The Aberdeen Group

Aberdeen Asset Management PLC ("Aberdeen") is an international investment management group, managing assets for both institutions and individuals from offices around the world. Aberdeen is listed on the London Stock Exchange, and total group assets under management were US$148.1 billion as of December 31, 2006. This total represents 52% in Fixed Income, 39% in Equities and 9% in Property. Aberdeen has over 20 offices throughout the world including London, Philadelphia, Singapore, Aberdeen, Edinburgh, Sydney, Hong Kong and Tokyo.

Our house style is fundamental and process-driven. Active management is the bedrock of our equity process; a similar approach characterises fixed income management, with alpha generated by identifying market inefficiencies. In property, the focus is on high risk adjusted returns through advanced portfolio modelling and, again, active management.

We pride ourselves on original thinking and research. We also believe strongly in portfolio transparency. Implicit in our style is a rejection of commoditised products and closet indexing; our business therefore stands or falls on whether we can genuinely add value to client wealth. We have distinctive fixed income, equity and property processes.

FIXED INCOME

The Aberdeen fixed income process is based on the following core values: a focus on proprietary research, identifying investment opportunities with attractive risk-reward characteristics, combining multiple non-correlated investment decisions with risk monitoring, and management and control at all stages of the investment process. Our global client base invests in a range of local, global and specialist fixed income and multi-alpha strategies.

We have dedicated portfolio managers and analysts in three major time zones, with a particular emphasis on relative value and credit, including high yield and emerging debt. We employ over 75 investment professionals based globally and arranged in small specialist teams. These teams combine to create tailored investment portfolios capturing our best investment ideas.

EQUITIES

The Aberdeen equity process is continuously evolving but its central tenets are an emphasis on original research, the identification of businesses that we can understand and the elimination of downside risks through price disciplines.

Our aim is to add value by identifying good quality securities, defined chiefly in terms of management and business model, which are attractively priced. Stock selection is the key source of equity alpha. Our equity managers always visit companies before investing, making thousands of visits annually to existing and prospective holdings We employ over 58 investment professionals based globally. Portfolio decisions are made collectively, and we avoid cultivating 'star' managers.

PROPERTY

Aberdeen's approach to property investments is to generate superior returns through better understanding of the dynamics of property markets and realise the potential of individual property assets. A structured investment management process, underpinned by best-in-class research of the European property markets, has delivered consistent outperformance.

For property, we believe the role of active management is essential in generating excess returns. We focus on hands-on active management in portfolio modelling, asset and property management to increase risk-adjusted returns. With some 500 employees at offices across Europe, Aberdeen has an unrivalled reach of active local management for successful cross border property investments.