Modelportefeuille*: Asia Pacific incl. Japan Relatieve positie van de landen Land Aberdeen model * % Benchmark % Verschil % Hong Kong Singapore India Verenigd Koninkrijk Thailand Filippijnen Nieuw Zeeland Maleisië Indonesië Taiwan Australië China Korea Japan Cash Totaal * Het bovenstaande is aanvullende informatie en een aanvulling op de gegevens in de bijlagen Benchmark is de MSCI AC Asia Pacific Bron: MSCI, Aberdeen Asset Management, 31 Aug

24 Modelportefeuille*: Asia Pacific incl. Japan aandelen Top tien beleggingen Positie Top tien beleggingen Aberdeen model * % Benchmark % Verschil % Aantal jaar in portefeuille bij Aberdeen 1 Rio Tinto (notering in Londen) * 3.1 > 10 2 Jardine Strategic Canon > 10 4 Samsung Electronics (Pref) ^ 1.1 > 10 5 OCBC > 10 6 BHP Billiton (notering in Londen) * 1.1 > 10 7 QBE Insurance > 10 8 HSBC Holdings Standard Chartered PLC (notering in Londen) Swire Pacific ** 2.8 > 10 Totaal ^ gecombineerd gewicht van de diverse aandelencategorieën (bijvoorbeeld gewoon en preferent) * Australische notering ** Swire A * Het bovenstaande is aanvullende informatie en een aanvulling op de gegevens in de bijlagen Benchmark is de MSCI AC Asia Pacific Bron: MSCI, Aberdeen Asset Management, 31 Aug

25 Aberdeen Global Asia Pacific Equity Fund Performance: 30 Sep 12 24

26 Asia Pacific incl. Japan aandelen - performance* * Het bovenstaande is aanvullende informatie en een aanvulling op de gegevens in de bijlagen Begin: Jan 1996, cumulatief totaal rendement, zonder aftrek van kosten, USD, op 31 augustus 2012 Bron: Aberdeen Asset Management, BNP Paribas en StatPro 25

27 Aberdeen Global Asia Smaller Companies Fund Performance: 30 Sep 12 Aberdeen Global Asian Smaller Companies Fund. Morningstar Awards Morningstar, Inc. All Rights Reserved. 26

28 Asian Smaller Companies performance* * Aberdeen Global Asian Smaller Companies Fund. Morningstar Awards Morningstar, Inc. All Rights gts Reserved. * Het bovenstaande is aanvullende informatie en een aanvulling op de gegevens in de bijlagen Begin: Jun 2004, cumulatieve totaal rendement, zonder aftrek van kosten, USD, op 31 augustus 2012 Benchmark: MSCI AC Asia Pacific ex Japan tot 30 september 2007 dan MSCI AC Asia Pacific ex Japan Small Cap Bron: Aberdeen Asset Management, BNP Paribas en StatPro 27

29 Gebaseerd op (meermaals bekroonde) sterke bouwstenen Asia Pacific aandelen Vastrentende waarden Azië Aberdeens multi-asset mogelijkheden 28

30 Aberdeen Global II Asian Bond Fund* Samenstelling Portefeuille Markt Allocatie Benchmark^ Totaal portefeuille % USD % LC FX % % Staatsobligaties Bedrijfsobligaties Australië 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% China 13.5% 14.8% 0.0% 5.7% 9.0% 6.9% Hong Kong 14.4% 7.5% 0.0% 7.5% 0.0% 3.9% India 6.4% 8.2% 0.0% 3.2% 5.0% 3.2% Indonesië 12.8% 12.0% 3.8% 2.9% 5.3% 12.6% Maleisië 71% 7.1% 12.0% 06% 0.6% 28% 2.8% 86% 8.6% 74% 7.4% Mongolië 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% Pakistan 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% Filippijnen 8.6% 9.2% 4.3% 1.4% 3.6% 2.2% Singapore 10.7% 4.3% 0.0% 2.6% 1.7% 0.2% Zuid-Korea 19.0% 22.2% 1.0% 11.1% 10.1% 8.2% Sri Lanka 0.5% 0.5% 0.5% 0.0% 0.0% 0.0% Taiwan 1.7% 0.0% 0.0% 0.0% 0.0% 0.0% Thailand 4.8% 7.4% 0.0% 2.1% 5.3% 4.7% Vietnam 03% 0.3% 00% 0.0% 00% 0.0% 00% 0.0% 00% 0.0% 00% 0.0% Japan 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Eurozone 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Verenigde Staten 0.0% 1.9% 1.94% 50.6% Totaal 100.0% 0% 100.0% 0% 10.2% 39.3% 3% 50.5% 5% 100.0% 0% Bron: Aberdeen Asset Management, 31 augustus 2012 Totalen kunnen afwijken als gevolg van afronding * De activa van Credit Suisse Bond Fund (Lux) Asia Aberdeen werden overgenomen door Aberdeen Global II Asia Fixed Income Fund op 24 sep Aberdeen Global II - Asia Fixed Income Fund ging met ingang van 1 dec 2011 verder onder de naam Aberdeen Global II - Asian Bond Fund. ^ Benchmark is gewijzigd van CGBI USBIG Treasury/Agency in 50% JP Morgan Asian Credit Index en 50% HSBC Asian Local Bond Index per 1 oktober

31 Aberdeen Global Asian Local Currency Short Duration Bond Fund* Samenstelling Portefeuille Land Langetermijn valuta rating** Benchmark^ % Fysieke beleggingen in obligaties % valuta positie % China (Onshore) Aa3/AA- 16,1 3,8-0,1 China (Offshore) Aa3/AA- 00 0,0 58 5,8 20,3 Hong Kong Aa1/AAA 23,9 0,0 20,7 India Baa3/BBB- 2,8 2,9 3,3 Indonesië Baa3/BB+ 1,4 4,3 5,9 Maleisië A3/A 73 7,3 22,8 13,11 Filippijnen Ba2/BB+ 2,1 7,1 1,1 Singapore Aaa/AAA 9,7 0,0 4,6 Zuid-Korea Aa3/A+ 18,2 28,2 16,3 Thailand Baa1/A- 11,0 23,4 13,9 Taiwan Aa3/AA- 7,5 0,0 0,0 Verenigde Staten*** Aaa/AA+ 0,0 1,7 0,9 Totaal A3/A 100,0 100,0 100,0 Bron: Aberdeen Asset Management, 31 Aug 2012 * Het Aberdeen Global Asian Bond Fund is per 1 Mar 2011 verder gegaan onder de naam Aberdeen Global Asian Local Currency Short Duration Bond Fund. ** Moody s/s&p langetermijn valuta ratings, 31 Aug 2012 *** Betreft kasposities in USD ^ Benchmark is gewijzigd van iboxx Pan-Asia (ex China) per 1 Mar 2011 in iboxx Asia ex Japan Sovereign 1 3 years 30

32 Aziatische vastrentende waarden - performance* * Het bovenstaande is aanvullende informatie en een aanvulling op de gegevens in de bijlagen Begin: Dec 2003, cumulatieve totaal rendement, zonder aftrek van kosten, USD, 31 augustus 2012 Benchmark: 50% JP Morgan Asia Credit Index, 50% HSBC Asian Local Bond Index Bron: Aberdeen Asset Management, BNP Paribas and StatPro 31

33 Gebaseerd op (meermaals bekroonde) sterke bouwstenen Asia Pacific aandelen Vastrentende waarden Azië Aberdeens multi-asset mogelijkheden 32

34 Waarom Aberdeen for Multi-Asset? An established track record of making global asset allocation calls Primary focus Asset Management Widely recognised EM and Asia expertise Successful stock-picking ability 33

35 Asia Pacific Asset Allocatie Team Members Position Role Years in industry Years continual service* Peter Elston Head of Asia Pacific Strategy & Asset Allocation Chair 24 4 Michael Turner Head of Global Strategy and Asset Allocation Member Adam McCabe Senior Portfolio Manager, Asian Fixed Income Member Christopher Wong Senior Investment Manager, Asian Equities Member Source: Aberdeen Asset Management, 29 Jun 12. * May include years with acquired firms. 34

36 Maandelijkse asset allocatie Aberdeen Global II Asia Pacific Multi Asset Fund* * Fund is offered in Singapore as a restricted foreign scheme. The assets of Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen were transferred to Aberdeen Global II Multi Asset Asia Pacific Fund on 24 Sep 10. AGII - Multi Asset Asia Pacific Fund has been renamed AGII - Asia Pacific Multi Asset Fund with effect from 1 Dec 11 Source: Aberdeen Asset Management, 29 Jun 12 35

37 Aberdeen Global II Asia Pacific Multi Asset Fund* Performance Geannualiseerde performance (%) % in USD 1 jaar 3 jaar 5 jaar Aberdeen Global II Asia Pacific Multi Asset Fund* Benchmark^ Verschil Resultaten uit het verleden en de scenario s van de financiële markten bieden geen garantie voor de huidige of toekomstige resultaten. In de performance-resultaten is geen rekening gehouden met provisies, die worden geheven bij inschrijving en/of verkoop. Waar internationaal is belegd, kan de waarde fluctueren als gevolg van valutaschommelingen Datum van lancering: 30 Nov 2003 Bron: Aberdeen Asset Managers, BPSS, Datastream, Gross, USD, 31 Aug 2012 * De assets van Credit Suisse Fund (Lux) Total Return Asia Pacific Aberdeen zijn overgenomen door Aberdeen Global II Multi Asset Asia Pacific Fund op 24 Sep AGII - Multi Asset Asia Pacific is met ingang van 1 Dec 2011 verder gegaan onder de naam AGII - Asia Pacific Multi Asset Fund ^ Benchmark is gewijzigd van Libor USD 3M + 400bps in 40% MSCI AC Asia Pacific, 30% JPM Asian Credit Index en30% HSBC Local Currency Index 36

38 Samenvatting Het fonds biedt een brede beleggingsblootstelling aan een regio met hoge groei De combinatie van aandelen, bedrijfsobligaties, staatsobligaties en cash geeft spreidingsvoordelen Actief beheer met betrekking tot de tactische asset allocatie, aandelen en vastrentende waarden (di (drie bronnen van alfa) ) Het fonds is conservatief (minder aandelen in portefeuille dan branchegenoten) en heeft een focus om waarde te behouden (absolute return benadering) De teams voor aandelen en vastrentende waarden zijn van nature ook defensief ingesteld (focus op sterke balans) Bron: AAMAL 37

39 Een eenvoudig inzicht over waar toekomstige groei van komen zal % 19.3% 60.1% of world s population 2.1% 86% 8.6% 3.5% 0.5% Meer dan 60% van de wereldpopulatie leeft in Azië Licht is een heel goede indicator voor rijkdom Potentieel voor creatie van rijkdom is enorm in Azië Source: Image NASA Population figures Bloomberg (US Census Bureau 2012 estimates), 6 Sep 10 38

40 Bijlagen

41 Asia Pacific incl. Japan Equity Disclosures Composite Disclosures Composite: Asia Pacific inc Japan Equity As of: 31 Aug 12 Definition of the Firm Aberdeen Asset Management PLC ("Aberdeen" or "the Firm") is defined as all portfolios managed globally by subsidiaries of Aberdeen Asset Management PLC, excluding Property, Private Equity, Private Client and Lloyds Syndicate portfolios. Aberdeen is the global brand under which all products are now marketed. The global Firm inception date is 1st December 2005 and is comprised of five divisions that either were or were part of legacy compliant firms (Aberdeen Asset Management Inc, the Fixed Income products of Deutsche Asset Management UK and Deutsche Asset Management Americas, from 1st April 2008, the actively managed equity products of Nationwide Fund Advisors and Nationwide SA Capital Trust ("Nationwide") and from 1st May 2009 the Global Investors business of Credit Suisse Asset Management (Australia) Limited). The firm also includes the Aberdeen non-us business and businesses not claiming compliance which have been acquired after 1st December 2005, which have been brought into compliance from 1st January On 1 February 2010, Aberdeen acquired the RBS Funds (the "RBS Funds") which were not part of a GIPS compliant firm and in accordance with our policy Aberdeen are bringing the history into compliance from 1st January 1996 within the permitted 12 months timeframe allowed by the GIPS. The firms assets are represented by the published AUM of Aberdeen Asset Management PLC and at 30 September 2010, include 13.5bn of assets acquired from the RBS Funds. The legacy track records satisfy the GIPS portability criteria and have been linked with the track record of the Aberdeen global Firm. Composite returns, start date and composite and firm assets reported prior to acquisitions represent those of the legacy firm which managed the product at the time. GIPS Compliance Aberdeen claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. Aberdeen has been independently verified for the periods to 30th September The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards onafirmwide firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The effective date of compliance is 1st January The inception date of the composite is 31/12/1995 and it was created on 13/04/2006, during the global consolidation project. No alteration of composites has occurred as a result of changes in personnel or any other reasons at any time. A complete list of the Firm's composites, and policies for valuing portfolios, calculating performance and preparing compliant presentations, is available on request. Composite Description This composite comprises accounts with at least 80% invested in equities managed on a discretionary basis. The accounts within this composite invest primarily in companies based in all equity markets of the Asia Pacific region, including Japan. The benchmark of this composite is the MSCI All Countries Asia Pacific Index. 40

42 Asia Pacific incl. Japan Equity Disclosures Composite Methodology Returns are time-weighted total rates of return including cash and cash equivalents, income and realised and unrealised gains and losses. Returns are shown net of non-recoverable tax, whilst recoverable tax is included on a cash basis. Composites results are weighted by individual portfolio size, using start of period market values. portfolios are valued at least monthly or on the date of any contribution/withdrawal greater than 9% within 1 month. Annual returns are calculated using geometric linking of monthly returns. Exchange rates used are WMR 4pm rates. A fund becomes eligible for inclusion the first full calendar month after funding. Inclusion may be deferred in cases where it has not been possible to implement the investment strategy. Terminated funds leave composites at the end of the calendar month before official notification of termination is received. Results include all discretionary, fee paying accounts of the Firm. The dispersion of annual returns is measured by the standard deviation among asset-weighted portfolio returns represented within the composite for the full year. Dispersion is not calculated for composites with less than five accounts for the whole period. Additional information on policies for calculating and reporting returns is available on request. Presentation of Results Gross returns are presented before management, custodial and other fees but after all trading expenses. Net returns are calculated after the deduction of a representative management fee. Primary Index Description MSCI AC Asia Pacific. Representative Fee Description Asian Equity fee: 1.25% Derivative Instruments The portfolios in this composite may invest in exchange traded futures and options for efficient portfolio management. Derivatives are not used to leverage the portfolios. Past performance is not an indication of future results. 41

43 Disclosures: Asia Pacific ex Japan Equity (Small cap) Composite Disclosures Composite: Asia Pacific ex Japan Equity (Small cap) As of: 31 Aug 12 Definition of the Firm Aberdeen Asset Management plc ("Aberdeen" or "the Firm") is defined as all portfolios managed globally by subsidiaries of Aberdeen Asset Management plc, excluding Property, Private Equity, Private Client and Lloyds Syndicate portfolios. Aberdeen is the global brand under which all products are now marketed. The global Firm inception date is 1st December 2005 and is comprised of five divisions that either were or were part of legacy compliant firms (Aberdeen Asset Management Inc, the Fixed Income products of Deutsche Asset Management UK and Deutsche Asset Management Americas, from 1st April 2008, the actively managed equity products of Nationwide Fund Advisors and Nationwide SA Capital Trust ("Nationwide") and from 1st May 2009 the Global Investors business of Credit Suisse Asset Management (Australia) Limited). The firm also includes the Aberdeen non-us business and businesses not claiming compliance which have been acquired after 1st December 2005, which have been brought into compliance from 1st January On 1 February 2010, Aberdeen acquired the RBS Funds (the "RBS Funds") which were not part of a GIPS compliant firm and in accordance with our policy Aberdeen are bringing the history into compliance from 1st January 1996 within the permitted 12 months timeframe allowed by the GIPS. The firms assets are represented by the published AUM of Aberdeen Asset Management plc and at 30 September 2010, include 13.5bn of assets acquired from the RBS Funds. The legacy track records satisfy the GIPS portability criteria and have been linked with the track record of the Aberdeen global Firm. Composite returns, start date and composite and firm assets reported prior to acquisitions represent those of the legacy firm which managed the product at the time GIPS Compliance Aberdeen claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. Aberdeen has been independently verified for the periods to 30th September The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The effective date of compliance is 1st January The inception date of the composite is 31/05/2004 and it was created on 13/04/2006, during the global consolidation project. No alteration of composites has occurred as a result of changes in personnel or any other reasons at any time. A complete list of the Firm's composites, and policies for valuing portfolios, calculating performance and preparing compliant presentations, is available on request. Composite Description This composite comprises all discretionary accounts with at least 80% invested in Asia Pacific small cap stocks, excluding Japan. 42

44 Disclosures: Asia Pacific ex Japan Equity (Small cap) Composite Methodology Returns are time-weighted total rates of return including cash and cash equivalents, income and realised and unrealised gains and losses. Returns are shown net of non-recoverable tax, whilst recoverable tax is included on a cash basis. Composites results are weighted by individual portfolio size, using start of period market values. Portfolios are valued at least monthly or on the date of any contribution/withdrawal greater than 9% within 1 month. Annual returns are calculated using geometric linking of monthly returns. Exchange rates used are WMR 4 pm rates. A fund becomes eligible for inclusion the first full calendar month after funding. Inclusion may be deferred in cases where it has not been possible to implement the investment strategy. Terminated funds leave composites at the end of the calendar month before official notification of termination is received. Results include all discretionary, fee paying accounts of the Firm. The dispersion of annual returns is measured by the standard deviation among asset-weighted portfolio returns represented within the composite for the full year. Dispersion is not calculated for composites with less than five accounts for the whole period. Additional information on policies for calculating and reporting returns is available on request. Presentation of Results Gross returns are presented before management, custodial and other fees but after all trading expenses. representative management fee. Net returns are calculated after the deduction of a Primary Index Description MSCI AC Asia Pacific Ex Japan Small Cap Index. From 31-May-2004 to 30-Sep-2007 the benchmark was MSCI AC Asia Pacific Ex Japan Representative Fee Description Asian Equity fee: 1.25% Derivative Instruments The portfolios in this composite may invest in exchange traded futures and options for efficient portfolio management. Derivatives are not used to leverage the portfolios. Past performance is not an indication of future results. 43