For professional use only – Not for Public distribution

May 2013

Aberdeen Latin American Equity Fund Citywire Private Client Manager Retreat

Joanne Irvine, Head of Emerging Markets ex Asia

Aberdeen Asset Management

Agenda

• Team

• Investment philosophy and approach

• Why Latin America?

• Current positioning

• Stock examples

• Outlook

• Appendices

1

Latin American team

• Team across breadth of Global Emerging Markets

• Portfolio management led by team based in London and São Paulo

• Team members cross-cover markets

• Active management, disciplined investment process

• Formal meetings on weekly basis

2

Organisational structure

3

* Head of desk

^ CEO of Aberdeen Islamic Asset Management Sdn Bhd

Investment support staff in italics

Source: Aberdeen Asset Management, as at 31 Dec 12

Eduardo Figueiredo Brunella Isper

Nick Robinson*

São Paulo

Andy Brown Mubashira Bukhari Catriona Edmond Joanne Irvine* Devan Kaloo* Fiona Manning

Susan McDonald Stephen Parr Gabriel Sacks

William Scholes Peter Taylor

Osamu Yamagata

Central Dealers: Russell Clements, Matthew

Drake, Lee Dobinson, Mandy Pike

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 Wong Hugh Young*

Boo Siew Yan, Cheng Hui Fang, Felicia Lee, Ng Ai

Hua, Emerald Rosasillfiani, Tan Shuyun, Eunice Toh,

Jace Zeng Mon

Central Dealers: Rebecca Ang, Richard Ang,

Linda Mangsud, Derek McCole*

Nicholas Chui Frank Tian Kathy Xu

Nicholas Yeo*

Orsen Karnburisudthi Ratanawan Saengkitikomol

Adithep Vanabriksha*

Sutatip Premruthai

Central Dealer: Jira Vareewattanasak

Gerald Ambrose* Evan Cheah

Mohd Najman Md Isa Bharat Joshi Jolynn Kek

Abdul Jalil Rasheed ̂Andrew San

London Singapore Hong Kong Bangkok Kuala Lumpur

Head of Equities

Devan Kaloo

Hugh Young

Head of Global Emerging Markets

Investment philosophy and approach

Investment philosophy and approach

• We believe that, over the long term, share prices reflect underlying business

fundamentals

• We identify ‘best ideas’ at reasonable/cheap valuations via company visits

• Risk is investing in a poor quality company and/or overpaying, and not benchmark-

relative

• Emphasis on collective wisdom of team, not stars

5

We do not trade, but invest for the long term – and only in

companies that we understand and can value

Aberdeen investment process: quality first then price

6

Step 1: Quality

Pass or fail?

• Business strategy

• Management

• Financials

• Transparency

• Shareholders’ interests

Aberdeen universe of

stocks

85 stocks

• Price/earnings

• Price to cash flow

• Price to book

• ROE

• Dividend Yield

Step 2: Valuation

Cheap or expensive?

Step 3: Portfolio

construction

• Risk controls

• Model portfolio

Company visit note

Investment process is consistent across all equities,

regardless of mandates and client type

Revisit Watch list Monitor

Source: Aberdeen Asset Management Asia Limited, 31 Dec 12

Aberdeen’s competitive advantage

• Investing in Latin America since 1980s

• Fund managers on the ground in the region

• Proprietary research/visit note gives deeper insight

• Always meet and interview a company before investing

• Genuine team effort

• Long term buy-and-hold strategy resulting in low turnover, c15% per annum

7 Launch date: 16 Feb 04. Source: Aberdeen Asset Managers, BPSS, Datastream, Gross, USD

As at 31 Mar 13 Annualised

% 1 year 3 years 5 years Since Inception

Representative Lat Am segregated account (USD) 13.56 10.65 9.07 21.87

MSCI Emerging Markets Latin America -4.14 0.14 0.59 17.48

Difference +17.7 +10.51 +8.48 +4.39

Why invest in Latin America?

Why invest in Latin America?

• Improved economic fundamentals, robust financial institutions and rise of stable

democracies support growth prospects

• Young populations and a growing workforce with enhanced earning and spending

power will drive domestic growth and investment

• Developing financial systems providing a deepening pool for institutional and retail

investors within region

• Growing pool of well managed companies with declining corporate debt levels, healthy

profitability and attractive valuations

• Improving corporate governance should lead to further re-ratings

9

Historical Latin American equity performance

• The best performing emerging markets equity asset class over the last 20 years

10

Comparative Total Returns

Source: Bloomberg as at 2 May 13 (Benchmarks: MSCI EM, MSCI EM Latin America, MSCI EM Asia)

MSCI EM MSCI EM Latin America MSCI EM Asia

-100

1993

1994

1995

1999

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

800

700

600

500

400

300

200

100

0

Current positioning

Aberdeen Latin American Equity Fund

12

Relative country positions

Country Fund

%

Benchmark

%

Difference

%

Brazil 64.4 57.6 6.8

Mexico 20.5 25.2 -4.7

Chile 6.5 9.0 -2.5

Argentina 3.5 -- 3.5

Colombia 2.5 5.5 -3.0

Peru -- 2.7 -2.7

Cash 2.7 -- 2.7

Total 100.0 100.0 -

Benchmark is MSCI EM Latin America 10/40

Source: MSCI, Aberdeen Asset Management, 31 Mar 13

Aberdeen Latin American Equity Fund

13

Relative sector positions

Sector Fund

%

Benchmark

%

Difference

%

Financials 28.8 25.2 3.6

Consumer Staples 22.2 18.6 3.6

Energy 15.0 11.4 3.6

Materials 9.8 18.8 -9.0

Industrials 9.9 5.6 4.3

Consumer Discretionary 9.2 5.2 4.0

Health Care 1.4 0.8 0.6

Other 1.0 5.7 -4.7

Information Technology 1.0 1.3 -0.3

Telecommunication Services -- 7.0 -7.0

Utilities -- 6.1 -6.7

Cash 2.7 -- 2.7

Total 100.0 100.0

Benchmark is MSCI EM Latin America 10/40

Source: MSCI, Aberdeen Asset Management, 31 Mar 13

Aberdeen Latin American Equity Fund

14

Top ten holdings

Benchmark is MSCI EM Latin America 10/40

Source: MSCI, Aberdeen Asset Management, 31 Mar 13

Rank Top ten holdings Fund

%

Benchmark

%

Difference

%

1 Banco Bradesco 8.5 5.6 2.9

2 Vale 8.4 6.6 1.8

3 Petrobras 7.7 7.5 0.2

4 Itau Unibanco Holdings 5.5 4.9 0.6

5 Grupo Financiero Banorte 5.1 1.8 3.3

6 FEMSA 4.0 2.6 1.4

7 Lojas Renner 4.0 0.6 3.4

8 Multiplan Empreendimentos 3.7 0.3 3.4

9 Ultrapar Participacoes 3.7 1.0 2.7

10 Tenaris 3.4 0.0 3.4

Total 51.4 30.8 -

Stock examples

World class consumer companies…

16

Name Description

Walmex Mexican subsidiary of Walmart with a dominant position in Mexico and

Central America

FEMSA/KOF FEMSA Mexican beverage conglomerate with the largest convenience store chain

in Mexico

Lojas Renner Leading Brazilian department store

Souza Cruz BAT’s highly profitable Brazilian subsidiary

Natura Branded cosmetics manufacturer selling through its vast direct sales

channel

Falabella Chilean listed retailer operating department stores, home improvement

stores, supermarkets and malls which offers financial services to its vast

customer base throughout the Andean countries

Kimberly-Clark KC’s Mexican subsidiary

Leading local retail banks Bradesco, ITAU, Banorte and Santander Chile

Source: Aberdeen Asset Management.

These securities have been used for illustrative purposes only to demonstrate the investment management style and not as an indication of performance.

17

Name Description

Hering The largest Brazilian apparel franchise

Arezzo The largest retail brand of women's fashion footwear in Latin America

Ambev Largest beverage company in Latam

Bancolombia Largest financial conglomerate in Colombia

Andina 7th largest Coca Cola bottler in the world and the 2nd largest in South

America

Exito Leading multi-format retailer in Colombia

Source: Aberdeen Asset Management.

These securities have been used for illustrative purposes only to demonstrate the investment management style and not as an indication of performance.

…feature in abundance

Access to the continual shift towards domestic consumption and the broadening

of the market

Outlook Summary

18

• Economic recovery has cooled to varying degrees

• Domestic demand should help support economic growth

• Macro performance does not translate into stock market performance

• Stock selection & proprietary research is key – investing in companies, not

economies

• Companies across Latin America are in good shape and continue to improve

Appendices

Aberdeen Global – Latin American Equity Fund

20

Performance: 31 Mar 13

Fund return

%

Benchmark return

%

Difference

%

Current month 0.80 0.00 0.80

Last three months 2.33 0.89 1.44

Year to date 2.33 0.89 1.44

Annualised periods

1 year 10.09 -3.80 13.89

3 years 8.94 1.24 7.71

5 years 6.80 1.48 5.32

Since inception 11.46 11.19 0.27

Cumulative periods

1 year 10.09 -3.80 13.89

3 years 29.30 3.76 25.54

5 years 38.96 7.64 31.31

Since inception 685.47 650.05 35.42

Calendar years

2012 24.61 9.58 15.03

2011 -15.72 -18.55 2.83

2010 24.38 17.33 7.05

2009 109.86 102.19 7.67

2008 -51.52 -49.81 -1.71

2007 47.19 50.40 -3.21

Inception: 31 Mar 1994

Benchmark: MSCI Emerging Markets Latin America to 29 Feb 08 then MSCI Emerging Markets Latin America 10/40

Source: Aberdeen Asset Management, BPSS, Datastream, Gross, USD

Representative LATAM Fund*

21

Performance: 31 Mar 13

Fund return

%

Benchmark return

%

Difference

%

Current month 1.16 0.03 1.14

Last three months 3.63 0.92 2.71

Year to date 3.63 0.92 2.71

Annualised periods

1 year 13.56 -4.14 17.70

3 years 10.65 0.14 10.51

5 years 9.07 0.59 8.48

Since inception 21.87 17.48 4.39

Cumulative periods

1 year 13.56 -4.14 17.70

3 years 35.46 0.41 35.04

5 years 54.39 2.99 51.40

Since inception 507.08 334.50 172.58

Calendar years

2012 28.32 8.90 19.42

2011 -15.23 -19.15 3.92

2010 23.75 14.89 8.87

2009 109.10 104.19 4.91

2008 -49.24 -51.28 2.05

* Segregated account, used for illustrative purposes only

Inception: 16 Feb 2004

Benchmark: MSCI EM Latin America

Source: Aberdeen Asset Management, BPSS, Datastream, Gross, USD

Outlook

Global GDP growth (%oya)

Source: J.P. Morgan

Growth has cooled, to varying degrees

23

But then so has inflation and with that interest rates

Brazilian interest rates (%) and CPI (% YoY)

Source: Bloomberg,

Dec 12

2.9 2.4 2.8 2.6

-0.2

-3.7

2.7

1.3 1.2 0.9

6.4

4.5 5.4 5.7

4.4

-2.2

6.1

4

2.7 3.5

-6

-4

-2

0

2

4

6

8

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Developed economies Latin America

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Dec-0

9

Jan

-10

Fe

b-1

0

Ma

r-10

Ap

r-1

0

Ma

y-1

0

Jun

-10

Jul-1

0

Au

g-1

0

Se

p-1

0

Oct-

10

Nov-1

0

Dec-1

0

Jan

-11

Fe

b-1

1

Ma

r-11

Ap

r-1

1

Ma

y-1

1

Jun

-11

Jul-1

1

Au

g-1

1

Se

p-1

1

Oct-

11

Nov-1

1

Dec-1

1

Jan

-12

Fe

b-1

2

Ma

r-12

Ap

r-1

2

Ma

y-1

2

Jun

-12

Jul-1

2

Au

g-1

2

Se

p-1

2

Oct-

12

Nov-1

2

Dec-1

2

Interest Rate CPI(%YoY)

Estimate

Correlation between export growth and commodity prices, China is important

Recent slowdown partly reflects weaker exports

24

Latin America: Export Growth and Commodity prices Exports to China as a share of total exports

Source: JP Morgan Source: JP Morgan

Exports (% of GDP – 2012)

Source: JP Morgan

Despite common perception, exports are relatively small as a percentage of GDP

Yet LatAm is more insulated than expected…

25

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

Hu

nga

ry

Tha

iland

South

Kore

a

Pola

nd

Me

xic

o

Ch

ile

Ru

ssia

Ch

ina

South

Afric

a

Indon

esia

Turk

ey

Arg

entin

a

Co

lom

bia

India

Bra

zil

LatAm contribution to GDP growth (% YoY)

… domestic demand should provide a cushion Domestic consumption and fixed investment are sensitive to local interest rates

26 Source: Haver, CEIC, UBS estimates, Jan 12

Source: BOAML , 29 May 12

Yet, macro does not determine stock market performance Little correlation between the GDP growth and equity markets – take Brazil & China

27

Comparative Performance of Shanghai Stock Exchange Composite Index and BOVESPA Index, São Paulo Stock Exchange

Comparative GDP Growth – Brazil and China

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Ma

r 0

2

Jul 02

Nov 0

2

Ma

r 0

3

Jul 03

Nov 0

3

Ma

r 0

4

Jul 04

Nov 0

4

Ma

r 0

5

Jul 05

Nov 0

5

Ma

r 0

6

Jul 06

Nov 0

6

Ma

r 0

7

Jul 07

Nov 0

7

Ma

r 0

8

Jul 08

Nov 0

8

Ma

r 0

9

Jul 09

No

v 0

9

Ma

r 1

0

Jul 10

Nov 1

0

Ma

r 1

1

Jul 11

Nov 1

1

Ma

r 1

2

China Brazil

0

100

200

300

400

500

600

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

China (SHCOMP) Brazil (IBOV)

Source: UBS Macro Keys, 8 June 2011

Macro does not determine stock market performance Even countries growing at similar rates do not perform the same

28

Average growth rate, 2000-10 (%)

0

2

4

6

8

10

12

14

16

18

Brazil Poland Taiwan

Real GDP Equity Market

Invest in companies not countries, stock-picking is key

Source: UBS Emerging Comment, 21 Jun 11

Maybe, certainly over last 10 years Latin American profits grown faster than Asia

If it is all about companies is it all about profit growth then?

29

US dollar market earnings (index, 2000 = 100)

Let’s examine that on a stock level – seems so

30

Source: Bloomberg, 1

Jun 12. These

securities have

been used for

illustrative purposes

only to demonstrate

the investment

management style

and not as an

indication of

performance.

-80

-60

-40

-20

0

20

40

60

80

100

120

140

2007 2008 2009 2010 2011 2012

FEMSA China Resources Ent Ltd

-13.86%

95.53%

Sales EBITDA Debt/Equity Profits ROE %

Companies 5 Yr CAGR Margin % % 5 Yr CAGR 2006 2011

FEMSA 9.10% 15.3 3.2 15.9% 12.7 12.1

China Resources Enterprises 12.60% 7.61 -7.5 2.3% 13.3 8.4

Mexican consumer champ FEMSA has done better than local hero China Resources

But, it’s also a bit more complicated than that

31

Source: Bloomberg, 1 Jun

12. These securities

have been used for

illustrative purposes

only to demonstrate

the investment

management style

and not as an

indication of

performance.

-60

-40

-20

0

20

40

60

80

100

120

140

160

2007 2008 2009 2010 2011 2012

Banco Santander (Chile) China Construction Bank

12.45%

46.58%

China Construction Bank has grown its earnings faster, yet its share price lagged

EPS ROE NIM C / I Leverage CAR Performance

Banks 5-Yr CAGR % % % X (Tier 1) 5-Yr CAGR

Banco Santander Chile 13.2 21.7 5.3 38.5% 12.3X 11 / 14.0 12.7

China Construction Bank 25.2 22.4 2.7 36.2% 15.1X 11 / 13.7 5.6

Source: Deutsche Bank, Hidden Drivers June 2011

Ownership is important Recent work points to correlation between state ownership and volatility

32

Figure 5: State Influence Score vs Volatility – a strong correlation

Source: Deutsche Bank, Hidden Drivers June 2011

Companies with state ownership spend more & less likely to think as owners

No surprise then to see rankings for state influence

33

Figure 4: BRICs have the highest rank of state influence

Country Overall Score

Russia 44

China 40

India 34

Brazil 33

Malaysia 30

Indonesia 29

Thailand 24

S. Korea 23

Turkey 20

Poland 16

Taiwan 15

Mexico 14

S. Africa 10

Chile 6

Local banks are resilient and not instruments of state policy

34

Global Banks ROEs - 2012 and 2013 Global banks – 2011E Core Tier 1 (%)

Source: J.P. Morgan estimates for LatAm

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Euro

pe

a M

edia

n

Asia

n M

ed

ian

GE

M M

edia

n

La

tAm

Me

dia

n

Peru

Ch

ile

Co

lom

bia

Bra

zil

Me

xic

o2011 2012E

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Glo

bal M

edia

n

Euro

pe

Me

dia

n

Em

erg

ing

Eu

rope M

ed

ian

Asia

Media

n

La

tAm

Me

dia

n

Bra

zil

Ch

ile

Co

lom

bia

Me

xic

o

Peru

2012E 2013E

Source: Company reports, J.P. Morgan estimates, Bloomberg.

Latin American companies remain in good shape

Source: UBS, Jun 12 Source: UBS, Jun 12

Return on Equity Net Debt / Equity

0%

5%

10%

15%

20%

25%

9091929394959697989900010203040506070809101112

Developed LatAm

20%

30%

40%

50%

60%

70%

80%

90%

100%

88

89

90

91

92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

e

Developed LatAmNet Debt/Equity

Healthy profits with low leverage; region compares well relative to developed markets

35

Valuations reflect improving investor sentiment

36

LatAm – Forward P/E

Source: Bloomberg, Dec 12

LatAm – P/BV

Source: Bloomberg, Dec 12

4

6

8

10

12

14

16

Jun 0

3

De

c 0

3

Jun 0

4

De

c 0

4

Jun 0

5

De

c 0

5

Jun 0

6

De

c 0

6

Jun 0

7

De

c 0

7

Jun 0

8

De

c 0

8

Jun 0

9

De

c 0

9

Jun 1

0

De

c 1

0

Jun 1

1

De

c 1

1

Jun 1

2

De

c 1

2

1.0

1.5

2.0

2.5

3.0

3.5

Jun 0

3

De

c 0

3

Jun 0

4

De

c 0

4

Jun 0

5

De

c 0

5

Jun 0

6

De

c 0

6

Jun 0

7

De

c 0

7

Jun 0

8

De

c 0

8

Jun 0

9

De

c 0

9

Jun 1

0

De

c 1

0

Jun 1

1

De

c 1

1

Jun 1

2

De

c 1

2

Global Emerging Markets equity team

Devan Kaloo, Head of Global Emerging Markets MA in Management and International Relations, St Andrews University; MA in Investment Analysis, Stirling University. Worked with Martin Currie in Edinburgh for five years before joining Aberdeen in December 2000.

Joanne Irvine, Head of GEM ex Asia CA. Upon qualifying, she worked in corporate finance, raising development capital finance for private businesses. Joined Aberdeen in January 1996.

Peter Taylor, Senior Investment Manager/Head of Corporate Governance CFA; BA in PPE, Oxford University; MA in Economics and International Relations, Johns Hopkins University. Previously with International Finance Corporation, Hong Kong. Joined Aberdeen in February 2007.

Andy Brown, Senior Investment Manager CFA: BSc in Geography, St Andrews University. Joined Aberdeen in March 2005.

Fiona Manning, Senior Investment Manager CFA; BA in History with French, University of Durham. Joined Deutsche Bank in 2001 as a trainee in sales and marketing, and later became a junior UK equity analyst.

Stephen Parr, Investment Manager BA in Geography, Manchester University; PhD in Geography, Keele University; MBA, Warwick Business School. Joined Aberdeen in July 2009 from Credit Suisse Asset Management where he worked in the Global emerging market equities team.

Mubashira Bukhari, Investment Manager CFA: MSc in Wealth Management, Singapore Management University; MSc in Economics, Lahore University of Management Sciences. Joined Aberdeen in July 2007 from KASB Bank, Pakistan.

Osamu Yamagata, Investment Manager MSc in Chemistry, Oxford University. Joined Aberdeen in July 2007.

Susan McDonald, Assistant Investment Manager CFA: MA in Accountancy and Hispanic Studies, University of Aberdeen. Joined Aberdeen in 2007 upon graduation.

Gabriel Sacks, Assistant Investment Manager BA in Land Economy, Cambridge University. Joined Aberdeen in 2008.

Catriona Edmond, Assistant Investment Manager BSc in Economics, University of Bristol. Joined Aberdeen in 2008.

William Scholes, Assistant Investment Manager BA (Hons) in Modern and Medieval Languages, Magdalen College, Oxford. Joined Aberdeen in 2009.

37

London

EMEA

Global Emerging Markets equity team

Nick Robinson, Director – Head of Brazilian Equities CFA; MA in Chemistry, Lincoln College, Oxford. Joined Aberdeen in 2000 and spent 8 years with the North American equity team, including 3 years based in the US. In 2008 he returned to London to join the Global emerging market equities team. Since October 2009 he has been based in our research office in Brazil.

Brunella Isper, Assistant Investment Manager BSc in Public Administration, Fundacao Getulio Vargas – EAESP, Brazil. Joined Aberdeen in 2009 from Bresser Asset Management where she worked as an equity research analyst.

Eduardo Figueiredo, Investment Analyst BSc in Business, Fundacao Armando Alvares Penteado - FAAP, Brazil and CFA Level III candidate. Joined Aberdeen in 2011 from Maua Sekular Investimentos where he worked as an equity research analyst.

38

São Paulo

Latam

Global Emerging Markets equity team

39

Singapore

Asia (i)

Hugh Young, Head of Asian Equities BA in Politics, Exeter University, started investment career in 1980. In charge of the Group’s Asian funds since 1985. Founded Aberdeen Asia in 1992.

Chong Yoon-Chou, Investment Director CFA; MSc in Accounting & Finance and Information Systems, London School of Economics. Joined Aberdeen Asia in 1994 and was in Sydney briefly from 2001 to 2002, before transferring to London same year to lead the Pan-European equity desk. Relocated to Singapore in June 2008.

Flavia Cheong, Investment Director CFA; MA in Economics, University of Auckland. Previously with Investment Company of the People’s Republic of China and Development Bank of Singapore. Joined Aberdeen Asia in 1996.

Adrian Lim, Senior Investment Manager CFA; BAcc, Nanyang Technological University, Singapore. Joined Aberdeen in 2000. Previously an associate director at Arthur Andersen advising clients on mergers & acquisitions in South East Asia.

Christopher Wong, Senior Investment Manager CFA; BA in Accounting and Finance, Heriot-Watt University, Edinburgh. Joined Aberdeen in December 2001. Previously an associate director with Andersen Corporate Finance advising clients on regional M&A.

Andrew Gillan, Senior Investment Manager MA Joint Honours in French and European History, University of Edinburgh. Joined Murray Johnstone in September 2000 and transferred to Aberdeen Asia in November 2001.

Mark Gordon-James, Senior Investment Manager CFA; BSc in Geography and Economics, London School of Economics. Joined Aberdeen in 2004 from Merrill Lynch Investment Managers where he worked with the emerging markets team. Relocated to Singapore in November 2011.

Kristy Fong, Investment Manager CFA; BAcc, Nanyang Technological University, Singapore. Joined Aberdeen in August 2004, having been a junior equities research analyst with UOB Kay Hian.

James Thom, Investment Manager MBA, Insead; MA, Johns Hopkins University; BSc, University College, London. Previously with Actis, the emerging markets private equity firm, based in Singapore and covering Southeast Asia. Joined Aberdeen in August 2010.

Pruksa Iamthongthong, Investment Manager BA in Business Administration, Chulalongkorn University, Thailand. Joined Aberdeen in August 2007.

Global Emerging Markets equity team

40

Singapore

Asia (i)

Yoojeong Oh, Investment Manager CFA; MEng in Engineering, Economics and Management from the University of Oxford. Joined Aberdeen in 2005 on the Pan European Equity team in London before moving to Singapore.

Gan Ai Mee, Assistant Investment Manager BCom in Accounting & Finance and BSc in Information Sytems, University of Melbourne. A member of Institute of Chartered Accountants of Australia. Previously a senior associate with Transaction Advisory Services, Ernst & Young. Joined Aberdeen in April 2009.

Louis Lu, Assistant Investment Manager Master of Public Policy (MPP) in Economics, National University of Singapore; BSc in Financial Mathematics, Peking University, China. Joined Aberdeen in July 2008.

Thomas Reeves, Investment Analyst MSc in International Management, University of London; BA in East Asian Studies, University of Sheffield. Joined Aberdeen in May 2010 from Macquarie Securities, where he was a graduate trainee.

David Smith, Head of Corporate Governance PhD in Corporate Governance, MA in Corporate Strategy and Governance, University of Nottingham; BSc in Business Economics, University of Wales. Joined Aberdeen in November 2011 from ISS, where he was head of Asia (ex-Japan) research.

Global Emerging Markets equity team

Gerald Ambrose, Managing Director – Malaysia Aberdeen Asset Management Sdn Bhd MA in Land Economy, Cambridge University. Joined Aberdeen in 2005. Previously an institutional sales director at Kim Eng Securities in Singapore, HSBC James Capel and BNP Paribas in London, with the latter sending him to set up the institutional broking operations of its associate, Mohaiyani Securities Sdn Bhd, in 1990.

Abdul Jalil Rasheed, CEO, Aberdeen Islamic Asset Management Sdn Bhd BSc in Accounting & Finance, London School of Economics. Jalil joined Aberdeen in 2005 and was involved with the establishment of Aberdeen Islamic Asset Management in 2009. Previously, Jalil worked as an Investment Analyst with Axis REIT where he was responsible for conducting due diligence on property acquisitions.

Bharat Joshi, Assistant Investment Manager, Aberdeen Asset Management Sdn Bhd BSc in Mathematics, Operational Research, Statistics and Economics, University of Warwick. Joined Aberdeen in June 2007, prior to which he was a junior research analyst with Credit Suisse Equity Research Malaysia.

Andrew San, Assistant Investment Manager Aberdeen Asset Management Sdn Bhd BCom in Finance, Actuarial Studies and Accounting, University of New South Wales. Passed Level 3 of the CFA programme. Previously an equities analyst at Endeavour Equities. Joined Aberdeen in January 2009 as part of the Australian Equities team and was transferred to the KL office in January 2012.

Mohd Najman Md Isa, Investment Analyst Aberdeen Islamic Asset Management Sdn Bhd BEng in Civil Engineering and BCom in Finance, University of Melbourne. Previously a senior executive in UEM Group Bhd’s Corporate Finance & Performance department. Joined Aberdeen in March 2011.

Evan Cheah, Investment Analyst Aberdeen Islamic Asset Management Sdn Bhd BSc in Economics from the University of York in England. Previously, Evan worked for Citigroup as a research associate and was part of the team that covered Malaysian equities.

Jolynn Kek, Investment Analyst Aberdeen Asset Management Sdn Bhd Association of Chartered Certified Accountants (ACCA) affiliate and holds a First Class (Hons) degree in Applied Accounting from Oxford Brookes University. Before joining Aberdeen in 2011, she was an audit associate with Ernst & Young where she performed external audits of both listed and non-listed Malaysian companies.

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Kuala Lumpur

Asia (ii)

Global Emerging Markets equity team

Nicholas Yeo, Director and Head of Equities CFA; BA in Accounting & Finance, University of Manchester; MSc in Financial Mathematics, Warwick Business School. Joined Aberdeen from Murray Johnstone and was seconded to the London GEM team for two years until February 2004. Moved to Hong Kong in March 2007.

Kathy Xu, Investment Manager BA in Economics, Fudan University, China; MSc in Economics, University of Hong Kong. Joined Aberdeen in September 2007.

Frank Tian, Assistant Investment Manager BSc in Economics, London School of Economics. Joined Aberdeen in November 2008.

Nicholas Chui, Assistant Investment Manager BAcc in Accountancy, Singapore Management University. Joined Aberdeen in February 2011.

Adithep Vanabriksha, Chief Investment Officer BSc, University of Maryland; MBA, Boston University. Joined June 2002 from credit risk team, HSBC, Bangkok. Ten years’ experience in financial services.

Ratanawan Saengkitikomol, Investment Manager BA in Business Administration, double majoring in Finance & Banking and General Management, Assumption University, Bangkok; MSc in Finance, Royal Melbourne Institute of Technology. Joined Aberdeen in April 2006 from Tisco Bank PCL.

Orsen Karnburisudthi, Investment Manager CFA; BSc in Economics, Wharton School of Business, University of Pennsylvania; MBA in Finance Management from Sloan School of Management, Massachusetts Institute of Technology, USA. Joined Aberdeen in May 2006 from Kasikornbank PCL.

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Hong Kong

Asia (iii)

Bangkok

Past performance is not a guide to future returns. The value of investments, and the income from

them, can go down as well as up and your clients may get back less than the amount invested.

The views expressed in this presentation should not be construed as advice on how to construct a

portfolio or whether to buy, retain or sell a particular investment. The information contained in the

presentation is for exclusive use by professional customers/eligible counterparties (ECPs) and not the

general public. The information is being given only to those persons who have received this document

directly from Aberdeen Asset Management (AAM) and must not be acted or relied upon by persons

receiving a copy of this document other than directly from AAM. No part of this document may be

copied or duplicated in any form or by any means or redistributed without the written consent of AAM.

The information contained herein including any expressions of opinion or forecast have been obtained

from or is based upon sources believed by us to be reliable but is not guaranteed as to the accuracy

or completeness.

Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial

Conduct Authority in the United Kingdom.

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Not for public distribution

For professional use only