Trading Update

ABERDEEN ASSET MANAGEMENT PLC

TRADING UPDATE

· Assets under Management up 3% to £331.2 billion at 31 August 2014: (30 June 2014: £322.5 billion)

· Net outflows have moderated to £1.7 billion for the two months to 31 August (three months to 30 June: £8.8 billion)

· Emerging market debt and property products have each contributed net inflows of over £1 billion in the first 11 months of the financial year

· SWIP integration continues to progress on schedule and as expected

Martin Gilbert, Chief Executive of Aberdeen, commented:

 "Our equity capabilities are recovering, both in terms of performance and flows following a tough 2013. It's also encouraging that our marketing focus on non-equity products is gaining traction, particularly in terms of property and emerging market debt..

"Aberdeen has made significant progress over the past year with the acquisition SWIP. Our enhanced fixed income, property and solutions capabilities, combined with our historic strength in equities, mean we are well placed to meet the future needs of investors around the world. With the SWIP integration on track we remain confident that the increased scale and breadth of the Group's business provides a solid foundation to weather what are likely to remain volatile markets."

Trading update

Aberdeen provides the following trading update for the period to 31 August 2014.

Assets under management ("AuM") at 31 August 2014 totalled £331.2 billion, a 3% increase on the total at 30 June 2014 reported in our last Interim Management Statement. The principal movements are summarised in the following table.

New business flows have stabilised in the two-month period to 31 August and show an improving trend compared to recent quarters. Although still showing a net outflow in AuM terms, the revenue effect is more positive, with inflows being won into higher margin products and outflows being more weighted towards lower margin capabilities.

Within the legacy Aberdeen element of the business, we saw net equity inflows of £0.1 billion, with each of Asia Pacific and global equities reporting steady net inflows and global emerging markets showing a small net outflow.

July and August were relatively subdued in terms of property and emerging market debt flows, while high yield experienced some outflows as investors took profits from the sector. However, it is encouraging to note that emerging market debt and property have each contributed net inflows of over £1 billion in the first 11 months of our financial year and we continue to see healthy interest from investors for each of these products.

Net outflows from the legacy SWIP business totalled £0.7 billion, considerably lower than the outcome for the previous quarter. There will continue to be an element of structural outflow of low margin business due to the profile of certain SWIP clients; however, we have seen steady net inflows to the SWIP Property Trust and some new fund launches in infrastructure.

Overall, performance remains robust and short-term equity performance has improved steadily in recent months. In particular, global equity performance has recovered strongly as sentiment towards emerging markets and Asia, in which our funds are overweight, has improved. Nevertheless, our focus remains on our bottom up, fundamental style of investing for the longer term.

We have added further to our pipeline of new mandates awarded but not yet funded, with these commitments well spread across equities, fixed income, solutions and property. Our distribution teams are also making steady progress in building relationships with the Lloyds Banking Group wealth business, as well as introducing the broader product range to Aberdeen's existing channels.

The SWIP integration continues to progress according to our expectations, both in terms of timing and on the achievement of cost synergies, with much of the front office migration complete and a number of SWIP teams having successfully transferred to Aberdeen's offices. The remaining front office migration will be implemented over the next few months, while the back office integration will be completed in late 2015.

The two months to 31 August saw a more stable tone in global stock markets, in contrast to the volatility which characterised the first half of our financial year. Although we are encouraged by a degree of improvement in investor sentiment, particularly towards emerging markets, September has seen some renewed volatility. Being mindful of various geo-political problems around the world, we continue to be cautious on the outlook for markets.

Nevertheless, we remain confident that the increased scale and breadth of the Group's business provides a solid foundation from which to deliver healthy returns to our investors and shareholders.

The announcement of the company's annual results for the year to 30 September 2014 will be made on 1 December 2014.

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

Tom Eckersley

ASSETS UNDER MANAGEMENT AT 31 AUGUST 2014

OVERALL NEW BUSINESS FLOWS FOR 11 MONTHS TO 31 AUGUST 2014

OVERALL NEW BUSINESS FOR 11 MONTHS TO 31 AUGUST 2014 - ABERDEEN

OVERALL NEW BUSINESS FOR 11 MONTHS TO 31 AUGUST 2014 - SWIP

NEW BUSINESS FOR 11 MONTHS TO 31 AUGUST 2014 - EQUITIES (ABERDEEN)

NEW BUSINESS FOR 11 MONTHS TO 31 AUGUST 2014 - FIXED INCOME (ABERDEEN)