Aberdeen’s Stewardship Capabilities April 2017

Aberdeen’s Stewardship Capabilities Active equities Fixed Income Property Alternatives Multi-Asset Quant Integrated ESG Fundamental - focused on identifying high- quality companies Contrarian – disciplined on price Active – act as co- owners of businesses, not traders Blends multiple sources of value to diversify risk Disciplined approach to determining fair value Avoiding losers as important as picking winners Bottom-up approach focussed on asset quality, not regional or sector allocations Risk-focused Local presence in all markets in which we are invested Active management Primarily via external manager allocations Fundamental analysis to find best-in-class hedge funds, PE and real asset managers Aims for consistent returns through the cycle Unconstrained, open- architecture universe Combines long-term strategy with short-term tactical opportunities Top-down and bottom-up analysis Systematic investments across traditional beta, smart beta and active quant Focus on efficient portfolio construction, disciplined rebalancing and risk management ESG is a key element of all analysis Holistic company risk assessment carried out, including ESG factors Engagement with management on risks, improvement and opportunities ESG analysis embedded in fundamental in-house credit research ESG risks categorised according to severity, allowing them to be priced appropriately alongside other credit risks ESG factors a part of the investment process Holistic risk assessment, including ESG factors Engagement with key stakeholders on risks, improvement and opportunities Due diligence of underlying managers’ ESG considerations ESG metrics feed decision-making Tailoring of portfolios to meet client ESG requirements ESG based on underlying funds’ and managers’ ESG policies ESG fully integrated into systematic investment processes at both universe construction and portfolio construction stages Engagement on governance issues through proxy voting Optional SRI screens Value or ethically-driven exclusions Screening available across a wide range of criteria according to client needs Not applicable Screening based on third party ESG dataset can be offered Screens in underlying products can be incorporated according to client needs Controversial weapons and companies with severe controversies* excluded from investable universe Thematic Thematic investing can be offered in line with client demand Thematic investing can be offered according to client needs Focus on carbon exposure and climate risk Funds or mandates can be weighted towards specific sectors or issues, according to client needs Specific themes /sectors/issues in underlying products can be incorporated according to client needs Specific themes /sectors/issues in underlying products can be incorporated according to client needs SMARTER Beta™ capability includes ESG Multifactor Equity Index family, comprised of multifactor ESG indices for global, regional and local markets * Severe controversies are defined as all Level 5 controversies according to Sustainalytics’ ratings

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