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Gross inflows in the quarter of £6.8 billion (3 months to 30 September 2013: £9.6 billion) in the face of weaker investor sentiment &bull

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(1)ABERDEEN ASSET MANAGEMENT PLC INTERIM MANAGEMENT STATEMENT – 3 MONTHS TO 31 DECEMBER 2013 Highlights • Assets under management £193.6 billion (30 September 2013: £200.4 billion) • Gross inflows in the quarter of £6.8 billion (3 months to 30 September 2013: £9.6 billion) in the face of weaker investor sentiment • Reduced outflows of £11.2 billion (3 months to 30 September 2013: £13.2 billion) resulting in net outflows of £4.4 billion (30 September 2013: net outflows of £3.6 billion) • Continued improvement in blended fee rate: 51.3 basis points (year to 30 September 2013: 50.0 basis points) • Encouraging flows into emerging market bonds, high yield and property strategies • Some £2 billion of unfunded new business build up across equities, fixed income and property products Martin Gilbert, Chief Executive of Aberdeen, commented: “Business flows reflected the continuing negative sentiment towards Asian and emerging markets generally, particularly later in the quarter. However, we believe the fundamental attractions of the Asian and developing economies and companies that we invest in are compelling. We remain committed to our rigorous investment process and are confident that we will sustain our record of long term outperformance. “From a business perspective, it is pleasing to note that the blended average fee rate has continued to increase. However, given the environment we are closely managing costs. We have a strong new business pipeline which is expected to deliver around an additional £2 billion in AuM in early 2014 across a range of asset classes and geographies. We are also making good progress towards completing our acquisition of SWIP, which will significantly expand and diversify our base of assets under management.” Assets under management Assets under management (“AuM”) of £193.6 billion at 31 December 2013 were 3% lower than at 30 September 2013. The principal changes in AuM during the quarter are shown in the following table.. Net new business flows for the quarter Market appreciation & performance FX movements AuM at 31 December 2013. Fixed income £bn. Aberdeen Money solutions Property market £bn £bn £bn. 113.8. 36.8. 28.8. 15.0. 6.0. 200.4. (3.1). (0.6). (0.7). 0.5. (0.5). (4.4). 0.8. 0.2. 0.5. (0.1). -. 1.4. (2.6). (0.9). (0.1). (0.1). (0.1). (3.8). 108.9. 35.5. 28.5. 15.3. 5.4. 193.6. Total £bn. WorldReginfo - 0571d965-37c5-4923-95ca-d451e4132139. AuM at 30 September 2013. Equities £bn.

(2) Business flows Weaker sentiment, particularly towards emerging markets, continued to weigh on investors’ minds during the quarter. We saw this reflected in reduced gross new business wins for the quarter of £6.8 billion (quarter to 30 September 2013: £9.6 billion). The slowdown in inflows was felt mainly in equities. The blended average fee rate earned on AuM has continued to improve, to 51.3 basis points (year to 30 September 2013: 50.0 basis points) as new business inflows are being won at reasonably healthy fee rates. However, given that we expect market conditions to remain difficult, we are also acting to reduce discretionary operating costs. Despite the difficult market conditions during the quarter, we built a good new business pipeline of approximately £2 billion which will be invested in the coming months across a range of capabilities including emerging markets (bonds and equities), Japanese equities, money markets and Nordic property. Outflows for the quarter reduced to £11.2 billion (quarter to 30 September 2013: £13.2 billion), resulting in net outflows for the quarter of £4.4 billion (30 September 2013: net outflows of £3.6 billion). Outflows from global equities were largely the result of strategic asset allocation changes made by two segregated clients, whilst flows out of our fixed income and solutions businesses were mainly redemptions from lower margin products. Encouragingly we recorded net inflows into emerging markets bonds, high yield and property; three capabilities which are key elements of our global distribution strategy. An analysis of the new business figures for the quarter to 31 December 2013 is provided at the end of this statement. Investment performance Our equity process is focused on investing for the long term and our long term performance is compelling. However, there will be circumstances which will result in periods of shorter term underperformance. During 2013 we saw lower quality, more cyclical companies – which are not typical Aberdeen holdings – rally over the year. Our Asian, emerging market and global portfolios were also overweight markets where there was considerable currency weakness.. Most of our main fixed income strategies are ahead of their benchmarks over one, three and five years. Outlook We believe that further volatility in markets and investor sentiment is likely in the coming months, but we will not be deflected from our focus on adding value for our clients and shareholders through our focus on our long term investment philosophy. Our application for regulatory approval for our strategic relationship with Lloyds Banking Group, including the acquisition of Scottish Widows Investment Partnership, continues to progress and we look forward to the opportunity to begin the integration of this transaction. For further information please contact: Aberdeen Asset Management PLC Martin Gilbert Bill Rattray. + 44 (0) 20 7463 6000. Maitland Neil Bennett Tom Eckersley. + 44 (0) 20 7379 5151. WorldReginfo - 0571d965-37c5-4923-95ca-d451e4132139. In our experience it has never ultimately been rewarding to chase performance, instead our focus remains on undertaking our own detailed research and investing in companies we believe offer both good quality and attractive valuations. Eventually the market will return to focusing on corporate fundamentals - the higher quality companies. In short we do not expect to make any significant changes to the structure of our portfolios..

(3) Management will host a conference call for analysts and institutions at 07:45 GMT today. Participant Joining Details UK Freefone: 0800 783 0906 UK Direct: 01296 480 100 International direct: +44 1296 480 100 Passcode: 720 736. WorldReginfo - 0571d965-37c5-4923-95ca-d451e4132139. Additionally a replay will be available for 30 days. UK Direct: 0207 136 9233 UK Freefone: 0800 032 9687 Passcode: 68687259.

(4) ASSETS UNDER MANAGEMENT AT 31 DECEMBER 2013. Equities. 30 Sep 13 £bn. 108.9. 113.8. Fixed income. 35.5. 36.8. Aberdeen solutions. 28.5. 28.8. Property. 15.3. 15.0. 5.4. 6.0. 193.6. 200.4. 100.7. 102.6. 92.9. 97.8. 193.6. 200.4. Money market. Segregated mandates Pooled funds. WorldReginfo - 0571d965-37c5-4923-95ca-d451e4132139. 31 Dec 13 £bn.

(5) OVERALL NEW BUSINESS FLOWS FOR 3 MONTHS TO 31 DECEMBER 2013 – BY MANDATE TYPE Qtr to 31 Qtr to 30 Dec 13 Sep 13 £m £m Gross inflows: Segregated mandates. 2,686. 4,348. Pooled funds. 4,122. 5,288. 6,808. 9,636. Segregated mandates. 4,295. 5,567. Pooled funds. 6,969. 7,651. 11,264. 13,218. Segregated mandates. (1,609). (1,219). Pooled funds. (2,847). (2,363). (4,456). (3,582). Outflows:. WorldReginfo - 0571d965-37c5-4923-95ca-d451e4132139. Net flows:.

(6) OVERALL NEW BUSINESS FLOWS FOR 3 MONTHS TO 31 DECEMBER 2013 – BY ASSET CLASS Qtr to 31 Qtr to 30 Dec 13 Sep 13 £m £m Gross inflows: Equities. 3,519. 6,112. Fixed income. 1,431. 1,496. Aberdeen solutions. 303. 537. Property. 804. 725. Money market. 749. 766. 6,806. 9,636. Equities. 6,625. 6,952. Fixed income. 2,066. 2,139. Aberdeen solutions. 963. 1,438. Property. 322. 720. 1,286. 1,969. 11,262. 13,218. (3,106). (840). Fixed income. (635). (643). Aberdeen solutions. (660). (901). 482. 5. (537). (1,203). (4,456). (3,582). Outflows:. Money market. Equities. Property Money market. WorldReginfo - 0571d965-37c5-4923-95ca-d451e4132139. Net flows:.

(7) NEW BUSINESS FLOWS FOR 3 MONTHS TO 31 DECEMBER 2013 – EQUITIES Qtr to 31 Qtr to 30 Dec 13 Sep 13 £m £m Gross inflows: Asia Pacific. 1,519. 3,245. Global emerging markets. 1,193. 1,669. 26. 21. 669. 1,027. UK. 57. 66. US. 55. 84. 3,519. 6,112. Asia Pacific. 2,144. 2,580. Global emerging markets. 2,375. 2,353. 46. 37. 1,900. 1,812. UK. 46. 44. US. 114. 126. 6,625. 6,952. (625). 665. (1,182). (684). (20). (16). (1,231). (785). UK. 11. 22. US. (59). (42). (3,106). (840). Europe Global & EAFE. Outflows:. Europe Global & EAFE. Asia Pacific Global emerging markets Europe Global & EAFE. WorldReginfo - 0571d965-37c5-4923-95ca-d451e4132139. Net flows:.

(8) NEW BUSINESS FLOWS FOR 3 MONTHS TO 31 DECEMBER 2013 – FIXED INCOME Qtr to 31 Qtr to 30 Dec 13 Sep 13 £m £m Gross inflows: Asia Pacific. 41. 66. Australia Convertibles. 296 41. 259 36. -. 19. 518. 356. 39 76. 11 66. 286. 429. UK. 49. 25. US. 85. 229. 1,431. 1,496. Asia Pacific. 112. 125. Australia. 448. 429. Convertibles Currency overlay. 43 -. 13 16. Emerging markets. 396. 462. 42. 62. Global High yield. 205 206. 87 272. UK. 225. 330. US. 389. 343. 2,066. 2,139. (71). (59). (152). (170). (2). 23. 122. 3 (106). Europe. (3). (51). Global. (129). (21). High yield UK. 80 (176). 157 (305). US. (304). (114). (635). (643). Currency overlay Emerging markets Europe Global High yield. Europe. Net flows: Asia Pacific Australia Convertibles Currency overlay Emerging markets. WorldReginfo - 0571d965-37c5-4923-95ca-d451e4132139. Outflows:.

(9) NEW BUSINESS FLOWS FOR 3 MONTHS TO 31 DECEMBER 2013 – ABERDEEN SOLUTIONS Qtr to 31 Qtr to 30 Dec 13 Sep 13 £m £m Gross inflows: Indexed equities. 1. 105. 81. 140. 148. 256. 47. 4. Funds of private equity. -. 22. Property multi-manager. 26. 10. 303. 537. 62. 210. Multi asset. 152. 312. Long only multi manager. 489. 580. Funds of hedge funds. 188. 311. Funds of private equity. 24. 13. Property multi-manager. 48. 12. 963. 1,438. Indexed equities. (61). (105). Multi asset. (71). (172). Long only multi manager. (341). (324). Funds of hedge funds. (141). (307). Funds of private equity. (24). 9. Property multi-manager. (22). (2). (660). (901). Multi asset Long only multi manager Funds of hedge funds. Outflows: Indexed equities. WorldReginfo - 0571d965-37c5-4923-95ca-d451e4132139. Net flows:.

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