Pre-close Trading Update

ABERDEEN ASSET MANAGEMENT PLC

PRE-CLOSE TRADING UPDATE

In advance of entering a close period ahead of the announcement of interim results for the six months to 31 March 2011, Aberdeen provides the following trading update.

Our teams have continued to deliver strong investment performance and this is reflected in healthy new business flows; in particular, we continue to be successful in attracting new investment to our global equity and global emerging markets equity funds, at improving fee rates, and the level of fixed income outflows has slowed significantly.

Gross new business flows for the two months to 28 February 2011 totalled £6.9 billion, bringing the total for the five months year to date to £19.1 billion (five months to 28 February 2010: £16.1 billion). Net inflows of £0.2 billion were achieved in the two months to 28 February 2011, resulting in net outflows of £0.6 billion for the five month period (five months to 28 February 2010: net outflow £3.6 billion).

We have seen a welcome moderation in the rate of inflows to our global emerging market equities products, which supports our team who remain resolute in their unwillingness to dilute the quality of their portfolios; whilst this is in part due to recent nervousness in emerging markets generally, it is also a reflection of our not accepting new business unless it is offered at an acceptable fee rate.

Assets under management at 28 February 2011 totalled £176.2 billion, as summarised in the following table.

In addition to these flows, a further £2.7 billion of new mandates had been awarded but not funded as at 28 February 2011. Equity mandates totalling £1.5 billion have been awarded, of which £0.8 billion will be invested in global equities and a further £0.6 billion in emerging markets, together with property mandates of£0.8 billion and fixed income £0.4 billion. 

In keeping with the prevailing trends in 2010, the majority of new business flowed into equity pooled funds which generate significantly higher revenue margins than the outflows. There is a consequent positive effect on recurring fee income, with the blended average management fee margin earned on AuM now running at approximately 39 basis points (year to 30 September 2010: 37 basis points) and a further improvement in the Group's operating margin.

Equity markets have become more difficult in recent weeks and we will not be surprised if the volatility continues throughout 2011. However, we remain confident of our investment philosophy and process, which we believe is well suited to performing well in such conditions.

Martin Gilbert, Chief Executive of Aberdeen Asset Management, commented:

"While market conditions have been difficult since the beginning of the year, it is encouraging to see net inflows in the first two months. Aberdeen's pooled funds remain popular with clients while increased margins on these products continue to bolster our revenue. With a healthy pipeline of new business supported by disciplined investment processes and continued strong performance, the outlook for organic growth of assets under management remains favourable."

The announcement of the company's interim results for the six months to 31 March 2011 will be made on 3 May 2011.

For further information please contact:

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

Martin Gilbert

Bill Rattray

Maitland + 44 (0) 20 7379 5151

Neil Bennett

Rowan Brown

ASSETS UNDER MANAGEMENT AT 28 FEBRUARY 2011

OVERALL NEW BUSINESS FLOWS FOR 5 MONTHS TO 28 FEBRUARY 2011 - BY MANDATE TYPE

OVERALL NEW BUSINESS FLOWS FOR 5 MONTHS TO 28 FEBRUARY 2011 - BY ASSET CLASS

NEW BUSINESS FLOWS FOR 5 MONTHS TO 28 FEBRUARY 2011 - EQUITIES

NEW BUSINESS FLOWS FOR 5 MONTHS TO 28 FEBRUARY 2011 - FIXED INCOME

NEW BUSINESS FLOWS FOR 5 MONTHS TO 28 FEBRUARY 2011 - ALTERNATIVE INVESTMENT STRATEGIES