Trading Update

ABERDEEN ASSET MANAGEMENT PLC

TRADING UPDATE - NINE MONTHS TO 30 JUNE 2015

Highlights

· Assets under management £307.3 billion (31 March 2015: £330.6 billion), affected by market conditions and FX movements

· Net outflows of £9.9 billion during the quarter as institutional investors continue to reduce exposure to Asia and emerging markets equities

· £4 billion of new commitments and mandates awarded but not funded at 30 June 2015

· Announced acquisition of FLAG Capital Management and successfully completed the acquisition of Aberdeen SVG Private Equity during the quarter, as part of continuing diversification strategy

Martin Gilbert, Chief Executive of Aberdeen, commented:

"Our strategy for diversification has progressed further during the period. We have launched a number of new products in our Solutions business, completed the purchase of the remaining stake in Aberdeen SVG Private Equity, and announced the acquisition of FLAG Capital Management.

 "Market and FX movements together with low margin outflows from certain fixed income and solutions clients accounted for a large proportion of the decline in AuM. In addition, macro-economic factors and investor sentiment towards Asia and emerging markets continued to weigh on equity flows. Despite this the long term investment case for Asia and emerging markets is unchanged and we believe that committed investors will be rewarded over time.

"Our rigorous investment process and diverse product range, combined with effective cost management and a strong balance sheet enables us to continue to provide long-term solutions to meet the needs of our clients."

Assets under management and flows

The principal movements are summarised in the following table.

Market conditions remained difficult in the latest quarter, particularly in June, and this is reflected in overall net outflows of £9.9 billion (quarter to 30 June 2014: net outflows £8.8 billion). Gross inflows totalled £9.6 billion (2014: £10.1 billion), while gross outflows were £19.5 billion (2014: £18.9 billion). Outflows for the quarter were inflated by some restructuring by a major client, although we expect some of these assets to be reinvested in the coming period. The majority of the reduction in AuM over the period was due to FX and market movements, which reversed much of the beneficial movements from the previous six months.

In equities, our commitment to our equities investment process leads us to anticipate underperformance during periods when markets are boosted by policy-led economic factors. Gross outflows were similar to the previous quarter but gross inflows were lower, reflecting market conditions. This resulted in net outflows of £4.5 billion (quarter to 31 March 2015: net outflows £3.1 billion). The outflows were mainly from Asia Pacific and global equities, in both cases largely due to withdrawals from a small number of institutional mandates, while outflows from global emerging market equities continued at the more moderate rate reported in the previous quarter.

Fixed income experienced net outflows of £1.4 billion, which included some seasonal outflows from the low margin SWIP liquidity funds. Our higher margin emerging market debt funds, while still affected by the subdued investor sentiment, returned to net inflow following two quarters of net outflows.

In Aberdeen Solutions, there were net outflows of £3.9 billion from lower margin accounts. During the quarter we started to roll out our solutions focused proposition in response to the changing pension environment in the UK as well as launching a cross-border multi-asset income fund for Asian and European investors. We are also progressing the launch of a liquid alternatives fund which we believe will appeal to institutional investors looking to diversify into hedge fund-lite strategies. Our property multi manager strategy has seen some mandates awarded and further potential new business in the pipeline.

Overall, the total value of commitments and mandate awards not yet funded grew to approximately £4 billion at 30 June, of which over 75% has been won in our property, solutions and alternatives capabilities.

We completed the purchase of the minority interest in our private equity joint venture, Aberdeen SVG Private Equity, on 30 June, and our private equity platform will be strengthened further with the addition of FLAG Capital Management in the US, which is expected to complete shortly.

Outlook

As we have seen in recent weeks, markets remain susceptible to policy-led economic factors, although we have seen some recovery in mid-July. Against this background, our strong balance sheet and continued discipline in managing costs provide us with resilience during a more challenging period for the company. Our focus continues to be on investing for long term returns, as we believe this is the approach which will serve our clients best.

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.

Confirmation Code: 5582863

Participants, Local - London, United Kingdom: +44(0)20 3427 1912

Participants, National free phone - United Kingdom: 0800 279 4992

Or URL http://edge.media-server.com/m/p/hp8iokig

7 Day Conference call Replay:

Replay Passcode: 5582863

Local - London, United Kingdom: +44 (0)20 3427 0598

Local - New York, United States of America: +1 347 366 9565

ASSETS UNDER MANAGEMENT AT 30 JUNE 2015

NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2015

NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2015

NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2015 - EQUITIES

NEW BUSINESS FLOWS FOR 9 MONTHS TO 30 JUNE 2015 - FIXED INCOME