Interim Management Statement

ABERDEEN ASSET MANAGEMENT PLC

INTERIM MANAGEMENT STATEMENT - NINE MONTHS TO 30 JUNE 2014

Highlights

· SWIP integration on schedule, both in timing and expected cost synergies

· Assets under management £322.5 billion

· Equity performance ahead of benchmark for 2014 to date

· Underlying improvement in new business flows into GEM and Asia Pacific

· Continuing momentum in EMD and property

· Promising interest in alternatives

Martin Gilbert, Chief Executive of Aberdeen, commented:

"Encouragingly, investor sentiment towards Asia and emerging markets recovered somewhat during the quarter. While the improvement in our underlying equity new business flows has been masked by a significant withdrawal by a single client, it is rewarding to see growing interest in our broader product range.

"We completed the acquisition of SWIP at the beginning of the quarter and we are pleased with the progress of the integration so far, in terms of both timing and the planned synergies.

"Our enlarged and strengthened business enables us to meet the needs of a broader range of clients given our diverse product mix and Aberdeen, as a result, is even better placed to deliver attractive returns to clients and shareholders alike."

The major element of the acquisition of Scottish Widows Investment Partnership ("SWIP") was completed on 31 March 2014, followed by the purchase of the SWIP infrastructure business which was completed on 1 May 2014. The process of integrating the SWIP business into the Aberdeen Group is proceeding in accordance with our expectations, both on timing and in delivering cost synergies, and we believe that the front office integration will be largely complete by the end of this year. There will inevitably be some short term rationalisation of the SWIP assets under management ("AuM") during this period and we have therefore disclosed the SWIP new business flows separately from the Aberdeen flows for the quarter to 30 June 2014 and we will also do so for the next quarter.

We have now finalised the structure of our enhanced Investment Solutions capability, which is a significant element of the overall Aberdeen Solutions AuM. By combining the two legacy teams, we now have a well-resourced and experienced team dedicated to developing and delivering innovative solutions for our clients.

AuM at 30 June 2014 totalled £322.5 billion, a 0.6% decrease on 31 March 2014, as summarised in the following table.

We have amended the presentation of the SWIP multi-asset AuM such that it is now disclosed wholly with Aberdeen Solutions rather than an element being allocated to the underlying component asset classes as SWIP had done previously; this change will align the AuM analysis with our reporting of new business flows.

The Aberdeen new business flows for the quarter were affected by the withdrawal by a single client of approximately £4 billion of low margin AuM from our Asia Pacific and global equities strategies during the quarter. Excluding this withdrawal, the underlying flows for the quarter have a more encouraging tone: net outflows from global emerging market equities reduced to only £0.2 billion, Asia Pacific contributed £0.1 billion of net inflows and global equities saw net outflows of £0.3 billion. In fixed income, our emerging market debt funds remain in demand, contributing £0.7 billion of net inflows in the quarter. We have seen this more encouraging trend continue in July.

We have continued to win new mandates which will be funded by clients in future periods, with over £2 billion of mandates awarded but not funded at 30 June, well spread across Asia Pacific and global equities, emerging market debt and property. We have added further to this pipeline during July, including new fund launches in private equity and infrastructure and mandate wins in diversified alternatives and property multi-manager.

Overall net outflows from the SWIP business totalled £3.3 billion in the quarter. Much of this arose from anticipated outflows from certain elements of the acquired business, together with seasonal outflows from low margin liquidity funds. However, it is notable that SWIP's property capability attracted £0.2 billion of net inflows during the quarter. We have also reached agreement with one external client to reorganise the mix of their portfolios which will not change the AuM but will bring some revenue benefit from early in our next financial year.

The majority of the outflows for the quarter have been from lower margin products, within both Aberdeen and SWIP, and the effect on annual fee income is relatively small; consequently, the blended average fee rates remain at the levels reported at our interim results (Aberdeen: 50bps, SWIP: 17bps).

An analysis of the new business figures for the nine months to 30 June 2014 is provided at the end of this statement.

Our equity funds have delivered healthy outperformance against their respective benchmarks during the first half of 2014, reflecting our consistent focus on investing in good quality companies for the long term, and thus maintaining our strong long term performance numbers. Fixed income performance has also continued steadily ahead of benchmark.

We have seen some improvement in investor sentiment towards emerging market and Asia Pacific equities in the latest quarter, and our distribution team is seeing encouraging interest from investors in our broader product range. While we remain cautious on market sentiment in the short term, we remain confident that we can continue to build the Group's revenue and profit through further organic growth.

For further information please contact:

Aberdeen Asset Management PLC

Martin Gilbert Chief Executive +44 (0) 20 7463 6000

Bill Rattray Finance Director +44 (0) 20 7463 6000

Maitland

Neil Bennett +44 (0) 20 7379 5151

Tom Eckersley +44 (0) 20 7379 5151

Management will host a conference call for analysts and institutions at 08:00 BST today.

Participant Joining Details

UK Freefone: 0800 6781161

UK Direct: 01296 311600

International direct: +44 1296 311600

Passcode: 205 581

ASSETS UNDER MANAGEMENT AT 30 JUNE 2014

OVERALL NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2014

OVERALL NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2014 - ABERDEEN

OVERALL NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2014 - SWIP

NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2014 - EQUITIES (ABERDEEN)

NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2014 - FIXED INCOME (ABERDEEN)