Building a successful brand Rickard Backlund, CEO

1. Building a successful brand Rickard Backlund, CEO Reykavik, 21 September, 2006

2. Agenda • Introduction to Aberdeen Property Investors • The corner stones for building a successful brand • Conclusions and questions

3. Helsinki Oslo Stockholm Copenhagen London Amsterdam Cologne Brussels Paris Luxembourg Aberdeen Property Investors A Fund Manager with International Reach • Leading property investment manager in Northern Europe • Local presence with 500 employees in 10 countries • Active management generating excess returns

4. Aberdeen Property Investors A strong institutional client base • Management volume in excess of €9 billion* of property investments • Primarily institutional clients • Business areas • Property funds • Management mandates * As of 30/06/2006

5. Aberdeen Asset Management • Independent Asset Manager • UK Listed Company • €101.7 billion* under management • Fixed Income 50% • Equity 41% • Property 9% • Funds and Mandates • Global operations Source: Aberdeen Asset Management PLC as at 30/06/2006

6. Vision and Mission Vision • To be Europe’s leading investment manager specialising in property investments. Mission • To facilitate investment exposure to property with superior performance. • Offer a comprehensive range of investment products and services to satisfy investors’ need for property exposure.

7. Our strategic transition Mandates -> Products Domestic -> International Property Mgmt -> Fund Management Large mandates -> Many investors Price competition -> Performance comparison

8. We are in an excellent position to take a leading position • Positive market trends • Increasing international diversification • Demand for property funds • Large capital flows to be reallocated in Europe and globally by institutions • We are well positioned • Excellent track record • Growing European coverage • Few international, independent competitors • Part of Aberdeen • Strong brand

9. Building a brand Focus on a well defined client group Focus on our staff Build on performance Consistent communication An active Board

10. Focus on a well defined client group Aberdeen has made an active choice in who we work for – our clients are institutional investors • Tailored communication • Personal meetings- every client is individual • Seminars and round table discussions- knowledge sharing

11. Focus on our staff Our staff members are our prime brand carriers • Quality at all levels • Business focus • Ethical discussions • Awareness of the international scopeof Aberdeen

12. Build on performance Aberdeen has consistently outperformed its peers… • Outperforming the market Over the last 10 years, Aberdeen’s discretionary mandates outperformed the market by 1.5% p.a. (11.6% vs. 10.1%) • Lower risk Standard deviation was substantially lower than average over the same period (5.2% vs. 6.1%) • High risk adjusted returns Aberdeen’s risk adjusted returns were therefore substantially higher than benchmark (2.23% vs.1.65%) Benchmark Aberdeen discretionary mandates Total returns 11.6% 10.1% Track Record – Nordic total returns Aberdeen’s business process generates higher returns Source: Aberdeen

13. Consistent communication Our internationalisation has changed our communication • Understanding of where the group is heading - internally • Clear, consistent, image of the company - externally • A listed parent company sets the scene • Transparency is high on the agenda • Facts and performance is the basis for all communication

14. An active board Our executive board members are close to the market • Business focus • Active support to business development • Direct client contacts

15. Recognition For the second consecutive year, Aberdeen has been recognised as one of the leading Investment managers. 2006 2005 Western Europe # 1 # 1 Nordic & Baltic # 1 # 1 Global # 1 # 2