additional ppl Japan - 9,571 Europe - 9,386 Singapore 623 Republic of Korea 645 Hong Kong 1,116 United Kingdom 6,057 Malaysia 7,361 United States of America 52,340 China 108,322 India 270,134 Asia 749,960 World 1,400,207

Over 5 yrs from 2010 Asia outlook very positive, with a return to fundamental growth.

European and Asian Property Markets September 2010 For professional use only Not for public distribution Jon Lekander, Global Head of Indirect Property Presentation to NAREIM

1 About Aberdeen Asset Management Asset management is the Group’s only business Origins in Scotland Still run today by one of its founders, chief executive Martin Gilbert AuM has grown to €200.1bn since inception in 1983 1,805 staff including over 500 investment professionals Geographically diverse – 31 offices in 24 countries Core investment expertise in equities, fixed income and property as well as alternative investment strategies A diversified and global business GR-AUM-078 300610 Source: Aberdeen Asset Management, 30 Jun 10

2 Aberdeen profile by asset class Source: Aberdeen Asset Management, 30 Jun 10. Totals may not add up due to rounding We manage €200.1bn of third party assets GR-AUM-079 300909 Fixed Income 27.2% Property 12.8% Equities 36.9% Money Market 6.3% Alternative Investment Strategies 16.8%

3 Property activities in brief ¹ As at 30 Jun 10 ² Source: EuroProperty/INREV survey of European Property Fund Managers, June 2010

4 The Economy Global Financial Crisis Not the same everywhere Long term, fiscal situation key Asia decoupled!? Who owes whom? Europe is not one country Not a perfect currency area North vs South Politics Asia is not homogeneous Political dimension Social dimension Long term Demographics Wealth

5 Fringe eurozone and UK/USA have high fiscal deficits Source: Aberdeen Asset Management, IMF * 2011 is IMF forecast

6 Unemployment Source: Aberdeen Asset Management

7 Working age population growth Source: United Nations Population Projections, medium variant, March 2009

8 Property markets Europe is not one country, niether is Asia Different legal regimes Different business practices Different lease structures Different language Europeans fundamentally view international investments as a diversification play Operational risk management point towards funds rather than assets Fund managers usually from the property industry, not investment banks Asia share common features, but is more mixed

9 Modest bounce in investment activity Source: Aberdeen Asset Management

10 Large bounce in US and UK capital values Source: Aberdeen Asset Management

11 Real estate fundamentals look weakest in the US Source: Aberdeen Asset Management

12 Global total returns and risk Source: Aberdeen Asset Management

13 Diversification benefits Source: Aberdeen Property Investors, November 2009

14 Fund of Fund investment Why Increase negotiation power for a unit of investment Skill and dedication Risk management (operational) Diversification Why more important in Europe and Asia? Less homogeneous institutional framework

15 Disclaimer Important information Issued and approved by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Services Authority in the United Kingdom. Registered Office: 10 Queen’s Terrace, Aberdeen AB10 1YG, Scotland. Registered in Scotland No.108419.This document is strictly for information purposes only and should not be considered as advice or an offer, or solicitation, to deal in any of the investments mentioned herein. Aberdeen Property Investors (‘the Manager’) does not warrant the accuracy, adequacy or completeness of the information and materials contained in this document and expressly disclaims liability for errors or omissions in such information and materials. Any research or analysis used in the preparation of this document has been procured by the Manager for its own use and may have been acted on for its own purpose; the results thus obtained are made available only coincidentally and the information is not guaranteed as to its accuracy. Some of the information in this document may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only predictions and actual events or results may differ materially. The reader must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and make such independent investigations, as they may consider necessary or appropriate for the purpose of such an assessment. No warranty is given and no liability is accepted for any loss arising whether directly or indirectly as a result of the reader, any person or group of persons acting on any information, opinion or estimate contained in this document. Property is a relatively illiquid asset class the valuation of which is a matter of opinion. There is no recognised market for property and there can be delays in realising the value of property assets.