Completion of Acquisition

1 April 2014

ABERDEEN ASSET MANAGEMENT PLC

COMPLETION OF THE ACQUISITION OF SCOTTISH WIDOWS INVESTMENT PARTNERSHIP

· Acquisition of SWIP and its related private equity business completed as planned

· Completion of the infrastructure business acquisition expected in the next few weeks

· Combined Group will have pro-forma assets under management of £324.5 billion as at 28 February 2014

· Total consideration for the Acquisition of approximately £550 million

o Consideration to be satisfied by the issue of 125.85 million shares to Lloyds Banking Group plus a deferred top-up payment of £39.4 million payable at the end of a 12-month period following completion

o A further 5.95 million shares will be issued on completion of the infrastructure element

· Acquisition expected to be materially enhancing to underlying earnings per share in first full financial year following completion

Aberdeen Asset Management PLC ("Aberdeen" or the "Company") is pleased to announce that it has completed the acquisition, which was announced on 18 November 2013, of Scottish Widows Investment Partnership Group Limited ("SWIP") and SWIP's related private equity fund management business from Lloyds Banking Group plc ("Lloyds"), following the receipt of all relevant regulatory approvals. The purchase of SWIP's infrastructure fund management business is expected to complete within the next few weeks.

In addition, Aberdeen has entered into a long-term strategic relationship with Lloyds. This strategic relationship will operate across Lloyds' Wealth, Insurance, Commercial Banking and Retail businesses and is expected to result in a stronger asset management offering for customers.

The consideration for SWIP and the related private equity business will be satisfied by the issue of 125,848,000 new ordinary shares to Lloyds, of which 108,537,009 shares have been issued today and the remaining 17,310,991 shares will be issued on the earlier of (i) the first anniversary of completion and (ii) receipt by Lloyds of certain regulatory approvals and consents. On completion of the acquisition of SWIP's infrastructure fund management business, a further 5,952,000 new ordinary shares will be issued to Lloyds, and the total number of shares issued as consideration will represent approximately 9.9% of the enlarged Aberdeen Group's issued ordinary share capital.

In accordance with the Sale and Purchase Agreement, a deferred top-up payment of £39.4 million will be payable to Lloyds at the end of the 12 month period following completion. This payment is based on the difference between Aberdeen's volume weighted average price for the five business days ending on 31 March 2014 and the reference price of 420 pence per share and Aberdeen is entitled, at its sole option, to make this payment either in cash or by the issue of additional new ordinary shares to Lloyds. The total consideration for the Acquisition including the shares still to be issued on completion of the infrastructure element and the deferred top-up payment, will be approximately £550 million.

As at 28 February 2014, SWIP and its related private equity and infrastructure businesses had total assets under management ("AuM") of £138.0 billion. The enlarged Aberdeen Group will have pro-forma AuM, following completion of the infrastructure element of the transaction, of £324.5 billion, making Aberdeen the leading European independent asset management group, ranked by AuM. The composition of the enlarged Group's AuM is summarised at the end of the statement.

Considerable planning work has been undertaken jointly by the management teams of both Aberdeen and SWIP since the announcement of the transaction. The integration process will commence from completion and involve the transition of the assets of SWIP onto the enlarged Group's platform in a controlled manner over the next 24 months. The acquisition will expand Aberdeen's asset management operations in Edinburgh substantially.

The acquisition is expected to be materially enhancing to underlying earnings per share in the first full financial year following completion.

Commenting on the successful completion of the transaction, Martin Gilbert, Chief Executive of Aberdeen, said:

"We are pleased to have completed this important acquisition as planned and on schedule, so that we can now commence the task of integrating SWIP into the enlarged Aberdeen Asset Management Group. We will immediately begin a structured migration of funds and platforms, whilst continuing to deliver an excellent investment performance for both existing and new clients.

"The enlarged group is well placed to meet the needs of a diverse range of investors with a broad range of capabilities across both geographies and asset classes.

"We look forward to developing our new strategic relationship with Lloyds and, on behalf of everyone at Aberdeen, I would like to welcome our new colleagues from SWIP into the Group."

Combined AuM at 28 February 2014

1 Includes private equity and infrastructure AuM

For further information, please contact:

Contacts:

Aberdeen Asset Management PLC + 44 (0) 20 7463 6000

Martin Gilbert

Bill Rattray

Maitland + 44 (0) 20 7379 5151

Neil Bennett

Tom Eckersley