Aberdeen Global II Annual Report and Accounts For the year ended 30 June 2012

R.C.S: B136363 Contents

Incorporation...... 01 Chairman’s Statement...... 02 Investment Manager’s Review...... 02 Net Asset Value History...... 03 Summary of Historic Information...... 06 Performance History...... 07 Aberdeen Global II - Combined Statements...... 09 Asia Pacific Multi Asset...... 10 Asian Bond ...... 21 Australian Dollar Bond ...... 31 Canadian Dollar Bond ...... 35 Core Plus Sterling Credit Bond...... 39 Core Plus Sterling Long Dated Credit Bond ...... 48 Emerging Europe Bond ...... 55 Emerging Markets Opportunities Bond ...... 59 Euro Bond ...... 67 Euro Corporate Bond ...... 74 Euro Government Bond ...... 82 Euro High Yield Bond ...... 88 Euro Short Term Bond ...... 94 European Convertibles Bond ...... 100 Global Bond ...... 106 Global Government Bond ...... 122 Global High Yield Bond ...... 131 Sterling Bond...... 138 Sterling Credit Bond ...... 146 Sterling Government Bond ...... 155 Sterling Index Linked Bond ...... 160 Sterling Long Dated Bond ...... 165 Sterling Long Dated Credit Bond ...... 172 Sterling Long Dated Government Bond ...... 179 US Dollar Bond ...... 184 US Dollar High Yield Bond ...... 192 US Dollar Short Term Bond ...... 198 Notes to the Financial Statements...... 203 Report of the Réviseur d’Entreprises agréé...... 220 Risk Management...... 221 Management and Administration...... 225 General Information...... 228 Further Information...... 230 Incorporation

Aberdeen Global II (“the Company” or “the Fund”) was incorporated as a société anonyme, qualifying as a société d’investissement à capital variable on 18 February 2008 for an unlimited period and commenced operations on 16 May 2008. It is registered under number B136363 at the Register of Commerce at the District Court of Luxembourg. As at 30 June 2012, the Company has issued shares in the following Funds: Asia Pacific Multi Asset Asian Bond Australian Dollar Bond Canadian Dollar Bond Core Plus Sterling Credit Bond Core Plus Sterling Long Dated Credit Bond Emerging Europe Bond Emerging Markets Opportunities Bond Euro Bond Euro Corporate Bond Euro Government Bond Euro High Yield Bond Euro Short Term Bond European Convertibles Bond Global Bond Global Government Bond Global High Yield Bond Sterling Long Dated Bond Sterling Long Dated Credit Bond Sterling Long Dated Government Bond Sterling Bond Sterling Credit Bond Sterling Government Bond Sterling Index Linked Bond US Dollar Bond US Dollar High Yield Bond US Dollar Short Term Bond The full name of each Fund is constituted by the name of the Company, Aberdeen Global II, followed by a hyphen and then the specific name of the Fund. Throughout the Financial Statements, the Funds are referred to by their short names as indicated above. No subscriptions can be received on the basis of this document. Subscriptions are only valid if made on the basis of the current Prospectus. Please see the Notes to the Financial Statements for changes during the year.

www.aberdeen-asset.com 01 Investment Chairman’s Statement Manager’s Review

Review of operations Investment review During the period under review, the Fund saw a decrease in AUM from Over the 12 months to 30 June 2012, sentiment within financial USD7.3 billion to USD 6.2 billion. This decrease is reflective of markets was driven, in part, by a continued increase in both the scale significant outflows within the Fund of USD 1.1 billion and the difficult and scope of the Euro crisis and also in concerns over the extent of the period that fixed income as an asset class has had given significant economic slowdown in Europe, the US and China. These factors uncertainties in the global economy and especially in the Eurozone. negatively impacted on investor confidence and reduced willingness to hold risk positions. Fund Developments Core sovereign bond markets labelled with safe haven status reached During the period three new sub-funds were launched. Aberdeen record low yield levels. The extent of investor risk aversion caused Global II - Global High Yield Bond Fund was launched in May with yields on two year dated bonds to turn negative in Germany and Aberdeen Global II - Core Plus Sterling Credit Bond Fund and Aberdeen Switzerland. Peripheral Eurozone countries at the core of the crisis Global II - Core Plus Sterling Long Dated Credit Bond Fund launched came under severe pressure and their respective yield levels rose both in June to receive assets from two corresponding sub-funds in materially. Aberdeen Global IV, a Luxembourg domiciled fund range. Central banks provided stimulus in the form of aggressive balance Over the course of the year certain existing sub-funds were re-named sheet expansion and lowering rates throughout much of the period. In to better reflect the nature of their respective strategies and there were the US, the Federal Reserve gave guidance to the market that rates a number of changes made to the objectives and investment policies of would stay exceptionally low for at least three years. It then announced a number of sub-funds which were communicated to shareholders. the first round of Operation Twist in September 2011 followed by a second round in June 2012 where it rotates its current treasury Regulatory developments holdings out of short end securities and into longer dated maturities Further to the updates provided to shareholders with respect to the Key with the intention of flattening the term structure. The Bank of England Investor Information Document (‘KIID’), the transition from the announced several further rounds of quantitative easing and the bank Simplified Prospectus to the KIID was successfully completed during of Japan took steps more aggressively to combat disinflation. The June 2012. European Central Bank (ECB) cut its deposit rate to 0% and repo rate to 0.75% over the period and announced two three year long term The KIID is only required to be provided to investors in EU countries, as refinancing operations in December and February, totalling over €1 well as Norway, Switzerland and Gibraltar who have implemented a trillion. The measures had a significant short term impact, but only requirement into their national laws (“KIID Requirement Countries”). bought time for policy makers to implement a more lasting solution to A KIID needs to be produced and provided for each share class that is the Eurozone’s deep fundamental problems. authorised for sale and/or marketed in each and any KIID Requirement Country in the relevant language in accordance with the applicable Within Europe, the main focus has been on certain peripheral countries national law. continued participation in monetary union. Whilst particular attention was paid to Greece’s second bailout, other European sovereigns were As previously advised, the KIID is a pre-contractual document and needs also under pressure, with bailouts also approved for Ireland and to be provided to investors prior to any investment. KIIDs are available Portugal and being negotiated for Spain. on www.aberdeen-asset.com, www.aberdeenluxprices.com or by registering at kiid.fundinfo.com. Revised application forms and top-up Credit markets were volatile throughout the period due to concerns forms are also available at www.aberdeen-asset.com. over sovereign solvency and the resilience of the banking system.

CG Little 3 September 2012 Aberdeen Asset Managers Limited July 2012 Chairman

02 Aberdeen Global II Net Asset Value History

Numbers are shown in USD terms (unless otherwise stated).

Ongoing NAV per NAV per NAV per Portfolio Charges % † Share Share Share Share Turnover * As at Fund Class 30.06.12 30.06.11 30.06.10 30.06.12 30.06.12 Asia Pacific Multi Asset ∆ A A-2 168.4739 168.3145 - 76.98% 1.790 A(CHF)-2^ 139.7195 141.0054 - 76.98% 1.830 A(EUR)-2^ 152.2270 152.7559 - 76.98% 1.830 E(EUR)-2 10.2098 - - 76.98% 1.790 Asian Bond ∆ A A-1 127.4412 129.2951 - 45.08% 1.550 A-2 150.8170 148.6119 - 45.08% 1.550 A(EUR)-2^ 146.0328 143.9340 - 45.08% 1.590 D(GBP)-2^ 10.5798 10.4094 - 45.08% 1.590 I-2 1,502.8022 1,473.0224 - 45.08% 1.010 Z-2 1,053.9020 1,025.8103 - 45.08% 0.310 Australian Dollar Bond ∆ A(AUD)-1 1,231.8851 1,124.9391 - 149.19% 1.120 A(AUD)-2 3,951.1002 3,494.3498 - 149.19% 1.120 Canadian Dollar Bond ∆ A(CAD)-1 1,337.4921 1,252.4221 - 24.94% 1.100 A(CAD)-2 3,479.6056 3,219.9568 - 24.94% 1.100 Core Plus Sterling Credit Bond B I(GBP)-2 12.8862 - - 2.98% 0.580 Z(GBP)-2 12.7780 - - 2.98% 0.180 Core Plus Sterling Long Dated Credit Bond B J(GBP)-2 11.3571 - - 3.85% 0.520 Emerging Europe Bond ∆ A(EUR)-2 221.8618 214.1391 - 80.15% 1.670 Emerging Markets Opportunities Bond ∆ I-1 1.7621 1.6976 1.6138 35.91% 1.240 Z-2 14.0211 12.8291 11.6717 35.91% 0.160 Euro Bond A Z(EUR)-2 15.7593 14.8269 14.7535 265.11% 0.300 Euro Corporate Bond I(EUR)-2 11.2059 10.6606 10.3630 219.12% 0.720 Z(EUR)-2 13.5589 12.8265 12.3938 219.12% 0.120 Euro Government Bond ∆ A(EUR)-1 115.4804 111.4426 - 304.09% 1.070 A(EUR)-2 421.7895 399.5158 - 304.09% 1.070 J(EUR)-2 1,615.3753 1,523.4054 - 304.09% 0.630 Euro High Yield Bond ∆ A A(EUR)-2 103.2821 99.9603 - 27.79% 1.440 I(EUR)-2 1,055.3222 1,015.8884 - 27.79% 0.900 Euro Short Term Bond ∆ A A(EUR)-1 50.3771 49.4595 - (3.49%) 1.070 A(EUR)-2 146.0961 142.1526 - (3.49%) 1.070 J(EUR)-2 1,209.5006 1,171.6792 - (3.49%) 0.630 European Convertibles Bond ∆ A A(EUR)-2 13.3864 13.9530 - (58.51%) 1.370 I(EUR)-1 9.8150 (58.51%) 0.830 I(EUR)-2 1,456.5541 1,509.9962 - (58.51%) 0.830 Global Bond A J-2 14.9433 14.8904 13.4341 278.24% 0.620 Z-2 15.6335 15.5010 13.9148 278.24% 0.120 Global Government Bond A D(GBP)-1 0.9681 0.9557 0.9510 153.16% 1.077 I-2 - 1.6131 1.4724 153.16% 0.777 J-2 8.7007 8.6720 7.8767 153.16% 0.677 Z-2 16.9583 16.8184 15.1997 153.16% 0.177 Global High Yield Bond C A-1 9.9829 - - 11.37% 1.800 E(EUR)-1 10.2382 - - 11.37% 1.800 I-1 9.9831 - - 11.37% 1.260

www.aberdeen-asset.com 03 NET ASSET VALUE HISTORY (CONTINUED)

Ongoing NAV per NAV per NAV per Portfolio Charges % † Share Share Share Share Turnover * As at Fund Class 30.06.12 30.06.11 30.06.10 30.06.12 30.06.12 Sterling Bond A A(GBP)-1 ∆ 622.9368 578.6583 - 67.77% 1.080 A(GBP)-2 ∆ 2,107.5972 1,906.2129 - 67.77% 1.080 I(GBP)-2 1.6180 1.4579 1.4069 67.77% 0.695 J(GBP)-2 15.5850 14.0285 13.5207 67.77% 0.595 K(GBP)-2 1.7621 1.5838 1.5246 67.77% 0.445 Z(GBP)-1 1.0688 0.9926 0.9971 67.77% 0.095 Z(GBP)-2 15.4517 13.8391 13.2754 67.77% 0.095 Sterling Credit Bond A I(GBP)-1 1.0032 - - 78.12% 0.685 I(GBP)-2 1.7808 1.6612 1.5789 78.12% 0.685 K(GBP)-1 1.1298 1.1026 1.1020 78.12% 0.435 K(GBP)-2 1.8400 1.7116 1.6232 78.12% 0.435 Z(GBP)-2 1.6362 1.5169 1.4332 78.12% 0.085 Sterling Government Bond A D(GBP)-1 1.1282 0.9653 0.9793 45.57% 1.005 D(GBP)-2 1.4756 1.2403 1.2176 45.57% 1.005 I(GBP)-2 - - 1.6604 45.57% - J(GBP)-2 2.7460 2.2978 2.2443 45.57% 0.605 Z(GBP)-1 1.3235 1.1319 1.1486 45.57% 0.105 Z(GBP)-2 2.0520 1.7085 1.6605 45.57% 0.105 Sterling Index Linked Bond A I(GBP)-2 2.0939 1.8288 1.6904 67.72% 0.705 J(GBP)-2 3.1405 2.7400 2.5302 67.72% 0.605 K(GBP)-2 2.1564 1.8785 1.7320 67.72% 0.455 Z(GBP)-1 2.1435 1.9077 1.8397 67.72% 0.105 Z(GBP)-2 2.9036 2.5204 2.3157 67.72% 0.105 Sterling Long Dated Bond A K(GBP)-2 2.0820 1.7537 1.6999 102.25% 0.465 Z(GBP)-2 16.4650 13.8226 13.3477 102.25% 0.115 Sterling Long Dated Credit Bond A K(GBP)-2 2.0771 1.8534 1.7728 86.41% 0.439 Z(GBP)-2 1.7668 1.5710 1.4973 86.41% 0.089 Sterling Long Dated Government Bond A I(GBP)-2 2.0360 1.6367 1.6092 36.22% 0.695 J(GBP)-2 2.1191 1.7026 1.6722 36.22% 0.595 K(GBP)-2 2.1098 1.6924 1.6596 36.22% 0.445 Z(GBP)-2 1.6397 1.3108 1.2809 36.22% 0.095 US Dollar Bond ∆ A-1 1,348.2968 1,277.5207 - 1124.34% 1.090 A-2 3,514.5541 3,294.6570 - 1124.34% 1.090 J-2 1,774.8838 1,656.1177 - 1124.34% 0.650 US Dollar High Yield Bond A A-1 9.9274 - - 94.07% 1.520 I-2 22.9112 21.5819 18.7030 94.07% 0.903 I(GBP)-2 ^ - 17.3756 15.0253 94.07% - I(EUR)-2 ^ 27.0264 25.4220 21.9588 94.07% 0.903 Z-2 14.5182 13.5755 11.6757 94.07% 0.153 US Dollar Short Term Bond ∆ A A-1 102.9724 102.9688 - (2.47%) 1.080 A-2 303.6980 302.5362 - (2.47%) 1.080

04 Aberdeen Global II † Source: Aberdeen Asset Management. CESR (Committee of European Securities Regulators) introduced new methodology and guidance for the calculation of ongoing charges to replace Total Expense Ratio calculations. An ex-post ongoing charge percentage is now calculated for each share class and as a result of changes in the methodology that may have led to a movement between the ongoing charge and historic TER. Ongoing charge figures shown for KIIDs may differ from those shown in the report and accounts as they may be calculated on a simulated basis where it is considered more appropriate. ^ Hedged share class. * (Purchase of securities and Sales of securities) - (Subscriptions of units and Redemptions of units) = Portfolio Turnover (Averaged Annualised Fund Value) x 100 ∆ Fund/ class migrated from Credit Suisse Bond Funds (Lux) on 24 September 2010. A Names changed on 1 December 2011, see individual Manager’s Reviews for details. B Core Plus Sterling Credit Bond and Core Plus Sterling Long Dated Sterling Credit Bond opened 22 June 2012. C Global High Yield Bond opened 8 May 2012.

Exchange Rates 30.06.12 30.06.11 30.06.10 £ - US$ 1.568450 1.605450 1.496099 £ - € 1.235950 1.107300 1.221399 € - US$ 1.269024 1.449878 1.224906

www.aberdeen-asset.com 05 Summary of Historic Information For the year ended 30 June 2012

Net Asset Value Net Asset Value Net Asset Value 30.06.12 30.06.11 30.06.10 Fund Base Currency (‘000) (‘000) (‘000) Asia Pacific Multi Asset ∆ A US Dollars 189,023 208,922 - Asian Bond ∆ A US Dollars 180,837 187,329 - Australian Dollar Bond ∆ Australian Dollars 164,125 140,338 - Canadian Dollar Bond ∆ Canadian Dollars 173,155 154,207 - Core Plus Sterling Credit Bond B Sterling 38,875 - - Core Plus Sterling Long Dated Credit Bond B Sterling 73,549 - - Emerging Europe Bond ∆ Euro 59,043 65,785 - Emerging Markets Opportunities Bond US Dollars 147,175 172,808 196,582 Euro Bond A Euro 12,127 11,835 12,319 Euro Corporate Bond Euro 163,334 198,232 271,192 Euro Government Bond ∆ Euro 485,632 544,469 - Euro High Yield Bond ∆ Euro 43,594 62,048 - Euro Short Term Bond ∆ A Euro 399,660 424,814 - European Convertibles Bond ∆ A Euro 155,152 388,110 - Global Bond US Dollars 327,866 312,058 309,703 Global Government Bond A US Dollars 121,942 196,478 151,507 Global High Yield Bond C US Dollars 14,825 - - Sterling Bond A Sterling 280,971 364,270 346,343 Sterling Credit Bond A Sterling 423,103 472,373 628,878 Sterling Government Bond A Sterling 146,495 131,172 66,499 Sterling Index Linked Bond A Sterling 193,564 271,313 207,304 Sterling Long Dated Bond A Sterling 34,982 38,371 85,139 Sterling Long Dated Credit Bond A Sterling 149,541 202,588 207,944 Sterling Long Dated Government Bond A Sterling 292,188 313,374 359,058 US Dollar High Yield Bond US Dollars 170,440 103,858 124,642 US Dollar Bond ∆ US Dollars 225,741 251,728 - US Dollar Short Term Bond ∆ A US Dollars 254,383 263,524 - Combined Total US Dollars 6,205,283 7,344,018 3,974,043 ∆ Funds migrated from Credit Suisse on 24 September 2010. A Names changed on 1 December 2011, see individual Manager’s Reviews for details. B Core Plus Sterling Credit Bond and Core Plus Sterling Long Dated Sterling Credit Bond opened 22 June 2012. C Global High Yield Bond opened 8 May 2012.

06 Aberdeen Global II Performance History

Base 30.06.12 30.06.11 30.06.10 30.06.09 Fund Currency % % % % Asia Pacific Multi Asset - A Accumulation Shares∆ A USD (0.09) 5.80 - - Benchmark: 40% MSCI AC Asia Pacific Index, 30% JP Morgan Asia Credit Index and 30% HSBC Asian Local Bond IndexB USD (1.18) 5.61 - -

Asian Bond - A Accumulation Shares∆ A USD 1.48 3.66 - - Benchmark: 50% JP Morgan Asia Credit Index 50% and HSBC Asian Local Bond IndexC USD 5.00 3.54 - -

Australian Dollar Bond - A Accumulation Shares ∆ AUD 13.19 3.93 - - Benchmark: JP Morgan Government Bond Index Traded AUD AUD 15.37 4.29 - -

Canadian Dollar Bond - A Accumulation Shares ∆ CAD 8.26 1.14 - - Benchmark: JP Morgan Government Bond Index Traded CAD CAD 10.07 1.10 - -

Core Plus Sterling Credit Bond - I Accumulation SharesI GBP (0.01) - - - Benchmark: Bank of America Merrill Lynch Sterling Non-Gilts Index GBP 0.10 - - -

Core Plus Sterling Long Dated Credit Bond - J Accumulation SharesI GBP 0.39 - - - Benchmark: Bank of America Merrill Lynch Sterling Non-Gilts > 10 Years Index GBP 0.03 - - -

Emerging Europe Bond - A Accumulation Shares∆ A EUR 4.24 0.16 - - Benchmark: JPM GBI-EM Global Diversified Europe Index. EUR 5.20 0.61 - -

Emerging Markets Opportunities Bond - Z Accumulation SharesAD USD 9.60 9.99 21.39 (4.68) Benchmark: Citigroup World Government Bond Index USA USD 8.90 2.19 6.57 6.48

Euro Bond - Z Accumulation SharesAF EUR 6.44 0.67 10.59 6.12 Benchmark: Barclays Capital Euro Aggregate Index EUR 7.12 (0.13) 7.11 9.90

Euro Corporate Bond - Z Accumulation Shares EUR 5.83 3.60 17.18 (4.87) Benchmark: Barclays Capital European Aggregate Corporate Index EUR 5.71 2.68 11.88 4.44

Euro Government Bond - A Accumulation Shares∆ EUR 5.34 (3.05) - - Benchmark: Barclays Capital Aggregate Treasuries IndexE EUR 6.35 (4.01) - -

Euro High Yield Bond - A Accumulation Shares∆A EUR 2.88 4.37 - - Benchmark: Bank of America Merrill Lynch Euro High Yield Constrained Index EUR 3.82 4.76 - -

Euro Short Term Bond - A Accumulation Shares∆A EUR 2.68 0.05 - - Benchmark: Citigroup EMU World Government Bond Index 1-3 Years EUR 3.70 (0.16) - -

European Convertibles Bond - A Accumulation Shares∆A EUR (4.39) 4.94 - - Benchmark: UBS Europe Convertible Index EUR (2.54) 6.09 - -

Global Bond - Z Accumulation SharesAF USD 0.95 11.53 8.96 (3.47) Benchmark: Barclays Capital Global Aggregate Bond Index USD 2.73 10.51 5.00 2.76

Global Government Bond - J Accumulation SharesA USD 0.93 10.80 4.77 5.43 Benchmark: Citigroup World Government Bond Index USD 2.68 10.54 3.03 4.42

Global High Yield Bond - A Income SharesJ USD 0.16 - - - Benchmark: Bank of America Merrill Lynch Global High Yield Index USD (0.50) - - -

www.aberdeen-asset.com 07 Base 30.06.12 30.06.11 30.06.10 30.06.09 Fund Currency % % % % Sterling Bond - Z Accumulation SharesAG GBP 11.74 4.34 13.59 3.47 Benchmark: Bank of America Merrill Lynch Sterling Broad Market Index GBP 14.25 4.00 10.89 5.51

Sterling Credit Bond - Z Accumulation SharesA GBP 7.96 5.87 20.04 (3.48) Benchmark: Bank of America Merrill Lynch Sterling Non-Gilts Index GBP 9.32 5.26 16.18 (0.65)

Sterling Government Bond - Z Accumulation SharesAF GBP 20.22 2.98 8.04 14.01 Benchmark: FTSE - A British Government Fixed > 5 Years Index GBP 22.28 3.45 7.40 14.23

Sterling Index Linked Bond - Z Accumulation SharesAF GBP 15.30 8.93 7.93 0.75 Benchmark: FTSE - A British Government Index Linked > 5 Years Index GBP 16.87 9.67 8.37 (0.59)

Sterling Long Dated Bond - Z Accumulation SharesAF GBP 19.23 3.55 14.63 4.65 Benchmark: Bank of America Merrill Lynch Sterling Broad Market > 10 Years Index GBP 22.50 3.65 12.11 5.43

Sterling Long Dated Credit Bond - Z Accumulation SharesAF GBP 12.56 5.01 19.75 (1.71) Benchmark: Bank of America Merrill Lynch Sterling Non-Gilts > 10 Years Index GBP 14.71 4.62 19.09 0.53

Sterling Long Dated Government Bond - Z Accumulation SharesAF GBP 25.20 2.42 8.29 12.99 Benchmark: FTSE - A British Government > 15 Years Index GBP 27.88 2.81 7.96 11.27

US Dollar Bond - A Accumulation Shares∆ USD 6.93 (0.88) - - Benchmark: JP Morgan Government Bond Index Traded USD USD 9.26 (0.33) - -

US Dollar High Yield Bond - I Accumulation Shares USD 7.04 16.39 19.98 (3.07) Benchmark: Bank of America Merrill Lynch US High Yield Master II IndexH USD 10.31 12.71 19.92 4.43

US Dollar Short Term Bond - A Accumulation Shares∆A USD 0.18 0.66 - - Benchmark: Citigroup US World Government Bond Index 1-3 Years USD 0.77 0.69 - - Performance runs from 30 June to 30 June for each year, unless otherwise stated. Past performance is no indication of current or future performance. These performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. ∆ Funds migrated from Credit Suisse Bond Funds (Lux) 24 September 2010 as such the performance for these fund is 24 September 2010 to 30 June 2011. A Names changed on 1 December 2011, see individual Manager’s Reviews for details. B Benchmark change on 1 October 2010 from the 3 Month USD LIBOR + 400 Basis Point Index. C Benchmark change on 1 October 2010 from Citigroup US Treasury and Agency Index. D Prior to the 1 July 2010, performance was for the I Accumulation Shares. E Benchmark change on 1 January 2012 from JP Morgan Global Government Bond EMU Index. F Prior to the 1 July 2010 performance was for the J Accumulation Shares. G Prior to the 1 July 2010 performance was for the K Accumulation Shares. H Benchmark change on 1 January 2012 from Credit Suisse Upper Tier High Yield Index. I Core Plus Sterling Credit Bond and Core Plus Sterling Long Dated Credit Bond opened 22 June 2012. J Global High Yield Bond opened 8 May 2012.

08 Aberdeen Global II Aberdeen Global II - Combined Statements

Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 US$’000 US$’000 Assets Income Investments in securities at market value (note 2.2) 5,974,172 Investment income 232,515 Cash at bank 182,245 Bank interest 1,355 Amounts held at futures clearing houses and brokers 20,894 Other income 179 Interest and dividends receivable 82,431 Total income 234,049 Subscriptions receivable 24,581 Receivable for investments sold 93,180 Expenses Unrealised gains on forward currency exchange Gross management fees 31,403 contracts (note 2.6) 1,682 Less: management fee cross holdings (86) Unrealised gains on future contracts (note 2.7) 55 Net management fees (note 4.5) 31,317 Unrealised gains on swap contracts (note 2.8) 1,522 Other assets 2,034 Administration fees (note 4.1) 2,662 Total assets 6,382,796 Custodian fees (note 4.2) 1,286 Domiciliary agent, registrar, paying and transfer agent Liabilities fees (note 4.3) 1,987 Payable for investments purchased 125,939 Management Company fees (note 4.4) 627 Taxes and expenses payable 6,065 Operational expenses (note 4.6) 2,083 Redemptions payable 29,500 Expense cap refunded by Investment Manager (note 4.7) (1,391) Unrealised losses on forward currency exchange Annual tax (note 4.8) 1,665 contracts (note 2.6) 936 Bank interest 3 Unrealised losses on future contracts (note 2.7) 2,559 Total expenses 40,239 Unrealised losses on swap contracts (note 2.8) 2,604 Other liabilities 9,910 Net gains from investments 193,810 Total liabilities 177,513 Realised gains on investments 162,728 Net assets at the end of the year 6,205,283 Realised losses on forward currency exchange contracts (13,740) Realised losses on future contracts (59,256) Realised gains on swap contracts 24,450 Statement of Changes in Net Assets Realised currency exchange losses (10,889) For the year from 1 July 2011 to 30 June 2012 Net realised gains 103,293 US$’000 Net assets at the beginning of the year 7,344,019 Decrease in unrealised depreciation on investments 105,754 Exchange rate effect on opening net assets (387,869) Decrease in unrealised depreciation on forward Net gains from investments 193,810 currency exchange contracts 1,646 Net realised gains 103,293 Increase in unrealised depreciation on future contracts (2,241) Net unrealised gains 111,522 Decrease in unrealised depreciation on swap contracts 6,876 Proceeds from shares issued 1,894,786 Unrealised currency exchange losses (513) Payments for shares redeemed (3,031,611) Net unrealised gains 111,522 Net equalisation paid (note 10) (7,907) Net increase in assets as a result of operations 408,625 Dividends paid (note 5) (14,760) Net assets at the end of the year 6,205,283

The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 09 Asia Pacific Multi Asset For the year ended 30 June 2012

Performance Portfolio review For the year ended 30 June 2012, the value of Asia Pacific Multi Asset The Fund fell by 0.09% in US dollar terms, outperforming the - A Accumulation shares decreased by 0.09% compared to a decrease benchmark, which declined by 1.18%.The strong relative performance of 1.18% in the composite benchmark being 40% MSCI AC Asia Pacific was due single-handedly to the good performance of the Fund’s equity Index, 30% JP Morgan Asia Credit Index and 30% HSBC Asian Local holdings relative to equity markets broadly. In terms of broad asset Bond Index (ALBI). allocation, we saw a strong second-half contribution resulting from the Source: Aberdeen Asset Management, Lipper, and JP Morgan strategic decision in March to move to a significant underweight to Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, USD. equities given anticipation, which later proved correct, of a deteriorating global backdrop. This prudent move mostly mitigated the Fund name change weak first-half contribution, with the overall asset allocation thus only On 1 December 2011 the Fund changed its name from Aberdeen mildly negative for the full year. Global II – Multi Asset Asia Pacific Fund to Aberdeen Global II – Asia Stock selection was the main driver of performance for the equity Pacific Multi Asset Fund. sleeve. Japanese toiletries maker Unicharm’s share price bucked the domestic downtrend on expectations that the company will post Distribution frequency change record profits. Another solid performer was consumer staples group From 1 December 2011 the Fund changed its distribution frequency to Unilever Indonesia, which posted healthy results underpinned by its be quarterly as at 1 January, 1 April, 1 July, and 1 October. well-established distribution network and brands. Retail group Dairy Farm benefited from robust consumer demand, reflecting its firm Manager’s review position in various markets. Our Philippine holdings also did well, Asian financial markets experienced mixed fortunes during the review property developer Ayala Land’s share price was buoyed by good period. Equities declined whereas fixed income markets posted gains growth across all its businesses, while lender Bank of the Philippine amid rising risk aversion. Europe’s escalating crisis and the anaemic US Islands posted higher interest margins and loans growth. recovery cast a pall over the global economy. Even resilient Asia started Meanwhile, our underweight to fixed income hurt relative return, as to falter, as weak external demand hurt exports and Gross Domestic did security selection within the fixed income sleeve. Our underweight Product (GDP) growth. During the period, there was a broad retreat to Asian credit as well as our overweight to investment-grade bonds from riskier emerging market investments in favour of safe haven detracted from performance. In local currency bond markets, our assets such as US Treasuries and the dollar. This was most evident in overweight to Korea, Malaysia and the Philippines boosted relative September, when Asian bonds, currencies and equities fell to their return but this was overshadowed by the negative contribution from lowest point for the period. Subsequently, coordination among top our underweight to Hong Kong and Singapore. Our currency central banks to support the global financial system combined with exposures, in particular the underweight to the baht, also weighed some positive policy developments in Europe underpinned sentiment. down performance. China also cut interest rates for the first time in four years, as inflation abated across Asia, albeit a response to moderating growth. Outlook Against the backdrop, equity markets in China, Taiwan, Hong Kong and Asian markets remain overvalued relative to cyclically-adjusted Korea posted double-digit losses in local currency terms, while Indian earnings. Furthermore, earnings momentum will continue to slow for stocks were the main laggard in US dollar terms as elevated inflation, another few quarters as economic growth disappoints. Thus, we think policy uncertainty and the faltering economy took their toll on the that the market weakness that began in March will soon resume. At the rupee. On the flip side, Philippine equities were buoyed by robust same time, the global financial system remains weak and vulnerable to capital inflows, while the peso was resilient amid a strengthening further loss of confidence. The uncertain backdrop merits caution and domestic backdrop. hence we continue to maintain a defensive equity target weight of 33%. We will look to increase our equity weighting towards one more Local currency government bond and Asian credit markets did well. The commensurate with our positive long-term view on the region as Indonesian and the Philippine bond markets led gains. The Asian credit opportunities arise. market rallied on decent buying interest as high yield names outperformed their investment-grade peers. New issuance was robust with quality investment-grade names attracting keen interest.

10 Aberdeen Global II - Asia Pacific Multi Asset Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 US$’000 US$’000 Assets Income Investments in securities at market value (note 2.2) 179,935 Investment income 6,764 Cash at bank 6,253 Total income 6,764 Amounts held at futures clearing houses and brokers 153 Interest receivable 1,641 Expenses Subscriptions receivable 1,830 Gross management fees 2,854 Receivable for investments sold 3,750 Less: Management fee cross holdings (86) Unrealised gains on forward currency exchange Net management fees (note 4.5) 2,768 contracts (note 2.6) 506 Other assets 29 Administration fees (note 4.1) 185 Total assets 194,097 Custodian fees (note 4.2) 132 Domiciliary agent, registrar, paying and transfer agent Liabilities fees (note 4.3) 61 Payable for investments purchased 4,115 Management Company fees (note 4.4) 19 Taxes and expenses payable 450 Operational expenses (note 4.6) 83 Redemptions payable 245 Annual tax (note 4.8) 83 Unrealised losses on future contracts (note 2.7) 20 Bank interest 3 Other liabilities 244 Total expenses 3,334 Total liabilities 5,074 Net gains from investments 3,430 Net assets at the end of the year 189,023 Realised gains on investments 1,130 Realised losses on forward currency exchange contracts (7,626) Statement of Changes in Net Assets Realised gains on future contracts 561 For the year from 1 July 2011 to 30 June 2012 Realised losses on swap contracts (16) US$’000 Realised currency exchange losses (5,984) Net assets at the beginning of the year 208,922 Net realised losses (11,935) Net gains from investments 3,430 Net realised losses (11,935) Decrease in unrealised appreciation on investments (5,302) Net unrealised losses (4,000) Increase in unrealised appreciation on forward currency Proceeds from shares issued 49,487 exchange contracts 184 Payments for shares redeemed (56,800) Decrease in unrealised depreciation on future contracts 37 Net equalisation paid (note 10) (81) Decrease in unrealised depreciation on swap contracts 1,049 Net assets at the end of the year 189,023 Unrealised currency exchange gains 32 Net unrealised losses (4,000) Net decrease in assets as a result of operations (12,505)

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-2 A(CHF)-2^ A(EUR)-2^ E-2 Shares outstanding at the beginning of the year 684,447 180,898 286,377 - Shares issued during the year 147,094 42,695 73,055 260,050 Shares redeemed during the year (202,565) (44,231) (83,983) - Shares outstanding at the end of the year 628,976 179,362 275,449 260,050 Net asset value per share 168.4739 139.7195 152.2270 10.2098 ^ Hedge Share Class The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 11 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market Corporate Bonds -21.31% China - 2.05% Agile Property Holdings 9.8750 20/03/17 200,000 201 0.11 Central China Real Estate 12.2500 20/10/15 50,000 52 0.03 China Overseas Finance 5.5000 10/11/20 450,000 471 0.25 China Resources Gas 4.5000 05/04/22 250,000 259 0.14 China Shansui Cement 10.5000 27/04/17 500,000 504 0.27 Country Garden Holdings 11.7500 10/09/14 100,000 109 0.06 Country Garden Holdings 11.1250 23/02/18 350,000 357 0.19 ENN Energy Holdings 6.0000 13/05/21 600,000 605 0.32 Export Import Bank China 5.2500 29/07/14 150,000 160 0.09 Export Import Bank China 4.8750 21/07/15 100,000 107 0.06 Longfor Properties 9.5000 07/04/16 200,000 209 0.11 Talent Yield Investment 4.5000 25/04/22 200,000 205 0.11 Texhong Textile 7.6250 19/01/16 200,000 162 0.09 West China Cement 7.5000 25/01/16 200,000 182 0.10 Yanlord Land 10.6250 29/03/18 250,000 233 0.12 3,816 2.05

Hong Kong - 4.73% Fita International 7.0000 10/02/20 900,000 941 0.50 Henson Finance 5.5000 17/09/19 650,000 675 0.36 Henderson Land 4.7500 14/02/17 300,000 311 0.16 Hongkong Land Finance 4.5000 07/10/25 900,000 920 0.49 Hutchison Whampoa International 4.6250 11/09/15 100,000 107 0.06 Hutchison Whampoa International 7.4500 24/11/33 150,000 210 0.11 Hutchison Whampoa International 7.6250 09/04/19 1,250,000 1,553 0.82 Sun Hung Kai Properties (EMTN) 4.5000 14/02/22 900,000 905 0.48 Swire Pacific Financing (EMTN) 5.5000 19/08/19 600,000 669 0.35 Swire Property Financing (EMTN) 4.5000 28/02/22 250,000 260 0.14 Swire Pacific (EMTN) 6.2500 18/04/18 300,000 351 0.19 Swire Property (MTN) 4.3750 18/06/22 500,000 514 0.27 Wing Hang Bank (EMTN) (VAR) (PERP) 6.0000 29/04/49 1,600,000 1,510 0.80 8,926 4.73

India - 2.11% Axis Bank Dubai (EMTN) 5.2500 30/09/15 800,000 817 0.43 Bank of Baroda London 5.0000 24/08/16 250,000 253 0.13 ICICI Bank (FRN) 6.3750 30/04/22 800,000 736 0.39 ICICI Bank Dubai 4.7500 25/11/16 250,000 248 0.13 Indian Railway Finance 4.4060 30/03/16 500,000 508 0.27 NTPC (EMTN) 5.6250 14/07/21 600,000 613 0.32 NTPC (EMTN) 5.8750 02/03/16 300,000 320 0.17 Power Grid Corporation of India 9.2500 26/12/16 12,500,000 223 0.12 Rural Electrification 9.3500 19/10/16 16,000,000 287 0.15 4,005 2.11

12 Aberdeen Global II - Asia Pacific Multi Asset Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Indonesia - 1.56% Indonesia Eximbank 3.7500 26/04/17 250,000 253 0.13 Indosat Palapa 7.3750 29/07/20 450,000 490 0.26 Majapahit Holdings 7.8750 29/06/37 300,000 365 0.19 Majapahit Holdings 8.0000 07/08/19 500,000 600 0.32 Pertamina 4.8750 03/05/22 250,000 251 0.13 Pertamina 5.2500 23/05/21 450,000 473 0.25 PT Adaro Indonesia 7.6250 22/10/19 500,000 532 0.28 2,964 1.56

Malaysia - 2.47% AMBB Capital (VAR) 6.7700 29/01/49 700,000 670 0.35 Danga Capital 2.9000 20/10/14 7,400,000 1,148 0.61 Petronas Capital 5.2500 12/08/19 500,000 576 0.30 Petronas Global Sukuk 4.2500 12/08/14 850,000 893 0.47 Public Bank Berhad (VAR) 6.8400 22/08/36 300,000 305 0.16 SBB Capital (PERP) (VAR) 6.6200 29/11/49 700,000 677 0.36 TNB Capital 5.2500 05/05/15 400,000 424 0.22 4,693 2.47

Philippines - 0.65% Alliance Global Group Cayman 6.5000 18/08/17 700,000 748 0.40 Philippine Long Distance Telephone (EMTN) 8.3500 06/03/17 400,000 479 0.25 1,227 0.65

Singapore - 1.58% CMT MTN PTE (EMTN) 2.8500 01/09/14 500,000 400 0.21 CMT MTN PTE (EMTN) 4.3210 08/04/15 500,000 526 0.28 Oversea-Chinese Banking Corporation (EMTN) (VAR) 3.7500 15/11/22 600,000 604 0.32 Stats Chippac 7.5000 12/08/15 400,000 431 0.23 Temasek Financial 4.3000 25/10/19 900,000 1,014 0.54 2,975 1.58

South Korea - 4.94% Busan Bank (GMTN) 4.1250 09/02/17 850,000 889 0.47 Busan Bank (VAR) 6.0000 30/10/17 100,000 101 0.05 Export - Import Bank Korea 8.1250 21/01/14 200,000 219 0.12 Export - Import Bank Korea 4.0000 11/01/17 200,000 213 0.11 Export - Import Bank Korea 5.8750 14/01/15 550,000 600 0.32 Hana Bank 4.0000 03/11/16 300,000 316 0.17 Hana Bank 4.2500 14/06/17 400,000 425 0.22 Hana Funding (PERP) (VAR) 8.7480 29/12/49 200,000 206 0.11 Hyundai Capital Services 6.0000 05/05/15 400,000 434 0.23 Korea Expressway Corporation 4.5000 23/03/15 600,000 633 0.33 Korea Finance Corporation 3.2500 20/09/16 320,000 328 0.17 Korea Finance Corporation 4.6250 16/11/21 1,100,000 1,190 0.64

www.aberdeen-asset.com 13 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Korea First Bank 7.2670 03/03/34 900,000 928 0.49 Korea South East Power 6.0000 25/05/16 900,000 1,015 0.54 National Agricultural 4.2500 28/01/16 800,000 846 0.45 Shinhan Bank 4.1250 04/10/16 100,000 105 0.06 Shinhan Bank (VAR) 6.8190 20/09/36 100,000 104 0.06 Shinhan Bank (VAR) 5.6630 02/03/35 750,000 754 0.40 9,306 4.94

Thailand - 1.22% Bangkok Bank PUB (HK) 9.0250 15/03/29 750,000 926 0.49 Bangkok Bank PUB (HK) 4.8000 18/10/20 300,000 307 0.16 Kasikornbank 8.2500 21/08/16 300,000 341 0.18 PTTEP Australia International Finance 4.1520 19/07/15 200,000 206 0.11 PTTEP Canada International Finance 5.6920 05/04/21 500,000 534 0.28 2,314 1.22

Corporate Bonds 40,226 21.31

Equities - 30.60% Australia - 1.55% QBE Insurance 146,369 2,011 1.06 Woolworths 34,000 934 0.49 2,945 1.55

China - 1.57% China Mobile 141,000 1,542 0.82 Petrochina 1,106,000 1,418 0.75 2,960 1.57

Hong Kong - 6.50% AIA Group 475,800 1,627 0.86 ASM Pacific Technology 73,200 928 0.49 Dairy Farm International 65,700 691 0.37 Hang Lung Group 107,000 659 0.35 Hang Lung Properties 202,440 683 0.36 HSBC Holdings 232,832 2,057 1.09 Jardine Strategic Holdings 63,000 1,925 1.02 Li & Fung 340,000 649 0.34 Sun Hung Kai Properties 68,475 805 0.43 Swire Pacific 'A' 160,000 1,852 0.99 Swire Properties 126,000 378 0.20 12,254 6.50

Indonesia - 0.31% Unilever Indonesia 238,000 582 0.31

14 Aberdeen Global II - Asia Pacific Multi Asset Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Japan - 7.06% Canon Corporation 53,400 2,122 1.12 Fanuc 8,900 1,446 0.76 Honda Motor Company 48,000 1,656 0.88 Seven & I Holdings 41,400 1,245 0.66 Shin-Etsu Chemical Company 36,500 1,997 1.06 Takeda Pharmaceutical Company 43,300 1,964 1.04 Toyota Motor Corporation 32,100 1,288 0.68 Uni-Charm Corporation 28,600 1,631 0.86 13,349 7.06

Malaysia - 0.78% British American Tobacco Malaysia 24,500 431 0.23 CIMB Group 281,000 669 0.35 Public Bank (Alien) 89,000 386 0.20 1,486 0.78

Philippines - 0.57% Ayala Land 1,083,000 554 0.29 Bank of the Philippine Islands 301,268 533 0.28 1,087 0.57

Singapore - 5.45% City Developments 198,000 1,750 0.93 Keppel Corporation 119,000 965 0.51 Oversea-Chinese Banking Corporation 341,740 2,370 1.25 Singapore Airlines 84,000 688 0.37 Singapore Technologies Engineering 520,000 1,275 0.67 Singapore Telecommunications 489,000 1,272 0.67 United Overseas Bank 104,913 1,547 0.82 Venture Corporation 72,000 444 0.23 10,311 5.45

South Korea - 1.15% Samsung Electronics (PREF) 3,337 2,172 1.15

Taiwan - 1.32% Taiwan Mobile 269,700 888 0.47 TSMC 591,000 1,607 0.85 2,495 1.32

Thailand - 1.06% PTT Exploration & Production (Alien) 220,700 1,169 0.62 Siam Cement (Alien) 73,500 837 0.44 2,006 1.06

www.aberdeen-asset.com 15 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % United Kingdom - 3.28% BHP Billiton 70,550 1,998 1.06 Rio Tinto 49,642 2,351 1.24 Standard Chartered Bank 85,722 1,861 0.98 6,210 3.28

Equities 57,857 30.60

Government Bonds - 31.11% China - 0.28% China (Peoples Republic of) 1.4000 18/08/16 3,500,000 532 0.28

India - 1.31% India (Government of) 8.3300 07/06/36 60,000,000 1,047 0.55 India (Government of) 8.0700 15/01/17 80,000,000 1,431 0.76 2,478 1.31

Indonesia - 6.00% Indonesia (Republic of) 6.6250 17/02/37 950,000 1,170 0.62 Indonesia (Republic of) 7.3750 15/09/16 31,300,000,000 3,583 1.90 Indonesia (Republic of) 9.5000 15/07/31 5,500,000,000 742 0.39 Indonesia (Republic of) 11.0000 15/11/20 12,000,000,000 1,688 0.89 Indonesia (Republic of) 4.8750 05/05/21 500,000 545 0.30 Indonesia (Republic of) 11.0000 15/09/25 2,935,000,000 431 0.23 Indonesia (Republic of) 8.2500 15/06/32 5,500,000,000 670 0.35 Indonesia (Republic of) 7.0000 15/05/22 2,535,000,000 287 0.15 Indonesia (Republic of) 11.6250 04/03/19 550,000 811 0.43 Perusahaan Penerbit SBSN 4.0000 21/11/18 500,000 507 0.27 Perusahaan Penerbit SBSN 8.8000 23/04/14 800,000 891 0.47 11,325 6.00

Malaysia - 4.82% Malaysian (Government of) 3.7410 27/02/15 5,500,000 1,763 0.93 Malaysian (Government of) 3.1970 15/10/15 7,500,000 2,373 1.26 Malaysian (Government of) 3.5800 28/09/18 3,400,000 1,083 0.57 Malaysian (Government of) 4.1600 15/07/21 6,350,000 2,095 1.11 Malaysian (Government of) 4.2620 15/09/16 1,500,000 493 0.26 Malaysian (Government of) 4.3920 15/04/26 1,600,000 536 0.28 Wakala Global Sukuk 2.9910 06/07/16 750,000 774 0.41 9,117 4.82

Philippines - 5.01% Philippines (Republic of) 7.0000 27/01/16 52,000,000 1,353 0.71 Philippines (Republic of) 7.7500 14/01/31 1,150,000 1,636 0.86 Philippines (Republic of) 8.8750 17/03/15 300,000 353 0.19 Philippines (Republic of) 6.3750 19/01/22 110,000,000 2,827 1.50

16 Aberdeen Global II - Asia Pacific Multi Asset Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Philippines (Republic of) 5.0000 13/01/37 500,000 545 0.29 Philippines (Republic of) 9.3750 18/01/17 100,000 130 0.07 Philippines (Republic of) 9.8750 15/01/19 800,000 1,134 0.60 Philippines (Republic of) 10.6250 16/03/25 900,000 1,493 0.79 9,471 5.01

Singapore - 5.30% Housing and Development Board 1.8300 21/11/18 750,000 599 0.32 Singapore (Government of) 3.1250 01/09/22 1,510,000 1,362 0.72 Singapore (Government of) 3.2500 01/09/20 700,000 634 0.34 Singapore (Republic of) - 16/08/12 9,400,000 7,418 3.92 10,013 5.30

Sri Lanka - 0.13% Sri Lanka (Republic of) 6.2500 27/07/21 250,000 253 0.13

South Korea - 5.39% Korea Monetary Bond 3.4700 02/02/14 1,000,000,000 876 0.46 Korea (Republic of) 1.5000 10/06/21 1,000,000,000 934 0.49 Korea (Republic of) 3.5000 10/03/17 6,250,000,000 5,538 2.93 Korea (Republic of) 3.7500 10/06/22 250,000,000 221 0.12 Korea (Republic of) 4.2500 10/06/21 1,500,000,000 1,374 0.73 Korea (Republic of) 5.1250 07/12/16 100,000 113 0.06 Korea (Republic of) 7.1250 16/04/19 900,000 1,140 0.60 10,196 5.39

Thailand - 2.87% Thailand (Kingdom of) 3.2500 16/06/17 31,000,000 972 0.51 Thailand (Kingdom of) 3.6500 17/12/21 9,500,000 303 0.16 Thailand (Kingdom of) 2.8000 10/10/17 85,000,000 2,603 1.38 Thailand (Kingdom of) 3.6250 22/05/15 35,000,000 1,114 0.59 Thailand (Kingdom of) 3.8750 13/06/19 13,400,000 432 0.23 5,424 2.87

Government Bonds 58,809 31.11

Investment Funds - 8.28% Luxembourg - 8.28% Aberdeen Global Asian Local Currency Short Duration Bond Fund A-1† 2,527,183 10,837 5.73 Aberdeen Global Indian Equity Fund Z-2† 464,699 4,825 2.55 15,662 8.28

Investment Funds 15,662 8.28

Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market 172,554 91.30

www.aberdeen-asset.com 17 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Other transferable securities and money market instruments Government Bonds - 3.82% China - 3.82% China (Peoples Republic of) 2.8200 08/12/14 5,000,000 795 0.42 China (Peoples Republic of) 3.3600 24/05/22 10,000,000 1,587 0.84 China (Peoples Republic of) 3.4100 24/06/20 10,000,000 1,589 0.84 China (Peoples Republic of) 3.6000 17/02/16 10,000,000 1,628 0.86 China (Peoples Republic of) 3.7000 07/07/18 10,000,000 1,632 0.86 7,231 3.82

Government Bonds 7,231 3.82

Corporate Bonds - 0.08% China - 0.08% China Petroleum & Chemical 0.8000 20/02/14 1,000,000 150 0.08

Corporate Bonds 150 0.08

Other transferable securities and money market instruments 7,381 3.90

Total transferable securities and money market instruments 179,935 95.20

Financial Derivative Instruments - 0.25% Future contracts - (0.01)%

Unrealised Percentage of gains/(losses) total net Futures Maturity Notional US$’000 assets % CBT US 5 Year Note 28/09/12 (13) (2) - CBT US Long Bond 19/09/12 2 1 - CBT US 2 Year Note 28/09/12 25 (1) - CBT US 10 Year Note 19/09/12 (57) (18) (0.01) Unrealised losses on future contracts (20) (0.01)

Forward currency exchange contracts - 0.26% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$’000 assets % CHF USD 03/07/12 20,614 21,464 - - CHF USD 14/09/12 24,950,373 26,183,072 229 0.13 CNH USD 23/08/12 635,700 100,000 - - CNH USD 23/08/12 3,791,520 600,000 (6) - CNH USD 23/08/12 7,581,600 1,200,000 (11) (0.01) CNY USD 13/07/12 16,461,900 2,600,000 - - CNY USD 13/07/12 17,052,120 2,700,000 11 0.01 CNY USD 30/01/13 16,962,480 2,700,000 (32) (0.02) EUR USD 02/07/12 46,851 58,658 1 -

18 Aberdeen Global II - Asia Pacific Multi Asset Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$’000 assets % EUR USD 05/07/12 111,290 139,024 2 - EUR USD 14/09/12 1,248,471 1,575,670 10 0.01 EUR USD 14/09/12 40,180,754 50,564,264 463 0.24 HKD USD 07/09/12 4,651,800 600,000 7 - HKD USD 07/09/12 9,307,800 1,200,000 - - HKD USD 07/09/12 20,946,060 2,700,000 1 - HKD USD 07/09/12 44,243,970 5,700,000 5 - IDR USD 13/09/12 1,865,000,000 200,000 (2) - IDR USD 13/09/12 1,880,000,000 200,000 (2) - IDR USD 01/03/13 2,857,500,000 300,000 (5) - IDR USD 13/09/12 3,692,000,000 400,000 (10) (0.01) IDR USD 13/09/12 7,560,000,000 800,000 (3) - IDR USD 13/09/12 64,782,300,000 6,700,000 129 0.07 IDR USD 01/03/13 74,139,000,000 7,800,000 (139) (0.07) INR USD 09/11/12 27,621,000 500,000 (15) (0.01) KRW USD 20/09/12 229,870,000 200,000 - - KRW USD 20/09/12 227,200,000 200,000 (3) - KRW USD 20/09/12 230,110,000 200,000 - - KRW USD 20/09/12 460,580,000 400,000 1 - KRW USD 20/09/12 702,000,000 600,000 4 - KRW USD 20/09/12 936,800,000 800,000 14 0.01 MYR USD 27/09/12 64,220 20,000 - - MYR USD 27/09/12 641,400 200,000 1 - MYR USD 27/09/12 1,586,500 500,000 (9) - PHP USD 23/08/12 8,628,000 200,000 4 - PHP USD 23/08/12 8,628,000 200,000 4 - PHP USD 23/08/12 8,638,000 200,000 4 - PHP USD 23/08/12 8,645,211 201,000 3 - PHP USD 23/08/12 12,924,000 300,000 5 - PHP USD 23/08/12 26,010,000 600,000 15 0.01 SGD USD 27/09/12 759,960 600,000 - - SGD USD 27/09/12 1,784,608 1,400,000 9 - SGD USD 27/09/12 4,844,066 3,820,000 4 - THB USD 05/09/12 9,510,000 300,000 (2) - USD CNH 23/08/12 200,000 1,268,600 - - USD CNH 23/08/12 200,000 1,277,100 - - USD CNH 23/08/12 500,000 3,176,000 9 - USD CNH 23/08/12 3,300,000 20,978,100 11 0.01 USD CNY 13/07/12 2,600,000 16,461,900 - - USD CNY 13/07/12 2,700,000 16,981,650 - - USD CNY 13/07/12 2,700,000 17,089,650 - - USD EUR 05/07/12 1,559,383 1,236,428 (10) (0.01) USD HKD 07/09/12 600,000 4,654,680 - - USD HKD 07/09/12 800,000 6,204,600 - - USD HKD 07/09/12 1,000,000 7,753,800 - - USD HKD 07/09/12 1,100,000 8,529,070 - - USD IDR 13/09/12 400,000 3,788,000,000 11 0.01

www.aberdeen-asset.com 19 PORTFOLIO STATEMENT CONTINUED

Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$’000 assets % USD IDR 13/09/12 400,000 3,786,000,000 (10) (0.01) USD IDR 13/09/12 400,000 3,694,000,000 (4) - USD IDR 13/09/12 500,000 4,800,000,000 43 0.02 USD IDR 13/09/12 500,000 4,660,000,000 (9) - USD IDR 13/09/12 600,000 5,628,000,000 - - USD IDR 13/09/12 1,100,000 10,521,500,000 (9) - USD IDR 13/09/12 1,300,000 12,493,000,000 (17) (0.01) USD IDR 01/03/13 1,500,000 14,257,500,000 27 0.01 USD IDR 13/09/12 2,000,000 19,300,000,000 (34) (0.02) USD INR 16/07/12 500,000 25,572,500 (4) - USD KRW 20/09/12 400,000 472,560,000 - - USD KRW 20/09/12 400,000 465,520,000 - - USD KRW 20/09/12 900,000 1,035,360,000 1 - USD KRW 20/09/12 1,550,000 1,784,747,500 - - USD MYR 27/09/12 100,000 318,550 - - USD MYR 27/09/12 3,440,000 11,045,840 (20) (0.01) USD PHP 23/08/12 500,000 21,520,000 - - USD PHP 23/08/12 700,000 30,037,000 (10) (0.01) USD PHP 23/08/12 910,000 39,140,010 (15) (0.01) USD PHP 23/08/12 1,100,000 47,201,000 (16) (0.01) USD SGD 27/09/12 40,000 50,723 - - USD SGD 27/09/12 500,000 638,875 - - USD SGD 27/09/12 600,000 766,650 - - USD SGD 27/09/12 2,900,000 3,732,010 (46) (0.02) USD SGD 27/09/12 5,900,000 7,592,710 (96) (0.05) USD THB 05/09/12 2,750,000 87,175,000 17 0.01 Unrealised gains on forward currency exchange contracts 506 0.26

Unrealised gains on financial derivative instruments 486 0.25

Total investments 180,421 95.45 Other net assets 8,602 4.55 Total 189,023 100.00 † Managed by subsidiaries of Aberdeen Asset Management PLC.

20 Aberdeen Global II - Asia Pacific Multi Asset Asian Bond For the year ended 30 June 2012

Performance Inflation abated as global commodity prices declined and regional growth moderated. This created room for policymakers to ease, given For the year ended 30 June 2012, the value of Asia Bond - A that they had generally been in a “wait and see” mode as they weighed Accumulation shares increased by 1.48% compared to an increase of longer term inflation risks against near term growth risks. China sent a 5.00% in the composite benchmark being 50% JP Morgan Asia Credit clear signal by cutting interest rates for the first time since 2008. India Index and 50% HSBC Asian Local Bond Index (ALBI). also cut rates by more than expected, though persistent inflation Source: Aberdeen Asset Manager, Lipper, and JP Morgan limited further easing. Indonesia, meanwhile, has cut its key policy rate Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, USD. by 1% since October 2011, including a 25 basis point (bp) cut in Fund name change February. And both Thailand and the Philippines have lowered their policy rates by 50 bps since November 2011. Korea and Malaysia kept On 1 December 2011 the Fund changed its name from Aberdeen policy rates unchanged, though Korea moved closer to easing by end Global II – Asia Fixed Income Fund to Aberdeen Global II – Asian June given the mounting growth pressures. In the periphery markets, Bond Fund. softer inflation allowed Vietnam to aggressively ease monetary policy as it cut the discount rate by 5% this year, while conversely Sri Lanka Distribution frequency change hiked rates to curb excessive credit growth. From 1 December 2011 the Fund changed its distribution frequency to be quarterly as at 1 January, 1 April, 1 July, and 1 October. The Asian credit market rallied, with high yield names outperforming their investment grade peers. Chinese property developers, in particular, were supported by solid property sales. New issuance was Manager’s review robust as companies looked to lock in low cost funding for the future. Asian fixed income markets strengthened in the year to June 2012 Despite the significant rise in volume, the pace and pricing of new amid rising risk aversion. The global outlook deteriorated as Europe’s issues did not sour risk appetite and quality investment grade names crisis escalated and the US recovery faltered. Growth in Asia, while continued to attract keen interest. exhibiting better resilience due to continued momentum in investment and consumption trends, nevertheless slowed as the export and Local currency government bonds did well, led by Indonesia and the manufacturing sectors came under pressure. In the first half of the Philippines. The yield curve shifted downwards with a bull flattening review period, investors retreated from riskier emerging market bias across most markets. In Indonesia, aggressive policy easing and investments in favour of safe haven assets such as US Treasuries and investment grade rating upgrades by Fitch Ratings and Moody’s the dollar. This culminated in a sharp sell-off in Asian credit, equity and bolstered sentiment. The Philippine market was aided by a supportive foreign exchange markets, which fell to their lowest point for the year fiscal and monetary outlook. Other regional markets posted more in September 2011. However, concerted efforts by major central banks modest gains. to shore up the global financial system and positive policy However, most Asian currencies fell against the US dollar. The rupee developments in Europe underpinned sentiment subsequently, while a was the worst performer owing to its weaker fundamentals, namely the growing demand for yield and diversification away from developed country’s twin deficits, persistent inflation and the crawling pace of market debt brought support to Asian bond markets. Over the period, reforms. On the other hand, the peso rose by the most against the US the HSBC Asian Local Bond Index and the JP Morgan Asian Credit Index dollar amid a supportive domestic backdrop. The currency was further rose by about 2% and 8% respectively, whereas the MSCI AC Asia bolstered by hopes that positive economic fundamentals and Pacific ex Japan Index fell by more than 12% in US dollar terms. improving government finances will lead to a credit rating upgrade. Economic data softened across most of Asia. Waning external demand, particularly in the West, was felt more acutely in export oriented Portfolio review economies like Taiwan and Korea than in Indonesia, Malaysia and the The portfolio rose by 1.48% for the period under review, Philippines, where domestic investment and consumption provided a underperforming the benchmark’s return of 5.00%. significant buffer. The manufacturing sector faced increasing pressure, Our local market interest rate strategies had a small positive with leading indicators pointing to weakness ahead. China’s contribution to relative return. Initially, performance was boosted by deceleration also proved worrying, given the region’s growing reliance the overweight to Indonesia and the Philippines, and to a lesser on mainland demand. extent, Thailand and Malaysia. Subsequently, the overweight to India was a significant contributor as a result of the overweight and short duration position. Our overweight to Korea also boosted relative return. The gains were pared by the underweight to Hong Kong, which was a key detractor.

www.aberdeen-asset.com 21 The fund’s currency exposure detracted from relative performance. Stop gap measures to stabilise the rupee were outweighed by the structural headwinds driving its underperformance, although the losses were mitigated by our underweight position in the currency. Likewise, our underweight to the baht also limited the impact from the currency’s underperformance. Also hurting relative return was our underweight to the Taiwan dollar and the won. On a more positive note, our overweight to the peso contributed positively as the currency was the best regional performer against the US dollar during the period. Also weighing down performance was the allocation within Asian credit as spreads particularly in the high yield sector tightened. Our underweight to quasi sovereigns, particularly investment grade bonds, benefited performance but this was overshadowed by the negative contribution from the underweight to investment grade sovereigns. At the selection level, our industrials holdings, particularly in the high yield space, hurt relative return, although this was mitigated by the positive contribution from our investment grade sovereign holdings.

Outlook Markets have remained volatile despite recent rate cuts in China and Europe as well as additional quantitative easing in the UK. This not only indicates a continued lack of confidence in the global recovery but also signals fears of further weakening globally. European leaders have announced fresh initiatives to address the long drawn debt crisis which do not appear to be sufficient to address deeper structural faults, the paucity of details also increases uncertainty with respect to implementation risks. Furthermore, concerns over the severity of austerity measures raise the risk of pushing the Eurozone into a deeper recession. In the US, a fragile labour market continues to hinder consumer spending and, in turn, retail sales while the services sector remains sluggish. On the corporate front, companies are putting off investment and new hiring. Elsewhere, the focus is on China’s slowdown, and expectations are for further easing. With these overhanging risks, sentiment could deteriorate in the months ahead. On the strategy front, we have selectively extended duration positions in local currency bond markets as the policy focus shifts from inflation concerns to growth risks. This year, we lengthened duration in Korea and reduced our short duration exposure in Thailand and Malaysia. External headwinds will continue to test the resilience of Asian currencies. As such, we have reduced short term risk by lowering exposure to the rupiah, ringgit, peso and Singapore dollar, effectively limiting our vulnerability to a continued US dollar rally. We have also initiated / maintained a defensive underweight exposure to the won and baht respectively. We view the rupiah, ringgit and peso as appealing given that domestic demand, complemented by government investment programmes, provides some buffer against global headwinds. In the Asian credit space, we have been conservative by adding sovereign and quasi-sovereign debt, and maintaining our overweight to investment grade as opposed to high yield.

22 Aberdeen Global II - Asian Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 US$’000 US$'000 Assets Income Investments in securities at market value (note 2.2) 175,487 Investment income 8,178 Cash at bank 3,920 Bank interest 5 Amounts held at futures clearing houses and brokers 257 Other income (13) Interest receivable 2,590 Total income 8,170 Subscriptions receivable 724 Receivable for investments sold 3,873 Expenses Unrealised gains on forward currency exchange Management fees (note 4.5) 1,619 contracts (note 2.6) 326 Administration fees (note 4.1) 182 Other assets 45 Custodian fees (note 4.2) 132 Total assets 187,222 Domiciliary agent, registrar, paying and transfer agent fees (note 4.3) 59 Liabilities Management Company fees (note 4.4) 18 Payable for investments purchased 5,077 Operational expenses (note 4.6) 116 Taxes and expenses payable 336 Annual tax (note 4.8) 62 Redemptions payable 882 Total expenses 2,188 Unrealised losses on future contracts (note 2.7) 35 Other liabilities 55 Net gains from investments 5,982 Total liabilities 6,385 Realised losses on investments (2,200) Net assets at the end of the year 180,837 Realised losses on forward currency exchange contracts (3,956) Realised gains on future contracts 234 Realised losses on swap contracts (6) Statement of Changes in Net Assets Realised currency exchange losses (4,543) For the year from 1 July 2011 to 30 June 2012 Net realised losses (10,471) US$'000 Net assets at the beginning of the year 187,329 Decrease in unrealised appreciation on investments (1,370) Net gains from investments 5,982 Increase in unrealised appreciation on forward currency Net realised losses (10,471) exchange contracts 158 Net unrealised losses (260) Decrease in unrealised depreciation on future contracts 26 Proceeds from shares issued 115,801 Decrease in unrealised depreciation on swap contracts 934 Payments for shares redeemed (116,940) Unrealised currency exchange losses (8) Net equalisation paid (note 10) (398) Net unrealised losses (260) Dividends paid (note 5) (206) Net decrease in assets as a result of operations (4,749) Net assets at the end of the year 180,837

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-1 A-2 A(EUR)-2^ D(GBP)-2^ I-2 Z-2 Shares outstanding at the beginning of the year 37,141 376,183 220,031 50,000 30,732 33,729 Shares issued during the year 35,956 221,436 178,206 11,725 28,831 - Shares redeemed during the year (17,138) (64,398) (194,948) (34,973) (46,418) (125) Shares outstanding at the end of the year 55,959 533,221 203,289 26,752 13,145 33,604 Net asset value per share 127.4412 150.8170 146.0328 10.5798 1,502.8022 1,053.9020 ^ Hedge Share Class The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 23 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$'000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Corporate Bonds - 38.87% China - 3.80% Agile Property Holdings 9.8750 20/03/17 750,000 753 0.42 Central China Real Estate 12.2500 20/10/15 200,000 208 0.12 China Overseas Finance 5.5000 10/11/20 900,000 943 0.52 China Resources Gas 4.5000 05/04/22 450,000 467 0.26 China Shanshui Cement 10.5000 27/04/17 900,000 908 0.50 Country Garden Holdings 11.1250 23/02/18 550,000 560 0.31 ENN Energy Holdings 6.0000 13/05/21 1,100,000 1,109 0.61 Export Import Bank China 4.8750 21/07/15 150,000 160 0.09 Export Import Bank China 5.2500 29/07/14 300,000 320 0.18 Longfor Properties 9.5000 07/04/16 250,000 261 0.14 Talent Yield Investment 4.5000 25/04/22 300,000 308 0.17 Texhong Textile 7.6250 19/01/16 200,000 162 0.09 West China Cement 7.5000 25/01/16 250,000 228 0.13 Yanlord Land 10.6250 29/03/18 500,000 465 0.26 6,852 3.80

Hong Kong - 8.65% Fita International 7.0000 10/02/20 500,000 523 0.29 Henderson Land 4.7500 14/02/17 800,000 829 0.46 Henson Finance (EMTN) 5.5000 17/09/19 1,050,000 1,091 0.60 Hongkong Land Finance 4.5000 07/10/25 2,250,000 2,301 1.27 Hutchison Whampoa International 4.6250 11/09/15 100,000 107 0.06 Hutchison Whampoa International 7.4500 24/11/33 110,000 154 0.09 Hutchison Whampoa International 7.6250 09/04/19 2,100,000 2,609 1.44 Sun Hung Kai Properties (EMTN) 4.5000 14/02/22 1,800,000 1,811 1.00 Swire Pacific (EMTN) 4.5000 28/02/22 500,000 519 0.29 Swire Pacific (EMTN) 6.2500 18/04/18 650,000 760 0.42 Swire Pacific Financing (EMTN) 5.5000 19/08/19 1,000,000 1,115 0.62 Swire Property MTN Financing (EMTN) 4.3750 18/06/22 1,050,000 1,080 0.60 Wing Hang Bank (EMTN) (VAR) (PERP) 6.0000 29/04/49 2,900,000 2,737 1.51 15,636 8.65

India - 3.68% Axis Bank Dubai (EMTN) 5.2500 30/09/15 1,150,000 1,174 0.65 Bank of Baroda London 5.0000 24/08/16 450,000 456 0.25 ICICI Bank (FRN) 6.3750 30/04/22 1,500,000 1,380 0.76 ICICI Bank Dubai 4.7500 25/11/16 350,000 347 0.19 Indian Railway Finance 4.4060 30/03/16 550,000 559 0.31 NTPC (EMTN) 5.6250 14/07/21 1,050,000 1,072 0.59 NTPC (EMTN) 5.8750 02/03/16 780,000 833 0.46 Power Grid Corporation of India 9.2500 26/12/16 21,250,000 379 0.21 Rural Electrification 9.3500 19/10/16 26,000,000 466 0.26 6,666 3.68

24 Aberdeen Global II - Asian Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$'000 assets % Indonesia - 3.12% Indonesia Eximbank 3.7500 26/04/17 500,000 506 0.28 Indosat Palapa 7.3750 29/07/20 900,000 981 0.54 Majapahit Holdings 7.8750 29/06/37 250,000 304 0.17 Majapahit Holdings 8.0000 07/08/19 950,000 1,140 0.63 Pertamina 5.2500 23/05/21 1,250,000 1,312 0.73 Pertamina PT 6.0000 03/05/42 500,000 497 0.27 PT Adaro Indonesia 7.6250 22/10/19 850,000 904 0.50 5,644 3.12

Malaysia - 4.01% AMBB Capital (PERP) 6.7700 29/01/49 1,100,000 1,053 0.58 Danga Capital 2.9000 20/10/14 12,600,000 1,955 1.08 Petronas Capital 5.2500 12/08/19 750,000 864 0.48 Petronas Global Sukuk 4.2500 12/08/14 1,900,000 1,996 1.10 Public Bank Berhad (VAR) 6.8400 22/08/36 350,000 356 0.20 SBB Capital (PERP) (VAR) 6.6200 29/11/49 300,000 290 0.16 Tenaga Nasional Berhad 7.5000 01/11/25 500,000 638 0.35 TNB Capital 5.2500 05/05/15 100,000 106 0.06 7,258 4.01

Philippines - 1.73% Alliance Global Group Cayman 6.5000 18/08/17 1,500,000 1,603 0.89 National Power Corporation 6.8750 02/11/16 600,000 693 0.38 Philippine Long Distance Telephone (EMTN) 8.3500 06/03/17 700,000 838 0.46 3,134 1.73

Singapore - 2.92% CMT MTN PTE (EMTN) 2.8500 01/09/14 750,000 601 0.33 CMT MTN PTE (EMTN) 4.3210 08/04/15 900,000 946 0.52 Oversea-Chinese Banking Corporation (EMTN) (VAR) 3.7500 15/11/22 1,000,000 1,007 0.56 Stats Chippac 7.5000 12/08/15 850,000 916 0.51 Temasek Financial 4.3000 25/10/19 1,600,000 1,802 1.00 5,272 2.92

South Korea - 8.98% Busan Bank (GMTN) 4.1250 09/02/17 1,450,000 1,517 0.84 Busan Bank (VAR) 6.0000 30/10/17 200,000 202 0.11 Export - Import Bank Korea 4.0000 11/01/17 350,000 373 0.21 Export - Import Bank Korea 5.8750 14/01/15 250,000 273 0.15 Export - Import Bank Korea 8.1250 21/01/14 300,000 328 0.18 Hana Bank 4.0000 03/11/16 400,000 420 0.23 Hana Bank 4.5000 30/10/15 550,000 585 0.32 Hana Funding (PERP) (VAR) 8.7480 29/12/49 470,000 485 0.27 Hyundai Capital Services 4.3750 27/07/16 700,000 736 0.41 Hyundai Capital Services 6.0000 05/05/15 750,000 814 0.45

www.aberdeen-asset.com 25 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$'000 assets % Korea Development Bank 3.5000 22/08/17 450,000 471 0.26 Korea Expressway Corporation 4.5000 23/03/15 1,050,000 1,108 0.61 Korea Finance Corporation 3.2500 20/09/16 930,000 954 0.53 Korea Finance Corporation 4.6250 16/11/21 1,000,000 1,082 0.60 Korea First Bank 7.2670 03/03/34 1,200,000 1,238 0.68 Korea South East Power 6.0000 25/05/16 1,100,000 1,240 0.69 Korea South East Power (EMTN) 3.6250 29/01/17 600,000 623 0.34 National Agricultural 4.2500 28/01/16 1,350,000 1,428 0.79 Shinhan Bank 4.1250 04/10/16 1,000,000 1,052 0.58 Shinhan Bank (VAR) 5.6630 02/03/35 1,200,000 1,206 0.67 Shinhan Bank (VAR) 6.8190 20/09/36 100,000 104 0.06 16,239 8.98

Thailand - 1.98% Bangkok Bank PUB (HK) 9.0250 15/03/29 1,200,000 1,482 0.82 Bangkok Bank PUB (HK) 4.8000 18/10/20 400,000 409 0.23 Kasikornbank 8.2500 21/08/16 600,000 681 0.38 PTTEP Australia International Finance 4.1520 19/07/15 200,000 206 0.11 PTTEP Canada International Finance 5.6920 05/04/21 750,000 801 0.44 3,579 1.98

Corporate Bonds 70,280 38.87

Government Bonds - 51.11% China - 0.59% China (Peoples Republic of) 1.4000 18/08/16 7,000,000 1,065 0.59

India - 3.96% India (Government of) 8.3300 07/06/36 100,000,000 1,746 0.97 India (Government of) 9.0000 24/05/13 6,890,000 5,414 2.99 7,160 3.96

Indonesia - 11.10% Indonesia (Republic of) 4.8750 05/05/21 800,000 872 0.48 Indonesia (Republic of) 5.8750 13/03/20 750,000 863 0.48 Indonesia (Republic of) 6.6250 17/02/37 1,600,000 1,970 1.09 Indonesia (Republic of) 7.0000 15/05/22 2,641,000,000 299 0.17 Indonesia (Republic of) 7.3750 15/09/16 15,500,000,000 1,774 0.98 Indonesia (Republic of) 8.2500 15/06/32 6,600,000,000 804 0.44 Indonesia (Republic of) 8.2500 15/07/21 30,000,000,000 3,655 2.02 Indonesia (Republic of) 9.0000 15/09/18 11,000,000,000 1,363 0.75 Indonesia (Republic of) 9.5000 15/07/31 6,000,000,000 809 0.45 Indonesia (Republic of) 11.0000 15/10/14 11,000,000,000 1,322 0.73 Indonesia (Republic of) 11.5000 15/09/19 15,000,000,000 2,108 1.17 Indonesia (Republic of) 11.6250 04/03/19 1,050,000 1,549 0.86 Perusahaan Penerbit SBSN 4.0000 21/11/18 1,000,000 1,013 0.56 Perusahaan Penerbit SBSN 8.8000 23/04/14 1,500,000 1,671 0.92 20,072 11.10

26 Aberdeen Global II - Asian Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$'000 assets %

Malaysia - 7.73% Malaysian (Government of) 3.2100 31/05/13 1,150,000 363 0.20 Malaysian (Government of) 3.5800 28/09/18 3,000,000 956 0.53 Malaysian (Government of) 3.7020 25/02/13 6,850,000 2,167 1.20 Malaysian (Government of) 3.7410 27/02/15 4,500,000 1,443 0.80 Malaysian (Government of) 4.0120 15/09/17 15,810,000 5,156 2.85 Malaysian (Government of) 4.1600 15/07/21 1,000,000 330 0.18 Malaysian (Government of) 4.3920 15/04/26 7,100,000 2,377 1.31 Wakala Global Sukuk 2.9910 06/07/16 1,150,000 1,186 0.66 13,978 7.73

Philippines - 8.71% Philippines (Republic of) 5.0000 13/01/37 750,000 817 0.45 Philippines (Republic of) 6.3750 19/01/22 175,000,000 4,498 2.49 Philippines (Republic of) 6.5000 20/01/20 500,000 623 0.35 Philippines (Republic of) 7.7500 14/01/31 1,850,000 2,632 1.46 Philippines (Republic of) 8.8750 17/03/15 600,000 707 0.39 Philippines (Republic of) 9.1250 04/09/16 65,000,000 1,816 1.00 Philippines (Republic of) 9.3750 18/01/17 200,000 260 0.14 Philippines (Republic of) 9.8750 15/01/19 1,400,000 1,984 1.10 Philippines (Republic of) 10.6250 16/03/25 1,450,000 2,405 1.33 15,742 8.71

Singapore - 2.30% Housing and Development Board 1.8300 21/11/18 1,000,000 798 0.44 Singapore (Government of) 3.1250 01/09/22 2,530,000 2,283 1.26 Singapore (Government of) 3.2500 01/09/20 1,200,000 1,086 0.60 4,167 2.30

South Korea - 10.99% Korea (Republic of) 1.5000 10/06/21 1,800,000,000 1,681 0.93 Korea (Republic of) 3.7500 10/06/22 500,000,000 443 0.25 Korea (Republic of) 4.2500 10/06/21 3,000,000,000 2,749 1.52 Korea (Republic of) 5.1250 07/12/16 200,000 226 0.12 Korea (Republic of) 7.1250 16/04/19 1,400,000 1,773 0.98 Korea Monetary Bond 3.4700 02/02/14 2,000,000,000 1,752 0.97 Korea (Republic of) 3.5000 10/03/17 12,700,000,000 11,254 6.22 19,878 10.99

Sri Lanka - 0.45% Sri Lanka (Republic of) 6.2500 27/07/21 800,000 809 0.45

Thailand - 5.28% Thailand (Kingdom of) 2.8000 10/10/17 87,000,000 2,664 1.47 Thailand (Kingdom of) 3.2500 16/06/17 93,000,000 2,916 1.61 Thailand (Kingdom of) 3.6500 17/12/21 11,000,000 350 0.19

www.aberdeen-asset.com 27 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$'000 assets % Thailand (Kingdom of) 1.2000 14/07/21 13,200,000 426 0.24 Thailand (Kingdom of) 3.8750 13/06/19 8,900,000 287 0.16 Thailand (Kingdom of) 4.1250 18/11/16 89,326,000 2,905 1.61 9,548 5.28

Government Bonds 92,419 51.11

Transferable securities and money market instruments admitted to an official exchange listing / dealt in on other regulated markets 162,699 89.98

Other transferable securities and money market instruments - 7.07% Government Bonds - 7.07% China - 7.07% China (Peoples Republic of) 2.8200 08/12/14 20,000,000 3,178 1.76 China (Peoples Republic of) 3.3600 24/05/22 40,000,000 6,346 3.51 China (Peoples Republic of) 3.7000 07/07/18 20,000,000 3,264 1.80 12,788 7.07

Government Bonds 12,788 7.07

Other transferable securities and money market instruments 12,788 7.07

Total transferable securities and money market instruments 175,487 97.05

Financial Derivative Instruments - 0.15% Futures contracts - (0.02)% Unrealised Percentage of gains/(losses) total net Future Maturity Notional US$'000 assets % CBT US 5 Year Note 28/09/12 (33) (5) - CBT US Long Bond 19/09/12 8 5 - CBT US 2 Year Note 28/09/12 57 (4) - CBT US 10 Year Note 19/09/12 (102) (31) (0.02) Unrealised losses on future contracts (35) (0.02)

Forward currency exchange contracts - 0.17% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$'000 assets % CNY USD 23/08/12 2,797,080 440,000 (2) - CNY USD 23/08/12 3,827,100 600,000 3 - CNY USD 23/08/12 4,443,460 700,000 - - CNY USD 23/08/12 6,951,120 1,100,000 (10) (0.01) CNY USD 23/08/12 13,710,060 2,170,000 (21) (0.01) EUR USD 05/07/12 360,384 450,192 7 - EUR USD 14/09/12 30,299,495 38,129,490 349 0.19 EUR USD 14/09/12 1,006,258 804,955 (16) (0.01)

28 Aberdeen Global II - Asian Bond Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$'000 assets % GBP USD 14/09/12 281,812 437,693 4 - HKD USD 07/09/12 12,410,400 1,600,000 - - HKD USD 07/09/12 27,152,300 3,500,000 1 - HKD USD 07/09/12 76,068,580 9,800,000 9 - IDR USD 01/03/13 1,899,000,000 200,000 (4) - IDR USD 13/09/12 2,375,000,000 250,000 - - IDR USD 01/03/13 2,857,500,000 300,000 (5) - IDR USD 01/03/13 2,848,500,000 300,000 (6) - IDR USD 13/09/12 2,826,000,000 300,000 (2) - IDR USD 13/09/12 2,731,500,000 300,000 (12) (0.01) IDR USD 13/09/12 3,764,800,000 400,000 (3) - IDR USD 13/09/12 7,662,400,000 800,000 8 - IDR USD 13/09/12 9,325,000,000 1,000,000 (17) (0.01) IDR USD 13/09/12 9,325,000,000 1,000,000 (17) (0.01) IDR USD 01/03/13 84,784,600,000 8,920,000 (159) (0.09) IDR USD 13/09/12 11,154,000,000 1,200,000 (24) (0.01) IDR USD 13/09/12 20,304,900,000 2,100,000 40 0.02 IDR USD 13/09/12 29,973,900,000 3,100,000 60 0.03 INR USD 09/11/12 38,669,400 700,000 (24) (0.01) KRW USD 20/09/12 340,800,000 300,000 (4) - KRW USD 20/09/12 805,385,000 700,000 (8) - KRW USD 20/09/12 921,520,000 800,000 - - KRW USD 20/09/12 1,013,276,000 880,000 - - KRW USD 20/09/12 2,107,800,000 1,800,000 31 0.02 MYR USD 27/09/12 385,320 120,000 1 - MYR USD 27/09/12 2,855,700 900,000 (5) - PHP USD 23/08/12 8,616,000 200,000 4 - PHP USD 23/08/12 12,855,000 300,000 (4) - PHP USD 23/08/12 27,609,600 640,000 13 0.01 PHP USD 23/08/12 30,100,700 30,037,000 2 - PHP USD 23/08/12 41,333,571 961,000 16 0.01 PHP USD 23/08/12 47,685,000 1,100,000 27 0.01 SGD USD 27/09/12 12,681 10,000 - - SGD USD 27/09/12 507,040 400,000 - - SGD USD 27/09/12 1,393,260 1,100,000 - - SGD USD 27/09/12 2,294,496 1,800,000 12 0.01 SGD USD 27/09/12 9,865,662 7,780,000 9 - USD CNY 23/08/12 400,000 2,537,200 2 - USD CNY 23/08/12 600,000 3,810,780 - - USD CNY 23/08/12 700,000 4,469,850 (1) - USD CNY 23/08/12 700,000 4,446,400 - - USD CNY 23/08/12 850,000 5,403,450 3 - USD CNY 13/07/12 5,700,000 36,078,150 26 0.01 USD HKD 07/09/12 600,000 4,653,450 - - USD HKD 07/09/12 800,000 6,203,040 - - USD HKD 07/09/12 1,700,000 13,181,290 - - USD IDR 13/09/12 500,000 4,667,500,000 8 -

www.aberdeen-asset.com 29 PORTFOLIO STATEMENT CONTINUED

Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$'000 assets % USD IDR 13/09/12 900,000 8,311,500,000 24 0.01 USD IDR 13/09/12 1,200,000 11,256,000,000 13 0.01 USD IDR 13/09/12 1,300,000 12,434,500,000 (11) (0.01) USD IDR 13/09/12 1,700,000 16,337,000,000 (22) (0.01) USD INR 16/07/12 4,200,000 214,809,000 364 0.20 USD KRW 20/09/12 200,000 228,060,000 2 - USD KRW 20/09/12 200,000 234,000,000 (3) - USD KRW 20/09/12 600,000 689,400,000 1 - USD KRW 20/09/12 700,000 814,660,000 - - USD KRW 20/09/12 1,100,000 1,265,440,000 1 - USD KRW 20/09/12 1,400,000 1,610,434,000 1 - USD KRW 20/09/12 3,700,000 4,260,365,000 - - USD MYR 27/09/12 4,250,000 13,646,750 (25) (0.01) USD PHP 23/08/12 300,000 13,038,000 - - USD PHP 23/08/12 700,000 30,037,000 - - USD PHP 23/08/12 800,000 34,432,000 (14) (0.01) USD PHP 23/08/12 900,000 38,736,000 (16) (0.01) USD PHP 23/08/12 1,290,000 55,484,190 (21) (0.01) USD PHP 23/08/12 1,500,000 64,365,000 (21) (0.01) USD SGD 21/09/12 400,000 509,920 (3) - USD SGD 27/09/12 900,000 1,149,975 (8) - USD SGD 27/09/12 1,100,000 1,405,525 (10) (0.01) USD SGD 27/09/12 5,000,000 6,434,500 (80) (0.04) USD SGD 27/09/12 10,500,000 13,512,450 (168) (0.09) USD THB 05/09/12 20,000 634,000 - - USD THB 05/09/12 5,030,000 159,451,000 31 0.02 Unrealised gains on forward currency exchange contracts 326 0.17

Unrealised gains on financial derivative instruments 291 0.15

Total investments 175,778 97.20 Other net assets 5,059 2.80 Total 180,837 100.00

30 Aberdeen Global II - Asian Bond Australian Dollar Bond For the year ended 30 June 2012

Performance Portfolio review For the year ended 30 June 2012, the value of Australian Dollar Bond Driven by the strong decline in Australian bond yields, the Fund had a - A Accumulation shares increased by 13.19% compared to an increase total return of over 13% for the period. This was below that of the of 15.37% in the benchmark, JP Morgan Government Bond Index benchmark however, driven by two primary factors. First, the Fund had a Traded AUD. preference for cash over bonds during quarter three of 2011 (meaning it Source: Aberdeen Asset Management, and Lipper was short duration versus the benchmark). The fall in bond yields was Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, AUD. thus a negative for relative performance, until that short duration position was neutralised in early August 2011. Second, the Fund had a Distribution frequency change small overweight to non-Commonwealth bonds during the period, From 1 December 2011 the Fund changed its distribution frequency to namely State government bonds such as Queensland and Victoria. be quarterly as at 1 January, 1 April, 1 July, and 1 October. Further, the fund owned high quality corporate bonds such as senior secured issues from Nordic banks. These assets underperformed Manager’s review Commonwealth bonds, not least due to the widening in interest rate swap spreads, against which the non-government bonds are typically The year to June 30 marked a significant shift in the fundamental and valued. At all times the Fund was invested in very high quality securities. technical backdrop for Australian bond yields. The second half of 2011 involved a deterioration in the European sovereign and banking crisis, combined with signs of a slowing in the Australian economy. Outlook Government bond yields fell aggressively both in Australia and core Although it appears bond yields in the highest quality sovereign overseas markets such as the US, UK and Germany but the so called markets are too low, especially based upon historical measures, we peripheral European economies saw yields rising. This resulted in very disagree. First, traditional bond fundamental metrics (growth, inflation strong total returns for second half of 2011 of around 9% for the and policy settings) suggest bond yields should be low, as the world Australian government bond market. The crisis resulted in a number of navigates a financial crisis induced slowdown. In addition, European summits where progress was made towards implementing unconventional policy initiatives of the G4 central banks, elevated risk mechanisms to protect the banking system. Greece was offered a premia and (related) fund flows in favour of ‘safer’ government bonds revised support programme, which it subsequently failed to honour, are pushing yields even lower than those fundamentals suggest. Our necessitating a debt restructuring. December 2011 and February 2012 central assumption is that these dynamics will not change materially saw the European Central Bank (ECB) under Mario Draghi offer 3 year over the coming twelve months. We expect the RBA to respond to soft collateralised finance to European banks in unlimited quantities. This local and global conditions with a further 0.25% to 0.50% of interest followed an agreement by EU leaders to sign a “fiscal compact” which rate cuts. However, barring a more significant negative event, the would introduce stricter rules on permitted levels of budget deficits easing cycle is quite mature now. Overseas, we expect bond yields to and penalties for those breaching limits. rise modestly over the next 12 months, reflecting the unwinding of the capital preservation mentality of investors, rather than any significant The relief that markets felt in the first quarter of 2012 following these growth improvement. measures meant bond yields rose. In addition, signs of better than expected growth from the US and even core Europe meant bond yields Turning to corporate bond markets, fundamental credit quality for retreated from seemingly expensive levels and equities and credit non-financial corporate bonds remains exceptionally solid. Balance markets performed strongly. This led to negative total returns during sheets in this sector display, on aggregate, low levels of leverage, high the quarter for Australian bonds. As the second quarter arrived however amounts of liquidity with diminished amounts of bank finance the optimism expressed in markets evaporated, as it became clear the compared to long term bond finance, lean cost bases (less so in shrinking of the European banking system and the savage budget cuts Australia) and reasonable margins. With the global growth outlook so in many economies, especially the periphery, were impacting growth. weak, CEOs are not seeking aggressive expansion which would Australian domestic conditions softened in 2012 also, as a lack of ordinarily involve more borrowing. CFOs are instead focused on private sector spending, from corporates and consumers, added to the maintaining strong debt metrics to ensure their companies can use weakness in the manufacturing and tourism sectors. The strength of cash or can issue bonds, rather than borrow from the bank. In an resources was insufficient to offset the weakness elsewhere, leading the environment where government bond yields are low, and likely to stay Reserve Bank (RBA) to cut interest rates by 0.75%. This meant a total low for some years, the additional yield that can be earned by lending easing of domestic cash rates by 1.25% over the last 12 months. to quality companies is attractive when prefaced by the fundamentals. A further important driver of lower Australian government bond yields was the search for safe haven markets to shelter from the weakening European sovereigns. The overseas interest in Australia has risen significantly, such that 85% of the Commonwealth bond market is owned by overseas investors. The total returns for the second quarter of 2012 were very strong at over 5% and close to the exceptional strength of the third quarter of 2011.

www.aberdeen-asset.com 31 Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 AU$’000 AU$’000 Assets Income Investments in securities at market value (note 2.2) 158,203 Investment income 6,175 Cash at bank 4,277 Bank interest 452 Amounts held at futures clearing houses and brokers 282 Total income 6,627 Interest receivable 2,020 Subscriptions receivable 2,596 Expenses Unrealised gains on future contracts (note 2.7) 9 Management fees (note 4.5) 1,367 Total assets 167,387 Administration fees (note 4.1) 70 Custodian fees (note 4.2) 40 Liabilities Domiciliary agent, registrar, paying and transfer agent Payable for investments purchased 2,148 fees (note 4.3) 49 Taxes and expenses payable 213 Management Company fees (note 4.4) 15 Redemptions payable 586 Operational expenses (note 4.6) 59 Other liabilities 315 Annual tax (note 4.8) 76 Total liabilities 3,262 Total expenses 1,676

Net assets at the end of the year 164,125 Net gains from investments 4,951

Realised gains on investments 5,289 Statement of Changes in Net Assets Realised losses on future contracts (308) For the year from 1 July 2011 to 30 June 2012 Net realised gains 4,981 AU$’000 Net assets at the beginning of the year 140,338 Increase in unrealised appreciation on investments 7,782 Net gains from investments 4,951 Decrease in unrealised appreciation on future contracts (38) Net realised gains 4,981 Net unrealised gains 7,744 Net unrealised gains 7,744 Net increase in assets as a result of operations 17,676 Proceeds from shares issued 114,584 Payments for shares redeemed (107,035) Net equalisation received (note 10) 53 Dividends paid (note 5) (1,491) Net assets at the end of the year 164,125

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-1 A-2 Shares outstanding at the beginning of the year 38,622 27,728 Shares issued during the year 11,086 27,277 Shares redeemed during the year (13,167) (24,859) Shares outstanding at the end of the year 36,541 30,146 Net asset value per share 1,231.8851 3,951.1002 The accompanying notes form an integral part of these financial statements.

32 Aberdeen Global II - Australian Dollar Bond Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal AU$’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Corporate Bonds - 0.38% Norway - 0.38% DNB NOR Boligkreditt 6.2500 08/06/16 600,000 630 0.38

Corporate Bonds 630 0.38

Government Bonds - 94.12% Australia - 93.67% Australian (Commonwealth of) 5.7500 15/05/21 11,750,000 14,321 8.73 Australian (Commonwealth of) 5.7500 15/07/22 16,340,000 20,156 12.28 Australian (Commonwealth of) 4.5000 21/10/14 5,800,000 6,064 3.69 Australian (Commonwealth of) 4.5000 15/04/20 12,950,000 14,439 8.80 Australian (Commonwealth of) 4.7500 15/06/16 16,100,000 17,477 10.65 Australian (Commonwealth of) 4.7500 21/04/27 3,820,000 4,429 2.70 Australian (Commonwealth of) 5.5000 21/01/18 20,500,000 23,505 14.32 Australian (Commonwealth of) 5.5000 21/04/23 5,330,000 6,482 3.95 Australian (Commonwealth of) 4.7500 21/10/15 15,000,000 16,088 9.80 Australian (Commonwealth of) 4.2500 21/07/17 23,900,000 25,773 15.70 Queensland Treasury Corporation 6.0000 14/09/17 3,500,000 3,905 2.38 Queensland Treasury Corporation 6.0000 21/02/18 1,000,000 1,096 0.67 153,735 93.67

Norway - 0.45% Kommunalbanken (DIP) 6.0000 21/10/14 700,000 735 0.45

Government Bonds 154,470 94.12

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 155,100 94.50

Other transferable securities and money market instruments Government Bonds - 1.89% Australia - 1.89% New South Wales Treasury Corporation 6.0000 01/05/20 1,100,000 1,252 0.76 Queensland Treasury Corporation 6.0000 14/06/21 1,600,000 1,851 1.13 3,103 1.89

Government Bonds 3,103 1.89

Other transferable securities and money market instruments 3,103 1.89

Total transferable securities and money market instruments 158,203 96.39

www.aberdeen-asset.com 33 Financial Derivatives Instruments - 0.01% Futures contracts - 0.01% Unrealised Percentage of gains/(losses) total net Future Maturity Notional AU$’000 assets % SFE 90 Day Bank Bill 13/12/12 (23) (37) (0.02) SFE Aust 3 Year Bond 15/01/21 (13) 7 0.01 SFE Aust 10 Year Bond 15/04/15 (111) 39 0.02 Unrealised gains on future contracts 9 0.01

Unrealised gains on financial derivative instruments 9 0.01

Total investments 158,212 96.40 Other net assets 5,913 3.60 Total 164,125 100.00

34 Aberdeen Global II - Australian Dollar Bond Canadian Dollar Bond For the year ended 30 June 2012

Performance In politics, a majority conservative government was formed with Stephen Harper re-elected Prime Minister. This has provided impetus For the year ended 30 June 2012, the value of Canadian Dollar Bond - for lower bond yields through a focus on eliminating the deficit by A Accumulation shares increased by 8.26% compared to an increase 2015. Strong fiscal dynamics and a stable economy led to Canadian of 10.07% in the benchmark, JP Morgan Government Bond Index government bonds securing a place as a safe haven asset. In May, Traded CAD. non-domestics purchased $26 billion of Canadian securities (a record); Source: Aberdeen Asset Management and Lipper bonds accounted for $17billion of this amount and money market Basis: Total return, NAV to NAV, net of annual charges, gross income reinvested, CAD. securities accounted for another $7billion. 10 year Canadian Manager’s review Government bond yields were down 137 basis points (bp) while 2-year Government bonds yields were down 57 bp ending the period under Global bond markets were volatile throughout the period under review review at 1.74% and 1.02% respectively. with the European debt crisis taking centre stage against a backdrop of slowing global growth. Portfolio review In the US, politicians reached a deal to raise the government’s debt Key drivers of underperformance were duration and credit. In the ceiling, but this was not sufficient to appease the ratings agency context of a rallying Canadian government yield curve, the Funds lower Standard & Poor’s, who downgraded the US long term debt rating one sensitivity to interest rate moves relative to the benchmark caused the notch to AA+ and left the outlook on negative. Despite the pending Fund’s returns to lag those of the benchmark. Furthermore the ‘fiscal cliff’ (an expiration of tax cuts coupled with a number of weighting in corporate, agency, and provincial bonds added spending reductions) US economic data has been on the upside despite incremental yield, but in a year where all spread products some recent mixed figures. The Federal Open Markets Committee underperformed government bonds the allocation to these sectors also (FOMC) has been increasingly dovish having last year announced that detracted from relative performance. policy rates would remain at the current rate until late 2014. Furthermore the Federal Reserve announced an extension of Operation Twist in June, buying $267 billion worth of securities, although recent Outlook comments by the Fed suggest that another round of quantitative The Canadian economy continues to remain stable but we are unlikely easing is unlikely in the near term. to see Canadian policy rates increase given the global backdrop. The current overweight in high quality corporate and provincial bond In Europe, peripheral nations have come under increasing pressures as should add value to the portfolio over time due to the incremental yield investors remain wary of many countries levels of indebtedness. Nine advantage. Additionally with expectations of slightly higher bond Eurozone countries have experienced downgrades, while Greece was yields by year-end the portfolio is positioned such that it has lower bailed out for a second time and Spain’s banking system required a sensitivity to yield increases than the benchmark. formal bailout. Liquidity measures by the European Central Bank, via its long term refinancing operation saw core sovereign bond yields temporarily reach record lows as investors snap up safe haven assets, although this trend reversed in April. Amidst all of these headwinds, Canada’s economy has been ticking along. Data releases over the year have continued to encourage - unemployment peaked to 7.6% in February, ending the period under review at 7.2%. The latest Gross Domestic Product (GDP) figures were positive at 2% and year-on-year Consumer Price Index (CPI) inflation was down from 3.1% to 1.7% while core CPI was up to 1.9%. Domestic strength, and in particular the buoyant housing market probably argue for increased rates, but this is weighed against an already strong Canadian dollar, as well as the ever-present global macro backdrop. The bank of Canada has continued to hold rates at 1% as they continue with the watch and wait approach.

www.aberdeen-asset.com 35 Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 CA$’000 CA$’000 Assets Income Investments in securities at market value (note 2.2) 169,048 Investment income 3,605 Cash at bank 4,702 Bank interest 24 Interest receivable 846 Total income 3,629 Subscriptions receivable 1,830 Receivable for investments sold 808 Expenses Total assets 177,234 Management fees (note 4.5) 1,421 Administration fees (note 4.1) 65 Liabilities Custodian fees (note 4.2) 27 Payable for investments purchased 3,280 Domiciliary agent, registrar, paying and transfer agent Taxes and expenses payable 216 fees (note 4.3) 51 Redemptions payable 371 Management Company fees (note 4.4) 16 Other liabilities 212 Operational expenses (note 4.6) 62 Total liabilities 4,079 Annual tax (note 4.8) 78 Total expenses 1,720 Net assets at the end of the year 173,155 Net gains from investments 1,909

Statement of Changes in Net Assets Realised gains on investments 999 For the year from 1 July 2011 to 30 June 2012 Net realised gains 999 CA$’000 Net assets at the beginning of the year 154,207 Decrease in unrealised depreciation on investments 9,320 Net gains from investments 1,909 Net unrealised gains 9,320 Net realised gains 999 Net increase in assets as a result of operations 12,228 Net unrealised gains 9,320 Proceeds from shares issued 100,644 Payments for shares redeemed (93,551) Net equalisation received (note 10) 57 Dividends paid (note 5) (430) Net assets at the end of the year 173,155

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-1 A-2 Shares outstanding at the beginning of the year 28,958 36,627 Shares issued during the year 3,474 28,373 Shares redeemed during the year (5,124) (25,733) Shares outstanding at the end of the year 27,308 39,267 Net asset value per share 1,337.4921 3,479.6056 The accompanying notes form an integral part of these financial statements.

36 Aberdeen Global II - Canadian Dollar Bond Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal CA$’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Government Bonds - 22.97% Belgium - 1.20% Anheuser-Busch Inbev 3.6500 15/01/16 2,000,000 2,099 1.20

Canada - 9.60% Altalink Investments 3.674 05/06/19 400,000 401 0.23 Bank of Nova Scotia 3.3500 18/11/14 2,000,000 2,071 1.20 Canada Safeway 3.0000 31/03/14 1,000,000 1,015 0.59 Canadian Natural Resources (MTN) 3.0500 19/06/19 750,000 754 0.44 Canadian Natural Resources (MTN) 4.5000 23/01/13 1,000,000 1,016 0.59 Caterpillar Financial Services 5.2000 03/06/13 1,000,000 1,034 0.60 Hydro One 5.1800 18/10/17 2,000,000 2,297 1.32 John Deere Credit 1.8500 24/01/14 1,000,000 1,005 0.58 PSP Capital 2.2600 16/02/17 1,000,000 1,006 0.58 Rogers Communication INC 5.8000 26/05/16 1,000,000 1,115 0.64 Shaw Communications 5.6500 01/10/19 1,000,000 1,112 0.64 Suncor Energy 5.8000 22/05/18 1,000,000 1,159 0.67 Trans - Canada Pipelines (MTN) 5.0500 14/02/14 2,000,000 2,109 1.22 Transalta Corporation (MTN) 6.4500 29/05/14 500,000 526 0.30 16,620 9.60

France - 0.65% France Telecom (EMTN) 5.5000 23/06/16 1,000,000 1,129 0.65

Germany - 3.40% KFW 5.0500 04/02/25 5,000,000 5,888 3.40

Japan - 1.19% Honda Canada Finance 2.2714 23/02/15 1,000,000 1,008 0.58 Toyota Credit Canada (EMTN) 3.5500 22/02/16 1,000,000 1,049 0.61 2,057 1.19

Supranational - 4.28% Eurofima (EMTN) 4.8750 12/05/14 7,000,000 7,408 4.28

United Kingdom - 1.78% BP Capital Markets 2.7440 24/02/17 1,000,000 1,005 0.58 HSBC Bank Canada 3.5580 04/10/17 2,000,000 2,076 1.20 3,081 1.78

United States - 0.87% IBM Corporation 2.2000 10/02/17 1,000,000 1,007 0.58 Kellogg Canada 2.1000 22/05/14 500,000 503 0.29 1,510 0.87

Corporate Bonds 39,792 22.97

www.aberdeen-asset.com 37 Percentage of Market Value total net Security Coupon (%) Maturity Nominal CA$’000 assets % Government Bonds - 74.66% Canada - 74.66% Alberta (Provence of) 1.7500 15/06/17 3,000,000 3,008 1.74 Canada Housing Trust 2.0500 15/06/17 2,000,000 2,039 1.18 Canada Housing Trust 3.1500 15/06/15 2,000,000 2,106 1.22 Canadian (Government of) 1.0000 01/02/14 3,500,000 3,499 2.02 Canadian (Government of) 1.5000 01/03/17 6,750,000 6,828 3.94 Canadian (Government of) 2.7500 01/06/22 3,500,000 3,822 2.21 Canadian (Government of) 3.0000 01/06/14 9,400,000 9,750 5.63 Canadian (Government of) 3.0000 01/12/15 6,000,000 6,366 3.68 Canadian (Government of) 3.2500 01/06/21 5,000,000 5,669 3.27 Canadian (Government of) 3.5000 01/06/13 7,500,000 7,671 4.43 Canadian (Government of) 3.5000 01/06/20 6,000,000 6,869 3.97 Canadian (Government of) 3.5000 01/12/45 100,000 128 0.07 Canadian (Government of) 4.0000 01/06/41 8,000,000 10,796 6.24 Canadian (Government of) 4.0000 01/06/17 5,500,000 6,210 3.59 Canadian (Government of) 4.5000 01/06/15 12,000,000 13,165 7.59 Canadian (Government of) 5.0000 01/06/37 7,250,000 10,830 6.26 Canadian (Government of) 5.7500 01/06/33 6,250,000 9,811 5.67 Canadian (Government of) 8.0000 01/06/23 1,000,000 1,610 0.93 Canadian (Government of) 8.0000 01/06/27 2,700,000 4,751 2.74 Manitoba (Provence of) (MTN) 6.5000 22/09/17 1,500,000 1,841 1.06 Nova Scotia (Province of) 4.1000 01/06/21 4,000,000 4,465 2.58 Ontario (Provence of) 4.4000 08/03/16 2,000,000 2,195 1.27 Quebec (Provence of) 5.2500 01/10/13 3,000,000 3,150 1.82 Quebec (Provence of) 6.0000 01/10/29 2,000,000 2,677 1.55 129,256 74.66

Government Bonds 129,256 74.66

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 169,048 97.63

Total transferable securities and money market instruments 169,048 97.63 Total investment 169,048 97.63 Other net assets 4,107 2.37 Total 173,155 100.00

38 Aberdeen Global II - Canadian Dollar Bond Core Plus Sterling Credit Bond For the period ended 30 June 2012

Performance For the period ended 30 June 2012, the value of Core Plus Sterling Credit Bond – I Accumulation shares decreased by (0.01)% compared to an increase of 0.10% in the benchmark, Bank of America Merrill Lynch Sterling Non-Gilts Index. Source: Aberdeen Asset Management and BNP Paribas Basis: Total Return, NAV to NAV, net of annual charges, gross income invested, GBP. Corporate activity On 22 June 2012, Aberdeen Global IV Core Plus Sterling Credit transferred its assets into the Aberdeen Global II – Core Plus Sterling Credit Bond Fund resulting in a contribution in kind worth £million in investments and cash. Shareholders involved in the transfer were given 1 share in the Aberdeen Global II – Core Plus Sterling Credit Bond Fund for every 1 share previously held in Aberdeen Global IV Core Plus Sterling Credit as follows:

Share Share Contribution Aberdeen Global IV Class Aberdeen Global II Class in kind (‘000) Transfer Ratio Core Plus Sterling Credit I-2 Core Plus Sterling Credit Bond I-2 £31,741 1.00000000 Core Plus Sterling Credit Z-2 Core Plus Sterling Credit Bond Z-2 £7,127 1.00000000

Manager’s review Portfolio review The European sovereign debt crisis remains the key focus for bond A combination of favourable base effects, weaker growth, increasing markets. 10 year UK gilt yields fell 4 basis points (bp) and 30 year UK slack in the product and labour markets and the tightening in financial gilts yields rose 2bp ending the period under review at 1.73% and conditions arising from the Eurozone should help to push the CPI 3.04% respectively. The average yield spread of non-government bonds nearer to target over the course of the year, before rising again in over gilts fell 8bp to 2.68%. 2013. In light of this, we continue to consider gilts vulnerable at their historically low yield levels to an unwinding of risk aversion. The Fund currently has a short duration position in the UK and the US. We have a long duration position at the front end of the European Despite the month end relief rally the direction of the market remains curve. The Fund currently has long exposure to the Swedish bond very uncertain. With their agreement on direct support for Spain’s markets out of the UK. banks, Europe’s politicians have moved in the ‘right’ direction, although as always with this crisis the time between words and We continue to reduce our exposure to subordinated financials. Within delivery is fraught with danger. The economic impact of the on-going subordinated financials we have balanced an underweight position to crisis is becoming more apparent in corporate profitability, although perpetual bonds with a small overweight position higher up in the at this stage corporate fundamentals remain robust. capital structure to lower tier 2 issues. We continue to favour an overweight position in covered bonds and remain underweight to The rapid demise of Spain, its rating and those of its largest companies cyclical industrials. We currently have an allocation to emerging market has caught some unaware. The future of Spain and its market access is debt but have no exposure to the high yield market. in the eyes of many the make or break moment for the Eurozone, given its size. We do not share that view, although it is clearly a very important issue for the future of the Euro project. Further volatility in markets appears inevitable over the coming months.

www.aberdeen-asset.com 39 Statement of Net Assets Statement of Operations As at 30 June 2012 For the period from 22 June 2012 to 30 June 2012 £’000 £’000 Assets Income Investments in securities at market value (note 2.2) 37,676 Investment income 43 Cash at bank 564 Total income 43 Amounts held at futures clearing houses and brokers 209 Interest receivable 738 Expenses Receivable for investments sold 438 Management fees (note 4.5) 3 Total assets 39,625 Administration fees (note 4.1) 2 Operational expenses (note 4.6) 1 Liabilities Total expenses 6 Payable for investments purchased 679 Taxes and expenses payable 7 Net gains from investments 37 Unrealised losses on forward currency exchange contracts (note 2.6) 2 Realised losses on investments (1) Unrealised losses on future contracts (note 2.7) 1 Realised gains on swap contracts 73 Unrealised losses on swap contracts (note 2.8) 61 Realised currency exchange gains 1 Total liabilities 750 Net realised gains 73

Net assets at the end of the period 38,875 Increase in unrealised appreciation on investments 78 Increase in unrealised depreciation on forward currency exchange contracts (2) Statement of Changes in Net Assets Increase in unrealised depreciation on future contracts (2) For the period from 22 June 2012 to 30 June 2012 Increase in unrealised depreciation on swap contracts (61) £’000 Unrealised currency exchange losses (1) Net gains from investments 37 Net unrealised gains 12 Net realised gains 73 Net increase in assets as a result of operations 122 Net unrealised gains 12 Proceeds from shares issued 38,753 Net assets at the end of the period 38,875

Share Transactions For the period from 22 June 2012 to 30 June 2012 I-2 Z-2 Shares issued during the period 2,463,527 557,903 Shares outstanding at the end of the period 2,463,527 557,903 Net asset value per share 12.8862 12.7780 The accompanying notes form an integral part of these financial statements.

40 Aberdeen Global II - Core Plus Sterling Credit Bond Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 7.81% United Kingdom - 7.77% Annington Finance No 1 8.0000 02/10/21 142,814 180 0.46 Aspire Defence Finance 4.6740 31/03/40 285,000 281 0.72 Canary Wharf Finance 5.9520 22/01/35 80,000 97 0.25 Canary Wharf Finance 6.4550 22/10/33 131,251 161 0.41 Community Finance (EMTN) 5.0170 31/07/34 385,000 456 1.17 Control Section 1 Finance 5.2340 02/05/35 195,000 238 0.61 Cumbernauld Fund 4.5500 15/08/14 171,667 174 0.45 Finance for Residential Social Housing 8.3690 05/10/58 69,066 111 0.29 Honours (FRN) 0.8850 10/04/29 83,495 71 0.18 Juturna (European Loan Conduit N016) 5.0636 10/08/33 111,306 116 0.30 Nats En Route 5.2500 31/03/26 283,136 329 0.85 Permanent Master Issuer 4.8050 15/07/42 300,000 324 0.83 RMPA Services 5.3370 30/09/38 66,803 72 0.19 Silverstone Master Issuer (EMTN) 5.0630 21/01/55 240,000 262 0.68 Transport for London (EMTN) 5.0000 31/03/35 60,000 70 0.18 Transport for London (EMTN) 4.5000 31/03/31 70,000 79 0.20 3,021 7.77

United States - 0.04% GE Capital Corporation (EMTN) 6.4400 15/11/22 14,041 15 0.04

Asset Backed Bonds / Mortgage Backed Bonds 3,036 7.81

Corporate Bonds - 82.53% Australia - 1.93% National Australia Bank (GMTN) 3.6250 08/11/17 150,000 155 0.40 QBE Insurance Group 10.0000 14/03/14 70,000 77 0.20 QBE Insurance Group (EMTN) 6.1250 28/09/15 75,000 81 0.21 QBE Insurance Group 9.7500 14/03/14 137,000 95 0.24 Westpac Banking Corporation (EMTN) 5.0000 21/10/19 160,000 177 0.46 Wea 5.5000 27/06/17 150,000 165 0.42 750 1.93

Austria - 1.13% Bank Fuer Arbeit & Wirt (EMTN) 6.1250 20/10/14 362,000 396 1.02 Oekb Oest Kontrollbank (EMTN) 5.7500 07/12/28 34,000 44 0.11 440 1.13

Belgium - 0.64% Anheuser-Busch Inbev (EMTN) 9.7500 30/07/24 160,000 250 0.64

www.aberdeen-asset.com 41 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % France - 6.69% Agence Francaise Development (FRN) (PERP) 4.6150 29/07/49 400,000 261 0.67 AXA (EMTN) (PERP) (VAR) 6.7720 29/10/49 275,000 190 0.49 BNP Paribas (VAR) (PERP) 5.9540 29/07/49 100,000 71 0.18 BNP Paribas (FRN) (EMTN) 6.7420 07/09/17 170,000 166 0.43 Credit Agricole (EMTN) (PERP) (VAR) 5.0000 29/06/49 250,000 159 0.41 Electricite De France (EMTN) 5.1250 22/09/50 200,000 189 0.49 Electricite De France (EMTN) 6.1250 02/06/34 150,000 171 0.44 Electricite De France (EMTN) 6.2500 30/05/28 250,000 292 0.75 France Telecom (EMTN) 5.3750 22/11/50 200,000 200 0.51 France Telecom (EMTN) 7.2500 10/11/20 200,000 251 0.65 France Telecom (EMTN) 5.6250 23/01/34 80,000 87 0.22 NATIXIS (EMTN) 5.8750 24/02/20 329,000 366 0.94 Reseau Ferre De France (EMTN) 4.8300 25/03/60 75,000 70 0.18 Societe National Chemins (EMTN) 5.3750 18/03/27 115,000 127 0.33 2,600 6.69

Germany - 2.57% BMW Finance (EMTN) 3.3750 14/12/18 445,000 463 1.19 Deutsche Telekom International Finance 8.8750 27/11/28 230,000 341 0.88 E.On International Finance (EMTN) 6.7500 27/01/39 50,000 67 0.17 Volkswagen Finance Services (EMTN) 2.5000 07/10/13 125,000 127 0.33 998 2.57

Italy - 1.84% ENEL Finance International (EMTN) 5.6250 14/08/24 170,000 144 0.37 ENEL Finance International (EMTN) 5.7500 14/09/40 120,000 87 0.22 Generali Finance (FRN) 6.2140 29/06/49 100,000 63 0.16 Romulus Finance 5.4410 20/02/23 185,000 138 0.36 Telecom Italia (EMTN) 7.3750 15/12/17 50,000 50 0.13 Telecom Italia (EMTN) 6.3750 24/06/19 250,000 232 0.60 714 1.84

Jersey - 1.02% ASIF III Jersey (EMTN) 5.0000 18/12/18 163,000 168 0.43 ASIF III Jersey (EMTN) 5.3750 14/10/16 217,000 230 0.59 398 1.02

Mexico - 1.78% Amer Movil SAB 5.7500 28/06/30 350,000 418 1.08 Pemex Project Funding Master (EMTN) 7.5000 18/12/13 255,000 274 0.70 692 1.78

Netherlands - 1.73% Aegon 6.6250 16/12/39 150,000 154 0.40 Bank Nederlandse Gemeenten (EMTN) 5.3750 07/06/21 180,000 213 0.55 ING Bank (EMTN) (VAR) 6.8750 29/05/23 305,000 303 0.78 670 1.73

42 Aberdeen Global II - Core Plus Sterling Credit Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Norway - 0.50% DNB Bank (EMTN) (VAR) 7.2500 23/06/20 185,000 193 0.50

Spain - 1.72% Telefonica Emisiones (EMTN) 5.3750 02/02/18 200,000 182 0.47 Telefonica Emisiones (EMTN) 5.2890 09/12/22 500,000 400 1.03 Telefonica Emisiones (EMTN) 5.5970 12/03/20 100,000 86 0.22 668 1.72

Supranational - 6.20% European Investment Bank 5.0000 15/04/39 230,000 266 0.68 European Investment Bank 5.5000 15/04/25 90,000 111 0.29 European Investment Bank 6.0000 07/12/28 415,000 534 1.37 European Investment Bank 4.8750 07/09/16 125,000 140 0.36 European Investment Bank (EMTN) 3.8750 08/06/37 145,000 143 0.37 European Investment Bank (EMTN) 2.2500 22/01/15 755,000 771 1.98 European Investment Bank (EMTN) 3.3750 08/09/14 120,000 126 0.32 European Investment Bank (EMTN) 4.5000 07/03/44 35,000 38 0.10 European Investment Bank (EMTN) 4.7500 15/10/18 250,000 284 0.73 2,413 6.20

Sweden - 1.03% Skandinaviska Enskilda (EMTN) 6.6250 09/07/14 370,000 402 1.03

Switzerland - 0.27% UBS (EMTN) 8.7500 18/12/25 90,000 104 0.27

United Kingdom - 43.01% Abbey National Treasury Services 5.7500 02/03/26 225,000 254 0.65 Abbey National Treasury Services (EMTN) 5.1250 14/04/21 320,000 344 0.88 Abbey National Treasury Services (EMTN) 5.2500 16/02/29 145,000 153 0.39 Abbey National Treasury Services (EMTN) 5.5000 18/06/14 180,000 185 0.48 Amlin (FRN) 6.5000 19/12/26 180,000 150 0.39 Anglian Water Services Finance (EMTN) 4.5000 05/10/27 150,000 161 0.41 Aviva (FRN) (EMTN) 6.8750 20/05/58 125,000 91 0.23 Aviva (PERP) (VAR) 6.1250 29/09/49 470,000 316 0.81 BAA Funding (FRN) 4.6000 30/09/16 65,000 56 0.14 Barclays Bank (EMTN) 4.2500 12/01/22 245,000 263 0.68 Barclays Bank (EMTN) 10.0000 21/05/21 141,000 155 0.40 Barclays Bank (EMTN) 5.7500 14/09/26 25,000 20 0.05 Barclays Bank (FRN) 14.0000 29/11/49 110,000 126 0.32 Barclays Bank (FRN) (EMTN) 6.7500 16/01/23 155,000 145 0.37 Barclays Bank (EMTN) (PERP) (VAR) 8.2500 29/12/49 88,000 86 0.22 BAT International Finance (EMTN) 6.0000 24/11/34 110,000 133 0.34 BAT International Finance (EMTN) 5.7500 05/07/40 150,000 175 0.45 BG Energy Capital (EMTN) 5.0000 04/11/36 290,000 320 0.82 British Sky Broadcasting (EMTN) 6.0000 21/05/27 100,000 115 0.30

www.aberdeen-asset.com 43 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % British Telecom (EMTN) 6.3750 23/06/37 350,000 404 1.04 Broadgate Financing 4.8210 05/07/33 110,000 116 0.30 Centrica (EMTN) 5.5000 24/10/16 150,000 170 0.44 Chester Asset Receivable Deal 4.6500 15/07/13 260,000 266 0.68 Circle Anglia Social Housing 7.2500 12/11/38 310,000 425 1.09 Co-Operative Group 6.2500 08/07/26 120,000 118 0.30 Coventry Building Society (EMTN) 4.6250 19/04/18 295,000 326 0.84 Eastern Power Networks (EMTN) 6.2500 12/11/36 110,000 133 0.34 GlaxoSmithKline Capital (EMTN) 6.3750 09/03/39 55,000 76 0.20 Hammerson 6.0000 23/02/26 17,000 19 0.05 HSBC Holdings 9.8750 08/04/18 70,000 74 0.19 HSBC Holdings (EMTN) 5.7500 20/12/27 312,000 306 0.79 HSBC Holdings (EMTN) 7.0000 07/04/38 200,000 215 0.55 HSBC Holdings (EMTN) (VAR) 6.3750 18/10/22 200,000 205 0.53 Imperial Tobacco Finance (EMTN) 5.5000 22/11/16 100,000 112 0.29 Imperial Tobacco Finance (EMTN) 5.5000 28/09/26 145,000 161 0.41 Imperial Tobacco Finance (EMTN) 7.7500 24/06/19 100,000 126 0.32 Imperial Tobacco Finance (EMTN) 8.1250 15/03/24 220,000 292 0.75 LCR Finance 4.5000 07/12/28 330,000 398 1.02 Legal & General (FRN) 6.3850 29/05/49 350,000 276 0.71 Legal & General Finance (EMTN) 5.8750 05/04/33 83,000 91 0.23 Lloyds TSB (EMTN) 7.6250 22/04/25 225,000 194 0.50 Lloyds TSB (EMTN) 5.1250 07/03/25 335,000 368 0.95 Lloyds TSB (EMTN) 6.5000 17/09/40 75,000 76 0.20 Lloyds TSB (EMTN) 4.8750 30/03/27 360,000 376 0.97 London & Quadrant Housing (EMTN) 4.6250 05/12/33 250,000 269 0.69 London Power Networks (EMTN) 5.3750 11/11/16 175,000 195 0.50 Lunar Funding I 5.7500 18/10/33 56,000 67 0.17 Motability Operations Group (EMTN) 5.2500 28/09/16 300,000 338 0.87 Motability Operations Group (EMTN) 4.3750 08/02/27 145,000 152 0.39 National Grid (EMTN) 6.1250 15/04/14 100,000 108 0.28 National Grid Electric Transport 5.8750 02/02/24 168,000 204 0.52 National Grid Gas (EMTN) 6.3750 03/03/20 200,000 247 0.64 Nationwide Building Society 5.6250 28/01/26 185,000 221 0.57 Nationwide Building Society (EMTN) 6.7500 22/07/20 155,000 119 0.31 Network Rail Infrastructure Finance (EMTN) 4.7500 22/01/24 75,000 92 0.24 Network Rail Infrastructure Finance (EMTN) 1.2500 22/01/15 220,000 223 0.57 NIE Finance 6.3750 02/06/26 205,000 220 0.57 Northern Powergrid Yorkshire 4.3750 05/07/32 150,000 149 0.38 Northumbrian Water Finance 5.1250 23/01/42 145,000 155 0.40 Northumbrian Water Finance 6.0000 11/10/17 350,000 408 1.05 Porterbrook Rail Finance (EMTN) 5.5000 20/04/19 175,000 190 0.49 Prudential (FRN) (EMTN) 11.3750 29/05/39 125,000 159 0.41 Quadrant Housing Finance 7.9300 10/02/33 180,000 260 0.67 Royal Bank of Scotland (EMTN) 7.5000 29/04/24 281,000 323 0.83

44 Aberdeen Global II - Core Plus Sterling Credit Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % RSA Insurance (FRN) (PERP) 6.7010 29/05/49 200,000 167 0.43 Sanctuary Cap (EMTN) 5.0000 26/04/47 100,000 109 0.28 Scottish & Southern Energy (EMTN) 5.0000 01/10/18 375,000 421 1.08 Severn Trent Water Utilities (EMTN) 4.8750 24/01/42 145,000 151 0.39 South Eastern Power Networks (EMTN) 6.3750 12/11/31 75,000 92 0.24 South Eastern Power Networks (EMTN) 5.6250 30/09/30 235,000 267 0.69 Southern Gas Network (EMTN) 5.1250 02/11/18 125,000 138 0.35 Southern Water Services Finance (EMTN) 5.0000 31/03/21 410,000 442 1.14 Southern Water Services Finance (EMTN) 6.1250 31/03/19 114,000 132 0.34 Stagecoach Group 5.7500 16/12/16 240,000 258 0.66 Tesco (EMTN) 5.5000 13/01/33 150,000 164 0.42 Tesco (EMTN) 6.1250 24/02/22 395,000 462 1.19 Thames Water Utilities Financial (EMTN) 5.1250 28/09/37 225,000 245 0.63 Thames Water Utilities Cayman (EMTN) 5.5000 11/02/41 100,000 115 0.30 Thames Water Utilities Cayman (EMTN) 4.6250 04/06/46 100,000 98 0.25 Wales & West Utilities Finance 5.7500 29/03/30 120,000 143 0.37 Wessex Water Services Finance (EMTN) 4.0000 24/09/21 145,000 153 0.39 Western Power Distribution East (EMTN) 5.2500 17/01/23 220,000 247 0.64 Yorkshire Water Services Bradford 6.3750 19/08/39 195,000 252 0.65 16,726 43.01

United States - 10.47% American International Group (EMTN) 5.0000 26/04/23 100,000 94 0.24 AT & T 4.8750 01/06/44 150,000 157 0.40 AT & T 5.8750 28/04/17 150,000 174 0.45 AT & T (EMTN) 7.0000 30/04/40 100,000 138 0.35 Bank of America Corporation (EMTN) 7.0000 31/07/28 250,000 277 0.71 Bank of America Corporation (EMTN) 6.1250 15/09/21 150,000 157 0.40 Citigroup (EMTN) 7.6250 03/04/18 300,000 348 0.90 Citigroup (EMTN) 6.8000 25/06/38 155,000 177 0.46 GE Capital UK Funding (EMTN) 4.3750 31/07/19 336,000 354 0.91 GE Capital UK Funding (EMTN) 5.8750 04/11/20 584,000 667 1.72 GE Capital UK Funding (EMTN) 5.8750 18/01/33 375,000 421 1.08 GE Capital UK Funding (EMTN) 2.2500 08/09/15 100,000 100 0.26 Goldman Sachs 7.2500 10/04/28 135,000 150 0.39 Pfizer 6.5000 03/06/38 350,000 492 1.27 Procter & Gamble 6.2500 31/01/30 46,000 63 0.16 Wal-Mart Stores 4.8750 19/01/39 260,000 298 0.77 4,067 10.47

Corporate Bonds 32,085 82.53

Government Bonds - 1.74% Belguim - 0.53% Belgium (Kingdom of) (EMTN) 5.0000 24/04/18 190,000 206 0.53

www.aberdeen-asset.com 45 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % United Kingdom - 1.21% UK Treasury 4.2500 07/12/27 90,000 112 0.29 UK Treasury 4.2500 07/12/49 75,000 93 0.24 UK Treasury 5.0000 07/09/14 140,000 154 0.40 UK Treasury 5.0000 07/03/18 90,000 110 0.28 469 1.21

Government Bonds 675 1.74

Investment Funds - 4.84% Luxembourg - 4.84% Aberdeen Global II Emerging Markets Opportunities Bond Fund Z-2† 210,293 1,880 4.84

Investment Funds 1,880 4.84

Total transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market 37,676 96.92

Financial Derivative Instruments - (0.17)% Future contracts - nil Unrealised Percentage of gains/(losses) total net Future Maturity Notional £’000 assets % CBT US Ultra Bond 19/09/12 (4) 3 0.01 Lif Long Gilt 26/09/12 (3) - - CBT US 10 Year Note 19/09/12 (52) (4) (0.01) Unrealised losses on future contracts (1) -

Forward currency exchange contracts - (0.01)% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount £’000 assets % GBP USD 11/09/12 21,221 33,000 - - EUR CHF 11/09/12 39,182 47,000 - - GBP SEK 11/09/12 38,795 426,000 - - USD GBP 11/09/12 115,000 73,653 - - GBP USD 11/09/12 79,740 124,000 1 - MXN GBP 11/09/12 3,179,000 146,679 3 0.01 EUR CHF 22/03/13 182,303 218,000 - - GBP USD 11/09/12 217,047 341,000 - - EUR GBP 11/09/12 305,000 246,193 1 - GBP CHF 11/09/12 288,797 429,000 (1) - GBP EUR 11/09/12 540,010 669,000 (2) (0.01) GBP USD 11/09/12 1,956,608 3,074,000 (4) (0.01) Unrealised losses on forward currency exchange contracts (2) (0.01)

46 Aberdeen Global II - Core Plus Sterling Credit Bond Swap contracts - (0.16)% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Interest rate swap contracts - (0.16)% Credit Suisse EUR 22/02/17 300,000 3.0370% 6 Month EUR Eibor (20) (0.05) Credit Suisse GBP 01/06/22 600,000 2.5200% 6 Month GBP Libor (25) (0.06) Credit Suisse SEK 05/06/22 6,500,000 3 Month SEK Stibor 2.5725% 9 0.02 Credit Suisse SEK 05/06/22 1,880,000 3 Month SEK Stibor 2.5725% 3 0.01 Credit Suisse GBP 01/06/22 140,000 2.5200% 6 Month GBP Libor (6) (0.02) Credit Suisse GBP 01/06/22 160,000 2.5200% 6 Month GBP Libor (6) (0.02) Credit Suisse SEK 05/06/22 1,700,000 3 Month SEK Stibor 2.5725% 2 0.01 Deutsche Bank EUR 26/02/16 770,000 2.7450% 6 Month EUR Eibor (35) (0.09) HSBC GBP 01/06/22 180,000 2.5200% 3 Month GBP Libor (7) (0.02) Credit Suisse GBP 01/06/22 120,000 2.5200% 3 Month GBP Libor (5) (0.01) Credit Suisse SEK 05/06/22 1,700,000 3 Month SEK Stibor 2.5725% 2 - Credit Suisse SEK 05/06/22 1,190,000 3 Month SEK Stibor 2.5725% 1 - HSBC SEK 05/06/22 2,000,000 3 Month SEK Stibor 2.5725% 2 0.01 Credit Suisse GBP 01/06/22 160,000 2.5200% 3 Month GBP Libor (6) (0.02) Royal Bank of Scotland EUR 25/04/16 10,100,000 EONIA 1.2800% 22 0.06 Goldman Sachs EUR 25/04/16 10,400,000 EONIA 1.1050% 8 0.02 Unrealised losses on interest rate swap contracts (61) (0.16)

Unrealised losses on swap contracts (61) (0.16)

Unrealised losses on financial derivative instruments (64) (0.17)

Total investments 37,612 96.75 Other net assets 1,263 3.25 Total 38,875 100.00 † Managed by subsidiaries of Aberdeen Asset Management PLC.

www.aberdeen-asset.com 47 Core Plus Sterling Long Dated Credit Bond For the period from 22 June to 30 June 2012

Performance For the period from 22 June to 30 June 2012, the value of Core Plus Long Dated Sterling Credit Bond – J Accumulation shares increased by 0.39% compared to an increase of 0.03% in the benchmark, Bank of America Merrill Lynch Sterling Non-Gilts > 10 Years Index. Source: Aberdeen Asset Management and BNP Paribas Basis: Total Return, NAV to NAV, net of annual charges, gross income invested, GBP. Corporate activity On 22 June 2012, Aberdeen Global IV Core Plus Long Dated Sterling Credit transferred its assets into the Aberdeen Global II – Core Plus Sterling Long Dated Credit Bond Fund resulting in a contribution in kind worth £million in investments and cash. Shareholders involved in the transfer were given 1 in the Aberdeen Global II – Core Plus Sterling Long Dated Credit Bond Fund for every 1 share previously held in Aberdeen Global IV Core Plus Sterling Credit as follows:

Share Share Contribution Aberdeen Global IV Class Aberdeen Global II Class in kind (‘000) Transfer Ratio Core Plus Sterling Long Dated Credit Core Plus Long Dated Sterling Credit J Bond J-2 £73,973 1.00000000

Manager’s review Portfolio review The European sovereign debt crisis remains the key focus for bond A combination of favourable base effects, weaker growth, increasing markets. 30 year UK gilts yields rose 2 basis points (bp) ending the slack in the product and labour markets and the tightening in financial period under review at 3.04%. Credit markets were stronger, with the conditions arising from the Eurozone should help to push the average long-dated yield spread over gilts falling 4bp to 2.22%. Consumer Price Index (CPI) nearer to target over the course of the year, before rising again in 2013. In light of this, we continue to The Fund currently has a short duration position in the UK and the US. consider gilts vulnerable at their historically low yield levels to an We have a long duration position at the front end of the European unwinding of risk aversion. curve. The Fund currently has long exposure to the Swedish bond markets out of the UK. Despite the month end relief rally the direction of the market remains very uncertain. With their agreement on direct support for Spain’s We continue to reduce our exposure to subordinated financials. Within banks, Europe’s politicians have moved in the ‘right’ direction, subordinated financials we have balanced an underweight position to although as always with this crisis the time between words and perpetual bonds with a small overweight position higher up in the delivery is fraught with danger. The economic impact of the on-going capital structure to lower tier 2 issues. We continue to favour an crisis is becoming more apparent in corporate profitability, although overweight position in covered bonds and remain underweight to at this stage corporate fundamentals remain robust. cyclical industrials. We currently have an allocation to emerging market debt but have no exposure to the high yield market. The rapid demise of Spain, its rating and those of its largest companies has caught some unaware. The future of Spain and its market access is in the eyes of many the make or break moment for the Eurozone, given its size. We do not share that view, although it is clearly a very important issue for the future of the Euro project. Further volatility in markets appears inevitable over the coming months.

48 Aberdeen Global II - Core Plus Long Dated Sterling Credit Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the period from 22 June 2012 to 30 June 2012 £’000 £’000 Assets Income Investments in securities at market value (note 2.2) 71,614 Investment income 86 Cash at bank 337 Total income 86 Amounts held at futures clearing houses and brokers 396 Interest receivable 1,317 Expenses Receivable for investments sold 636 Management fees (note 4.5) 5 Unrealised gains on swap contracts (note 2.8) 117 Administration fees (note 4.1) 2 Other assets 1 Management Company fees (note 4.4) 1 Total assets 74,418 Operational expenses (note 4.6) 1 Expense cap refunded by Investment Manager Liabilities (note 4.7) (1) Payable for investments purchased 854 Total expenses 8 Taxes and expenses payable 9 Unrealised losses on forward currency exchange Net gains from investments 78 contracts (note 2.6) 3 Unrealised losses on future contracts (note 2.7) 3 Realised gains on investments 14 Total liabilities 869 Realised losses on swap contracts (89) Net realised losses (75) Net assets at the end of the period 73,549 Increase in unrealised appreciation on investments 192 Increase in unrealised depreciation on forward Statement of Changes in Net Assets currency exchange contracts (3) For the period from 22 June 2012 to 30 June 2012 Increase in unrealised depreciation on futures £’000 contracts (3) Net gains from investments 78 Increase in unrealised appreciation on swap contracts 117 Net realised losses (75) Unrealised currency exchange losses (1) Net unrealised gains 302 Net unrealised gains 302 Proceeds from shares issued 73,244 Net increase in assets as a result of operations 305 Net assets at the end of the period 73,549

Share Transactions For the period from 22 June 2012 to 30 June 2012 J-2 Shares issued during the period 6,476,046 Shares outstanding at the end of the period 6,476,046 Net asset value per share 11.3571 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 49 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 4.92% United Kingdom - 4.92% Aspire Defence Finance 4.6740 31/03/40 300,000 297 0.40 Aspire Defence Finance 4.6740 31/03/40 850,000 839 1.14 Canary Wharf Finance 5.9520 22/01/35 125,000 152 0.21 Community Finance (EMTN) 5.0170 31/07/34 1,100,000 1,302 1.77 Finance for Residential Social Housing 8.3690 05/10/58 243,763 381 0.52 Juturna (European Loan Conduit N016) 5.0636 10/08/33 183,898 192 0.26 Sunderland (SHG) Finance 6.3800 31/03/42 150,000 191 0.26 White City Property Finance 5.1202 17/04/35 256,012 266 0.36 3,620 4.92

Asset Backed Bonds / Mortgage Backed Bonds 3,620 4.92

Corporate Bonds - 85.44% Austria - 0.58% Oekb Oest Kontrollbank (EMTN) 5.7500 07/12/28 330,000 426 0.58

Belgium - 1.01% Anheuser-Busch Inbev (EMTN) 9.7500 30/07/24 475,000 742 1.01

France - 6.90% AXA (EMTN) (PERP) (VAR) 6.6862 29/07/49 360,000 240 0.33 Credit Agricole (GMTN) 7.3750 18/12/23 400,000 350 0.48 Electricite De France (EMTN) 6.2500 30/05/28 400,000 467 0.63 Electricite De France (EMTN) 5.1250 22/09/50 750,000 710 0.97 Electricite De France (EMTN) 6.1250 02/06/34 750,000 854 1.16 Electricite De France (EMTN) 5.5000 17/10/41 500,000 513 0.70 France Telecom (EMTN) 5.6250 23/01/34 120,000 131 0.18 France Telecom (EMTN) 8.1250 20/11/28 100,000 138 0.19 France Telecom (EMTN) 5.3750 22/11/50 500,000 500 0.68 Reseau Ferre De France (EMTN) 4.8300 25/03/60 325,000 305 0.41 Reseau Ferre De France (EMTN) 5.2500 07/12/28 390,000 431 0.59 Societe National Chemins (EMTN) 5.3750 18/03/27 385,000 427 0.58 5,066 6.90

Germany - 1.99% Deutsche Telekom International Finance 8.8750 27/11/28 760,000 1,128 1.53 E.On International Finance (EMTN) 6.7500 27/01/39 250,000 337 0.46 1,465 1.99

Italy - 1.99% Assicurazioni Generali (PERP) (VAR) 6.4160 29/12/49 200,000 115 0.16 ENEL Finance International (EMTN) 5.7500 14/09/40 525,000 381 0.52

50 Aberdeen Global II - Core Plus Long Dated Sterling Credit Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % ENEL Finance International (EMTN) 5.6250 14/08/24 385,000 326 0.44 Romulus Finance 5.4410 20/02/23 580,000 434 0.59 Telecom Italia (EMTN) 5.8750 19/05/23 250,000 209 0.28 1,465 1.99

Mexico - 1.41% Amer Movil SAB 5.7500 28/06/30 870,000 1,040 1.41

Netherlands - 0.77% Aegon 6.6250 16/12/39 550,000 566 0.77

Spain - 1.20% Telefonica Emisiones (EMTN) 5.3750 02/02/26 355,000 271 0.37 Telefonica Emisiones (EMTN) 5.4450 08/10/29 450,000 328 0.45 Telefonica Emisiones (EMTN) 5.2890 09/12/22 350,000 280 0.38 879 1.20

Supranational - 6.85% European Investment Bank 5.0000 15/04/39 830,000 962 1.31 European Investment Bank 5.6250 07/06/32 490,000 610 0.83 European Investment Bank 6.0000 07/12/28 1,755,000 2,260 3.07 European Investment Bank (DIP) 4.6250 12/10/54 190,000 208 0.28 European Investment Bank (EMTN) 3.8750 08/06/37 840,000 830 1.13 European Investment Bank (EMTN) 4.5000 07/03/44 160,000 172 0.23 5,042 6.85

Switzerland - 0.63% UBS (EMTN) 8.7500 18/12/25 400,000 464 0.63

United Kingdom - 49.69% Abbey National Treasury Services 5.7500 02/03/26 600,000 676 0.92 Abbey National Treasury Services (EMTN) 5.2500 16/02/29 255,000 269 0.37 Anglian Water Services Finance (EMTN) 4.5000 05/10/27 390,000 419 0.57 Annington Finance No 4 - 07/12/22 360,000 240 0.33 Aviva (FRN) (EMTN) 6.8750 20/05/58 300,000 218 0.30 Aviva (VAR) 6.1250 14/11/36 100,000 77 0.10 Aviva (PERP) (VAR) 6.1250 29/09/49 720,000 485 0.66 Barclays Bank (EMTN) 5.7500 14/09/26 500,000 408 0.55 BAT International Finance (EMTN) 6.0000 24/11/34 300,000 363 0.49 BAT International Finance (EMTN) 5.7500 05/07/40 80,000 93 0.13 BG Energy Capital (EMTN) 5.0000 04/11/36 755,000 832 1.13 British Sky Broadcasting (EMTN) 6.0000 21/05/27 300,000 345 0.47 British Telecom (EMTN) 6.3750 23/06/37 950,000 1,097 1.49 Broadgate Financing 4.8210 05/07/33 250,000 263 0.36 Circle Anglia Social Housing 7.2500 12/11/38 500,000 686 0.93 Co-Operative Group 6.2500 08/07/26 300,000 295 0.40 CTRL Section 1 Financial 5.2340 02/05/35 660,000 806 1.10

www.aberdeen-asset.com 51 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Eastern Power Networks (EMTN) 6.2500 12/11/36 605,000 730 0.99 Eversholt Funding (EMTN) 6.3590 02/12/25 250,000 288 0.39 Freshwater Finance 5.1820 20/04/35 130,000 133 0.18 Gatwick Funding (EMTN) 5.7500 23/01/37 400,000 402 0.55 GlaxoSmithKline Capital (EMTN) 6.3750 09/03/39 830,000 1,145 1.56 Hammerson 6.0000 23/02/26 130,000 147 0.20 HSBC Holdings (EMTN) 5.7500 20/12/27 1,100,000 1,080 1.47 HSBC Holdings (EMTN) 7.0000 07/04/38 400,000 431 0.59 Imperial Tobacco Finance (EMTN) 5.5000 28/09/26 100,000 111 0.15 Imperial Tobacco Finance (EMTN) 8.1250 15/03/24 915,000 1,215 1.65 Land Securities (FRN) 5.1250 07/02/36 310,000 355 0.48 Land Securities (FRN) 5.3910 31/03/27 600,000 705 0.96 LCR Finance 4.5000 07/12/28 1,190,000 1,434 1.95 Legal & General Finance (EMTN) 5.8750 05/04/33 200,000 218 0.30 Lloyds TSB Bank (EMTN) 6.5000 17/09/40 630,000 640 0.87 Lloyds TSB Bank (EMTN) 7.6250 22/04/25 720,000 622 0.85 Lloyds TSB Bank (EMTN) 5.1250 07/03/25 800,000 879 1.20 Lloyds TSB Bank (EMTN) 4.8750 30/03/27 965,000 1,009 1.37 London & Quadrant Housing (EMTN) 4.6250 05/12/33 850,000 913 1.24 London & Quadrant Housing 5.5000 27/01/40 225,000 265 0.36 Lunar Funding I 5.7500 18/10/33 415,000 498 0.68 Motability Operations (EMTN) 4.3750 08/02/27 1,000,000 1,046 1.42 National Grid Electric Transport 5.8750 02/02/24 765,000 929 1.26 National Grid Gas (EMTN) 6.0000 13/05/38 725,000 894 1.22 Nationwide Building Society 5.6250 28/01/26 500,000 597 0.81 Nats En Routes 5.2500 31/03/26 244,083 283 0.38 Network Rail Infrastructure Finance (EMTN) 4.7500 22/01/24 250,000 307 0.42 Network Rail Infrastructure Finance (EMTN) 4.3750 09/12/30 330,000 394 0.54 Nie Finance 6.3750 02/06/26 550,000 591 0.80 Northern Electric Finance 5.1250 04/05/35 195,000 212 0.29 Northern Gas Networks (EMTN) 5.6250 23/03/40 125,000 140 0.19 Northern Powergrid Yorkshire 4.3750 05/07/32 250,000 248 0.34 Northumbrian Water Finance 5.1250 23/01/42 400,000 428 0.58 Prudential (EMTN) 6.1250 19/12/31 350,000 368 0.50 Quadrant Housing Finance 7.9300 10/02/33 210,000 304 0.41 RMPA Services 5.3370 30/09/38 400,820 435 0.59 Royal Bank of Scotland (EMTN) 6.8750 17/05/25 900,000 988 1.34 Sanctuary Capital (EMTN) 5.0000 26/04/47 200,000 218 0.30 Santander UK 6.5000 21/10/30 500,000 406 0.55 Severn Trent Water Utilities (EMTN) 4.8750 24/01/42 300,000 313 0.43 South Eastern Power Networks (EMTN) 6.3750 12/11/31 570,000 696 0.95 South Eastern Power Networks (EMTN) 5.6250 30/09/30 230,000 262 0.36 Southern Electric Power 4.6250 20/02/37 800,000 819 1.11 Southern Water Services Finance 6.1920 31/03/29 600,000 723 0.98 Tesco (EMTN) 5.5000 13/01/33 1,300,000 1,423 1.93 Thames Water Utililites Financial (EMTN) 5.1250 28/09/37 610,000 665 0.90 Thames Water Utilities Cayman (EMTN) 5.5000 11/02/41 700,000 803 1.09

52 Aberdeen Global II - Core Plus Long Dated Sterling Credit Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Thames Water Utilities Cayman (EMTN) 4.6250 04/06/46 160,000 157 0.21 THFC Funding No 1 5.1250 21/12/37 10,000 10 0.01 Wales & West Utilities Finance 5.7500 29/03/30 205,000 244 0.33 Western Power Distribution 5.8750 25/03/27 250,000 293 0.40 Western Power Distribution East Midland (EMTN) 5.2500 17/01/23 500,000 562 0.76 36,550 49.69

United States - 12.42% American International Group (EMTN) 5.0000 26/04/23 250,000 234 0.32 AT&T 4.8750 01/06/44 420,000 438 0.60 AT&T (EMTN) 7.0000 30/04/40 750,000 1,038 1.41 Bank of America Corporation (EMTN) 7.0000 31/07/28 650,000 720 0.98 Citigroup (EMTN) 6.8000 25/06/38 455,000 520 0.71 GE Capital UK Funding (EMTN) 5.8750 18/01/33 2,780,000 3,119 4.24 Pfizer 6.5000 03/06/38 650,000 913 1.24 Procter & Gamble Co 6.2500 31/01/30 350,000 477 0.65 Wal-Mart Stores 4.8750 19/01/39 1,460,000 1,671 2.27 9,130 12.42

Corporate Bonds 62,835 85.44

Government Bonds - 1.79% Belgium - 0.20% Belgium (Kingdom of) (EMTN) 5.7000 28/05/32 150,000 151 0.20

United Kingdom - 1.59% UK Treasury 4.2500 07/12/49 940,000 1,171 1.59

Government Bonds 1,322 1.79

Investment Funds - 5.22% Luxembourg - 5.22% Aberdeen Global II Emerging Markets Opportunities Bond Fund Z-2 Acc † 429,271 3,837 5.22

Investment Funds 3,837 5.22

Total transferable securities and money market instruments 71,614 97.37

Financial Derivative Instruments - 0.15% Future contracts - nil Unrealised Percentage of gains/(losses) total net Future Maturity Notional £'000 assets % CBT US Ultra Bond 19/09/12 (7) 6 0.01 Lif Long Gilt 26/09/12 (5) - - CBT US 10 Year Note 19/09/12 (98) (9) (0.01) Unrealised losses on future contracts (3) -

www.aberdeen-asset.com 53 PORTFOLIO STATEMENT CONTINUED

Forward currency exchange contracts - nil Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount £'000 assets % GBP SEK 11/09/12 37,065 407,000 - - USD SEK 11/09/12 69,310 491,000 - - USD EUR 11/09/12 81,201 65,000 (1) - GBP USD 11/09/12 142,760 222,000 (1) - MXN GBP 11/09/12 5,963,000 275,132 1 - EUR CHF 22/03/13 347,045 281,920 6 0.01 GBP USD 11/09/12 379,992 597,000 - - EUR GBP 11/09/12 712,000 574,719 (1) - GBP CHF 11/09/12 593,076 881,000 - - GBP USD 11/09/12 3,796,737 5,965,000 (7) (0.01) Unrealised losses on forward currency exchange contracts (3) -

Swap contracts - 0.15% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Interest rate swap contracts - 0.15% Citigroup Global Markets Ltd GBP 06/01/25 670,000 6 Month GBP Libor 3.9800% 124 0.17 Credit Suisse GBP 01/06/22 300,000 2.5200% 6 Month GBP Libor (12) (0.02) Credit Suisse GBP 01/06/22 300,000 2.5200% 6 Month GBP Libor (12) (0.02) Credit Suisse GBP 01/06/22 900,000 2.5200% 6 Month GBP Libor (37) (0.05) Credit Suisse GBP 01/06/22 300,000 2.5200% 6 Month GBP Libor (12) (0.02) HSBC GBP 01/06/22 340,000 2.5200% 3 Month GBP Libor (14) (0.02) Credit Suisse GBP 01/06/22 130,000 2.5200% 3 Month GBP Libor (5) (0.01) Credit Suisse GBP 01/06/22 300,000 3 Month GBP Libor 2.5200% (12) (0.02) Credit Suisse SEK 05/06/22 3,200,000 3 Month SEK Stibor 2.5725% 5 0.01 Credit Suisse SEK 05/06/22 3,200,000 3 Month SEK Stibor 2.5725% 5 0.01 Credit Suisse SEK 05/06/22 9,600,000 3 Month SEK Stibor 2.5725% 14 0.02 Credit Suisse SEK 05/06/22 3,300,000 3 Month SEK Stibor 2.5725% 5 0.01 Credit Suisse SEK 05/06/22 3,300,000 3 Month SEK Stibor 2.5725% 5 0.01 Credit Suisse SEK 05/06/22 1,990,000 3 Month SEK Stibor 2.5725% 3 - HSBC SEK 05/06/22 3,800,000 3 Month SEK Stibor 2.5725% 6 0.01 Royal Bank Of Scotland EUR 25/04/16 18,900,000 EONIA 1.2800% 40 0.05 Goldman Sachs Singapore EUR 25/04/16 19,600,000 EONIA 1.1050% 14 0.02 Unrealised gains on interest rate swap contracts 117 0.15

Unrealised gains on swap contracts 117 0.15

Unrealised gains on financial derivative instruments 111 0.15

Total investments 71,725 97.52 Other net assets 1,824 2.48 Total 73,549 100.00 † Managed by subsidiaries of Aberdeen Asset Management PLC.

54 Aberdeen Global II - Core Plus Long Dated Sterling Credit Bond Emerging Europe Bond For the year ended 30 June 2012

Performance Portfolio Review For the year ended 30 June 2012, the value of Emerging Europe Bond - The Fund underperformed the benchmark over the period under review. A Accumulation shares increased by 4.24% compared to an increase of 5.20% in the benchmark, JP Morgan Global Bond Index Emerging Outlook Market Global Diversified Europe Index. At the end of June, better than expected news from the European Source: Aberdeen Asset Manager, Lipper, and JP Morgan. Union summit provided the market with a sense of palpable relief Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, EUR. heading into the second half of 2012. Looking ahead, the focus is likely Fund name change to shift back to growth indicators, namely China and the US where signs of a slowdown are gathering some pace. In this environment, risk On 1 December 2011 the Fund changed its name from Aberdeen assets could see some profit taking following a strong recovery in June, Global II – Emerging Europe Fixed Income Fund to Aberdeen Global II but inflows into emerging market debt are likely to increase in the still – Emerging Europe Bond Fund. low yield environment, which should provide further support for the asset class. Manager’s review The performance of emerging market debt was mixed over the period. Risk assets experienced volatility in the third quarter of 2011 due to poor Gross Domestic Product (GDP) data from the US and Standard & Poor’s downgrading the credit rating from its AAA status. The events caused indiscriminate risk aversion trends, which weighed heavily on emerging market debt. Risk sentiment improved in October, when six central banks lowered US dollar liquidity provisions by 50 basis points and China announced it would reduce its reserve requirement ratio by an equal amount. A lack of further policy measures from the EU summit caused US treasuries to rally towards the end of 2011. Global risk appetite improved in January. The European Central Bank injected liquidity via two Long Term Refinancing Operations and the US Federal Reserve (Fed) provided a dovish interest rate outlook. In addition, the People’s Bank of China (PBoC) announced its first 0.5% reserve requirement ratio cut in 2012, appeasing slowing growth concerns. Emerging market debt finished the period strongly, boosted by further cuts by the PBoC, the extension of operational twist by the Fed and positive outcomes from the June EU summit. The Global Bond Index Emerging Market Global Diversified Europe Index gained 5.2% (in euro terms) over the period under review.

www.aberdeen-asset.com 55 Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 €’000 €’000 Assets Income Investments in securities at market value (note 2.2) 55,410 Investment income 3,981 Cash at bank 487 Bank interest 20 Interest receivable 1,679 Total income 4,001 Subscriptions receivable 6,964 Other assets 104 Expenses Total assets 64,644 Management fees (note 4.5) 660 Administration fees (note 4.1) 35 Liabilities Custodian fees (note 4.2) 129 Payable for investments purchased 5,235 Domiciliary agent, registrar, paying and transfer agent Taxes and expenses payable 136 fees (note 4.3) 18 Redemptions payable 3 Management Company fees (note 4.4) 5 Unrealised losses on forward currency exchange Operational expenses (note 4.6) 29 contracts (note 2.6) 117 Annual tax (note 4.8) 27 Other liabilities 110 Total expenses 903 Total liabilities 5,601 Net gains from investments 3,098 Net assets at the end of the year 59,043 Realised losses on investments (3,476) Realised losses on forward currency exchange contracts (240) Statement of Changes in Net Assets Realised currency exchange losses (83) For the year from 1 July 2011 to 30 June 2012 Net realised losses (3,799) €’000 Net assets at the beginning of the year 65,785 Decrease in unrealised depreciation on investments 1,822 Net gains from investments 3,098 Decrease in unrealised appreciation on forward Net realised losses (3,799) currency exchange contracts (154) Net unrealised gains 1,649 Unrealised currency exchange losses (19) Proceeds from shares issued 26,416 Net unrealised gains 1,649 Payments for shares redeemed (34,131) Net increase in assets as a result of operations 948 Net equalisation received (note 10) 25 Net assets at the end of the year 59,043

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-2 Shares outstanding at the beginning of the year 307,208 Shares issued during the year 124,016 Shares redeemed during the year (165,098) Shares outstanding at the end of the year 266,126 Net asset value per share 221.8618 The accompanying notes form an integral part of these financial statements.

56 Aberdeen Global II - Emerging Europe Bond Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €‘000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Corporate Bonds - 13.02% Russia - 13.02% RSHB Capital 7.5000 25/03/13 43,100,000 1,054 1.79 RSHB Capital 8.6250 17/02/17 99,400,000 2,386 4.04 RZD Capital 8.3000 02/04/19 182,600,000 4,246 7.19 7,686 13.02

Corporate Bonds 7,686 13.02

Government Bonds - 73.88% Hungary - 20.07% Hungary (Republic of) 5.5000 12/02/14 1,106,200,000 3,773 6.39 Hungary (Republic of) 7.7500 24/08/15 320,000,000 1,126 1.91 Hungary (Republic of) 6.7500 22/08/14 870,000,000 3,013 5.10 Hungary (Republic of) 6.7500 24/11/17 1,177,550,000 3,935 6.67 11,847 20.07

Poland - 25.71% Poland (Republic of) 5.0000 25/04/16 9,800,000 2,335 3.96 Poland (Republic of) 5.2500 25/10/17 7,200,000 1,740 2.95 Poland (Republic of) 5.2500 25/04/13 10,500,000 2,490 4.22 Poland (Republic of) 5.5000 25/10/19 7,000,000 1,715 2.90 Poland (Republic of) 5.7500 23/09/22 13,860,000 3,417 5.79 Poland (Republic of) 5.7500 25/10/21 4,150,000 1,023 1.73 Poland (Republic of) 6.2500 24/10/15 9,920,000 2,459 4.16 15,179 25.71

Turkey - 28.10% Turkey (Republic of) - 15/05/13 4,400,000 1,779 3.01 Turkey (Republic of) (INDX) 3.0000 21/07/21 2,000,000 930 1.58 Turkey (Republic of) (INDX) 4.0000 01/04/20 1,250,000 675 1.14 Turkey (Republic of) 9.0000 27/01/16 11,270,000 4,991 8.45 Turkey (Republic of) 10.0000 17/06/15 3,170,000 1,433 2.43 Turkey (Republic of) 10.5000 15/01/20 4,250,000 2,037 3.45 Turkey (Republic of) 11.0000 06/08/14 10,400,000 4,746 8.04 16,591 28.10

Government Bonds 43,617 73.88

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 51,303 86.90

www.aberdeen-asset.com 57 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €‘000 assets % Other transferable securities and money market instruments Government Bonds - 6.96% Russia - 6.96% Russia Federation 7.8500 10/03/18 160,000,000 4,107 6.96

Government Bonds 4,107 6.96

Transferable securities and money market instruments 55,410 93.86

Financial Derivative Instruments - (0.21)% Forward currency exchange contracts - (0.21)% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount €’000 assets % EUR USD 20/07/12 52,096 65,000 1 - EUR HUF 20/07/12 72,095 20,809,000 (1) - EUR PLN 20/07/12 112,609 486,000 (2) - EUR HUF 20/07/12 248,696 71,809,000 (2) - EUR PLN 20/07/12 257,238 1,108,000 (4) (0.01) EUR HUF 20/07/12 520,283 149,315,000 (1) - EUR TRY 20/07/12 520,703 1,250,000 (22) (0.04) EUR HUF 20/07/12 551,456 158,939,000 (3) (0.01) EUR TRY 20/07/12 552,900 1,293,000 (8) (0.01) EUR HUF 20/07/12 740,978 215,802,000 (12) (0.02) EUR RON 20/07/12 1,053,231 4,717,000 (5) (0.01) EUR HUF 20/07/12 1,054,723 305,440,000 (11) (0.02) EUR TRY 20/07/12 2,269,027 5,226,000 2 - EUR PLN 20/07/12 2,811,523 12,170,000 (54) (0.09) EUR HUF 20/07/12 3,549,269 1,067,666,000 (177) (0.30) HUF EUR 20/07/12 896,527,000 3,008,903 120 0.20 PLN EUR 20/07/12 895,000 212,536 (2) - PLN EUR 20/07/12 2,332,000 552,564 (3) (0.01) PLN EUR 20/07/12 5,223,000 1,237,121 (7) (0.01) PLN EUR 20/07/12 6,686,000 1,582,810 (8) (0.01) PLN EUR 20/07/12 7,093,000 1,621,867 49 0.08 RON EUR 20/07/12 4,717,000 1,053,257 5 0.01 RUB USD 05/09/12 21,549,000 647,895 7 0.01 RUB USD 05/09/12 22,897,000 671,762 20 0.03 RUB USD 05/09/12 41,571,000 1,252,837 11 0.02 TRY EUR 20/07/12 1,172,000 507,315 1 - TRY EUR 20/07/12 6,377,000 2,765,155 1 - USD EUR 20/07/12 663,000 523,152 (1) - USD EUR 20/07/12 698,000 563,286 (13) (0.02) USD EUR 20/07/12 1,339,000 1,052,648 2 - Unrealised losses on forward currency exchange contracts (117) (0.21)

Unrealised losses on financial derivative instruments (117) (0.21)

Total investments 55,293 93.65 Other net assets 3,750 6.35 Total 59,043 100.00

58 Aberdeen Global II - Emerging Europe Bond Emerging Markets Opportunities Bond For the year ended 30 June 2012

Performance bps since the easing cycle started in August 2011 and the rate now stands at 8.5%. Inflation expectations have continued to moderate, For the year ended 30 June 2012, the value of Emerging Markets falling from 6.7% to 4.7%. Meanwhile Brazil’s Chief of Staff Palocci was Opportunities Bond – Z Accumulation shares increased by 9.60% replaced with Senator Hoffman but market reaction was fairly muted. compared to an increase of 8.90% in the benchmark, Citigroup World Standard & Poor’s upgraded Brazil by one notch, taking the local Government Bond Index USA. currency rating to A- and the foreign currency rating to BBB. Brazil’s Source: Aberdeen Asset Management and BNP Paribas IOF tax exemption on all foreign bonds was raised from two to three Basis: Total Return, USD. years, with all foreign bonds or loans issued abroad with maturities of Fund name change less than three years paying 6% IOF Tax. On 1 December 2011 the Fund changed its name from Aberdeen The central bank of Mexico Policy Committee (MPC) has kept the Global II – Emerging Markets Fixed Income Alpha Fund to Aberdeen policy rate unchanged at 4.5% throughout but noted global downside Global II – Emerging Markets Opportunities Bond Fund. risks remain. The MPC has become increasingly dovish and the latest move resulted in a selloff in the rates market. Banxico’s latest inflation Change of management fee rate report forecast’s 2012 inflation to be between 3-4%, a figure the MPC From 1 January 2012 the Investment Manager decreased the is comfortable with. Mexico Peso weakness has continued throughout management fees payable on the I class from 1.15% to 1.00%, the as Banxico President Carstens commented that the currency was J class from 1.15% to 0.75%, and the K class from 1.15% to 0.50%. undervalued given the countries solid fundamentals and that the current valuation was due to concerns over an undesirable outcome in Europe. PRI candidate Pena Nieto was seeded as the likely winner of Manager’s review the Presidential election with the likelihood of much needed fiscal and Emerging market debt experienced a rather turbulent year through to energy sector reform to be implemented under his reign. June 2012. The period was fairly positive throughout, however indiscriminate risk aversion trends weighed heavily upon emerging Venezuela’s state owned oil company Pdvsa endured sanctions from market debt. the US after it was discovered that two shipments of gasoline additive had been delivered to Iran. Despite the tough measures put in place by Softer global growth and mixed data led to a number of easing the US, Venezuelan bonds remain a top performer due to high oil prices measures. Inflation eased somewhat despite a rise in food prices in and the deteriorating health of President Chavez. Chavez has some countries. This was reflected by the strong performance shown in undergone medical treatment in Cuba twice in the period under review, the first quarter of 2012. Six major central banks lowered the interest his first operation was to remove a cancerous tumour and the second rates on US dollar liquidity by 50 basis points (bp) while the European was to treat another cancerous tumour. Chavez’s health may prevent Central Bank (ECB) provided €1 trillion in loans via its long term him from running in the October election, if this is the case, then the refinancing operation (LTRO). The recent EU summit has also provided prospects of a market friendly outcome are likely. some optimism for risk assets in general. South African inflation remains above the South African Reserve Bank’s In the US, an agreement was reached to protract the US debt ceiling 3-6% target range but the bank remains reluctant to tighten monetary and the Federal Reserve extended Operation Twist by buying $267 policy given the sluggish growth outlook. Rates rallied as it was billion worth of securities. Risk appetite was buoyed as the Federal announced that, in October, South Africa would be included in the Reserve decided to keep rates near to zero until 2014. The Citigroup Citibank WGBI. Finance minister Gordhan announced a lower budget World Government Bond Index (WGBI) US index ended the one-year deficit estimate for the fiscal year 11/12 and the Treasury revised period with a gain of 8.90%, while the Fund outperformed the upwards its revenues estimates over the period. Core inflation also benchmark with a gain of 9.60%. surprised to the downside with the Consumer Price Index slowing in In Argentina, President Christina Kirchner was easily re-elected in the May to 4.4% from 4.5% in April. Whilst there has been no discussion of first round of the presidential election for another four year term, with a rate move over the period, the MPC mentioned in May that they were close to 54% of the votes. One of Christina’s first acts was to surprise ready to move in either direction. the market with the nationalisation of Yacimientos Petrolíferos Fiscales, Key Chinese data was mixed over the period under review, as a majority owned Spanish energy company. The authorities stated that macroeconomic data releases continued to reflect slower growth. the move will allow the nation to regain sovereignty over its natural Official PMI figures continue to stay between the 54-52 range, albeit resources, however Argentinian bonds suffered big losses as a there were some declines in October on the back of weak demand for consequence. new order and exports. The latest HSBC flash PMI reaffirmed the In Brazil, the central bank has become increasingly dovish since raising slowing in growth, falling to a seven month low of 48.1 in May. China the Sistema Especial de Liquidação e Custodia (SELIC), Special does have the ability to increase the pace of social housing to offset a Clearance and Escrow System, rate to 12.5% in July. The Brazilian slowdown in global growth but this will not help in the reduction of Monetary Policy Committee (Copcom) meeting revealed that two global exports. Inflation has come down from 5.3% to 3.0% year-on- dovish comments were added in relation to the inflation outlook and year, predominately driven by surging food prices. to the external environment. The SELIC rate has now been cut by 400

www.aberdeen-asset.com 59 The People’s Bank of China (PBoC) further loosened its monetary policy Outlook with three 50 bp cuts, bringing the reserve requirement ratio (RRR) to At the end of June, better than expected news from the European 20.0%. The PBoC also cut the benchmark lending and deposit rates by Union summit provided the market with a sense of palpable relief 25 bp to 6.31% and 3.25% respectively. Premier Wen grabbed the heading into the second half of 2012. Looking ahead, the focus is likely headlines at the annual National People’s Congress meeting by to shift back to growth indicators, namely China and the US where announcing a revised growth target of 7.5%, down from 8% and in signs of a slowdown are gathering some pace. In this environment, risk May he further acknowledged the expected slowdown, recognising the assets could see some profit taking following a strong recovery in June, importance of prioritising stabilising growth. He also dampened any but inflows into Emerging Market Debt are likely to increase in the still further CNY appreciation, commenting that the exchange rate was low yield environment, which should provide further support for the near its equilibrium. asset class. Hungarian Prime minister Orbán announced details to support households with foreign currency denominated mortgages. Moody’s downgraded the sovereign rating to Ba1 from Baa3 in November and this was followed by Standard and Poor’s taking the credit rating to junk status as well, leaving the BB+ rating on negative watch. Hungarian assets were buoyed by the actions of the ECB’s LTRO and the National Bank of Hungary’s decision to keep rates on hold after a sudden hike to 7% in December. The rally continued in June as Orbán’s government successfully navigated the pre-negotiation stage of a new financing arrangement with International Monetary Fund /European Union, as the ECB approved Central Bank law amendments. Inflation steadily increased over the period under review, finishing the month at 5.3%.

Portfolio review The Fund outperformed its benchmark over the period under review. Within the hard currency-denominated holdings, positions in Ivory Coast +56bps, Venezuela +55bp and Russia +11bps were the main contributors to performance while positions in Bosnia -51bps and Argentina -41bps detracted from value. Within local currency-denominated bonds, positions in Mexico +26bps and South Africa +24bps added most value and positions in Uruguay -30bps, El Salvador -14bps and Brazil -10bps detracted from performance. FX positioning in in Chile and Turkey added to performance.

60 Aberdeen Global II - Emerging Markets Opportunities Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 US$’000 US$’000 Assets Income Investments in securities at market value (note 2.2) 126,675 Investment income 9,154 Cash at bank 19,405 Bank interest 4 Interest receivable 1,576 Total income 9,158 Unrealised gains on swap contracts (note 2.8) 257 Other assets 1 Expenses Total assets 147,914 Management fees (note 4.5) 2 Administration fees (note 4.1) 78 Liabilities Custodian fees (note 4.2) 56 Payable for investments purchased 300 Domiciliary agent, registrar, paying and transfer agent Taxes and expenses payable 104 fees (note 4.3) 52 Unrealised losses on forward currency exchange Management Company fees (note 4.4) 17 contracts (note 2.6) 332 Operational expenses (note 4.6) 43 Other liabilities 3 Annual tax (note 4.8) 16 Total liabilities 739 Total expenses 264

Net assets at the end of the year 147,175 Net gains from investments 8,894

Realised gains on investments 2,801 Statement of Changes in Net Assets Realised gains on forward currency exchange contracts 1,516 For the year from 1 July 2011 to 30 June 2012 Realised losses on swap contracts (2,378) US$’000 Realised currency exchange gains 331 Net assets at the beginning of the year 172,808 Net realised gains 2,270 Net gains from investments 8,894 Net realised gains 2,270 Increase in unrealised appreciation on investments 662 Net unrealised gains 3,339 Decrease in unrealised depreciation on forward Proceeds from shares issued 46,265 currency exchange contracts 105 Payments for shares redeemed (85,872) Decrease in unrealised depreciation on swap contracts 2,591 Net equalisation paid (note 10) (518) Unrealised currency exchange losses (19) Dividends paid (note 5) (11) Net unrealised gains 3,339 Net assets at the end of the year 147,175 Net increase in assets as a result of operations 14,503

Share Transactions For the year from 1 July 2011 to 30 June 2012 I-1 Z-2 Shares outstanding at the beginning of the year 35,627 13,465,248 Shares issued during the year 375,752 3,477,156 Shares redeemed during the year (234,438) (6,467,967) Shares outstanding at the end of the year 176,941 10,474,437 Net asset value per share 1.7621 14.0211 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 61 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Corporate Bonds - 22.14% Brazil - 4.91% Petrobras International Finance Company 2.88 06/02/15 7,100,000 7,224 4.91

Mexico - 2.82% Pemex Project Funding Master Trust 6.6250 15/06/38 1,400,000 1,673 1.14 Pemex Project Funding Master Trust 6.6250 15/06/35 2,070,000 2,469 1.68 4,142 2.82

Russia - 4.73% GPB Eurobond 6.2500 15/12/14 6,700,000 6,962 4.73

South Africa - 2.55% Transnet 4.5000 10/02/16 3,600,000 3,751 2.55

South Korea - 5.28% Korea Expressway Corporation 4.5000 23/03/15 1,940,000 2,048 1.39 Korea Hydro & Nuclear 3.1250 16/09/15 5,600,000 5,725 3.89 7,773 5.28

United Arab Emirates - 1.65% Dubai Electricity & Water 7.3750 21/10/20 1,600,000 1,756 1.19 Dubai Electricity & Water 8.5000 22/04/15 600,000 670 0.46 2,426 1.65

United States - 0.20% Georgian Railway 7.75 11/07/22 300,000 301 0.20

Corporate Bonds 32,579 22.14

Government Bonds - 61.24% Argentina - 1.43% Argentina (Republic of) 7.0000 12/09/13 1,380,000 1,219 0.83 Argentina (Republic of) 8.7500 02/06/17 315,000 272 0.19 Argentina (Republic of) 7.0000 17/04/17 880,000 605 0.41 2,096 1.43

Brazil - 6.36% Brazil (Federal Republic of) 10.0000 01/01/14 660,000 335 0.23 Brazil (Federal Republic of) 10.0000 01/01/21 2,700,000 1,350 0.92 Brazil (Federal Republic of) (INDX) 6.0000 15/05/13 5,292,000 5,807 3.95 Brazil (Federal Republic of) (INDX) 6.0000 15/08/20 1,560,000 1,854 1.26 9,346 6.36

62 Aberdeen Global II - Emerging Markets Opportunities Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Croatia - 1.70% Croatia (Republic of) 6.2500 27/04/17 1,500,000 1,494 1.02 Croatia (Republic of) 6.6250 14/07/20 1,020,000 1,005 0.68 2,499 1.70

Dominican Republic - 1.31% Dominican (Republic of) 7.5000 06/05/21 1,800,000 1,930 1.31

El Salvador - 0.29% El Salvador (Republic of) 8.2500 10/04/32 380,000 426 0.29

Egypt - 1.08% Egypt (Arab Republic of) 6.8750 30/04/40 1,800,000 1,584 1.08

Georgia - 2.23% Georgia (Republic of) 6.8750 12/04/21 3,040,000 3,283 2.23

Guatemala - 0.91% Guatemala (Republic of) 5.7500 06/06/22 1,300,000 1,342 0.91

Ivory Coast - 2.04% Ivory Coast (Government of) 2.5000 31/12/32 3,960,000 3,000 2.04

Lithuania - 1.17% Lithuania (Republic of) 6.6250 01/02/22 1,500,000 1,723 1.17

Malaysia - 1.52% Malaysian (Government of) 4.3780 29/11/19 6,700,000 2,234 1.52

Mexico - 2.91% Mexico (United Mexican States) 7.7500 14/12/17 7,700,000 650 0.44 Mexico (United Mexican States) 8.0000 07/12/23 12,900,000 1,160 0.79 Mexico (United Mexican States) 6.0500 11/01/40 1,400,000 1,799 1.22 Mexico (United Mexican States) 8.5000 13/12/18 7,700,000 683 0.46 4,292 2.91

Pakistan - 1.23% Pakistan (Republic of) 6.8750 01/06/17 2,300,000 1,806 1.23

Peru - 1.79% Peru (Republic of) 7.8400 12/08/20 3,100,000 1,381 0.94 Peru (Republic of) 8.2000 12/08/26 2,600,000 1,247 0.85 2,628 1.79

Poland - 3.35% Poland (Republic of) 4.0000 27/10/24 5,000,000 4,925 3.35

www.aberdeen-asset.com 63 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Romania - 1.21% Romania (Republic of) 6.7500 07/02/22 1,700,000 1,780 1.21

Russia - 0.82% Russia (Government of) 3.2500 04/04/17 1,200,000 1,204 0.82

Qatar - 3.73% Qatar (State of) 6.4000 20/01/40 4,300,000 5,487 3.73

Senegal - 0.49% Senegal (Republic of) 8.7500 13/05/21 650,000 719 0.49

South Africa - 3.63% South Africa (Republic of) 8.2500 15/09/17 40,700,000 5,347 3.63

United Arab Emirates - 2.30% Dubai (Government of) (EMTN) 7.7500 05/10/20 3,000,000 3,378 2.30

United States - 14.61% US Treasury 1.7500 31/01/14 11,560,000 11,823 8.03 US Treasury 2.6250 15/08/20 5,000,000 5,504 3.74 US Treasury 3.8750 15/08/40 3,400,000 4,186 2.84 21,513 14.61

Uruguay - 2.40% Uruguay (Republic of) (INDX) 4.2500 05/04/27 10,900,000 813 0.55 Uruguay (Republic of) (INDX) 5.0000 14/09/18 35,230,000 2,730 1.85 3,543 2.40

Venezuela - 2.22% Venezuela (Republic of) 7.7500 13/10/19 3,100,000 2,403 1.62 Venezuela (Republic of) 11.9500 05/08/31 1,000,000 890 0.60 3,293 2.22

Vietnam - 0.51% Vietnam (Socialist Republic of) 6.8750 15/01/16 700,000 749 0.51

Government Bonds 90,127 61.24

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 122,706 83.38

64 Aberdeen Global II - Emerging Markets Opportunities Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Other transferable securities and money market instruments Corporate Bonds - 2.67% China - 2.67% Export Import Bank China 2.6500 02/12/13 13,300,000 2,095 1.42 Sinochem Offshore Capital 1.8000 18/01/14 12,000,000 1,840 1.25 3,935 2.67

Corporate Bonds 3,935 2.67

Government Bonds - 0.02% Venezuela - 0.02% Venezuela (Republic of) (WTS) - 15/04/20 1,215 34 0.02

Government Bonds 34 0.02

Other transferable securities and money market instruments 3,969 2.69

Transferable securities and money market instruments 126,675 86.07

Financial Derivative Instruments - (0.05)% Forward currency exchange contracts - (0.22)% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$’000 assets % EUR USD 20/07/12 3,366,000 4,421,005 (149) (0.10) HUF USD 20/07/12 74,878,000 321,919 10 0.01 HUF USD 20/07/12 535,817,000 2,456,299 (83) (0.06) KRW USD 05/09/12 3,899,952,000 3,289,711 100 0.07 MXN USD 20/07/12 1,378,000 100,048 2 - MXN USD 20/07/12 27,561,000 2,078,274 (29) (0.02) MXN USD 20/07/12 47,684,000 3,614,062 (69) (0.05) MYR USD 05/09/12 7,842,000 2,463,327 (4) - PLN USD 20/07/12 5,412,000 1,685,404 (66) (0.04) TRY USD 20/07/12 344,000 188,199 1 - TRY USD 20/07/12 3,294,000 1,800,836 13 0.01 USD BRL 05/09/12 698,621 1,461,000 (16) (0.01) USD BRL 05/09/12 4,567,822 9,292,000 22 0.01 USD CLP 05/09/12 1,580,751 819,985,000 (37) (0.03) USD EUR 20/07/12 4,321,455 3,294,000 141 0.10

www.aberdeen-asset.com 65 PORTFOLIO STATEMENT CONTINUED

Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$’000 assets % USD HUF 20/07/12 1,411,652 309,787,000 39 0.03 USD HUF 20/07/12 1,986,070 449,533,000 (5) - USD HUF 20/07/12 2,332,949 535,817,000 (41) (0.03) USD IDR 05/09/12 1,496,978 14,820,078,000 (67) (0.05) USD KRW 05/09/12 407,186 476,106,000 (7) - USD MXN 20/07/12 800,083 11,164,000 (30) (0.02) USD MYR 05/09/12 333,554 1,060,000 1 - USD PEN 05/09/12 740,604 2,010,000 (10) (0.01) USD RUB 05/09/12 1,542,245 51,174,000 (16) (0.01) USD TRY 20/07/12 3,443,145 6,303,000 (27) (0.02) USD ZAR 20/07/12 451,185 3,784,000 (10) (0.01) USD ZAR 20/07/12 492,821 3,949,000 11 0.01 USD ZAR 20/07/12 1,487,076 12,245,000 (6) - Unrealised losses on forward currency exchange contracts (332) (0.22)

Swap contracts - 0.17% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives US$’000 assets % Interest rate swap contracts - 0.17% Deutsche Bank MXN 11/06/18 10,600,000 28 Day MXN TIIE 9.2500% 164 0.11 Morgan Stanley MXN 27/10/17 39,100,000 28 Day MXN TIIE 5.9850% 93 0.06 Unrealised gains on interest rate swap contracts 257 0.17

Unrealised gains on swap contracts 257 0.17

Unrealised losses on financial derivatives (75) (0.05)

Total investments 126,600 86.02 Other net assets 20,575 13.98 Total 147,175 100.00

66 Aberdeen Global II - Emerging Markets Opportunities Bond Euro Bond For the year ended 30 June 2012

Performance In Politics, Greece managed to form a government at the second time of asking and Francois Hollande’s Socialist Party won an absolute For the year ended 30 June 2012, the value of Euro Bond - Z majority in French parliamentary elections. It remains to be seen if Accumulation shares increased by 6.44% compared to an increase of pro-growth initiatives are undertaken or if the deficit is tackled directly. 7.12% in the benchmark, Barclays Capital Euro Aggregate Index. Source: Aberdeen Asset Management and BNP Paribas Basis: Total Return, EUR. Fund review Over the period we have kept the Fund underweight in peripheral bond Fund name change markets and we have not held any government bonds issued by On 1 December 2011 the Fund changed its name from Aberdeen Portugal and Ireland. We have traded our exposure in Spain, Italy and Global II - Euro Aggregate Bond Fund to Aberdeen Global II - Euro even France as the markets have oscillated from extreme pessimism to Bond Fund. optimism on the prospects for the Euro. While the economic situation has worsened the main driver of the markets has been the politics of Change of management fee rate the Eurozone governments. Over the period the prospects for Greece, the smallest economy in the Eurozone, whether it would leave the Euro From 1 January 2012 the Investment Manager decreased the has caused the most volatility. Our underweight positioning in these management fees payable on the A, C, D, and E class from 1.25% markets was a positive for the Fund except in the first quarter of 2012 to 0.90%. when markets were strong on the back of the ECB’s LTRO’s. Manager’s review Throughout the period we have been overweight in non government European fixed income markets were volatile during the period. Core bonds and we have preferred short dated non government over government bond yields reached all-time lows triggered by market government bonds. In the first quarter of 2012 we decided to reduce concerns over the European debt crisis and the US super committee’s credit beta as markets rallied on the back of the LTRO, reducing our failure to raise the debt ceiling in July 2011, causing the Standard & exposure to financials and corporate bonds domiciled in the peripheral Poor’s to downgrade the economy to AA+ with a negative outlook. countries. We also decided to neutralise our overall portfolio duration as we felt that uncertainty over the direction of Europe would remain In a bid to stimulate growth, the European Central Bank (ECB) high and both of these decisions have reduced the volatility of the Fund. reactivated the Securities Markets Program and announced unlimited liquidity in the form of two three year long term refinancing operations Outlook (LTRO’s) at the December meeting. The two LTRO’s took place late in Despite a relief rally at the end of June, the direction of the market December and February totalling €1,019 billion. In addition to balance remains very uncertain. With their agreement on direct support for sheet expansion measures, the ECB cut the base rate to 1%. The Spain’s banks, Europe’s politicians have moved in the ‘right’ direction, decisions had a significant impact upon yield spreads for sovereign and although as always with this crisis the time between words and delivery bank issuers, and temporarily removed the systemic risk attached to is fraught with danger. The economic impact of the on-going crisis is the European financial system throughout the first quarter of 2012. becoming more apparent in corporate profitability, although at this Greece received a second bailout package in March 2012, which stage corporate fundamentals remain robust. The rapid demise of included private investors accepting over 70% in losses on their current Spain, its rating and those of its largest companies has caught some holdings, triggering credit default swap contracts and access to an unaware. The future of Spain and its market access is in the eyes of additional €130 billion of International Monetary Fund (IMF) and many the make or break moment for the Eurozone, given its size. We Eurozone funding. Standard & Poor’s downgraded 9 European countries do not share that view, although it is clearly a very important issue for over the period. Spain was downgraded towards the end of the period, the future of the Euro project. Further volatility in markets appears putting the economy under pressure and forcing it to request a bailout inevitable over the coming months. of €100 billion to recapitalise its banking system in June. Despite a number of summits, including the G20 in October and EU summits in October and December, little progress was made by European policymakers until the 19th EU summit in June. The discussion resulted in an agreement to establish a Eurozone wide bank supervisory body allowing distressed Banks to access funds directly from the European Financial Stability Fund/European Stability Mechanism, with lighter conditionality and without the need to go via the Sovereign. The outcome surprised the market and resulted in a temporary rally in risk assets, although much remains to be resolved.

www.aberdeen-asset.com 67 Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 €’000 €’000 Assets Income Investments in securities at market value (note 2.2) 10,991 Investment income 424 Cash at bank 928 Bank interest 2 Amounts held at futures clearing houses and brokers 5 Total income 426 Interest receivable 201 Receivable for investments sold 427 Expenses Unrealised gains on forward currency exchange Administration fees (note 4.1) 40 contracts (note 2.6) 2 Custodian fees (note 4.2) 2 Unrealised gains on future contracts (note 2.7) 3 Domiciliary agent, registrar, paying and transfer agent Other assets 33 fees (note 4.3) 3 Total assets 12,590 Management Company fees (note 4.4) 1 Operational expenses (note 4.6) 5 Liabilities Expense cap refunded by Investment Manager (note 4.7) (32) Payable for investments purchased 423 Annual tax (note 4.8) 1 Taxes and expenses payable 21 Total expenses 20 Other liabilities 19 Total liabilities 463 Net gains from investments 406

Net assets at the end of the year 12,127 Realised gains on investments 74 Realised gains on forward currency exchange contracts 8 Realised losses on future contracts (86) Statement of Changes in Net Assets Realised currency exchange gains 5 For the year from 1 July 2011 to 30 June 2012 Net realised gains 1 €’000 Net assets at the beginning of the year 11,835 Decrease in unrealised depreciation on investments 324 Net gains from investments 406 Decrease in unrealised appreciation on forward Net realised gains 1 currency exchange contracts (4) Net unrealised gains 324 Decrease in unrealised depreciation on future contracts 4 Proceeds from shares issued 331 Net unrealised gains 324 Payments for shares redeemed (765) Net increase in assets as a result of operations 731 Net equalisation paid (note 10) (5) Net assets at the end of the year 12,127

Share Transactions For the year from 1 July 2011 to 30 June 2012 Z-2 Shares outstanding at the beginning of the year 798,203 Shares issued during the year 22,091 Shares redeemed during the year (50,802) Shares outstanding at the end of the year 769,492 Net asset value per share 15.7593 The accompanying notes form an integral part of these financial statements.

68 Aberdeen Global II - Euro Bond Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 3.82% France - 0.82% Auto ABS Compartiment (FRN) 1.4780 25/05/24 100,000 100 0.82

Germany - 0.46% E Carat (FRN) 1.6330 18/10/18 55,854 56 0.46

Netherlands - 0.82% Arena 2.1130 17/12/42 100,000 100 0.82

United Kingdom - 0.82% Gracechurch Mortgage Financing 2.1860 20/11/56 100,000 100 0.82

United States - 0.90% SLM Student Loan Trust (FRN) 1.2120 15/12/27 130,000 109 0.90

Asset Backed Bonds / Mortgage Backed Bonds 465 3.82

Corporate Bonds - 41.60% Australia - 1.29% Commonwealth Bank of Australia (EMTN) 3.0000 03/05/22 100,000 103 0.85 Commonwealth Bank of Australia (EMTN) 5.5000 06/08/19 50,000 54 0.44 157 1.29

Denmark - 0.87% TDC 3.5000 23/02/15 100,000 105 0.87

France - 9.24% Agence Francaise Development (FRN) (PERP) 4.6150 29/07/49 150,000 121 1.00 BNP Paribas 2.8750 27/11/17 30,000 30 0.25 BPCE (EMTN) 3.7500 21/07/17 50,000 52 0.43 BPCE SFH 3.6250 12/05/16 200,000 213 1.75 Caisse Refinance L'Habit (EMTN) 4.0000 10/01/22 100,000 110 0.91 Casino Guichard Perrachon (EMTN) 4.7260 26/05/21 100,000 103 0.85 Electricite De France (EMTN) 6.2500 25/01/21 100,000 124 1.02 Eutelsat 5.0000 14/01/19 100,000 110 0.91 France Telecom (EMTN) 4.1250 23/01/19 100,000 109 0.90 GDF Suez (EMTN) 1.5000 01/02/16 40,000 40 0.33 Groupe Auchan (EMTN) 3.6250 19/10/18 100,000 108 0.89 1,120 9.24

Germany - 5.65% Allianz Finance II (EMTN) 3.5000 14/02/22 100,000 103 0.85 Daimler (EMTN) 2.1250 27/06/18 40,000 40 0.33 Deutsche Bahn Finance (EMTN) 3.0000 08/03/24 90,000 93 0.77 Duesseldorfer Hypobank 1.8750 13/12/13 50,000 51 0.42 E.On International Finance (EMTN) 5.5000 19/01/16 30,000 34 0.28

www.aberdeen-asset.com 69 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % FMS Wertmanagement (EMTN) 1.6250 22/02/17 100,000 102 0.84 FMS Wertmanagement (EMTN) 3.0000 03/08/18 100,000 108 0.89 German Postal Pensions 3.3750 18/01/16 50,000 54 0.45 Volkswagen Leasing (EMTN) 1.5000 15/09/15 100,000 100 0.82 685 5.65

Hong Kong - 0.45% Hutch Whampoa Finance 4.7500 14/11/16 50,000 55 0.45

Italy - 1.72% Intesa Sanpaolo Ireland (EMTN) 4.0000 08/08/13 100,000 100 0.82 Romulus Finance 4.9400 20/02/13 80,000 79 0.65 Telecom Italia Finance (EMTN) 7.7500 24/01/33 30,000 30 0.25 209 1.72

Mexico - 0.44% America Movil SAB 3.7500 28/06/17 50,000 54 0.44

Netherlands - 2.36% ABN Amro Bank (EMTN) 4.1250 28/03/22 50,000 52 0.43 Alliander (EMTN) 2.8750 14/06/24 100,000 99 0.82 ING Bank (EMTN) 4.2500 13/01/17 30,000 32 0.26 Neder Waterschapsbank 2.2500 17/01/17 100,000 103 0.85 286 2.36

Norway - 0.84% Terra Boligkreditt (EMTN) 2.1250 31/08/15 100,000 102 0.84

Spain - 2.27% Bankia Sau 3.5000 14/03/13 150,000 147 1.21 Caja Ahorros Guipuzcoa 4.3750 05/11/14 100,000 99 0.82 Mapfre (FRN) 5.9210 24/07/37 50,000 29 0.24 275 2.27

Supranational - 0.84% European Union (EMTN) 3.0000 04/09/26 100,000 102 0.84

Sweden - 1.58% Nordea Hypotek (EMTN) 3.5000 18/01/17 80,000 87 0.72 Swedbank Hypotek (EMTN) 2.5000 15/06/15 100,000 104 0.86 191 1.58

United Kingdom - 10.55% 3I Group (EMTN) 5.6250 17/03/17 50,000 51 0.42 Abbey National Treasury Services 3.1250 30/06/14 100,000 103 0.85 Abbey National Treasury Services (EMTN) 3.6250 05/10/17 50,000 53 0.44 Anglian Water Services Finance (EMTN) 4.6250 07/10/13 20,000 21 0.17

70 Aberdeen Global II - Euro Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Anglo American Capital (EMTN) 2.7500 07/06/19 100,000 99 0.82 Aviva (FRN) (EMTN) 6.8750 22/05/38 50,000 44 0.36 Barclays Bank (EMTN) 4.5000 04/03/19 50,000 47 0.39 Barclays Bank (EMTN) 2.2500 22/02/17 100,000 102 0.84 Barclays Bank (EMTN) 5.2500 27/05/14 50,000 53 0.44 Hammerson 4.8750 19/06/15 50,000 53 0.44 Lloyds TSB (EMTN) 4.0000 25/06/18 50,000 55 0.45 Lloyds TSB (EMTN) 6.2500 15/04/14 73,000 79 0.65 National Grid Gas (EMTN) 5.1250 14/05/13 100,000 104 0.86 Royal Bank of Scotland 4.0000 15/03/16 100,000 108 0.89 Royal Bank of Scotland (EMTN) 4.3750 10/02/15 100,000 104 0.86 Royal Bank of Scotland (EMTN) 5.7500 21/05/14 140,000 149 1.23 Thames Water Utilities Cayman (EMTN) 3.2500 09/11/16 50,000 53 0.44 1,278 10.55

United States - 3.50% American International (EMTN) 5.0000 26/06/17 100,000 103 0.85 Danaher European Finance 4.5000 22/07/13 50,000 52 0.43 GE Capital Euro Funding (EMTN) 4.2500 01/03/17 20,000 22 0.18 GE Capital Euro Funding (EMTN) 3.6250 15/06/17 20,000 21 0.17 Paccar Financial Europe (EMTN) 3.0000 19/05/14 100,000 103 0.85 Wal-Mart Stores 4.8750 21/09/29 100,000 124 1.02 425 3.50

Corporate Bonds 5,044 41.60

Government Bonds - 43.71% Austria - 0.87% Austria (Republic of) 6.2500 15/07/27 75,000 105 0.87

Belgium - 2.88% Belgium (Kingdom of) 4.2500 28/09/21 301,280 330 2.72 Belgium (Kingdom of) 5.0000 28/03/35 16,000 19 0.16 349 2.88

Finland - 1.13% Finnish (Republic of) 3.5000 15/04/21 6,000 7 0.06 Finnish (Republic of) 4.0000 04/07/25 25,000 30 0.25 Finnish (Republic of) 4.2500 04/07/15 90,000 100 0.82 137 1.13

France - 10.14% France (Government of) (VAR) 3.2500 25/10/21 390,085 412 3.40 France (Government of) 3.5000 25/04/26 272,000 283 2.33 France (Government of) 3.7500 25/04/17 120,000 133 1.10 France (Government of) 4.0000 25/04/14 160,000 170 1.40 France (Government of) 4.0000 25/10/38 120,000 129 1.06

www.aberdeen-asset.com 71 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % France (Government of) 4.7500 25/04/35 61,508 73 0.60 France (Government of) 5.7500 25/10/32 22,499 30 0.25 1,230 10.14

Germany - 18.62% Germany (Federal Republic of) 2.0000 04/01/22 66,000 69 0.57 Germany (Federal Republic of) 2.2500 10/04/15 106,300 112 0.92 Germany (Federal Republic of) 2.5000 27/02/15 60,000 64 0.53 Germany (Federal Republic of) 2.5000 04/01/21 40,000 44 0.36 Germany (Federal Republic of) 3.5000 04/01/16 490,000 544 4.49 Germany (Federal Republic of) 4.0000 11/10/13 105,000 110 0.91 Germany (Federal Republic of) 4.0000 04/07/16 530,000 605 4.99 Germany (Federal Republic of) 4.2500 04/07/14 100,000 108 0.89 Germany (Federal Republic of) 4.2500 04/07/39 189,000 262 2.16 Germany (Federal Republic of) 4.2500 04/01/14 40,000 43 0.35 Germany (Federal Republic of) 4.7500 04/07/34 209,000 297 2.45 2,258 18.62

Italy - 6.28% Italy (Republic of) 3.7500 01/03/21 201,000 179 1.48 Italy (Republic of) 4.5000 01/03/26 142,000 123 1.01 Italy (Republic of) 5.0000 01/03/22 124,000 119 0.98 Italy (Republic of) 5.0000 01/09/40 143,000 121 1.00 Italy (Republic of) 6.5000 01/11/27 216,000 220 1.81 762 6.28

Netherlands - 3.20% Netherlands (Kingdom of) 3.5000 15/07/20 283,000 317 2.61 Netherlands (Kingdom of) 3.7500 15/01/42 20,000 25 0.21 Netherlands (Kingdom of) 5.5000 15/01/28 33,000 46 0.38 388 3.20

Spain - 0.59% Spain (Kingdom of) 4.2000 31/01/37 92,000 64 0.53 Spain (Kingdom of) 4.8000 31/01/24 9,000 7 0.06 71 0.59

Government Bonds 5,300 43.71

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 10,809 89.13

72 Aberdeen Global II - Euro Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Other transferable securities and money market instruments Government Bonds - 1.50% Austria - 1.50% Austria (Republic of) 3.9000 15/07/20 62,000 70 0.58 Austria (Republic of) 4.0000 15/09/16 100,000 112 0.92 182 1.50

Government Bonds 182 1.50

Other transferable securities and money market instruments 182 1.50

Total transferable securities and money market instruments 10,991 90.63

Financial Derivative Instruments - 0.04% Future contracts - 0.02% Unrealised Percentage of gains/(losses) total net Future Maturity Notional €'000 assets % Eux Euro Bond 06/09/12 (1) 3 0.02 Unrealised gains on future contracts 3 0.02

Forward currency exchange contracts - 0.02% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount €’000 assets % EUR USD 14/08/12 10,811 14,000 - - SEK EUR 14/08/12 516,000 56,225 2 0.02 EUR SEK 14/08/12 58,073 521,000 (1) (0.01) MXN EUR 14/08/12 1,035,000 58,727 1 0.01 EUR CHF 22/03/13 60,081 72,000 - - GBP USD 14/08/12 49,000 78,194 (1) (0.01) EUR GBP 14/08/12 88,240 71,000 1 0.01 EUR CHF 14/08/12 112,461 135,000 - - Unrealised gains on forward currency exchange contracts 2 0.02

Unrealised gains on financial derivative instruments 5 0.04

Total investments 10,996 90.67 Other net assets 1,131 9.33 Total 12,127 100.00

www.aberdeen-asset.com 73 Euro Corporate Bond For the year ended 30 June 2012

Performance European banking sector and potential losses in the face of sovereign debt crisis. Valuations rebounded in the fourth quarter buoyed by For the year ended 30 June 2012, the value of Euro Corporate Bond - Z central bank easing measures including improved access to US dollar Accumulation shares increased by 5.83% compared to an increase of funding and the ECB’s LTRO. In the broader corporate market, 5.71% in the benchmark, Barclays Capital European Aggregate consumer confidence and inventory de-stocking eroded balance sheet Corporate Index. quality, however given their robust starting point, this was not a Source: Aberdeen Asset Management and BNP Paribas concern. The effect of the easing measures faded towards the end of Basis: Total Return, EUR. the first quarter of 2012, as worries over bank and sovereign funding Change of management fee rate resurfaced. The fourth quarter earnings seasons for European industrial companies continued to post disappointing results. This marked the From 1 January 2012 the Investment Manager decreased the third straight quarter of lacklustre earnings and the worst quarter management fees payable on the A, C, D, and E class from 1.25% versus consensus since 2008. to 0.90%. Moody’s continued to push bank credit ratings lower, citing the Manager’s review uncertain macroeconomic outlook in Europe for its latest move of the European fixed income markets were volatile during the period. Core majority of the sector on to watch negative. government bond yields reached all-time lows triggered by market The downgrade of Spain had a significant impact on some of Europe’s concerns over the European debt crisis and the US super committee’s largest bond issuers, given rating agency rules for the maximum rating failure to raise the debt ceiling in October, causing Standard & Poor’s to notches allowable above the Sovereign. Telefonica was downgraded to downgrade the economy to AA+ with a negative outlook. Baa2 and Spanish utilities Iberdrola, Red Electrica and Enegas were all In a bid to stimulate growth, the European Central Bank (ECB) downgraded into Baa territory. The two large Spanish banking group’s, reactivated the Securities Markets Program and announced unlimited Santander and BBVA, now also sit on the cusp of sub-investment grade, liquidity in the form of two three year long term refinancing operations with only Santander being afforded a higher rating than Spain. (LTRO’s) at the December meeting. The two LTRO’s took place late in Adding to banking woes, Barclays was fined £290 million to settle the December and February totalling €1 trillion. In addition to balance investigation into its part in the manipulation of LIBOR rates. It is only sheet expansion measures, the ECB cut the base rate to 1%. The one of many banks under investigation, but has suffered significant first decisions had a significant impact upon yield spreads for sovereign and mover disadvantage from settling early with the authorities. bank issuers, and temporarily removed the systemic risk attached to the European financial system throughout the first quarter of 2012. Fund review Greece received a second bailout package in March, which included The Fund outperformed its benchmark over the year. Positive private investors accepting over 70% in losses on their current contributions came from asset allocation, whilst negative contributions holdings, triggering credit default swap contracts and access to an came from security selection and interest rate effects. Banks and additional €130 billion of IMF and Eurozone funding. Standard & Poor’s corporates domiciled in peripheral markets provided the greatest downgraded 9 European countries over the period. Spain was contribution to security selection and Fund price volatility. In the first downgraded towards the end of the period, putting the economy under quarter of 2012 we took advantage of the strong rally in financials and pressure and forcing it to request a bailout of €100 billion to peripheral market issuers to reduce our exposure and as a result the recapitalise its banking system in June. volatility of the Fund. Despite a number of summits, including the G20 in October and EU summits in October and December, little progress was made by Outlook European policymakers until the 19th EU summit in June. The Despite a relief rally in June, the direction of the market remains very discussion resulted in an agreement to establish a Eurozone wide bank uncertain. With their agreement on direct support for Spain’s banks, supervisory body allowing distressed Banks to access funds directly Europe’s politicians have moved in the ‘right’ direction, although as from the European Financial Stability Fund/European Stability always with this crisis the time between words and delivery is fraught Mechanism, with lighter conditionality and without the need to go via with danger. The economic impact of the on-going crisis is becoming the Sovereign. The outcome surprised the market and resulted in a more apparent in corporate profitability, although at this stage temporary rally in risk assets, although much remains to be resolved. corporate fundamentals remain robust. The rapid demise of Spain, its rating and those of its largest companies has caught some unaware. In Politics, Greece managed to form a government at the second time The future of Spain and its market access is in the eyes of many the of asking and Francois Hollande’s Socialist Party won an absolute make or break moment for the Eurozone, given its size. We do not share majority in French parliamentary elections. It remains to be seen if that view, although it is clearly a very important issue for the future of pro-growth initiatives are undertaken or if the deficit is tackled directly. the Euro project. Further volatility in markets appears inevitable over Credit markets, in particular financial sector issues, were affected the coming months. during the third quarter of 2011 by concerns over the resilience of the

74 Aberdeen Global II - Euro Corporate Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 €'000 €'000 Assets Income Investments in securities at market value (note 2.2) 160,165 Investment income 7,706 Cash at bank 3,591 Bank interest 54 Interest receivable 2,746 Other income 20 Receivable for investments sold 689 Total income 7,780 Unrealised gains on swap contracts (note 2.8) 171 Other assets 26 Expenses Total assets 167,388 Management fees (note 4.5) 20 Administration fees (note 4.1) 68 Liabilities Custodian fees (note 4.2) 21 Payable for investments purchased 3,974 Domiciliary agent, registrar, paying and transfer agent Taxes and expenses payable 80 fees (note 4.3) 55 Total liabilities 4,054 Management Company fees (note 4.4) 17 Operational expenses (note 4.6) 39 Net assets at the end of the year 163,334 Expense cap refunded by Investment Manager (note 4.7) (26) Annual tax (note 4.8) 17 Total expenses 211 Statement of Changes in Net Assets For the year from 1 July 2011 to 30 June 2012 Net gains from investments 7,569 €'000 Net assets at the beginning of the year 198,232 Realised gains on investments 815 Net gains from investments 7,569 Realised losses on forward currency exchange contracts (144) Net realised gains 733 Realised gains on swap contracts 75 Net unrealised gains 631 Realised currency exchange losses (13) Proceeds from shares issued 38,670 Net realised gains 733 Payments for shares redeemed (82,003) Net equalisation paid (note 10) (498) Decrease in unrealised depreciation on investments 283 Net assets at the end of the year 163,334 Decrease in unrealised depreciation on forward currency exchange contracts 129 Decrease in unrealised depreciation on swap contracts 219 Net unrealised gains 631 Net increase in assets as a result of operations 8,933

Share Transactions For the year from 1 July 2011 to 30 June 2012 I-2 Z-2 Shares outstanding at the beginning of the year 12,557 15,444,259 Shares issued during the year 3,162,630 348,370 Shares redeemed during the year (3,159,795) (3,759,095) Shares outstanding at the end of the year 15,392 12,033,534 Net asset value per share 11.2059 13.5589 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 75 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 5.19% Jersey - 0.11% Free Mobility No.5 3.1300 18/07/17 173,517 174 0.11

France - 0.92% Auto ABS Compartiment (FRN) 1.4780 25/05/24 1,500,000 1,507 0.92

Luxembourg - 0.75% Bumper 1.5810 20/06/22 400,000 403 0.25 Bumper (FRN) 1.6810 20/05/26 814,673 820 0.50 1,223 0.75

Netherlands - 1.47% Dutch Mortgage Portfolio (FRN) 2.0810 25/07/47 1,500,000 1,503 0.92 Highway 1.4770 26/03/24 900,000 902 0.55 2,405 1.47

United Kingdom - 1.37% Gracechurch Mortgage Financing 2.1860 20/11/56 1,800,000 1,799 1.10 Headingley RMBS (FRN) 1.9130 11/03/51 437,170 440 0.27 2,239 1.37

United States - 0.57% SLM Student Loan Trust (FRN) 1.2120 15/12/27 1,100,000 926 0.57

Asset Backed Bonds / Mortgage Backed Bonds 8,474 5.19

Corporate Bonds - 90.56% Australia - 0.93% Commonwealth Bank of Australia (EMTN) 5.5000 06/08/19 330,000 357 0.22 Telstra Corporation 3.5000 21/09/22 1,100,000 1,152 0.71 1,509 0.93

Belgium - 1.65% Anheuser-Busch InBev (EMTN) 6.5700 27/02/14 1,680,000 1,831 1.12 Fortis Bank (FRN) (PERP) 4.6250 29/10/49 1,200,000 863 0.53 2,694 1.65

Denmark - 1.73% Danske Bank (EMTN) 3.8750 28/02/17 1,500,000 1,561 0.96 TDC (EMTN) 3.7500 02/03/22 600,000 624 0.38 TDC 3.5000 23/02/15 600,000 632 0.39 2,817 1.73

76 Aberdeen Global II - Euro Corporate Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % France - 19.87% Agence Francaise Development (FRN) (PERP) 4.6150 29/07/49 2,300,000 1,852 1.13 AXA (FRN) (EMTN) 5.2500 16/04/40 500,000 401 0.25 BNP Paribas 2.8750 27/11/17 1,960,000 1,965 1.20 Bouygues 4.5000 09/02/22 1,500,000 1,587 0.97 BPCE (EMTN) 4.2500 06/02/23 900,000 903 0.55 BPCE (EMTN) 3.7500 21/07/17 2,550,000 2,644 1.62 BPCE (EMTN) (PERP) 6.1170 29/10/49 1,050,000 650 0.40 Casino Guichard Perrachon (EMTN) 4.7260 26/05/21 1,200,000 1,231 0.75 Casino Guichard Perrachon (EMTN) 3.9940 09/03/20 1,000,000 990 0.61 Compagnie De Saint-Gobain (EMTN) 3.6250 15/06/21 1,400,000 1,369 0.84 Credit Logement (FRN) (PERP) 1.2620 29/11/49 792,000 462 0.28 Edenred 3.6250 06/10/17 1,200,000 1,251 0.77 Electricite De France (EMTN) 6.2500 25/01/21 600,000 741 0.45 Eutelsat 5.0000 14/01/19 1,500,000 1,656 1.01 France Telecom (EMTN) 7.2500 28/01/13 2,000,000 2,074 1.27 France Telecom (EMTN) 4.1250 23/01/19 2,500,000 2,727 1.67 GDF Suez (EMTN) 1.5000 01/02/16 1,550,000 1,558 0.95 Groupama (FRN) 4.3750 29/07/49 1,300,000 494 0.30 Groupe Auchan (EMTN) 3.0000 02/12/16 800,000 843 0.52 RCI Banque (EMTN) 4.0000 02/12/13 1,100,000 1,124 0.69 Societe Generale (EMTN) 3.7500 01/03/17 1,500,000 1,538 0.94 Vinci (EMTN) 3.3750 30/03/20 1,700,000 1,708 1.05 Vivendi (EMTN) 4.1250 18/07/17 1,100,000 1,137 0.70 Vivendi (EMTN) 3.5000 13/07/15 1,500,000 1,545 0.95 32,450 19.87

Germany - 6.26% Allianz Finance II (EMTN) 3.5000 14/02/22 800,000 827 0.51 Daimler (EMTN) 2.1250 27/06/18 1,500,000 1,493 0.91 Deutsche Telekom International Finance (EMTN) 5.8750 10/09/14 480,000 526 0.32 Deutsche Telekom International Finance (EMTN) 6.0000 20/01/17 1,150,000 1,348 0.83 Deutsche Telekom International Finance (EMTN) 7.5000 24/01/33 354,000 511 0.31 E.On International Finance (EMTN) 5.5000 19/01/16 1,200,000 1,367 0.84 Linde Finance (EMTN) 1.7500 11/06/19 600,000 593 0.36 Merck Financial Services (EMTN) 4.8750 27/09/13 1,680,000 1,762 1.08 Volkswagen Leasing (EMTN) 1.5000 15/09/15 1,800,000 1,792 1.10 10,219 6.26

Hong Kong - 1.01% Hutch Whampoa Finance 4.7500 14/11/16 1,500,000 1,643 1.01

Israel - 0.57% Teva Pharmaceutical Finance (EMTN) 2.8750 15/04/19 900,000 930 0.57

www.aberdeen-asset.com 77 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Italy - 3.89% ENEL Finance International (GMTN) 5.7500 24/10/18 1,400,000 1,401 0.86 Intesa Sanpaolo (EMTN) 4.0000 08/08/13 1,200,000 1,195 0.73 Luxottica Group (EMTN) 3.6250 19/03/19 500,000 511 0.31 Romulus Finance 4.9400 20/02/13 900,000 891 0.55 Telecom Italia (EMTN) 7.7500 24/01/33 1,350,000 1,351 0.83 Unicredito Italiano 4.3750 10/02/14 1,000,000 995 0.61 6,344 3.89

Luxembourg - 0.71% SES (EMTN) 4.7500 11/03/21 650,000 724 0.44 SES (EMTN) 4.6250 09/03/20 400,000 444 0.27 1,168 0.71

Mexico - 1.34% America Movil SAB 3.7500 28/06/17 810,000 874 0.54 America Movil SAB 4.1250 25/10/19 1,200,000 1,308 0.80 2,182 1.34

Netherlands - 6.52% ABN Amro Bank (EMTN) 4.1250 28/03/22 1,850,000 1,910 1.17 Allianz Finance II (PERP) 4.3750 29/12/49 1,050,000 894 0.55 BK Nederlandse Gemeenten 3.7500 16/12/13 1,700,000 1,778 1.09 Corio (EMTN) 4.6250 22/01/18 1,600,000 1,672 1.02 ING (FRN) (EMTN) 6.1250 29/05/23 750,000 688 0.42 ING (EMTN) 4.2500 13/01/17 1,850,000 1,994 1.22 Leaseplan Corporation (EMTN) 3.0900 13/11/13 1,700,000 1,714 1.05 10,650 6.52

Norway - 2.28% DNB Bank (EMTN) 4.2500 18/01/22 2,600,000 2,817 1.72 Sparebank 1 SR (EMTN) 3.5000 27/03/17 900,000 917 0.56 3,734 2.28

Spain - 6.64% Amadeus Capital Market (EMTN) 4.8750 15/07/16 1,430,000 1,480 0.91 Bankia Sau 3.5000 14/03/13 1,200,000 1,172 0.72 BBVA Senior Finance (EMTN) 4.0000 13/05/13 1,200,000 1,188 0.73 BBVA Senior Finance (EMTN) 3.0000 22/08/13 600,000 583 0.36 Caja Ahorros Guipuzcoa 4.3750 05/11/14 2,000,000 1,975 1.21 Gas Natural Capital (EMTN) 5.0000 13/02/18 500,000 452 0.28 Gas Natural Capital (EMTN) 4.3750 02/11/16 650,000 596 0.36 Iberdrola Finanzas (EMTN) 4.7500 25/01/16 300,000 285 0.17 Iberdrola International (EMTN) 4.2500 11/10/18 1,000,000 870 0.53 Mapfre (FRN) 5.9210 24/07/37 750,000 436 0.27 Telefonica Emisiones (EMTN) 4.9670 03/02/16 1,900,000 1,800 1.10 10,837 6.64

78 Aberdeen Global II - Euro Corporate Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Sweden - 1.97% Nordea Bank (EMTN) 6.2500 10/09/18 210,000 217 0.13 Svenska Handelsbanken (EMTN) 2.2500 14/06/18 990,000 983 0.60 Swedbank (GMTN) 2.3750 04/04/16 2,000,000 2,026 1.24 3,226 1.97

Switzerland - 1.29% ABB Finance (EMTN) 2.6250 26/03/19 750,000 762 0.47 UBS London (EMTN) 5.6250 19/05/14 1,250,000 1,342 0.82 2,104 1.29

United Kingdom - 24.09% 3I Group (EMTN) 5.6250 17/03/17 1,640,000 1,689 1.03 Anglian Water Services Finance (EMTN) 4.6250 07/10/13 2,108,000 2,200 1.35 Anglo American Capital (EMTN) 2.7500 07/06/19 900,000 891 0.55 Aviva (FRN) (EMTN) 6.8750 22/05/38 700,000 614 0.38 Barclays Bank (EMTN) 5.2500 27/05/14 1,700,000 1,817 1.11 Barclays Bank (EMTN) 6.0000 14/01/21 550,000 509 0.31 BAT International Finance (EMTN) 3.6250 09/11/21 600,000 635 0.39 BAT International Finance (EMTN) 5.8750 12/03/15 550,000 614 0.38 BG Energy (EMTN) 3.0000 16/11/18 900,000 945 0.58 BP Capital Markets (EMTN) 2.1770 16/02/16 1,200,000 1,223 0.75 British Telecom (EMTN) 6.5000 07/07/15 1,000,000 1,140 0.70 Carnival 4.2500 27/11/13 800,000 821 0.50 Compass Group (EMTN) 3.1250 13/02/19 750,000 786 0.48 Experian Finance (EMTN) 4.7500 04/02/20 800,000 924 0.57 Hammerson 4.8750 19/06/15 900,000 961 0.59 Imperial Tobacco Finance (EMTN) 8.3750 17/02/16 2,080,000 2,513 1.54 Lloyds TSB (EMTN) 6.3750 17/06/16 2,100,000 2,350 1.44 Lloyds TSB (EMTN) 6.5000 24/03/20 750,000 659 0.40 Lloyds TSB (EMTN) 6.2500 15/04/14 600,000 645 0.39 Mobility Operations Group (EMTN) 3.2500 30/11/18 1,000,000 1,048 0.64 Mobility Operations Group (EMTN) 3.7500 29/11/17 1,000,000 1,083 0.66 National Grid Gas (EMTN) 5.1250 14/05/13 500,000 518 0.32 National Grid USA (EMTN) 3.2500 03/06/15 1,185,000 1,246 0.76 Nationwide Building Society 3.7500 20/01/15 650,000 675 0.41 Nationwide Building Society (EMTN) 3.1250 03/04/17 1,800,000 1,827 1.12 Nationwide Building Society (EMTN) 6.7500 22/07/20 650,000 616 0.38 Royal Bank of Scotland (EMTN) 5.3750 30/09/19 900,000 969 0.59 Royal Bank of Scotland (EMTN) 4.3750 10/02/15 1,700,000 1,768 1.08 Scottish & Southern Energy (EMTN) 6.1250 29/07/13 384,000 403 0.25 Severn Trent Water Utilities (EMTN) 5.2500 11/03/16 910,000 1,029 0.63 Tesco (EMTN) 3.3750 02/11/18 1,800,000 1,901 1.16 Tesco (EMTN) 5.8750 12/09/16 1,320,000 1,537 0.94 Thames Water Utilities Cayman (EMTN) 3.2500 09/11/16 650,000 693 0.42 United Utilities Water (EMTN) 4.2500 24/01/20 1,885,000 2,113 1.29 39,362 24.09

www.aberdeen-asset.com 79 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % United States - 9.81% American International (EMTN) 5.0000 26/06/17 950,000 976 0.60 AT & T 4.3750 15/03/13 1,200,000 1,230 0.75 Bank Of America Corporation (EMTN) 1.1480 23/05/17 600,000 495 0.30 Citigroup (FRN) (EMTN) 0.8930 09/02/16 1,850,000 1,702 1.04 Citigroup (EMTN) 6.4000 27/03/13 1,600,000 1,655 1.01 Citigroup (FRN) (EMTN) 1.1160 31/05/17 1,200,000 985 0.60 GE Capital Euro Funding (EMTN) 2.8750 18/06/19 420,000 419 0.26 GE Capital Euro Funding (EMTN) 3.6250 15/06/17 1,250,000 1,294 0.79 Goldman Sachs 5.1250 16/10/14 1,000,000 1,047 0.64 Paccar Financial Europe (EMTN) 3.0000 19/05/14 1,600,000 1,649 1.01 Paccar Financial Europe (EMTN) 1.3750 08/06/15 400,000 400 0.24 Philip Morris International (EMTN) 5.7500 24/03/16 650,000 750 0.46 Philip Morris International (EMTN) 2.1250 30/05/19 1,250,000 1,251 0.77 Textron 3.8750 11/03/13 1,000,000 1,001 0.61 Wal-Mart Stores 4.8750 21/09/29 960,000 1,191 0.73 16,045 9.81

Corporate Bonds 147,914 90.56

Government Bonds - 2.31% Germany - 2.31% Germany (Federal Republic of) 3.5000 04/01/16 1,220,000 1,355 0.83 Germany (Federal Republic of) 2.0000 04/01/22 2,320,000 2,422 1.48 3,777 2.31

Government Bonds 3,777 2.31

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 160,165 98.06

80 Aberdeen Global II - Euro Corporate Bond Financial Derivative Instruments - 0.10% Swap contracts - 0.10% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives €'000 assets % Interest rate swap contracts - 0.10% Citigroup Global Markets Ltd EUR 17/08/21 1,900,000 6 month EIBOR 2.9400% 171 0.10 Unrealised gains on interest rate swap contracts 171 0.10

Unrealised gains on swap contracts 171 0.10

Unrealised gains on financial derivative instruments 171 0.10

Total investments 160,336 98.16 Other net assets 2,998 1.84 Total 163,334 100.00

www.aberdeen-asset.com 81 Euro Government Bond For the year ended 30 June 2012

Performance Portfolio review For the year ended 30 June 2012, the value of Euro Government Bond The Fund under performed the benchmark over the period. - A Accumulation shares increased by 5.34% compared to an increase Underweight positions were held in peripherally Spain and Italy. No of 6.35% in the benchmark, JP Morgan Global Government Bond EMU Portuguese, Irish or Greek positions were held and underweight French Index until 31 December 2011 and then Barclays Capital Euro positions were traded during the period. Over the 12 months, Fund Aggregate Treasuries Index. duration moved from underweight to neutral as the economic Source: Aberdeen Asset Management, Lipper, and JP Morgan situation deteriorated. Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, EUR. Outlook Benchmark change Despite a relief rally in June, the direction of the market remains very On 1 January 2012 the benchmark changed to become the Barclays uncertain. With their agreement on direct support for Spain’s banks, Capital Euro Aggregate Treasuries Index. Europe’s politicians have moved in the ‘right’ direction, although as always with this crisis the time between words and delivery is fraught Manager’s review with danger. The economic impact of the on-going crisis is becoming European fixed income markets were volatile during the period. Core more apparent in corporate profitability, although at this stage government bond yields reached all-time lows triggered by market corporate fundamentals remain robust. The rapid demise of Spain, its concerns over the European debt crisis and the US super committee’s rating and those of its largest companies has caught some unaware. failure to raise the debt ceiling in July 2011, causing the Standard & The future of Spain and its market access is in the eyes of many the Poor’s to downgrade the economy to AA+ with a negative outlook. make or break moment for the Eurozone, given its size. We do not share that view, although it is clearly a very important issue for the future of In a bid to stimulate growth, the European Central Bank (ECB) the Euro project. Further volatility in markets appears inevitable over reactivated the Securities Markets Program and announced unlimited the coming months. liquidity in the form of two three year long term refinancing operations (LTRO’s) at the December meeting. The two LTRO’s took place late in December and February totalling €1 trillion. In addition to balance sheet expansion measures, the ECB cut the base rate to 1%. The decisions had a significant impact upon yield spreads for sovereign and bank issuers, and temporarily removed the systemic risk attached to the European financial system throughout the first quarter of 2012. Greece received a second bailout package in March 2012, which included private investors accepting over 70% in losses on their current holdings, triggering credit default swap contracts and access to an additional €130 billion of IMF and Eurozone funding. Standard & Poor’s downgraded 9 European countries over the period. Spain was downgraded towards the end of the period, putting the economy under pressure and forcing it to request a bailout of €100 billion to recapitalise its banking system in June. Despite a number of summits, including the G20 in October and EU summits in October and December, little progress was made by European policymakers until the 19th EU summit in June. The discussion resulted in an agreement to establish a Eurozone wide bank supervisory body allowing distressed Banks to access funds directly from the European Financial Stability Fund/European Stability Mechanism, with lighter conditionality and without the need to go via the Sovereign. The outcome surprised the market and resulted in temporary rally in risk assets, although much remains to be resolved. In Politics, Greece managed to form a government at the second time of asking and Francois Hollande’s Socialist Party won an absolute majority in French parliamentary elections. It remains to be seen if pro-growth initiatives are undertaken or if the deficit is tackled directly.

82 Aberdeen Global II - Euro Government Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 €’000 €’000 Assets Income Investments in securities at market value (note 2.2) 463,310 Investment income 15,543 Cash at bank 22,637 Bank interest 59 Interest receivable 8,898 Total income 15,602 Subscriptions receivable 116 Receivable for investments sold 36,486 Expenses Total assets 531,447 Management fees (note 4.5) 4,677 Administration fees (note 4.1) 123 Liabilities Custodian fees (note 4.2) 87 Payable for investments purchased 39,954 Domiciliary agent, registrar, paying and transfer agent Taxes and expenses payable 621 fees (note 4.3) 173 Redemptions payable 4,048 Management Company fees (note 4.4) 53 Other liabilities 1,192 Operational expenses (note 4.6) 172 Total liabilities 45,815 Annual tax (note 4.8) 250 Total expenses 5,535 Net assets at the end of the year 485,632 Net gains from investments 10,067

Statement of Changes in Net Assets Realised gains on investments 8,066 For the year from 1 July 2011 to 30 June 2012 Realised losses on future contracts (4,803) €’000 Net realised gains 3,263 Net assets at the beginning of the year 544,469 Net gains from investments 10,067 Decrease in unrealised depreciation on investments 15,426 Net realised gains 3,263 Decrease in unrealised depreciation on future contracts 53 Net unrealised gains 15,479 Net unrealised gains 15,479 Proceeds from shares issued 102,857 Net increase in assets as a result of operations 28,809 Payments for shares redeemed (187,181) Net equalisation paid (note 10) (478) Dividends paid (note 5) (2,844) Net assets at the end of the year 485,632

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-1 A-2 J-2 Shares outstanding at the beginning of the year 1,560,865 922,846 1,202 Shares issued during the year 12,252 141,706 28,128 Shares redeemed during the year (313,194) (336,448) (8,883) Shares outstanding at the end of the year 1,259,923 728,104 20,447 Net asset value per share 115.4804 421.7895 1,615.3753 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 83 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 1.17% France - 0.33% Cars Alliance Auto Loans 1.3790 25/09/21 1,600,000 1,600 0.33

Netherlands - 0.29% Highway 1.4770 26/03/24 1,400,000 1,403 0.29

United States - 0.55% SLM Student Loan Trust (FRN) 1.2120 15/12/27 3,185,000 2,682 0.55

Asset Backed Bonds / Mortgage Backed Bonds 5,685 1.17

Corporate Bonds - 22.39% Australia - 2.20% Westpac Banking Corporation (EMTN) 4.2500 22/09/16 9,750,000 10,663 2.20

Denmark - 0.55% Danske Bank (FRN) (EMTN) 1.6610 13/03/14 2,700,000 2,682 0.55

France - 2.17% BPCE (EMTN) 2.8750 22/09/15 1,450,000 1,476 0.30 BPCE SFH 3.6250 12/05/16 4,200,000 4,477 0.92 GDF SUEZ (EMTN) 1.5000 01/02/16 1,550,000 1,558 0.32 Societe Generale (EMTN) 3.2500 06/06/16 2,900,000 3,063 0.63 10,574 2.17

Germany - 3.34% Duesseldorfer Hypobank 1.8750 13/12/13 4,000,000 4,074 0.84 FMS Wertmanagement (EMTN) 1.6250 22/02/17 6,800,000 6,944 1.43 FMS Wertmanagement (EMTN) 3.0000 03/08/18 4,800,000 5,192 1.07 16,210 3.34

Hong Kong - 0.56% Hutchison Whampoa Finance 5.8750 08/07/13 2,600,000 2,714 0.56

Italy - 0.41% Intesa Sanpaolo (EMTN) 4.0000 08/08/13 2,000,000 1,992 0.41

Netherlands - 0.55% ABN Amro Bank (EMTN) 4.2500 11/04/16 2,500,000 2,678 0.55

Norway - 1.79% Terra Boligkreditt (EMTN) 2.1250 31/08/15 8,500,000 8,702 1.79

84 Aberdeen Global II - Euro Government Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Spain - 1.40% Bankia Sau 3.5000 14/03/13 5,150,000 5,032 1.04 BBVA Senior Finance (EMTN) 3.0000 22/08/13 1,800,000 1,749 0.36 6,781 1.40

Sweden - 1.07% Swedbank Hypotek (EMTN) 2.5000 15/06/15 5,000,000 5,211 1.07

United Kingdom - 7.97% Abbey National Treasury Services 3.1250 30/06/14 10,000,000 10,332 2.13 Anglo American Capital (EMTN) 4.2500 30/09/13 2,500,000 2,595 0.53 Barclays Bank (EMTN) 2.2500 22/02/17 6,500,000 6,634 1.37 Imperial Tobacco Financial (MTN) 4.3750 22/11/13 2,500,000 2,600 0.53 Lloyds TSB (EMTN) 6.2500 15/04/14 7,000,000 7,531 1.55 Royal Bank of Scotland (EMTN) 5.7500 21/05/14 8,500,000 9,033 1.86 38,725 7.97

United States - 0.38% Danaher European Finance 4.5000 22/07/13 1,200,000 1,242 0.26 Paccar Financial Europe (EMTN) 1.3750 08/06/15 600,000 600 0.12 1,842 0.38

Corporate Bonds 108,774 22.39

Government Bonds - 67.65% Austria - 0.48% Austria (Republic of) 6.2500 15/07/27 1,669,000 2,346 0.48

Belguim - 4.52% Belgium (Kingdom of) 4.2500 28/09/21 15,838,417 17,365 3.58 Belgium (Kingdom of) 5.0000 28/03/35 3,896,000 4,585 0.94 21,950 4.52

Finland - 1.41% Finnish (Republic of) 3.5000 15/04/21 823,000 927 0.19 Finnish (Republic of) 4.3750 04/07/19 5,000,000 5,912 1.22 6,839 1.41

France - 25.41% France (Government of) (VAR) 3.2500 25/10/21 47,688,514 50,349 10.37 France (Government of) 3.5000 25/04/15 7,550,000 8,138 1.68 France (Government of) 4.0000 25/04/13 29,599,000 30,515 6.28 France (Government of) 4.0000 25/10/38 9,342,000 10,062 2.07 France (Government of) 4.5000 12/07/13 12,766,000 13,322 2.74 France (Government of) 4.2500 25/10/23 4,146,000 4,703 0.97 France (Government of) 4.7500 25/04/35 5,284,072 6,310 1.30 123,399 25.41

www.aberdeen-asset.com 85 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Germany - 15.67% Germany (Federal Republic of) 3.0000 04/07/20 994 1 - Germany (Federal Republic of) 3.2500 04/07/21 178 - - Germany (Federal Republic of) 2.2500 10/04/15 3,381,000 3,571 0.74 Germany (Federal Republic of) 1.7500 14/06/13 10,000,000 10,161 2.09 Germany (Federal Republic of) 2.0000 04/01/22 16,273,357 16,990 3.50 Germany (Federal Republic of) 3.5000 04/01/16 13,850,000 15,386 3.17 Germany (Federal Republic of) 4.2500 04/07/39 6,724,000 9,306 1.92 Germany (Federal Republic of) 4.7500 04/07/28 4,012,469 5,381 1.11 Germany (Federal Republic of) 4.7500 04/07/34 10,738,000 15,237 3.14 76,033 15.67

Italy - 14.17% Italy (Republic of) 3.7500 01/03/21 7,900,000 7,027 1.45 Italy (Republic of) 4.5000 01/03/26 6,833,000 5,937 1.22 Italy (Republic of) 5.0000 01/03/22 31,739,000 30,388 6.26 Italy (Republic of) 5.0000 01/09/40 7,853,000 6,640 1.37 Italy (Republic of) 5.7500 01/02/33 9,312,000 8,813 1.81 Italy (Republic of) 6.5000 01/11/27 9,815,000 10,006 2.06 68,811 14.17

Netherlands - 4.84% Netherlands (Kingdom of) 3.5000 15/07/20 8,960,000 10,072 2.07 Netherlands (Kingdom of) 3.7500 15/01/42 3,649,000 4,502 0.93 Netherlands (Kingdom of) 4.5000 15/07/17 4,480,000 5,194 1.07 Netherlands (Kingdom of) 5.5000 15/01/28 2,700,000 3,732 0.77 23,500 4.84

Spain - 1.15% Spain (Kingdom of) 4.2000 31/01/37 7,051,000 4,891 1.01 Spain (Kingdom of) 4.8000 31/01/24 818,000 701 0.14 5,592 1.15

Government Bonds 328,470 67.65

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 442,929 91.21

Other transferable securities and money market instruments Government Bonds - 4.19% Austria - 4.19% Austria (Republic of) 3.9000 15/07/20 5,137,000 5,795 1.19 Austria (Republic of) 4.1500 15/03/37 1,080,000 1,252 0.26 Austria (Republic of) 4.0000 15/09/16 11,910,000 13,316 2.74 20,363 4.19

86 Aberdeen Global II - Euro Government Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Italy - nil Italy (Republic of) 5.0000 01/03/25 20,000 18 -

Government Bonds 20,381 4.19

Other transferable securities and money market instruments 20,381 4.19

Total transferable securities and money market instruments 463,310 95.40

Total investments 463,310 95.40 Other net assets 22,322 4.60 Total 485,632 100.00

www.aberdeen-asset.com 87 Euro High Yield Bond For the year ended 30 June 2012

Performance Portfolio review For the year ended 30 June 2012, the value of Euro High Yield Bond - A The Fund outperformed the peer group over the period under review, Accumulation shares increased by 2.88% compared to a increase of gaining a sector ranking of 24 out of 74. On top of some strong 3.82% in the benchmark, Bank of America Merrill Lynch Euro High Yield underlying stock performances, the Fund benefitted from a large Constrained Index. synthetic index short position during the period, which was halved at a Source: Aberdeen Asset Management and Lipper, good level. We aim to reduce our beta exposure by investing in higher Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, EUR. quality credits rather than relying on derivatives to the same extent. The ability to invest in US dollar denominated bonds will also be Fund name change employed to a higher degree in order to reduce our overall volatility. On 1 December 2011 the Fund changed its name from Aberdeen Going forward the Fund will be run with less exposure to the financial Global II – Euro High Yielding Fixed Income Fund to Aberdeen Global II sector and more corporates, a process which has been underway since – Euro High Yield Bond Fund. May and is progressing well.

Manager’s review Outlook The last twelve months have a seen stark difference in market There are a number of risks present in the current environment. The performance during the period under review. The second half of 2011 future of the Euro is in constant debate, emerging market growth is saw a meaningful pick-up in volatility primarily due to the re- slowing and US economic data has recently tailed off. Nevertheless, we emergence of investor concern over peripheral Europe. A potential remain constructive on European high yield. Default rates could pick up Greek exit, the sharp rise in Italian and Spanish funding rates and however and they are likely to remain at or below the historic average peripheral bank solvency were the main causes of concern. The level for the foreseeable future. implementation of two three year long term refinancing operations Spreads are over compensating investors for the default rate outlook. (LTRO’s), the first of which was announced in December, significantly At present, company balance sheets are broadly in good shape. The last reduced the three year default outlook for struggling banks spurring the few years has seen significant high yield debt issuance, thereby market to rally in the first six months of 2012. The market friendly extending corporate liabilities and reducing refinancing risk. outcome of the Greek election provided market participants with further relief, though a definitive solution to the European debt crisis The protraction of shrinking banks’ balance sheets will continue to remains elusive. drive market growth while demand for high yield bonds should benefit from the high levels of income available to investors in such an New issuance has been sporadic over the last twelve months, though unprecedented low rate environment. Unlike equities, high yield can markets remained open to the best quality issuers for the majority of perform in a low growth environment. On a risk adjusted basis the the period under review. An emerging theme in 2012 has been the asset class represents an attractive investment at current valuations. increasing quantum of Dollar denominated debt issued by European companies to US investors. This has been a constructive development for the market as a whole.

88 Aberdeen Global II - Euro High Yield Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 €’000 €’000 Assets Income Investments in securities at market value (note 2.2) 41,014 Investment income 5,381 Cash at bank 2,841 Bank interest 17 Interest receivable 1,135 Total income 5,398 Subscriptions receivable 10 Unrealised gains on forward currency exchange Expenses contracts (note 2.6) 6 Management fees (note 4.5) 608 Total assets 45,006 Administration fees (note 4.1) 40 Custodian fees (note 4.2) 5 Liabilities Domiciliary agent, registrar, paying and transfer agent Payable for investments purchased 1,275 fees (note 4.3) 19 Taxes and expenses payable 80 Management Company fees (note 4.4) 5 Redemptions payable 29 Operational expenses (note 4.6) 33 Unrealised losses on swap contracts (note 2.8) 28 Annual tax (note 4.8) 22 Total liabilities 1,412 Total expenses 732

Net assets at the end of the year 43,594 Net gains from investments 4,666

Realised losses on investments (1,341) Statement of Changes in Net Assets Realised losses on forward currency exchange For the year from 1 July 2011 to 30 June 2012 contracts (1,164) €’000 Realised gains on swap contracts 372 Net assets at the beginning of the year 62,048 Realised currency exchange losses (192) Net gains from investments 4,666 Net realised losses (2,325) Net realised losses (2,325) Net unrealised losses (948) Increase in unrealised depreciation on investments (1,144) Proceeds from shares issued 16,522 Decrease in unrealised appreciation on forward Payments for shares redeemed (35,778) currency exchange contracts (296) Net equalisation paid (note 10) (591) Decrease in unrealised depreciation on swap contracts 494 Net assets at the end of the year 43,594 Unrealised currency exchange losses (2) Net unrealised losses (948) Net increase in assets as a result of operations 1,393

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-2 I-2 Shares outstanding at the beginning of the year 483,127 13,540 Shares issued during the year 26,722 13,714 Shares redeemed during the year (124,410) (23,668) Shares outstanding at the end of the year 385,439 3,586 Net asset value per share 103.2821 1,055.3222 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 89 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market Corporate Bonds - 86.36% Austria - 1.70% Wienerberger (FRN) (PERP) 6.5000 29/12/49 1,000,000 740 1.70

Belgium - 2.90% Ontex IV 7.5000 15/04/18 250,000 245 0.56 Ontex IV 9.0000 15/04/19 1,200,000 1,022 2.34 1,267 2.90

Canada - 1.74% . Taseko Mines 7.7500 15/04/19 1,000,000 756 1.74

Croatia - 1.16% Agrokor 9.8750 01/05/19 500,000 504 1.16

Czech Republic - 1.42% New World Resources 7.8750 01/05/18 650,000 619 1.42

Denmark - 1.96% ISS Holdings 8.8750 15/05/16 850,000 854 1.96

France - 4.44% Eurofins Scientific (VAR) 8.0810 29/05/49 900,000 887 2.03 Europcar Groupe 9.3750 15/04/18 1,500,000 1,050 2.41 1,937 4.44

Germany - 3.17% Kinove German Bond 10.0000 15/06/18 180,000 185 0.42 Unitymedia 9.6250 01/12/19 1,100,000 1,197 2.75 1,382 3.17

Hungary - 0.95% Magyar Telecom 9.5000 15/12/16 535,000 414 0.95

Ireland - 5.97% EBS (EMTN) 4.0000 25/02/15 1,500,000 1,304 2.99 Irish Life & Permanent (EMTN) 4.0000 10/03/15 1,500,000 1,297 2.98 2,601 5.97

Italy - 3.36% Bormioli Rocco Holdings 10.0000 01/08/18 750,000 690 1.58 Lottomatica (VAR) 8.2500 31/03/66 900,000 775 1.78 1,465 3.36

90 Aberdeen Global II - Euro High Yield Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Luxembourg - 3.12% ARD Finance (PIK) 11.1250 01/06/18 799,787 716 1.64 Spie Bondco 11.0000 15/08/19 660,000 644 1.48 1,360 3.12

Netherlands - 3.78% Bite Finance 4.1620 15/03/14 1,150,000 1,001 2.30 Rea Finance 9.5000 31/12/17 500,000 646 1.48 1,647 3.78

Poland - 1.27% Polish Television Holdings 11.2500 15/05/17 550,000 553 1.27

Spain - 6.68% Campofrio Food 8.2500 31/10/16 400,000 394 0.90 Inaer Aviation Finance 9.5000 01/08/17 1,250,000 1,069 2.45 Mapfre (VAR) 5.9210 24/07/37 2,500,000 1,453 3.33 2,916 6.68

Sweden - 0.95% Verisure Holdings 8.7500 01/09/18 430,000 413 0.95

Switzerland - 2.68% Sunrise Communications 8.5000 31/12/18 1,100,000 1,169 2.68

United Kingdom - 39.11% Boparan Finance 9.8750 30/04/18 500,000 643 1.47 Care UK Health 9.7500 01/08/17 700,000 893 2.05 House of Fraser Funding 8.8750 15/08/18 490,000 526 1.21 Ineos Group Holdings 7.8750 15/02/16 1,000,000 873 2.00 International Personal Finance (EMTN) 11.5000 06/08/15 1,200,000 1,256 2.88 LBG Capital No.1 11.0400 19/03/20 500,000 622 1.43 LBG Capital No.2 15.0000 21/12/19 500,000 747 1.71 Lloyds TSB 11.7500 29/10/49 1,000,000 1,514 3.47 Lowell Group Financing 10.7500 01/04/19 500,000 592 1.36 National Westminster (EMTN) (PERP) 5.9779 29/01/49 1,000,000 837 1.92 Pearl Group Holdings (FRN) (PERP) 6.5864 29/11/49 1,700,000 1,187 2.73 Phones4U Finance 9.5000 01/04/18 500,000 558 1.28 Pipe Holdings 9.5000 01/11/15 900,000 1,107 2.54 R&R Ice Cream 8.3750 15/11/17 1,000,000 996 2.28 Rexam (FRN) 6.7500 29/06/67 1,500,000 1,436 3.29 Royal Bank of Scotland (EMTN) 6.9340 09/04/18 1,000,000 928 2.13 Royal Bank of Scotland (EMTN) 2.3750 02/11/15 2,010,000 1,459 3.35 Towergate Finance 8.5000 15/02/18 750,000 876 2.01 17,050 39.11

Corporate Bonds 37,647 86.36

www.aberdeen-asset.com 91 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Equities - 3.19% Ireland - 2.79% Bank of Ireland 12,283,737 1,216 2.79

United States - 0.40% Ally Financial (PERP) (PREF) 251 176 0.40

Equities 1,392 3.19

Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market 39,039 89.55

Other transferable securities and money market instruments Corporate Bonds - 4.53% Czech Republic - 2.97% Sazka 9.0000 12/07/21 2,872,723 1,293 2.97

Ireland - 0.04% ERC Ireland (PIK) (PREF) 7.6900 15/02/17 1,772,343 18 0.04

Greece - 0.03% Hellas Telecommunications III 8.5000 15/10/13 1,671,218 13 0.03

United Kingdom - 1.49% Viridian Group Fundco II 11.1250 01/04/17 700,000 651 1.49

Corporate Bonds 1,975 4.53

Other transferable securities and money market instruments 1,975 4.53

Total securities and money market instruments 41,014 94.08

Financial Derivative Instruments - (0.05)% Forward currency exchange contracts - 0.01% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount €’000 assets % EUR CHF 14/08/12 1,287,801 1,546,000 - - EUR GBP 14/08/12 5,696,728 4,572,000 49 0.11 EUR GBP 14/08/12 5,695,482 4,571,000 49 0.11 EUR GBP 14/08/12 932,914 746,000 11 0.03 EUR GBP 14/08/12 650,070 525,000 1 - EUR USD 14/08/12 3,253,375 4,221,000 (72) (0.17) EUR USD 14/08/12 774,371 963,000 16 0.04 GBP EUR 14/08/12 328,000 407,287 (2) -

92 Aberdeen Global II - Euro High Yield Bond Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount €’000 assets % GBP EUR 14/08/12 1,373,000 1,707,903 (12) (0.03) USD EUR 14/08/12 3,099,000 2,475,550 (34) (0.08) USD EUR 14/08/12 991,000 780,568 - - Unrealised gains on forward currency exchange contracts 6 0.01

Swap contracts - (0.06)% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives €’000 assets % Credit default swap contracts - (0.06)% Credit Suisse USD 20/12/13 1,000,000 0.4500% Government of Finland (1) - Credit Suisse USD 20/12/13 1,000,000 1.0200% Republic of Austria (3) (0.01) Credit Suisse USD 20/12/13 1,400,000 GE Capital 4.5000% 59 0.14 Credit Suisse USD 20/12/13 1,000,000 1.0500% Commonwealth Government (4) (0.01) Credit Suisse USD 20/12/13 750,000 GE Capital 6.5000% 49 0.11 Credit Suisse USD 20/12/13 1,000,000 1.4500% Kingdom of Sweden (14) (0.03) Deutsche Bank USD 20/12/13 1,000,000 1.1900% Government of Spain 36 0.08 Morgan Stanley EUR 20/06/15 7,000,000 5.0000% ITRAXX13V25Y (150) (0.34) Unrealised losses on credit default swap contracts (28) (0.06)

Unrealised losses on swap contracts (28) (0.06)

Unrealised losses on financial derivative instruments (22) (0.05)

Total investments 40,992 94.03 Other net assets 2,602 5.97 Total 43,594 100.00

www.aberdeen-asset.com 93 Euro Short Term Bond For the year ended 30 June 2012

Performance debt crisis. Valuations rebounded in the fourth quarter buoyed by central bank easing measures including improved access to US dollar For the year ended 30 June 2012, the value Euro Short Term Bond - A funding and the ECB’s LTRO. In the broader corporate market, Accumulation shares increased by 2.68% compared to an increase of consumer confidence and inventory de-stocking eroded balance sheet 3.70% in the benchmark, Citigroup EMU World Government Bond quality, however given there robust starting point, this was not a Index 1-3 Years. concern. The effect of the easing measures faded towards the end of Source: Aberdeen Asset Management and Lipper the first quarter of 2012, as worries over bank and sovereign funding Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, EUR. resurfaced. The fourth quarter earnings seasons for European industrial Fund name change companies continued to post disappointing results. This marked the third straight quarter of lacklustre earnings and the worst quarter On 1 December 2011 the Fund changed its name from Aberdeen versus consensus since 2008. Global II - Short Term Euro Bond Fund to Aberdeen Global II – Euro Short Term Bond Fund. Moody’s continued to push bank credit ratings lower, citing the uncertain macroeconomic outlook in Europe for its latest move of the Manager’s review majority of the sector on to watch negative. European fixed income markets were volatile during the period. Core The downgrade of Spain had a significant impact on some of Europe’s government bond yields reached all-time lows triggered by market largest bond issuers, given rating agency rules for the maximum rating concerns over the European debt crisis and the US super committee’s notches allowable above the sovereign. Telefonica was downgraded to failure to raise the debt ceiling in October, causing the Standard & Baa2 and Spanish utilities Iberdrola, Red Electrica and Enegas were all Poor’s to downgrade the economy to AA+ with a negative outlook. downgraded into Baa territory. The two large Spanish banking group’s, In a bid to stimulate growth, the European Central Bank (ECB) Santander and BBVA, now also sit on the cusp of sub-investment grade, reactivated the Securities Markets Program and announced unlimited with only Santander being afforded a higher rating than Spain. liquidity in the form of two three year long term refinancing operations Adding to banking woes, Barclays was fined £290 million to settle the (LTRO’s) at the December meeting. The two LTRO’s took place late in investigation into its part in the manipulation of LIBOR rates. It is only December and February totalling €1 trillion. In addition to balance one of many banks under investigation, but has suffered significant first sheet expansion measures, the ECB cut the base rate to 1%. The mover disadvantage from settling early with the authorities. decisions had a significant impact upon yield spreads for sovereign and bank issuers, and temporarily removed the systemic risk attached to Portfolio review the European financial system throughout the first quarter of 2012. Portfolio duration was traded between 1.25 and 1.6 years during the Greece received a second bailout package in March, which included period under review. The overall maturity structure was positioned for private investors accepting over 70% in losses on their current yield curve flattening. Given the low risk stable return focus of this holdings, triggering credit default swap contracts and access to an mandate, the Fund maintained its zero or strong underweight addition €130 billion of IMF and Eurozone funding. Standard and Poor’s positioning to peripheral European Sovereign debt. We still hold core downgraded 9 European countries over the period. Spain was German, French and Dutch government bonds. As we approach a downgraded towards the end of the period, putting the economy under period of record low interest rates across the Eurozone, the portfolio pressure and forcing it to request a bailout of €100 billion to has been positioned to maintain a strong relative yield through recapitalise its banking system in June. investment in off benchmark, fixed and floating rate securities from investment grade financial and corporate issuers. Despite a number of summits, including the G20 in October and EU summits in October and December, little progress was made by European policymakers until the 19th EU summit in June. The Outlook discussion resulted in an agreement to establish a Eurozone wide bank Despite a relief rally in June, the direction of the market remains very supervisory body allowing distressed Banks to access funds directly uncertain. With their agreement on direct support for Spain’s banks, from the European Financial Stability Fund/European Stability Europe’s politicians have moved in the ‘right’ direction, although as Mechanism, with lighter conditionality and without the need to go via always with this crisis the time between words and delivery is fraught the Sovereign. The outcome surprised the market and resulted in with danger. The economic impact of the on-going crisis is becoming temporary rally in risk assets, although much remains to be resolved. more apparent in corporate profitability, although at this stage corporate fundamentals remain robust. The rapid demise of Spain, its In Politics, Greece managed to form a government at the second time rating and those of its largest companies has caught some unaware. of asking and Francois Hollande’s Socialist Party won an absolute The future of Spain and its market access is in the eyes of many the majority in French parliamentary elections. It remains to be seen if make or break moment for the Eurozone, given its size. We do not share pro-growth initiatives are undertaken or if the deficit is tackled directly. that view, although it is clearly a very important issue for the future of Credit markets, in particular financial sector issues, were affected the Euro project. Further volatility in markets appears inevitable over during the third quarter of 2011 by concerns over the resilience of the the coming months. European banking sector and potential losses in the face of sovereign

94 Aberdeen Global II - Euro Short Term Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 €'000 €'000 Assets Income Investments in securities at market value (note 2.2) 391,857 Investment income 8,056 Cash at bank 3,953 Bank interest 90 Amounts held at futures clearing houses and brokers 1,292 Total income 8,146 Interest receivable 5,076 Subscriptions receivable 593 Expenses Other assets 179 Management fees (note 4.5) 3,670 Total assets 402,950 Administration fees (note 4.1) 102 Custodian fees (note 4.2) 71 Liabilities Domiciliary agent, registrar, paying and transfer agent Taxes and expenses payable 504 fees (note 4.3) 134 Redemptions payable 2,203 Management Company fees (note 4.4) 42 Unrealised losses on future contracts (note 2.7) 440 Operational expenses (note 4.6) 136 Other liabilities 145 Annual tax (note 4.8) 200 Total liabilities 3,292 Total expenses 4,355

Net assets at the end of the year 399,658 Net gains from investments 3,791

Realised losses on investments (3,983) Statement of Changes in Net Assets Realised gains on future contracts 5,059 For the year from 1 July 2011 to 30 June 2012 Net realised gains 1,076 €'000 Net assets at the beginning of the year 424,814 Decrease in unrealised depreciation on investments 6,808 Net gains from investments 3,791 Decrease in unrealised appreciation on future contracts (607) Net realised gains 1,076 Net unrealised gains 6,201 Net unrealised gains 6,201 Net increase in assets as a result of operations 11,068 Proceeds from shares issued 140,752 Payments for shares redeemed (176,560) Net equalisation paid (note 10) (91) Dividends paid (note 5) (325) Net assets at the end of the year 399,658

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-1 A-2 J-2 Shares outstanding at the beginning of the year 886,844 2,674,761 621 Shares issued during the year 33,149 829,965 16,397 Shares redeemed during the year (234,018) (1,129,870) (2,016) Shares outstanding at the end of the year 685,975 2,374,856 15,002 Net asset value per share 50.3771 146.0961 1,209.5006 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 95 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €'000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 1.24% France - 1.24% FCC Minotaure (FRN) 1.0070 22/12/26 5,518,649 4,974 1.24

Asset Backed Bonds / Mortgage Backed Bonds 4,974 1.24

Corporate Bonds - 56.80% Australia - 1.26% National Australia Bank (EMTN) (FRN) 1.1410 07/04/14 5,000,000 5,020 1.26

Denmark - 1.74% Danske Bank (EMTN) (FRN) 1.6610 13/03/14 7,000,000 6,954 1.74

Finland - 2.65% Pohjola Bank (EMTN) 4.5000 22/05/14 10,000,000 10,573 2.65

France - 3.27% France Telecom (EMTN) 7.2500 28/01/13 3,471,000 3,599 0.90 GDF Suez (EMTN) 1.5000 01/02/16 4,470,000 4,493 1.12 Groupe BPCE (EMTN) (FRN) 1.5200 29/10/13 5,000,000 5,001 1.25 13,093 3.27

Germany - 2.63% IKB Deutsche Industriebank 2.1250 10/09/12 5,600,000 5,617 1.41 Volkswagen Leasing (EMTN) 1.5000 15/09/15 4,900,000 4,878 1.22 10,495 2.63

Italy - 3.12% Intesa Sanpaolo Ireland (EMTN) 4.0000 08/08/13 3,500,000 3,486 0.87 Unicredit (EMTN) (FRN) 1.5640 03/09/12 9,000,000 8,998 2.25 12,484 3.12

Netherlands - 8.33% ABN Amro Bank (FRN) 2.2680 10/01/14 2,900,000 2,940 0.74 Allianz Finance II 5.6250 29/11/12 5,000,000 5,099 1.28 Nederlandse Waterschapsbank (EMTN) 4.0000 12/03/13 12,531,000 12,841 3.21 Rabobank Nederland (EMTN) 4.2500 22/04/14 7,000,000 7,383 1.85 Rabobank Nederland (FRN) 1.0360 19/05/14 5,000,000 4,998 1.25 33,261 8.33

Spain - 2.24% BBVA Senior Finance (EMTN) 2.7500 10/09/12 7,000,000 6,987 1.75 BBVA Senior Finance (FRN) 1.1570 22/01/13 2,000,000 1,956 0.49 8,943 2.24

96 Aberdeen Global II - Euro Short Term Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal €'000 assets % Sweden - 6.02% Nordea (EMTN) (FRN) 1.3630 17/06/13 8,000,000 8,052 2.01 SwedBank (EMTN) 1.7500 18/06/15 5,000,000 5,004 1.25 Svenska Handelsbanken 3.0000 20/08/12 11,000,000 11,040 2.76 24,096 6.02

Switzerland - 2.64% UBS London (EMTN) (FRN) 1.1890 16/05/14 5,000,000 4,995 1.25 UBS London (EMTN) 4.6250 06/07/12 5,570,000 5,571 1.39 10,566 2.64

United Kingdom - 17.84% Abbey National Treasury Services (EMTN) (FRN) 2.4770 28/08/13 10,000,000 9,870 2.47 Bank of Scotland (FRN) (EMTN) 0.8090 24/10/13 10,000,000 9,901 2.48 Bank of Scotland (EMTN) 5.6250 23/05/13 5,000,000 5,179 1.30 Barclays Bank (FRN) (EMTN) 1.5200 28/01/13 5,000,000 5,016 1.26 Barclays Bank (FRN) (EMTN) 2.3030 17/01/14 4,000,000 4,053 1.01 Barclays Bank (FRN) (EMTN) 1.1940 24/04/13 5,000,000 5,006 1.25 BP Capital Markets (EMTN) 2.1770 16/02/16 2,000,000 2,038 0.51 National Grid Gas (EMTN) 5.1250 14/05/13 2,000,000 2,070 0.52 Royal Bank of Scotland (FRN) 2.1120 17/09/12 10,000,000 10,028 2.51 Royal Bank of Scotland (FRN) 1.8350 18/05/13 3,000,000 3,008 0.76 Yorkshire Building Society (EMTN) 2.2500 26/10/12 15,000,000 15,079 3.77 71,248 17.84

United States - 5.06% Caterrpillar International Finance (EMTN) 1.3750 18/05/15 1,200,000 1,206 0.30 GE Capital Euro Funding (EMTN) 5.2500 31/01/13 5,000,000 5,123 1.28 HSBC Finance Corporation (EMTN) (FRN) 0.9600 28/10/13 5,000,000 4,954 1.24 HSBC Finance Corporation (EMTN) (FRN) 1.0200 05/04/13 3,000,000 2,989 0.75 Paccar Financial Europe (EMTN) 1.3750 08/06/15 1,000,000 1,000 0.25 Wachovia Corporation (EMTN) (FRN) 0.8400 13/02/14 5,000,000 4,975 1.24 20,247 5.06

Corporate bonds 226,980 56.80

Government Bonds - 38.44% Belgium - 7.13% Belgium (Kingdom of) 4.2500 28/09/13 7,000,000 7,320 1.84 Belgium (Kingdom of) 4.0000 28/03/14 20,000,000 21,132 5.29 28,452 7.13

Finland - 3.35% Finnish (Republic of) 5.3750 04/07/13 2,000,000 2,105 0.53 Finnish (Republic of) 3.1250 15/09/14 3,000,000 3,188 0.80 Finnish (Republic of) 4.2500 15/09/12 8,000,000 8,068 2.02 13,361 3.35

www.aberdeen-asset.com 97 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €'000 assets % France - 9.20% France (Government of) 3.0000 12/07/14 7,000,000 7,362 1.83 France (Government of) 2.5000 15/01/15 3,000,000 3,142 0.78 France (Government of) 4.0000 25/04/14 5,000,000 5,328 1.33 France (Government of) 4.0000 25/10/14 8,000,000 8,636 2.16 France (Government of) 3.5000 25/04/15 2,000,000 2,156 0.54 France (Government of) 4.0000 25/04/13 5,000,000 5,155 1.29 France (Government of) 4.7500 25/10/12 5,000,000 5,071 1.27 36,850 9.20

Italy - 7.68% Italy (Republic of) 2.5000 01/07/12 15,000,000 15,000 3.75 Italy (Republic of) 3.0000 01/11/15 8,000,000 7,669 1.92 Italy (Republic of) 4.2500 15/10/12 8,000,000 8,039 2.01 30,708 7.68

Netherlands - 3.68% Netherlands (Kingdom of) 2.7500 15/01/15 4,000,000 4,233 1.06 Netherlands (Kingdom of) 3.7500 15/07/14 6,000,000 6,420 1.61 Netherlands (Kingdom of) 1.0000 15/01/14 4,000,000 4,051 1.01 14,704 3.68

Spain - 7.40% Spain (Kingdom of) 2.3000 30/04/13 7,000,000 6,898 1.73 Spain (Kingdom of) 3.9000 31/10/12 7,000,000 7,016 1.76 Spain (Kingdom of) 4.2000 30/07/13 3,500,000 3,510 0.88 Spain (Kingdom of) 5.0000 30/07/12 5,000,000 5,014 1.25 Spain (Kingdom of) 6.1500 31/01/13 7,000,000 7,110 1.78 29,548 7.40

Government Bonds 153,623 38.44

Transferable securities and money market instruments admitted to an official exchange listing/ dealt in on another regulated market 385,577 96.48

Other transferable securities and money market instruments - 1.57% Government Bonds - 1.57% Austria - 1.57% Austria (Republic of) 3.8000 20/10/13 6,000,000 6,280 1.57

Government Bonds 6,280 1.57

Other transferable securities and money market instruments 6,280 1.57

Total transferable securities and money market instruments 391,857 98.05

98 Aberdeen Global II - Euro Short Term Bond Financial Derivative Instruments - (0.11)% Future contracts - (0.11)% Unrealised Percentage of gains/(losses) total net Future Maturity Notional €'000 assets % Eux Euro Future 06/09/12 317 (393) (0.10) Eux Euro Future 06/09/12 192 (47) (0.01) Unrealised losses on future contracts (440) (0.11)

Unrealised losses on financial derivative instruments (440) (0.11)

Total investments 391,417 97.94 Other net assets 8,241 2.06 Total 399,658 100.00

www.aberdeen-asset.com 99 European Convertibles Bond For the year ended 30 June 2012

Performance Portfolio review For the year ended 30 June 2012, the value of European Convertibles The portfolio underperformed its benchmark over the period. In the Bond - A Accumulation shares decreased by 4.39% compared to a first half of the period, the portfolio’s slight overweight exposure, in decrease of 2.54% in the benchmark, UBS Europe Convertible Index. terms of equity sensitivity, negatively impacted the performance Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross income relative to the benchmark. Underweight positioning in BB and High reinvested, EUR. Yield like non rated bonds contributed to performance, particularly during the third quarter of 2011. The portfolio has been positioned to Fund name change have a neutral equity sensitivity exposure since the beginning of 2012. On 1 December 2011 the Fund changed its name from Aberdeen Underperformance in the first half of 2012 derived from underweight Global II – Convertible Europe Fund to Aberdeen Global II – European positioning in peripheral European issuers (mainly Portuguese issuers) Convertibles Bond Fund. and small cap lower rated issuers, which benefited from sharp improvements in liquidity conditions. Manager’s review The third quarter of 2011 was characterised by a sharp drop in equity Outlook markets and other risky assets. European equity valuations remain cheap but we doubt that the Risk aversion rapidly decreased towards the end of the year as the current negative momentum in earnings will allow for any meaningful European Central Bank (ECB) sanctioned liquidity measures designed to re-rating. Considering macroeconomic data from the US and China has help refinance banks. The ECB’s actions coupled with renewed been weaker than expected, we favour a small underweight equity commitment from the US Federal Reserve (Fed) to hold an exposure in the coming months. It seems that central banks are firmly accommodative policy for years ahead were the main reasons behind committed to pro-growth policies and stand ready to continue the sharp appreciation in equity and credit markets during the first injecting liquidity. Therefore, the rationale behind carry trade strategies quarter of 2012. remains in place. We will continue to try and maintain a high-carry portfolio. We continue to see an opportunity in strengthening the The second quarter of 2012 saw an increase in risk aversion. Concerns convexity position of the portfolio and when possible we will continue over Spain’s ailing banking system resurfaced and were firmly at the to reduce positions in high-equity sensitive securities, moving them forefront of investors’ minds once again. There was further negative into more convex profiles. news as a slowdown in Chinese industrial activity and a sluggish outlook for global growth weighed heavily on markets. A downward spiral in risky asset prices was broken in June by the prospect of further political and monetary policy actions. Speculation surrounding the likelihood of further liquidity injections from the Fed and the forthcoming EU summit (which took place on the last day of the period under review) helped equity and credit markets recover some of the ground lost in December. In this volatile environment, European convertible bonds were negatively impacted by the fall in equity markets and the widening in corporate credit spreads over the period under review. Despite the weakness of those underlying markets, convertible bonds volatility valuations were resilient and ended broadly flat for the year. The volume of new issuance was much lower than the same period last year, with only approximately $8.5 billion worth of convertible bonds issued in Europe.

100 Aberdeen Global II - European Convertibles Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 €’000 €’000 Assets Income Investments in securities at market value (note 2.2) 141,817 Investment income 8,011 Cash at bank 13,371 Bank interest 53 Amounts held at futures clearing houses and brokers 67 Total income 8,064 Interest receivable 1,456 Subscriptions receivable 378 Expenses Receivable for investments sold 911 Management fees (note 4.5) 2,116 Unrealised gains on forward currency exchange Administration fees (note 4.1) 79 contracts (note 2.6) 26 Custodian fees (note 4.2) 26 Other assets 2 Domiciliary agent, registrar, paying and transfer agent Total assets 158,028 fees (note 4.3) 63 Management Company fees (note 4.4) 19 Liabilities Operational expenses (note 4.6) 80 Taxes and expenses payable 248 Annual tax (note 4.8) 66 Redemptions payable 1,042 Total expenses 2,449 Unrealised losses on future contracts (note 2.7) 27 Unrealised losses on swap contracts (note 2.8) 1,321 Net gains from investments 5,615 Other liabilities 238 Total liabilities 2,876 Realised losses on investments (18,127) Realised losses on forward currency exchange contracts (593) Net assets at the end of the year 155,152 Realised gains on future contracts 224 Realised gains on swap contracts 1,436 Realised currency exchange gains 1,192 Statement of Changes in Net Assets Net realised losses (15,868) For the year from 1 July 2011 to 30 June 2012 €’000 Decrease in unrealised appreciation on investments (13,398) Net assets at the beginning of the year 388,110 Decrease in unrealised appreciation on forward Net gains from investments 5,615 currency exchange contracts (113) Net realised losses (15,868) Increase in unrealised depreciation on future contracts (27) Net unrealised losses (15,182) Increase in unrealised depreciation on swap contracts (1,321) Proceeds from shares issued 93,976 Unrealised currency exchange losses (323) Payments for shares redeemed (300,336) Net unrealised losses (15,182) Net equalisation paid (note 10) (925) Net decrease in assets as a result of operations (25,435) Dividends paid (note 5) (238) Net assets at the end of the year 155,152

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-2 I-1 I-2 Shares outstanding at the beginning of the year 18,268,383 - 88,219 Shares issued during the year 3,697,592 1,500,000 21,643 Shares redeemed during the year (13,976,558) - (86,876) Shares outstanding at the end of the year 7,989,417 1,500,000 22,986 Net asset value per share 13.3864 9.8150 1,456.5541 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 101 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on other regulated market Corporate Convertible Bonds - 89.75% Austria - 0.89% Conwert Immobilien Investment 1.5000 12/11/14 1,300,000 1,388 0.89

Belgium - 0.95% Ageasfinlux (FRN) (PERP) 2.0500 29/08/49 4,000,000 1,480 0.95

Finland - 2.02% Solidium 0.5000 29/09/15 3,100,000 3,132 2.02

France - 24.82% Air France-KLM 4.9700 01/04/15 43,832 470 0.30 Alcatel Lucent 5.0000 01/01/15 993,507 2,678 1.73 Artemis Conseil 4.2500 01/01/15 45,891 2,480 1.60 AXA 3.7500 01/01/17 11,320 2,718 1.75 BNP Paribas Arbitrage Issuance (EMTN) - 15/06/16 2,310,000 2,149 1.39 CAP Gemini 3.5000 01/01/14 29,466 1,111 0.72 CGG Veritas 1.7500 01/01/16 51,900 1,572 1.01 Eurazeo 6.2500 10/06/14 59,611 3,243 2.09 Faurecia 4.5000 01/01/15 54,455 1,067 0.69 Ingenico 2.7500 01/01/17 22,300 1,064 0.69 Michelin France - 01/01/17 24,270 2,922 1.88 Misarte 3.2500 01/01/16 8,900 1,362 0.88 Neopost 3.7500 01/02/15 12,700 1,061 0.68 Nexans 2.5000 01/01/19 28,700 1,848 1.19 Nexans 4.0000 01/01/16 23,191 1,245 0.80 Peugeot 4.4500 01/01/16 34,594 810 0.52 Publicis Groupe 3.1250 30/07/14 15,100 540 0.35 Technip 0.2500 01/01/17 37,800 4,062 2.62 Technip 0.5000 01/01/16 15,850 1,554 1.00 Unibail-Rodamco 3.5000 01/01/15 23,743 4,553 2.93 38,509 24.82

Germany - 18.46% Adidas 0.2500 14/06/19 1,600,000 1,678 1.08 Celesio Finance 2.5000 07/04/18 1,200,000 1,108 0.71 Celesio Finance 3.7500 29/10/14 450,000 454 0.29 Dialog Semiconductor 1.0000 12/04/17 1,400,000 1,134 0.73 KFW 3.2500 27/06/13 16,000,000 16,427 10.59 KFW 1.5000 30/07/14 500,000 571 0.37 Kloeckner & Co Financial Services 1.5000 27/07/12 2,250,000 2,246 1.45 Kloeckner & Co Financial Services 2.5000 22/12/17 1,950,000 1,671 1.08 SGL Carbon 3.5000 30/06/16 1,050,000 1,222 0.79 Suedzucker International Finance 2.5000 30/06/16 1,300,000 2,125 1.37 28,636 18.46

102 Aberdeen Global II - European Convertibles Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Hungary - 0.87% Magyar NemZeti Vagyonkezelo 4.4000 25/09/14 1,500,000 1,358 0.87

India - 2.95% Vedanta Resources Jersey 5.5000 13/07/16 1,600,000 1,166 0.75 Vedanta Resources Jersey 4.0000 30/03/17 4,400,000 3,415 2.20 4,581 2.95

Ireland - 4.02% WPP 5.7500 19/05/14 3,600,000 6,251 4.02

Jersey - 7.28% Aegis Capital 2.5000 20/04/15 600,000 869 0.56 Derwent Cap Jersey 2.7500 15/07/16 2,100,000 2,792 1.80 International Power Finance III 4.7500 05/06/15 2,750,000 3,039 1.96 Magnolia Finance (FRN) 4.0000 29/03/49 1,400,000 913 0.59 Nero Finance 4.5000 15/04/13 3,600,000 3,672 2.37 11,285 7.28

Luxembourg - 4.69% Arcelormittal 5.0000 15/05/14 8,960,000 7,272 4.69

Netherlands - 3.42% ASM International 6.5000 06/11/14 850,000 1,565 1.01 Salzgitter Finance 1.1250 06/10/16 1,550,000 1,453 0.94 Salzgitter Finance 2.0000 08/11/17 2,200,000 2,279 1.47 5,297 3.42

Portugal - 2.73% Parpublica 5.2500 28/09/17 2,700,000 2,063 1.33 Parpublica 3.2500 18/12/14 1,600,000 1,552 1.00 Portugal Telecom International Finance 4.1250 28/08/14 650,000 616 0.40 4,231 2.73

Russia - 3.32% Lukoil International Finance 2.6250 16/06/15 6,200,000 5,154 3.32

Spain - 1.07% Abengoa 6.8750 24/07/14 1,850,000 1,663 1.07

Sweden - 3.01% AB Industrivarden 1.8750 27/02/17 1,100,000 1,096 0.71 AB Industrivarden 2.5000 27/02/15 3,200,000 3,569 2.30 4,665 3.01

www.aberdeen-asset.com 103 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal €’000 assets % Switzerland - 2.01% Clariant 3.0000 07/07/14 940,000 982 0.63 Glencore Finance 5.0000 31/12/14 2,400,000 2,135 1.38 3,117 2.01

United Kingdom - 7.24% British Airways 5.8000 13/08/14 1,600,000 2,196 1.42 Cable & Wireless Worldwide 5.7500 24/11/14 700,000 938 0.60 Inmarsat 1.7500 16/11/17 1,300,000 1,227 0.79 Shire Jersey 2.7500 09/05/14 3,600,000 3,235 2.09 Tui Travel 6.0000 05/10/14 3,100,000 3,628 2.34 11,224 7.24

Corporate Convertible Bonds 139,243 89.75

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 139,243 89.75

Other transferable securities and money market instruments Corporate Convertible Bonds - 1.66% United Kingdom - 1.66% Subsea 7 3.5000 13/10/14 2,500,000 2,574 1.66

Corporate Convertible Bonds 2,574 1.66

Other transferable securities and money market instruments 2,574 1.66

Total transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 141,817 91.41

Financial Derviative Instruments - (0.86)% Future contracts - (0.02)% Unrealised Percentage of gains/(losses) total net Future Maturity Notional €’000 assets % EUX Euro Bond 06/09/12 8 (27) (0.02) Unrealised losses on future contracts (27) (0.02)

Forward currency exchange contracts - 0.01% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount €’000 assets % EUR GBP 14/08/12 160,540 130,000 - - EUR GBP 03/07/12 185,823 150,000 - - EUR GBP 14/08/12 247,688 200,000 1 - EUR GBP 14/08/12 250,120 200,000 3 - EUR GBP 14/08/12 412,024 330,000 4 -

104 Aberdeen Global II - European Convertibles Bond Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount €’000 assets % EUR GBP 14/08/12 4,961,819 4,000,000 20 0.01 GBP EUR 14/08/12 130,000 161,564 (1) - GBP EUR 14/08/12 150,000 185,734 - - GBP EUR 14/08/12 150,000 186,197 (1) - GBP EUR 14/08/12 580,000 716,952 - - Unrealised gains on forward currency exchange contracts 26 0.01

Swap Contracts - (0.85)% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives €’000 assets % Credit default swap contracts - (0.85)% Citigroup EUR 20/06/16 17,000,000 KBX 5EUR 5.0000% (441) (0.28) UBS EUR 20/12/16 11,000,000 KBY 3 EUR 5.0000% (511) (0.33) JP Morgan Chase EUR 20/06/17 5,000,000 KCN 6EUR 5.0000% (369) (0.24) Unrealised losses on credit default swap contracts (1,321) (0.85)

Unrealised losses on swap contracts (1,321) (0.85)

Unrealised losses on financial dervative instruments (1,322) (0.86)

Total investments 140,495 90.55 Other net assets 14,657 9.45 Total 155,152 100.00

www.aberdeen-asset.com 105 Global Bond For the year ended 30 June 2012

Performance default swap contracts and access to an addition €130 billion of International Monetary Fund (IMF) and Eurozone funding. Other For the year ended 30 June 2012, the value of the Global Bond – Z European sovereigns have also been the subject of market concern, Accumulation shares increased by 0.95% compared to an increase of with Spain forced to request a bailout of €100 billion to recapitalise its 2.73% in the benchmark, Barclays Capital Global Aggregate Bond Index. banking system in June, and numerous rounds of sovereign downgrades Source: Aberdeen Asset Management and BNP Paribas, by the ratings agencies. Basis: Total Return, USD. Numerous EU summits have provided bouts of short term relief and Fund name change made some progress although have never exceeded the market’s On 1 December 2011 the Fund changed its name from Aberdeen requirements. Most recently, at the June 19th 2012 EU summit there Global II – Global Aggregate Bond Fund to Aberdeen Global II – Global was an agreement to establish a Eurozone wide bank supervisory body Bond Fund. allowing distressed Banks to access funds directly from the European Financial Stability Fund/European Stability Mechanism without the Change of management fee rate need to go via the Sovereign. This is an important step in breaking the From 1 January 2012 the Investment Manager decreased the sovereign/bank doom loop although significant implementation risk management fees payable on the A, C, D, and E class from 1.25% to remains. 0.90%. In the US, politicians agreed an 11th hour deal to raise the debt ceiling in August, however the super committee failed to reach an agreement Manager’s review on how to reduce the US budget deficit and debt later in November. As Global bond markets were driven by the perennial Eurozone crisis and a consequence, US$1.2 trillion of cuts will be automatically be central bank easing against a backdrop of weak global growth. Over the triggered from 2013. The protracted nature of discussions by the super period, yields on 10 year Treasury bonds fell from 3.15% to 1.65% at committee failed to mollify Standard & Poor’s who subsequently the end of June. Similarly, yields on 10 year German bunds fell from downgraded US long term debt to AA+ with a negative outlook. 3.03% to 1.58% while 10 year UK gilts fell from 3.61% to 1.73%. Credit markets were volatile throughout the period with concerns over Peripheral Eurozone countries on the other hand came under severe the resilience of the European banking sector and the potential threat pressure from bond investors concerned over levels of indebtedness. of losses arising from the sovereign debt crisis. ECB easing measures in The yield on 10 year Spanish bonds rose from 5.45% to 6.33%. December and February triggered a temporary risk rally. In addition, Central banks have driven rates lower across core government bond positive outcomes from the 19th European summit and the release of markets. In the US, the Federal Reserve gave guidance to the market Moody’s banking system review caused market sentiment to lift, that rates would stay exceptionally low for at least three years helping despite Spain’s downgrade significantly impacting some of Europe’s to anchor front end rates. It then announced the first round of larger bond issuers late in June. Sentiment was further dented with Operation Twist in September 2011 followed by a second round in June Barclays being fined £290 million to settle the investigation into its 2012 where it rotates its current treasury holdings out of short end part in the manipulation of LIBOR at the end of the period. securities and into longer dated maturities with the intention of In currency markets Sterling and the Euro both declined, sparked by flattening the term structure. The Bank of England announced several slowing growth and Eurozone fears. The Swiss National Bank imposed a further rounds of quantitative easing and the Bank of Japan took steps floor of Eur1.20 per Swiss Franc to combat “flight to quality” driven to more aggressively combat disinflation. Meanwhile, despite having a currency appreciation. The Yen performed well as its yield disadvantage hawkish bias going into the summer of 2011, the European Central declined in a world of lower rates for longer. Bank (ECB), under the leadership of Mario Draghi from November, cut its deposit rate to 0% and repo rate to 0.75% by July 2012. Portfolio review Furthermore, in August 2011 the ECB reactivated the Securities The Fund underperformed its index over the period due to underweight Markets Program buying peripheral paper in the secondary market to duration positioning in the US and UK. The markets were viewed as constrain yield spikes, and announced two three year long term fundamentally overvalued in nominal and real terms, however refinancing operations (LTRO’s) in December and February, totalling €1 Eurozone concerns dominated sentiment to such the extent that the trillion. The measures had a significant, short term impact upon yield US and UK have been considered safe havens by global investors, spreads for sovereign and bank issuers and temporarily removed the despite their huge debts. The Fund benefited from tactical allocation systemic risk attached to the European financial system. However, the decisions in non-government bonds and Eurozone peripheral bond ECB’s action can only buy time for policy makers to implement a more markets, in addition to positioning in currency markets. In general lasting solution to the Eurozone’s deep, fundamental problems. security selection was positive, especially in the US, however The Eurozone crisis has been a major market focus with particular overweight (while reduced) positioning to subordinated bank debt in attention on Greece’s future within the single currency. Greece received Europe was a negative. a second bailout package in March, which included private investors accepting over 70% in losses on their current holdings, triggering credit

106 Aberdeen Global II - Global Bond Outlook Looking forward, the market will continue to be pre-occupied with the Eurozone crisis. Financial market repression is generating negligible yields on so called safe assets. In an environment of sub-par growth and further central bank accommodation, there is still scope for some further easing of financial market conditions which should support responsible risk taking. Despite the month end relief rally, the direction of the market remains very uncertain. With their agreement on direct support for Spain’s banks, Europe’s politicians have moved in the right direction, although as always with this crisis the time between words and delivery is fraught with danger. The economic impact of the on-going crisis is becoming more apparent in corporate profitability, although at this stage corporate fundamentals remain robust. The rapid demise of Spain, its rating and those of its largest companies has caught some unaware. The future of Spain and its market access is in the eyes of many the make or break moment for the Eurozone, given its size. We do not share that view, although it is clearly a very important issue for the future of the Euro project. Further volatility in markets appears inevitable over the coming months.

www.aberdeen-asset.com 107 Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 US$’000 US$’000 Assets Income Investments in securities at market value (note 2.2) 302,024 Investment income 9,101 Cash at bank 23,371 Bank interest 85 Amounts held at futures clearing houses and brokers 2,617 Other income 110 Interest receivable 3,115 Total income 9,296 Receivable for investments sold 4,946 Other assets 112 Expenses Total assets 336,185 Management fees (note 4.5) 3 Administration fees (note 4.1) 148 Liabilities Custodian fees (note 4.2) 31 Payable for investments purchased 7,869 Domiciliary agent, registrar, paying and transfer agent Taxes and expenses payable 162 fees (note 4.3) 99 Unrealised losses on forward currency exchange Management Company fees (note 4.4) 32 contracts (note 2.6) 81 Operational expenses (note 4.6) 76 Unrealised losses on future contracts (note 2.7) 178 Expense cap refunded by Investment Manager (note 4.7) (99) Unrealised losses on swap contracts (note 2.8) 29 Annual tax (note 4.8) 32 Total liabilities 8,319 Total expenses 322

Net assets at the end of the year 327,866 Net gains from investments 8,974

Realised gains on investments 5,097 Statement of Changes in Net Assets Realised gains on forward currency exchange contracts 546 For the year from 1 July 2011 to 30 June 2012 Realised losses on future contracts (4,933) US$’000 Realised gains on swap contracts 747 Net assets at the beginning of the year 312,058 Realised currency exchange losses (463) Net gains from investments 8,974 Net realised gains 994 Net realised gains 994 Net unrealised losses (7,200) Decrease in unrealised appreciation on investments (6,792) Proceeds from shares issued 17,121 Decrease in unrealised appreciation on forward currency Payments for shares redeemed (4,182) exchange contracts (488) Net equalisation received (note 10) 101 Decrease in unrealised appreciation on future contracts (203) Net assets at the end of the year 327,866 Decrease in unrealised depreciation on swap contracts 321 Unrealised currency exchange losses (38) Net unrealised losses (7,200) Net increase in assets as a result of operations 2,768

Share Transactions For the year from 1 July 2011 to 30 June 2012 J-2 Z-2 Shares outstanding at the beginning of the year 54,780 20,078,769 Shares issued during the year - 1,110,584 Shares redeemed during the year (24,011) (246,808) Shares outstanding at the end of the year 30,769 20,942,545 Net asset value per share 14.9433 15.6335 The accompanying notes form an integral part of these financial statements.

108 Aberdeen Global II - Global Bond Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 13.12% Australia - 0.27% Commonwealth Bank Australia 3.2500 17/03/16 710,000 735 0.22 Smart Trust 2.3100 14/04/17 150,000 152 0.05 887 0.27

Germany - 0.33% DMSI (VAR) 5.2475 26/06/35 174,681 177 0.05 German Postal Pensions 4.2500 18/01/17 650,000 920 0.28 1,097 0.33

United Kingdom - 0.56% Cumbernauld Fund 3 4.5500 15/08/14 233,333 372 0.11 Holmes Master Issuer (FRN) 2.0167 21/10/54 360,000 363 0.11 PERMM (FRN) 2.0667 15/07/42 260,000 262 0.08 PERMM (FRN) 1.8669 15/07/42 300,000 302 0.09 Silverstone Master Issuer (FRN) 2.0157 21/01/55 380,000 383 0.12 Silverstone Master Issuer (FRN) 2.1157 21/01/55 150,000 152 0.05 1,834 0.56

United States - 11.96% BAFC (VAR) 2.3013 26/01/37 81,841 80 0.02 BCAP Trust (VAR) 2.4520 26/04/37 283,508 279 0.09 BSCMS (FRN) 0.9308 11/06/50 100,000 82 0.03 BSCMS (VAR) 5.6940 11/06/50 50,000 58 0.02 BSCMS (VAR) 5.4079 25/08/47 548,419 418 0.13 BSCMS (VAR) 5.5820 11/09/41 80,000 86 0.03 CD 2005 5.3938 15/07/44 70,000 76 0.02 CGCMT 5.4620 15/10/49 75,000 81 0.02 CGCMT (VAR) 5.8889 10/12/49 170,000 180 0.06 Chesapeake Funding (FRN) 1.4898 07/04/24 230,000 232 0.07 CMFT (FRN) 5.0344 25/12/35 202,099 176 0.05 CMLT 6.0000 25/02/37 238,188 248 0.08 CMLT (FRN) 5.0557 25/06/37 178,669 178 0.05 Comet (FRN) 0.5218 15/01/19 160,000 157 0.05 COMM 4.5544 09/06/28 160,000 163 0.05 COMM (VAR) 5.9661 10/06/46 105,000 109 0.03 COMM (VAR) 5.6500 10/12/49 160,000 169 0.05 COMM (VAR) 5.8111 10/12/49 80,000 94 0.03 CPS Auto Trust 2.8200 16/04/18 169,029 170 0.05 CSMC 5.7197 26/05/37 383,741 395 0.12 CSMC 6.0000 27/05/36 219,886 221 0.07 CSMC (FRN) 4.3957 27/08/37 168,740 162 0.05 Dominos Pizza Master Issuer 5.2160 25/01/42 209,213 219 0.07 ESA 4.2206 05/11/27 200,000 202 0.06

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Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % FGLMC 5.0000 01/03/30 223,567 241 0.07 FGLMC 3.5000 01/07/12 900,000 944 0.29 FHASI 2.5655 25/05/37 355,579 210 0.06 FHASI 2.5844 25/01/37 373,086 274 0.08 FHLMC 4.0000 15/09/40 185,000 202 0.06 FHLMC 4.0000 01/12/40 294,359 320 0.10 FHLMC 2.6010 01/06/35 173,707 186 0.06 FHLMC 3.5000 01/10/41 387,556 407 0.12 FHLMC 4.0000 01/10/41 322,745 347 0.11 FHLMC 4.0000 01/11/41 220,052 236 0.07 FHLMC 5.0000 01/07/35 670,677 725 0.22 FHLMC 6.0000 01/03/38 134,571 148 0.05 FHLMC 6.5000 01/01/38 138,246 155 0.05 FHLMC 4.0000 01/03/42 302,897 326 0.10 FHR 5.0000 15/03/34 210,000 232 0.07 FHR 5.0000 15/02/34 300,000 315 0.10 FHR 6.0000 15/03/31 160,631 180 0.05 FHR 4.0000 15/06/22 265,340 288 0.09 FHR 4.0000 15/11/23 237,301 255 0.08 FHR 4.0000 15/06/39 501,153 540 0.16 FHR 3.0000 15/03/41 366,172 386 0.12 FHR 5.0000 15/01/42 558,776 624 0.19 FNCL 3.5000 01/07/12 155,000 163 0.05 FNMA 3.0000 01/02/27 745,414 783 0.24 FNMA 3.5000 01/03/27 647,775 685 0.21 FNMA 3.5000 01/04/42 179,223 189 0.06 FNMA 4.0000 01/04/24 159,339 170 0.05 FNMA 4.0000 01/12/40 159,924 173 0.05 FNMA 4.0000 01/10/41 317,768 342 0.10 FNMA 4.0000 01/10/41 290,789 310 0.09 FNMA 4.0000 01/03/42 273,456 295 0.09 FNMA 4.0000 01/03/42 796,656 857 0.26 FNMA 4.0000 01/05/42 777,834 830 0.25 FNMA 4.5000 01/11/40 122,524 136 0.04 FNMA 4.5000 01/11/40 150,322 167 0.05 FNMA 5.0000 01/08/20 143,852 156 0.05 FNMA 5.0000 01/04/24 194,707 210 0.06 FNMA 5.0000 01/03/35 331,473 361 0.11 FNMA 5.0000 01/05/35 251,295 273 0.08 FNMA 5.0000 01/12/39 147,476 160 0.05 FNMA 5.0000 01/07/41 195,322 214 0.07 FNMA 5.0000 01/09/41 552,369 601 0.18 FNMA 5.5000 01/01/20 186,023 203 0.06 FNMA 5.5000 01/10/21 262,201 287 0.09 FNMA 5.5000 01/06/27 197,764 216 0.07 FNMA 5.5000 01/06/33 125,547 138 0.04

110 Aberdeen Global II - Global Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % FNMA 5.5000 01/10/34 150,204 165 0.05 FNMA 5.5000 01/12/34 323,732 356 0.11 FNMA 5.5000 01/10/35 199,641 219 0.07 FNMA 5.5000 01/02/38 449,507 493 0.15 FNMA 6.0000 01/04/38 305,597 337 0.10 FNMA 6.0000 01/09/36 78,225 87 0.03 FNMA 6.0000 01/09/37 403,432 445 0.14 FNMA 6.0000 01/04/39 137,050 151 0.05 FNMA 6.5000 01/03/36 180,569 205 0.06 FNMA 6.5000 01/09/36 156,493 178 0.05 FNMA 6.5000 01/04/37 48,311 55 0.02 FNMA 6.5000 01/10/37 105,650 120 0.04 FNMA 6.5000 01/10/38 123,566 140 0.04 FNR 2.5000 25/04/39 591,990 606 0.18 FNR 3.5000 25/04/42 285,000 299 0.09 FNR 3.5000 25/10/39 420,000 440 0.13 FNR 3.5000 25/05/41 295,000 315 0.10 FNR 4.0000 25/01/40 325,000 357 0.11 FNR 4.0000 25/02/41 670,000 735 0.22 FNR 4.0000 25/05/42 689,209 748 0.23 FNR 4.5000 25/11/41 346,806 368 0.11 FNR 4.5000 25/12/40 600,000 650 0.20 FNR 4.0000 25/12/39 465,000 506 0.15 FNR 5.0000 25/12/38 200,000 219 0.07 FNR 4.0000 25/02/41 250,000 274 0.08 FNR 4.5000 25/10/49 210,000 233 0.07 FNR 0.5000 30/10/12 640,000 641 0.20 FREMF 3.6128 25/11/46 115,000 103 0.03 GCCFC (VAR) 6.0708 10/07/38 175,000 183 0.06 GEMNT 1.5100 15/06/18 120,000 120 0.04 GECM 5.5430 10/12/49 300,000 329 0.10 GNMA 4.0000 20/06/39 125,000 139 0.04 GNMA 4.0000 20/07/41 407,244 444 0.14 GNMA 4.5000 20/04/22 241,167 255 0.08 GNMA 6.0000 20/06/41 323,922 365 0.11 GNMA 4.5000 16/02/33 87,726 93 0.03 GNR 3.5000 20/03/38 694,601 746 0.23 GNR 3.5000 20/12/39 228,712 247 0.08 GNR 4.0000 20/11/39 133,175 144 0.04 Greenwich Capital Commercial 5.4440 10/03/39 115,000 128 0.04 GSMSC (FRN) 3.2116 25/07/35 246,561 240 0.07 GSMSC (VAR) 7.5000 25/10/36 112,657 90 0.03 JPMCC (VAR) 6.0093 15/06/49 298,206 322 0.10 JPMCC (VAR) 5.8330 15/02/51 192,739 210 0.06 JPMCC (VAR) 6.0877 12/02/51 180,000 193 0.06

www.aberdeen-asset.com 111 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % JPMCC (VAR) 5.8820 15/02/51 260,000 297 0.09 JPMCC (VAR) 6.0093 15/06/49 240,000 264 0.08 JPMMR (VAR) 5.0117 20/04/36 339,628 345 0.11 JPMMR (VAR) 5.0681 27/08/37 308,801 306 0.09 JPMMR (VAR) 2.8478 27/09/36 352,003 339 0.10 JPMMR (VAR) 3.9088 27/07/37 353,448 344 0.11 JPMMT (VAR) 2.6633 25/11/35 116,299 115 0.04 JPMRR (VAR) 5.0747 15/11/43 280,000 308 0.09 Mid-State Capital Trust 5.2500 15/12/45 200,834 206 0.06 Santander Drive Auto Receivables 2.9000 16/05/16 186,000 191 0.06 Santander Drive Auto Receivables 3.8900 17/07/17 140,000 145 0.04 STARM (FRN) 5.4674 25/04/37 655,874 468 0.14 STARM (FRN) 5.7144 25/10/37 450,837 389 0.12 Vanderbilt Mortgage & Finance 7.2350 07/06/28 31,534 33 0.01 WAMU (FRN) 2.3394 25/12/36 694,674 479 0.15 WAMU (FRN) 2.1597 25/01/37 429,080 288 0.09 WBCMT 5.3390 15/11/48 170,000 178 0.05 WBCMT (VAR) 5.9270 15/06/49 186,997 200 0.06 WFMBS (FRN) 2.6291 25/07/36 702,096 523 0.16 WFNMT 5.2000 15/04/19 100,000 108 0.03 WFNMT 3.1400 17/01/23 293,000 307 0.09 39,221 11.96

Asset Backed Bonds / Mortgage Backed Bonds 43,039 13.12

Corporare Bonds - 32.60% Australia - 1.01% BHP Billiton Finance (EMTN) 2.1250 29/11/18 910,000 1,155 0.35 National Australia Bank (MTN) 2.7500 09/03/17 1,250,000 1,259 0.39 Rio Tinto Finance 6.5000 15/07/18 450,000 555 0.17 Telstra Corporation 3.5000 21/09/22 250,000 332 0.10 3,301 1.01

Belgium - 0.19% Anheuser-Busch (EMTN) 4.0000 26/04/18 450,000 636 0.19

Canada - 0.24% Barrick Northern America Finance 6.8000 15/09/18 543,000 673 0.21 Teck Resources 6.2500 15/07/41 100,000 112 0.03 785 0.24

Denmark - 0.24% TDC (EMTN) 3.7500 02/03/22 600,000 792 0.24

112 Aberdeen Global II - Global Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % France - 2.92% Agence Francaise Development (FRN) (PERP) 4.6150 29/07/49 900,000 919 0.28 AXA (FRN) (EMTN) 5.2500 16/04/40 250,000 255 0.08 AXA (FRN) (EMTN) (PERP) 6.6666 29/07/49 400,000 467 0.14 BPCE SFH (EMTN) 2.7500 16/02/17 800,000 1,045 0.32 Caisse Refinance L'Habit (EMTN) 4.0000 10/01/22 600,000 838 0.26 Casino Guichard Perrachon (EMTN) 4.3790 08/02/17 1,000,000 1,334 0.41 Electricite de France (EMTN) 4.6250 26/04/30 350,000 475 0.14 France Telecom (EMTN) 3.0000 15/06/22 500,000 628 0.19 GDF SUEZ (EMTN) 2.2500 01/06/18 1,140,000 1,460 0.45 Groupama (FRN) 4.3750 29/07/49 350,000 169 0.05 Societe Generale (EMTN) 3.2500 06/06/16 400,000 536 0.16 Societe Generale (EMTN) 2.8750 14/03/19 500,000 649 0.20 Societe Generale (EMTN) 3.7500 01/03/17 600,000 781 0.24 9,556 2.92

Germany - 2.59% Land Baden-Wurttemberg 3.2500 22/01/14 800,000 1,059 0.32 BMW Finance (EMTN) 3.3750 14/12/18 376,000 614 0.19 FMS Wertmanagement (EMTN) 2.2500 14/07/14 1,000,000 1,314 0.40 German Postal Pensions 3.3750 18/01/16 1,350,000 1,834 0.56 Volkswagen International Finance (EMTN) 2.1250 19/01/15 2,200,000 2,844 0.87 Volkswagen Leasing (EMTN) 3.2500 10/05/18 600,000 806 0.25 8,471 2.59

Israel - 0.35% Teva Pharmaceutical Finance (EMTN) 2.8750 15/04/19 880,000 1,154 0.35

Italy - 1.44% Intesa Sanpaolo (EMTN) 5.0000 28/02/17 500,000 626 0.19 Intesa Sanpaolo Ireland (EMTN) 4.0000 08/08/13 1,300,000 1,643 0.50 Luxottica Group (EMTN) 3.6250 19/03/19 150,000 194 0.06 Romulus Finance 4.9400 20/02/13 515,000 647 0.20 Telecom Italia (EMTN) 7.7500 24/01/33 670,000 851 0.26 Telecom Italia Capital 5.2500 01/10/15 270,000 268 0.08 Unicredit (EMTN) 4.2500 31/07/18 400,000 507 0.15 4,736 1.44

Luxembourg - 0.13% SES (EMTN) 4.6250 09/03/20 300,000 423 0.13

Mexico - 0.30% America Movil SAB 4.1250 25/10/19 700,000 969 0.30

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Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Netherlands - 1.73% BK Nederlandse Gemeenten 1.3750 23/03/15 1,430,000 1,433 0.44 ING (FRN) (EMTN) 6.1250 29/05/23 350,000 407 0.13 Neder WaterschapSbank (EMTN) 3.0000 17/03/15 2,900,000 3,021 0.92 Rabobank Nederland 3.3750 19/01/17 760,000 783 0.24 5,644 1.73

Norway - 0.34% Terra Boligkreditt (EMTN) 2.1250 31/08/15 850,000 1,104 0.34

Spain - 2.82% Amadeus Capital Market (EMTN) 4.8750 15/07/16 320,000 420 0.13 Bankia Sau 3.5000 14/03/13 1,500,000 1,860 0.57 BBVA Senior Finance (EMTN) 3.0000 22/08/13 800,000 987 0.30 Caja Ahorros Guipuzcoa 4.3750 05/11/14 1,650,000 2,067 0.63 Gas Natural Capital (EMTN) 4.3750 02/11/16 800,000 931 0.28 Instituto De Credito Oficial (EMTN) 4.5000 07/03/13 230,000 358 0.11 Mapfre (FRN) 5.9210 24/07/37 450,000 332 0.10 Telefonica Emisiones (EMTN) 5.5970 12/03/20 1,700,000 2,306 0.70 9,261 2.82

Supranational - 0.87% Council of Europe (MTN) 5.6250 14/12/15 950,000 1,019 0.31 Eurofima (EMTN) 6.0000 30/03/22 730,000 795 0.24 European Union (EMTN) 3.0000 04/09/26 800,000 1,036 0.32 2,850 0.87

Sweden - 1.34% Nordea Bank (EMTN) 4.0000 11/07/19 500,000 686 0.21 Skandinaviska Enskilda (GMTN) 3.8750 12/04/17 1,100,000 1,498 0.46 Svenska Handelsbanken 2.8750 04/04/17 2,170,000 2,202 0.67 4,386 1.34

United Kingdom - 6.31% Abbey National Treasury Services (EMTN) 3.6250 05/10/17 700,000 940 0.29 Abbey National Treasury Services (EMTN) 5.2500 16/02/29 900,000 1,487 0.45 Anglo American Capital (EMTN) 2.7500 07/06/19 400,000 502 0.15 Aviva (FRN) (EMTN) 6.8750 22/05/38 480,000 534 0.16 Barclays Bank (EMTN) 5.2500 27/05/14 650,000 881 0.27 Barclays Bank (EMTN) 6.0000 14/01/21 450,000 529 0.16 BP Capital Markets (EMTN) 2.1770 16/02/16 900,000 1,164 0.36 BP Capital Markets 1.8460 05/05/17 1,100,000 1,112 0.34 HSBC Cap Funding (VAR) 5.3687 29/10/49 450,000 534 0.16 Imperial Tobacco Finance (EMTN) 5.0000 02/12/19 400,000 569 0.17 Lloyds TSB (EMTN) 4.6250 02/02/17 970,000 1,301 0.40 Lloyds TSB (EMTN) 6.7500 24/10/18 100,000 180 0.06 Lloyds TSB (EMTN) 4.1250 06/04/16 850,000 1,169 0.36

114 Aberdeen Global II - Global Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % National Grid Gas (EMTN) 5.1250 14/05/13 450,000 591 0.18 Nationwide Building Society (EMTN) 3.8750 05/12/13 1,000,000 1,322 0.40 Nationwide Building Society (EMTN) 6.7500 22/07/20 750,000 901 0.28 Network Rail Infrastructure Finance (EMTN) 2.5000 07/03/14 500,000 809 0.25 NIE Finance 6.3750 02/06/26 180,000 303 0.09 Royal Bank of Scotland (EMTN) 2.7500 18/06/13 850,000 1,098 0.33 Royal Bank of Scotland (EMTN) 5.2500 15/05/13 1,200,000 1,566 0.48 Royal Bank of Scotland (EMTN) 6.9340 09/04/18 550,000 647 0.20 Severn Trent Water Utilities (EMTN) 5.2500 11/03/16 350,000 502 0.15 Tesco (EMTN) 5.8750 12/09/16 650,000 960 0.29 Tesco (EMTN) 6.1250 24/02/22 450,000 826 0.25 Thames Water Utilities Cayman (EMTN) 3.2500 09/11/16 200,000 271 0.08 20,698 6.31

United States - 9.78% Affiliated Computer Services 5.2000 01/06/15 430,000 463 0.14 Agilent Technologies 6.5000 01/11/17 500,000 601 0.18 Agribank FCB 9.1250 15/07/19 250,000 324 0.10 American International (EMTN) 5.0000 26/06/17 350,000 456 0.14 American International Group 4.8750 15/09/16 1,100,000 1,168 0.36 American Municiple Power 7.8340 15/02/41 385,000 534 0.16 Anadarko Petroleum Corporation 6.3750 15/09/17 800,000 930 0.28 Apache Corporation 4.7500 15/04/43 560,000 625 0.19 Bay Area California Toll Authority 6.7930 01/04/30 280,000 354 0.11 Boston Scientific Corporation 6.0000 15/01/20 560,000 669 0.20 Brocade Communications 6.6250 15/01/18 395,000 416 0.13 CBS Corporation 8.8750 15/05/19 375,000 497 0.15 CF Industries 7.1250 01/05/20 150,000 183 0.06 Chicago Illinois Transit Authority Sales 6.2000 01/12/40 480,000 534 0.16 Citigroup 2.6500 02/03/15 1,180,000 1,181 0.36 Citigroup 4.4500 10/01/17 490,000 514 0.16 Clay Building Authority 6.2500 15/07/25 330,000 356 0.11 CVS Caremark Corporation 5.7500 15/05/41 254,000 304 0.09 Direct TV Holdings 5.8750 01/10/19 430,000 494 0.15 Discover Financial Services 5.2000 27/04/22 70,000 73 0.02 El Paso Pipeline 5.0000 01/10/21 265,000 288 0.09 Energy Transfer Partners 5.2000 01/02/22 410,000 440 0.13 Energy Transfer Partners 6.1250 15/02/17 900,000 1,013 0.31 Ford Motor Credit 3.9840 15/06/16 200,000 206 0.06 Ford Motor Credit 4.2070 15/04/16 200,000 208 0.06 GE CAP Euro Funding (EMTN) 2.0000 27/02/15 850,000 1,087 0.33 Georgia Pacific Corporation 8.0000 15/01/24 260,000 348 0.11 Goldman Sachs Group 5.1250 15/01/15 490,000 512 0.16 HCP 3.7500 01/02/16 380,000 396 0.12 Hewlett Packard 4.3000 01/06/21 490,000 506 0.15 HSBC Finance Corporation 6.6760 15/01/21 610,000 662 0.20 Humana 6.3000 01/08/18 215,000 250 0.08

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Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % International Paper 7.9500 15/06/18 525,000 662 0.20 Ipalco Enterprises 5.0000 01/05/18 270,000 275 0.08 JP Morgan Chase & Co 3.4500 01/03/16 500,000 519 0.16 JP Morgan Chase & Co 5.4000 06/01/42 700,000 772 0.24 Juniper Networks 5.9500 15/03/41 150,000 173 0.05 Lowes Companies 3.8000 15/11/21 135,000 146 0.04 Marathon Oil Corporation 6.6000 01/10/37 310,000 385 0.12 Marathon Petroleum Corporation 5.1250 01/03/21 175,000 196 0.06 Medco Health Solutions 7.1250 15/03/18 305,000 377 0.11 MET Transport Authority 6.0890 15/11/40 150,000 190 0.06 Municipal Electric Authority of Georgia 6.6370 01/04/57 620,000 720 0.22 New York City Municipal Water Finance Authority 5.4400 15/06/43 185,000 231 0.07 Noble Energy 6.0000 01/03/41 255,000 292 0.09 Omnicom Group 4.4500 15/08/20 650,000 702 0.22 Oncore Electric Delivery 4.5500 01/12/41 530,000 507 0.15 Paccar Financial Europe (EMTN) 1.3750 08/06/15 600,000 761 0.23 Philip Morris International (EMTN) 5.7500 24/03/16 350,000 512 0.16 Port Authority New York & New Jersey 6.0400 01/12/29 525,000 674 0.21 Progress Energy 3.1500 01/04/22 795,000 804 0.25 Prudential Financial 4.5000 16/11/21 415,000 432 0.13 Public Services Company of New Mexico 7.9500 15/05/18 320,000 384 0.12 Qwest Corporation 7.2500 15/09/25 285,000 313 0.10 Qwest Corporation 7.5000 15/06/23 335,000 338 0.10 Rowan 7.8750 01/08/19 180,000 217 0.07 Rowan 4.8750 01/06/22 95,000 96 0.03 San Diego California Regional Transport 5.9110 01/04/48 255,000 339 0.10 SG Capital Trust III (FRN)(PREP) 5.4190 29/11/49 250,000 247 0.08 SLM Student Loan Trust (FRN) 1.2120 15/12/27 800,000 855 0.26 South Western Electric Power 6.2000 15/03/40 130,000 160 0.05 Time Warner Cable 5.8750 15/11/40 460,000 517 0.16 UDR (MTN) 4.2500 01/06/18 620,000 662 0.20 University of California 4.8580 15/05/12 800,000 821 0.25 Wal-Mart Stores 3.2500 25/10/20 285,000 306 0.09 Wal-Mart Stores 4.8750 21/09/29 200,000 315 0.10 Williams Partners 7.2500 01/02/17 470,000 564 0.17 32,056 9.78

Corporate Bonds 106,822 32.60

Government Bonds - 42.89% Austria - 0.41% Austria (Republic of) 6.2500 15/07/27 750,000 1,338 0.41

Belgium - 0.66% Belgium (Kingdom of) 4.2500 28/09/21 1,550,000 2,157 0.66

116 Aberdeen Global II - Global Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Canada - 0.52% Canadian (Government of) 4.0000 01/06/41 1,300,000 1,721 0.52

Denmark - 0.18% Denmark (Kingdom of) 4.5000 15/11/39 2,300,000 579 0.18

Finland - 0.12% Finnish (Republic of) 3.5000 15/04/21 270,000 386 0.12

France - 2.59% Caisse Damort Dette (MTN) 2.1250 12/04/17 860,000 863 0.26 France (Government of) 3.2500 25/10/21 4,270,000 5,721 1.74 France (Government of) 4.0000 25/10/38 240,000 328 0.10 France (Government of) 5.5000 25/04/29 1,000,000 1,619 0.49 8,531 2.59

Germany - 2.32% Germany (Federal Republic of) 2.0000 04/01/22 590,000 782 0.24 Germany (Federal Republic of) 3.5000 12/04/13 220,000 287 0.09 Germany (Federal Republic of) 3.5000 04/01/16 1,030,000 1,452 0.44 Germany (Federal Republic of) 4.0000 04/01/18 460,000 686 0.21 Germany (Federal Republic of) 4.0000 11/10/13 1,700,000 2,265 0.69 Germany (Federal Republic of) 4.2500 04/07/14 270,000 371 0.11 Germany (Federal Republic of) 4.2500 04/07/39 244,000 429 0.13 Germany (Federal Republic of) 4.7500 04/07/34 740,000 1,332 0.41 7,604 2.32

Italy - 1.57% Italy (Republic of) 4.5000 01/03/26 1,420,000 1,566 0.48 Italy (Republic of) 5.0000 01/09/40 1,725,000 1,851 0.56 Italy (Republic of) 5.7500 01/02/33 1,450,000 1,742 0.53 5,159 1.57

Japan - 21.67% Japan (Government of) 0.8000 20/03/14 40,000,000 507 0.15 Japan (Government of) 1.1000 20/03/33 15,000,000 169 0.05 Japan (Government of) 1.2000 20/06/21 78,400,000 1,024 0.31 Japan (Government of) 1.3000 20/03/19 1,200,000,000 15,930 4.86 Japan (Government of) 1.4000 20/12/13 1,100,000,000 14,050 4.30 Japan (Government of) 1.4000 20/12/18 320,000,000 4,273 1.30 Japan (Government of) 1.4000 20/12/15 780,000,000 10,214 3.12 Japan (Government of) 1.7000 20/09/16 440,000,000 5,873 1.79 Japan (Government of) 2.0000 20/12/33 210,000,000 2,763 0.84 Japan (Government of) 2.1000 20/12/24 560,000,000 7,835 2.39 Japan (Government of) 2.1000 20/06/29 335,000,000 4,570 1.39 Japan (Government of) 2.3000 20/03/39 279,000,000 3,829 1.17 71,037 21.67

www.aberdeen-asset.com 117 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Netherlands - 0.56% Netherlands (Kingdom of) 3.5000 15/07/20 742,000 1,059 0.32 Netherlands (Kingdom of) 3.7500 15/01/42 80,000 125 0.04 Netherlands (Kingdom of) 4.5000 15/07/17 450,000 662 0.20 1,846 0.56

Spain - 0.11% Spain (Kingdom of) 4.7000 30/07/41 125,000 117 0.04 Spain (Kingdom of) 4.8000 31/01/24 206,000 224 0.07 341 0.11

Sweden - 0.63% Sweden (Kingdom of) 5.5000 08/10/12 14,030,000 2,056 0.63

United Kingdom - 3.90% UK Treasury 4.2500 07/06/32 785,000 1,522 0.46 UK Treasury 4.7500 07/09/15 1,180,000 2,105 0.64 UK Treasury 8.7500 25/08/17 580,000 1,274 0.39 UK Treasury 2.7500 22/01/15 100,000 166 0.05 UK Treasury 4.0000 07/03/22 700,000 1,319 0.40 UK Treasury 4.2500 07/12/27 1,050,000 2,047 0.62 UK Treasury 4.2500 07/09/39 1,760,000 3,403 1.04 UK Treasury 4.5000 07/03/13 320,000 516 0.16 UK Treasury 4.7500 07/03/20 240,000 469 0.14 12,821 3.90

United Stats - 7.65% US Treasury 0.2500 31/01/14 665,000 664 0.20 US Treasury 0.2500 15/05/15 450,000 448 0.14 US Treasury 0.6250 31/05/17 210,000 209 0.06 US Treasury 0.8750 30/04/17 1,082,000 1,090 0.33 US Treasury 1.2500 30/04/19 693,000 701 0.22 US Treasury 1.7500 15/05/22 1,040,000 1,049 0.32 US Treasury 2.0000 15/02/22 318,000 329 0.10 US Treasury 3.1250 15/02/42 1,159,000 1,245 0.38 US Treasury 3.1250 15/11/41 1,507,500 1,621 0.49 US Treasury 4.5000 15/02/36 1,300,000 1,746 0.53 US Treasury 6.0000 15/02/26 1,800,000 2,639 0.81 US Treasury 2.0000 15/11/21 1,420,000 1,472 0.45 US Treasury 2.1250 15/08/21 600,000 631 0.19 US Treasury 3.6250 15/02/20 7,400,000 8,706 2.66 US Treasury 4.3750 15/05/41 1,900,000 2,538 0.77 25,088 7.65

Government Bonds 140,664 42.09

Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market 290,525 88.61

118 Aberdeen Global II - Global Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Other transferable securities and money market instruments Asset Backed Bonds / Mortgage Backed Bonds - nil United Kingdom - nil Securitised Asset 0.0000 25/01/36 141,742 - -

Asset Backed Bonds / Mortgage Backed Bonds - nil - -

Corporate Bonds - 2.80% Australia - 0.17% Wea Finance 6.7500 02/09/19 470,000 555 0.17

France - 0.14% Pernod-Ricard 4.4500 15/01/22 450,000 467 0.14

Netherlands - 0.36% ABN AMRO Bank 4.2500 02/02/17 1,165,000 1,189 0.36

Norway - 0.32% DNB Bank 3.2000 03/04/17 1,050,000 1,063 0.32

Sweden - 0.80% Nordea Bank 2.2500 20/03/15 2,600,000 2,611 0.80

United Kingdom - 0.21% BG Energy Capital 4.0000 15/10/21 400,000 428 0.13 Western Power Distribution Holdings 7.2500 15/12/17 220,000 254 0.08 682 0.21

United States - 0.80% Blackstone Holdings Finance 6.6250 15/08/19 565,000 620 0.19 Crown Castle Towers 5.4950 15/01/37 20,000 22 0.01 ERAC USA Finance 6.2000 01/11/16 640,000 731 0.22 Harley-Davidson Financial Services 3.8750 15/03/16 320,000 338 0.10 International Lease Finance Corporation 6.5000 01/09/14 605,000 641 0.20 Nationwide Mutual Insurance 9.3750 15/08/39 200,000 265 0.08 2,617 0.80

Corporate Bonds 9,184 2.80

Government Bonds - 0.71% Australia - 0.71% Australian (Commonwealth of) 6.0000 15/02/17 1,960,000 2,315 0.71

Government Bonds 2,315 0.71

Other transferable securities and money market instruments 11,499 3.51

Total transferable securities and money market instruments 302,024 92.12

www.aberdeen-asset.com 119 PORTFOLIO STATEMENT CONTINUED

Financial Derivative Instruments - (0.09)% Futures contracts - (0.05)% Unrealised Percentage of gains/(losses) total net Future Maturity Notional US$’000 assets % CBT US 10 Year Note 19/09/12 (294) (133) (0.04) CBT US 2 Year Note 28/09/12 (15) 1 - CBT US 5 Year Note 28/09/12 (17) (4) - CBT US Ultra Bond 19/09/12 (16) (31) (0.01) KFE Korea 3 Year Bond 18/09/12 109 (2) - Lif Long Gilt 26/09/12 (110) (71) (0.02) MSE Can 10 Year Bond 19/09/12 31 62 0.02 Unrealised losses on future contracts (178) (0.05)

Forward currency exchange contracts - (0.03)% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$’000 assets % AUD USD 20/07/12 575,000 588,891 (1) - CAD USD 20/07/12 8,736,000 8,716,179 (150) (0.05) CZK USD 20/07/12 7,821,000 410,681 (22) (0.01) DKK USD 20/07/12 4,911,000 860,509 (22) (0.01) EUR CHF 22/03/13 2,474,153 2,965,000 (6) - EUR USD 20/07/12 169,000 215,765 (1) - EUR USD 20/07/12 2,110,000 2,762,062 (84) (0.03) EUR USD 20/07/12 2,657,000 3,467,916 (96) (0.03) GBP EUR 20/07/12 300,000 368,904 2 - GBP USD 20/07/12 349,000 563,344 (16) - GBP USD 20/07/12 2,248,000 3,587,808 (62) (0.02) JPY USD 20/07/12 53,000,000 660,560 4 - KRW USD 05/09/12 2,930,391,000 2,469,425 78 0.02 MXN USD 20/07/12 11,905,000 890,489 (5) - MXN USD 20/07/12 43,012,732 3,262,000 (64) (0.02) MYR USD 05/09/12 2,155,000 676,531 (1) - NOK USD 20/07/12 2,292,000 392,631 (7) - NZD USD 20/07/12 432,000 352,219 (5) - PLN USD 20/07/12 2,465,000 756,849 (20) (0.01) SEK EUR 20/07/12 21,532,000 2,348,681 136 0.04 SGD USD 20/07/12 1,312,000 1,047,478 (12) - USD AUD 20/07/12 743,126 743,000 (17) (0.01) USD CAD 20/07/12 1,301,564 1,298,000 29 0.01 USD CHF 20/07/12 3,876,036 3,574,000 98 0.03 USD EUR 20/07/12 314,637 255,000 (9) - USD EUR 20/07/12 617,352 494,000 (10) - USD EUR 20/07/12 723,622 575,000 (6) - USD EUR 20/07/12 952,922 746,000 6 - USD EUR 20/07/12 3,778,493 2,935,000 53 0.02 USD GBP 20/07/12 320,193 201,000 5 -

120 Aberdeen Global II - Global Bond Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$’000 assets % USD GBP 20/07/12 377,161 244,000 (6) - USD GBP 20/07/12 407,170 253,000 10 - USD GBP 20/07/12 2,610,426 1,621,000 68 0.02 USD GBP 20/07/12 4,052,224 2,561,000 36 0.01 USD JPY 20/07/12 56,142 4,518,000 - - USD JPY 20/07/12 4,935,314 394,033,000 (4) - USD SEK 20/07/12 3,509,351 24,025,000 31 0.01 ZAR USD 20/07/12 6,655,000 822,555 (11) - Unrealised losses on forward currency exchange contracts (81) (0.03)

Swap contracts - (0.01)% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives US$’000 assets % Interest rate swap contracts - (0.06)% Credit Suisse GBP 01/06/22 600,000 2.5200% 6 Month GBP Libor (38) (0.01) Credit Suisse SEK 05/06/22 6,900,000 3 Month SEK Stibor 2.5725% 16 - Credit Suisse SEK 05/06/22 6,900,000 3 Month SEK Stibor 2.5725% 16 - Credit Suisse GBP 01/06/22 600,000 2.5200% 6 Month GBP Libor (39) (0.01) Credit Suisse SEK 05/06/22 20,700,000 3 Month SEK Stibor 2.5725% 48 0.01 Credit Suisse GBP 01/06/22 1,800,000 2.5200% 6 Month GBP Libor (115) (0.04) Credit Suisse SEK 05/06/22 7,300,000 3 Month SEK Stibor 2.5725% 17 0.01 Credit Suisse GBP 01/06/22 660,000 2.5200% 6 Month GBP Libor (42) (0.01) Credit Suisse GBP 01/06/22 660,000 2.5200% 3 Month GBP Libor (42) (0.01) Credit Suisse SEK 05/06/22 7,200,000 3 Month SEK Stibor 2.5725% 17 0.01 Credit Suisse SEK 05/06/22 5,000,000 3 Month SEK Stibor 2.5725% 11 - Credit Suisse GBP 01/06/22 610,000 2.5200% 3 Month GBP Libor (39) (0.01) HSBC GBP 01/06/22 750,000 2.5200% 3 Month GBP Libor (48) (0.01) HSBC SEK 05/06/22 8,400,000 3 Month SEK Stibor 2.5725% 20 0.01 Unrealised losses on interest rate swap contracts (218) (0.06)

Overnight indexed swap contracts - 0.05% Goldman Sachs EUR 25/04/16 42,600,000 EUR Eonia 1.1050% 49 0.01 Royal Bank of Scotland EUR 25/04/16 41,600,000 EUR Eonia 1.2800% 140 0.04 Unrealised gains on overnight indexed swap contracts 189 0.05

Unrealised losses on swap contracts (29) (0.01)

Unrealised losses on financial derivative instruments (288) (0.09)

Total investments 301,736 92 Other net assets 26,130 7.97 Total 327,866 100.00

www.aberdeen-asset.com 121 Global Government Bond For the year ended 30 June 2012

Performance The Eurozone crisis has been a major market focus with particular attention on Greece’s future within the single currency. Greece received For the year ended 30 June 2012, the value of Global Government a second bailout package in March, which included private investors Bond – J Accumulation shares increased by 0.93% compared to an accepting over 70% in losses on their current holdings, triggering credit increase of 2.68% in the benchmark, Citigroup World Government default swap contracts and access to an addition €130bn of Bond Index. International Monetary Fund (IMF) and Eurozone funding. Other Source: Aberdeen Asset Management and BNP Paribas European sovereigns have also been the subject of market concern, Basis: Total Return, USD. with Spain forced to request a bailout of €100 billion to recapitalise its Fund name change banking system in June, and numerous rounds of sovereign downgrades by the ratings agencies. On 1 December 2011 the Fund changed its name from Aberdeen Global II – Global Bond Fund to Aberdeen Global II – Global Numerous EU summits have provided bouts of short term relief and Government Bond Fund. made some progress although have never exceeded the market’s requirements. Most recently, at the June 19th 2012 EU summit there Change of management fee rate was an agreement to establish a Eurozone wide bank supervisory body From 1 January 2012 the Investment Manager decreased the allowing distressed Banks to access funds directly from the European management fees payable on the A, C, D, and E class from 1.25% to Financial Stability Fund/European Stability Mechanism without the 0.90%, and I class from 1.00% to 0.60%. need to go via the Sovereign. This is an important step in breaking the sovereign/bank doom loop although significant implementation risk remains. Manager’s review Global bond markets were driven by the perennial Eurozone crisis and In the US, politicians agreed an 11th hour deal to raise the debt ceiling central bank easing against a backdrop of weak global growth. Over the in August, however the super committee failed to reach an agreement period, yields on 10 year Treasury bonds fell from 3.15% to 1.65% at on how to reduce the US budget deficit and debt later in November. As the end of June. Similarly, yields on 10 year German bunds fell from a consequence, US$1.2 trillion of cuts will be automatically triggered 3.03% to 1.58% while 10 year UK gilts fell from 3.61% to 1.73%. from 2013. The protracted nature of discussions by the super Peripheral Eurozone countries on the other hand came under severe committee failed to mollify Standard and Poor’s who subsequently pressure from bond investors concerned over levels of indebtedness. downgraded US long term debt to AA+ with a negative outlook. The yield on 10 year Spanish bonds rose from 5.45% to 6.33%. Credit markets were volatile throughout the period with concerns over Central banks have driven rates lower across core government bond the resilience of the European banking sector and the potential threat markets. In the US, the Federal Reserve gave guidance to the market of losses arising from the sovereign debt crisis. ECB easing measures in that rates would stay exceptionally low for at least three years helping December and February triggered a temporary risk rally. In addition, to anchor front end rates. It then announced the first round of positive outcomes from the 19th European summit and the release of Operation Twist in September 2011 followed by a second round in June Moody’s banking system review caused market sentiment to lift, 2012 where it rotates its current treasury holdings out of short end despite Spain’s downgrade significantly impacting some of Europe’s securities and into longer dated maturities with the intention of larger bond issuers late in June. Sentiment was further dented with flattening the term structure. The Bank of England announced several Barclays being fined £290 million to settle the investigation into its further rounds of quantitative easing and the Bank of Japan took steps part in the manipulation of LIBOR at the end of the period. to more aggressively combat disinflation. Meanwhile, despite having a In currency markets Sterling and the Euro both declined, sparked by hawkish bias going into the summer of 2011, the European Central slowing growth and Eurozone fears. The SNB imposed a floor of Bank (ECB), under the leadership of Mario Draghi from November, cut Eur1.20 per Swiss Franc to combat “flight to quality” driven currency its deposit rate to 0% and repo rate to 0.75% by July 2012. appreciation. The Yen performed well as its yield disadvantage declined Furthermore, in August 2011 the ECB reactivated the Securities in a world of lower rates for longer. Markets Program buying peripheral paper in the secondary to market to constrain yield spikes, and announced two three year long term Portfolio review refinancing operations (LTRO’s) in December and February, totalling €1 The fund underperformed its index over the period due to underweight trillion. The measures had a significant, short term impact upon yield duration positioning in the US and UK. The markets were viewed as spreads for sovereign and bank issuers and temporarily removed the fundamentally over valued in nominal and real terms, however systemic risk attached to the European financial system. However, ECB Eurozone concerns dominated sentiment to such the extent that the action can only buy time for policy makers to implement a more lasting US and UK have been considered safe havens by global investors, solution to the Eurozone’s deep, fundamental problems. despite their huge debts. The fund benefited from tactical allocation decisions in non-government bonds and Eurozone peripheral bond markets, in addition to positioning in currency markets.

122 Aberdeen Global II - Global Government Bond Outlook Looking forward, the market will continue to be pre-occupied with the Eurozone crisis. Financial market repression is generating negligible yields on so called safe assets. In an environment of sub-par growth and further central bank accommodation, there is still scope for some further easing of financial market conditions which should support responsible risk taking. Despite the month end relief rally, the direction of the market remains very uncertain. With their agreement on direct support for Spain’s banks, Europe’s politicians have moved in the ‘right’ direction, although as always with this crisis the time between words and delivery is fraught with danger. The economic impact of the on-going crisis is becoming more apparent in corporate profitability, although at this stage corporate fundamentals remain robust. The rapid demise of Spain, its rating and those of its largest companies has caught some unaware. The future of Spain and its market access is in the eyes of many the make or break moment for the Eurozone, given its size. We do not share that view, although it is clearly a very important issue for the future of the Euro project. Further volatility in markets appears inevitable over the coming months.

www.aberdeen-asset.com 123 Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 US$’000 US$’000 Assets Income Investments in securities at market value (note 2.2) 119,604 Investment income 2,706 Cash at bank 1,358 Bank interest 13 Amounts held at futures clearing houses and brokers 686 Other income 1 Interest receivable 1,146 Total income 2,720 Subscriptions receivable 52 Receivable for investments sold 2,372 Expenses Unrealised gains on forward currency exchange Management fees (note 4.5) 102 contracts (note 2.6) 50 Administration fees (note 4.1) 106 Other assets 65 Custodian fees (note 4.2) 31 Total assets 125,333 Domiciliary agent, registrar, paying and transfer agent fees (note 4.3) 40 Liabilities Management Company fees (note 4.4) 13 Payable for investments purchased 3,088 Operational expenses (note 4.6) 48 Taxes and expenses payable 99 Expense cap refunded by Investment Manager (note 4.7) (65) Unrealised losses on future contracts (note 2.7) 82 Annual tax (note 4.8) 13 Unrealised losses on swap contracts (note 2.8) 9 Total expenses 288 Other liabilities 113 Total liabilities 3,391 Net gains from investments 2,432

Net assets at the end of the year 121,942 Realised gains on investments 5,966 Realised losses on forward currency exchange contracts (69) Realised losses on future contracts (3,023) Statement of Changes in Net Assets Realised gains on swap contracts 182 For the year from 1 July 2011 to 30 June 2012 Realised currency exchange losses (295) US$’000 Net realised gains 2,761 Net assets at the beginning of the year 196,478 Net gains from investments 2,432 Decrease in unrealised appreciation on investments (4,040) Net realised gains 2,761 Decrease in unrealised appreciation on forward Net unrealised losses (3,980) currency exchange contracts (50) Proceeds from shares issued 33,469 Decrease in unrealised appreciation on future contracts (103) Payments for shares redeemed (108,973) Decrease in unrealised depreciation on swap contracts 209 Net equalisation paid (note 10) (244) Unrealised currency exchange gains 4 Dividends paid (note 5) (1) Net unrealised losses (3,980) Net assets at the end of the year 121,942 Net increase in assets as a result of operations 1,213

Share Transactions For the year from 1 July 2011 to 30 June 2012 D(GBP)-1 I-2 J-2 Z-2 Shares outstanding at the beginning of the year 51,397 23,852,784 449,686 9,157,945 Shares issued during the year 66,086 11,781,325 10,267 829,151 Shares redeemed during the year - (35,634,109) - (3,042,884) Shares outstanding at the end of the year 117,483 - 459,953 6,944,212 Net asset value per share 0.9681 - 8.7007 16.9583 The accompanying notes form an integral part of these financial statements.

124 Aberdeen Global II - Global Government Bond Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 0.44% United States - 0.44% SLM Student Loan Trust (FRN) 1.2120 15/12/27 500,000 534 0.44

Asset Backed Bonds / Mortgage Backed Bonds 534 0.44

Corporate Bonds - 16.67% Australia - 0.35% BHP Billiton Finance (EMTN) 2.1250 29/11/18 340,000 432 0.35

Denmark - 0.22% TDC (EMTN) 3.7500 02/03/22 200,000 264 0.22

France - 2.78% Dexia Credit Local 2.7500 10/01/14 1,200,000 1,187 0.97 GDF SUEZ (EMTN) 2.2500 01/06/18 500,000 640 0.53 Groupe BPCE 2.3750 04/10/13 900,000 886 0.73 Societe Generale (EMTN) 3.2500 06/06/16 500,000 670 0.55 3,383 2.78

Germany - 1.04% FMS Wertmanagement (EMTN) 3.0000 03/08/18 500,000 686 0.56 Volkswagen International Finance (EMTN) 2.1250 19/01/15 450,000 582 0.48 1,268 1.04

Italy - 1.04% Intesa Sanpaolo Ireland (EMTN) 4.0000 08/08/13 600,000 758 0.62 Unicredit (EMTN) 4.2500 31/07/18 400,000 507 0.42 1,265 1.04

Netherlands - 1.90% BK Nederlandse Gemeenten 1.3750 23/03/15 570,000 571 0.47 Paccar Financial Europe (EMTN) 1.3750 08/06/15 200,000 254 0.21 Nedwaterschaps (EMTN) 3.0000 17/03/15 1,000,000 1,042 0.85 Rabobank Nederland Utrec 3.3750 19/01/17 435,000 448 0.37 2,315 1.90

Spain - 3.88% Bankia Sau 3.5000 14/03/13 1,000,000 1,240 1.02 BBVA US Senior Uniper 3.2500 16/05/14 900,000 866 0.71 Caja Ahorros Guipuzcoa 4.3750 05/11/14 800,000 1,002 0.82 Instituto De Credito Oficial (EMTN) 4.5000 07/03/13 600,000 935 0.77 Telefonica Emisiones (EMTN) 5.5970 12/03/20 500,000 678 0.56 4,721 3.88

www.aberdeen-asset.com 125 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Sweden - 0.87% Skandinaviska Enskilda (GMTN) 3.8750 12/04/17 400,000 545 0.45 Svenska Handelsbanken 2.8750 04/04/17 505,000 513 0.42 1,058 0.87

United Kingdom - 3.45% Abbey National Treasury Services 3.1250 30/06/14 800,000 1,049 0.86 BP Capital Markets 2.1770 16/02/16 700,000 905 0.74 Lloyds TSB (EMTN) 6.2500 15/04/14 450,000 614 0.50 Nationwide Building Society 3.7500 20/01/15 450,000 593 0.49 Royal Bank of Scotland (EMTN) 5.2500 15/05/13 800,000 1,044 0.86 4,205 3.45

United States - 1.14% Citigroup 2.6500 02/03/15 555,000 555 0.46 GE Capital Euro Funding (EMTN) 2.0000 27/02/15 650,000 831 0.68 1,386 1.14

Corporate Bonds 20,297 16.67

Government Bonds - 80.15% Australia - 1.11% Australian (Commonwealth of) 6.0000 15/02/17 1,150,000 1,358 1.11

Austria - 0.73% Austria (Republic of) 6.2500 15/07/27 500,000 892 0.73

Belgium - 1.44% Belgium (Kingdom of) 4.2500 28/09/21 1,260,000 1,753 1.44

Canada - 1.83% Canadian (Government of) 3.2500 01/06/21 450,000 501 0.42 Canadian (Government of) 4.0000 01/06/41 260,000 344 0.28 Canadian (Government of) 5.0000 01/06/14 1,100,000 1,160 0.95 Canadian (Government of) 5.7500 01/06/29 150,000 221 0.18 2,226 1.83

Denmark - 0.94% Denmark (Kingdom of) 4.5000 15/11/39 800,000 201 0.16 Denmark (Kingdom of) 5.0000 15/11/13 5,200,000 951 0.78 1,152 0.94

Finland - 0.43% Finnish (Republic of) 4.2500 04/07/15 300,000 423 0.35 Finnish (Republic of) 3.5000 15/04/21 70,000 100 0.08 523 0.43

126 Aberdeen Global II - Global Government Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % France - 4.14% France (Government of) 3.2500 25/10/21 2,100,000 2,814 2.31 France (Government of) 4.0000 25/10/38 420,000 574 0.47 France (Government of) 4.7500 25/04/35 350,000 530 0.43 France (Government of) 5.5000 25/04/29 700,000 1,134 0.93 5,052 4.14

Germany - 5.11% Germany (Federal Republic of) 3.5000 04/01/16 2,080,000 2,932 2.40 Germany (Federal Republic of) 4.0000 04/01/18 1,320,000 1,967 1.61 Germany (Federal Republic of) 4.7500 04/07/34 500,000 900 0.74 Germany (Federal Republic of) 4.2500 04/07/39 100,000 176 0.14 Germany (Federal Republic of) 2.0000 04/01/22 200,000 265 0.22 6,240 5.11

Italy - 3.48% Italy (Republic of) 4.5000 01/03/26 1,730,000 1,908 1.56 Italy (Republic of) 5.0000 01/03/22 670,000 814 0.67 Italy (Republic of) 5.0000 01/09/40 780,000 837 0.69 Italy (Republic of) 5.7500 01/02/33 570,000 685 0.56 4,244 3.48

Japan - 31.09% Japan (Government of) 1.2000 20/06/21 645,000,000 8,425 6.91 Japan (Government of) 1.4000 20/12/15 310,000,000 4,059 3.33 Japan (Government of) 1.5000 20/09/14 540,000,000 6,978 5.72 Japan (Government of) 1.7000 20/09/16 460,000,000 6,140 5.04 Japan (Government of) 2.0000 20/12/33 165,000,000 2,171 1.78 Japan (Government of) 2.0000 20/12/24 140,000,000 1,940 1.59 Japan (Government of) 2.1000 20/06/29 405,000,000 5,525 4.53 Japan (Government of) 2.3000 20/03/39 195,000,000 2,676 2.19 37,914 31.09

Mexico - 0.51% Mexico (United Mexican States) 8.0000 11/06/20 7,150,000 628 0.51

Netherlands - 1.08% Netherlands (Kingdom of) 3.5000 15/07/20 700,000 999 0.82 Netherlands (Kingdom of) 3.7500 15/01/42 200,000 313 0.26 1,312 1.08

Poland - 0.60% Poland (Republic of) 5.5000 25/04/15 2,400,000 736 0.60

www.aberdeen-asset.com 127 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Spain - 0.30% Spain (Kingdom of) 4.2000 31/01/37 70,000 62 0.05 Spain (Kingdom of) 4.8000 31/01/24 81,000 88 0.07 Spain (Kingdom of) 5.5000 30/04/21 180,000 217 0.18 367 0.30

Sweden - 0.52% Sweden (Kingdom of) 3.7500 12/08/17 3,900,000 635 0.52

United Kingdom - 4.49% UK Treasury 3.7500 07/09/19 500,000 917 0.75 UK Treasury 4.0000 07/09/16 800,000 1,429 1.17 UK Treasury 4.2500 07/12/27 350,000 682 0.56 UK Treasury 4.2500 07/09/39 925,000 1,789 1.47 UK Treasury 4.2500 07/06/32 340,000 659 0.54 5,476 4.49

United States - 22.35% US Treasury 1.5000 31/12/13 3,300,000 3,359 2.75 US Treasury 3.5000 15/02/39 300,000 347 0.28 US Treasury 3.6250 15/02/20 5,100,000 6,000 4.92 US Treasury 4.5000 15/11/15 3,000,000 3,401 2.79 US Treasury 4.5000 15/08/39 2,550,000 3,460 2.84 US Treasury 5.3750 15/02/31 400,000 583 0.48 US Treasury 6.0000 15/02/26 750,000 1,100 0.90 US Treasury 8.1250 15/08/19 500,000 742 0.61 US Treasury 2.7500 30/11/16 5,700,000 6,219 5.10 US Treasury 2.2500 31/01/15 1,700,000 1,782 1.46 US Treasury 1.2500 30/04/19 265,000 268 0.22 27,261 22.35

Government Bonds 97,769 80.15

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on other regulated markets 118,600 97.26

Other transferable securities and money market instruments Corporate Bonds - 0.82% Sweden - 0.82% Nordea Bank 2.2500 20/03/15 1,000,000 1,004 0.82

Corporate Bonds 1,004 0.82

Other transferable securities and money market instruments 1,004 0.82

Total transferable securities and money market instruments 119,604 98.08

128 Aberdeen Global II - Global Government Bond Financial Derivative Instruments - (0.03)% Future contracts - (0.07)% Unrealised Percentage of gains/(losses) total net Future Maturity Notional US$'000 assets % CBT US 10 Year Note 19/09/12 (105) (48) (0.04) CBT US Ultra Bond 19/09/12 (6) (11) (0.01) Lif Long Gilt 26/09/12 (42) (23) (0.02) Unrealised losses on future contracts (82) (0.07)

Forward currency exchange contracts - 0.06% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$’000 assets % CAD USD 20/07/12 162,000 161,565 (3) - EUR CHF 22/03/13 921,236 1,104,000 (2) - EUR USD 20/07/12 291,000 366,640 3 - EUR USD 20/07/12 650,000 854,219 (29) (0.02) EUR USD 20/07/12 2,340,000 3,048,234 (78) (0.06) GBP USD 20/07/12 636,000 987,358 10 0.01 GBP USD 20/07/12 822,000 1,311,912 (23) (0.02) JPY USD 20/07/12 5,209,000 64,732 1 - JPY USD 20/07/12 35,722,000 439,202 9 0.01 JPY USD 20/07/12 57,246,000 720,622 (3) - JPY USD 20/07/12 64,000,000 789,570 13 0.01 MXN USD 20/07/12 1,519,000 113,474 (2) 0.01 MXN USD 20/07/12 16,034,176 1,216,000 (24) (0.02) MYR USD 05/09/12 1,335,000 419,104 - - NOK USD 20/07/12 1,450,000 248,228 (4) - SEK EUR 20/07/12 7,465,000 814,272 47 0.04 SGD USD 20/07/12 432,000 344,711 (4) - USD AUD 20/07/12 99,322 97,000 - - USD CHF 20/07/12 363,715 347,000 (3) - USD CHF 20/07/12 1,952,786 1,801,000 49 0.04 USD DKK 20/07/12 555,274 3,170,000 14 0.01 USD EUR 20/07/12 83,079 63,000 3 - USD EUR 20/07/12 129,887 103,000 (1) - USD EUR 20/07/12 242,802 185,000 8 0.01 USD EUR 20/07/12 305,061 242,000 (2) - USD EUR 20/07/12 440,626 345,000 3 - USD EUR 20/07/12 550,387 440,000 (8) (0.01) USD GBP 20/07/12 613,802 381,000 16 0.01 USD GBP 20/07/12 1,115,993 693,000 29 0.02 USD GBP 20/07/12 1,199,088 758,000 10 0.01 USD JPY 20/07/12 274,604 21,591,000 4 - USD PLN 20/07/12 204,155 665,000 5 - USD SEK 20/07/12 1,330,778 9,110,000 12 0.01 Unrealised gains on forward currency exchange contracts 50 0.06

www.aberdeen-asset.com 129 PORTFOLIO STATEMENT CONTINUED

Swap contracts - (0.02)% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives US$’000 assets % Interest Rate swap contracts - (0.08)% Credit Suisse GBP 01/06/22 200,000 2.5200% 6 Month GBP Libor (13) (0.01) Credit Suisse SEK 05/06/22 2,500,000 3 Month SEK Stibor 2.5725% 6 - Credit Suisse SEK 05/06/22 2,500,000 3 Month SEK Stibor 2.5725% 6 - Credit Suisse GBP 01/06/22 200,000 2.5200% 6 Month GBP Libor (13) (0.01) Credit Suisse SEK 05/06/22 7,500,000 3 Month SEK Stibor 2.5725% 17 0.01 Credit Suisse GBP 01/06/22 600,000 2.5200% 6 Month GBP Libor (38) (0.03) Credit Suisse SEK 05/06/22 2,700,000 3 Month SEK Stibor 2.5725% 6 - Credit Suisse GBP 01/06/22 240,000 2.5200% 6 Month GBP Libor (15) (0.01) Credit Suisse GBP 01/06/22 240,000 2.5200% 3 Month GBP Libor (15) (0.01) Credit Suisse SEK 05/06/22 2,700,000 3 Month SEK Stibor 2.5725% 6 - Credit Suisse SEK 05/06/22 2,010,000 3 Month SEK Stibor 2.5725% 5 - Credit Suisse GBP 01/06/22 330,000 2.5200% 3 Month GBP Libor (21) (0.02) HSBC GBP 01/06/22 280,000 2.5200% 3 Month GBP Libor (18) (0.01) HSBC SEK 05/06/22 3,100,000 3 Month SEK Stibor 2.5725% 7 0.01 Unrealised losses on interest rate swap contracts (80) (0.08)

Overnight indexed swap contracts - 0.06% Goldman Sachs EUR 25/04/2016 16,100,000 Eonia 1.1050% 18 0.02 Royal Bank of Scotland EUR 25/04/2016 15,800,000 Eonia 1.2800% 53 0.04 Unrealised gains on overnight indexed swap contracts 71 0.06

Unrealised losses on swap contracts (9) (0.02)

Unrealised losses on financial derivative instruments (41) (0.03)

Total investments 119,563 98.05 Other net assets 2,379 1.95 Total 121,942 100.00

130 Aberdeen Global II - Global Government Bond Global High Yield Bond For the period from 8 May to 30 June 2012

Performance Portfolio review For the period from 8 May to 30 June 2012, the value of Global High Since inception on 8 May, the Fund outperformed its benchmark Yield Bond – A Inc shares increased by 0.16% compared to a decrease primarily due to an overweight in the telecommunications sector while of 0.50% in the benchmark, Bank of America Merrill Lynch Global High an overweight to the energy sector was the largest detractor to Yield Index. performance. We continue to favour asset heavy business models such Source: BNP Paribas, Total Return, Gross of Fees, USD. as energy due to the downside protection provided by bondholder claims on the unencumbered assets of the issuers. Commencement of Fund In the current climate, we expect the majority of market returns in the The Fund was launched in the year ended 30 June 2012. The first net second half of the year to come from coupon clipping with a small asset value (NAV) calculated for the Fund was 8 May 2012. amount of principal return as the market approaches yields of 7%.

Manager’s review Outlook Global fixed income markets again were volatile throughout the period. Looking forward, the market will continue to be pre-occupied with the For the second year, uncertainty over the future of the Eurozone was Eurozone crisis. Financial market repression is generating negligible the primary driver of markets. After a brief rally in July, the global high yields on so called safe assets. In an environment of sub-par growth yield market saw credit spreads rise to the highest level since and further central bank accommodation, there is still scope for some September 2009 on fears of European bank insolvency, peaking at 925 further easing of financial market conditions which should support basis points on 4 October 2011. Despite the volatility, the Bank of responsible risk taking. America/Merrill Lynch Global High Yield Index ended the year with a respectable 6.33% return. High yield markets around the world continue to benefit from the global hunt for yield. Inflows into the asset class have been robust and high yield issuers continue to take advantage of the demand by issuing new bonds for the purpose of refinancing. We believe the refinancing wave should keep default rates well below long term averages over the next two years. While we are confident that default activity will remain benign in the near term, we are keeping a close eye on high yield asset flows, as large outflows can quickly turn market sentiment.

www.aberdeen-asset.com 131 Statement of Net Assets Statement of Operations As at 30 June 2012 For the period from 8 May 2012 to 30 June 2012 US$’000 US$’000 Assets Income Investments in securities at market value (note 2.2) 14,428 Investment income 160 Cash at bank 328 Total income 160 Interest receivable 351 Unrealised gains on forward currency exchange Expenses contracts (note 2.6) 124 Management fees (note 4.5) 17 Total assets 15,231 Administration fees (note 4.1) 8 Operational expenses (note 4.6) 2 Liabilities Total expenses 27 Payable for investments purchased 258 Taxes and expenses payable 20 Net gains from investments 133 Other liabilities 128 Total liabilities 406 Realised losses on investments (24) Realised currency exchange losses (73) Net assets at the end of the period 14,825 Net realised losses (97)

Increase in unrealised depreciation on investments (205) Statement of Changes in Net Assets Increase in unrealised appreciation on forward For the period from 8 May 2012 to 30 June 2012 currency exchange contracts 124 US$’000 Unrealised currency exchange losses (2) Net gains from investments 133 Net unrealised losses (83) Net realised losses (97) Net decrease in assets as a result of operations (47) Net unrealised losses (83) Proceeds from shares issued 15,000 Dividends paid (note 5) (128) Net assets at the end of the period 14,825

Share Transactions For the period from 8 May 2012 to 30 June 2012 A-1 E(EUR)-1 I-1 Shares issued during the period 50,000 38,424 1,385,000 Shares outstanding at the end of the period 50,000 38,424 1,385,000 Net asset value per share 9.9829 10.2382 9.9831 The accompanying notes form an integral part of these financial statements.

132 Aberdeen Global II - Global High Yield Bond Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Corporate Bonds - 86.58% Argentina - 0.42% Aeropuertos Argent 10.7500 01/12/20 75,200 62 0.42

Austria - 0.69% Wienerberger (FRN) (PERP) 6.5000 29/12/49 110,000 103 0.69

Brazil - 1.87% OSX Leasing 9.2500 20/03/15 100,000 98 0.66 OGX Austria 8.5000 01/06/18 200,000 179 1.21 277 1.87

Canada - 2.10% Garda World Security Corporation 9.7500 15/03/17 145,000 148 1.00 Taseko Mines 7.7500 15/04/19 170,000 163 1.10 311 2.10

Colombia - 0.74% Pacific Rubiales Energy 7.2500 12/12/21 100,000 109 0.74

Croatia - 0.86% Agrokor 9.8750 01/05/19 100,000 128 0.86

China - 2.45% China Shansui Cement 10.5000 27/04/17 200,000 202 1.36 Texhong Textile 7.6250 19/01/16 200,000 162 1.09 364 2.45

Germany - 1.79% Unitymedia 9.6250 01/12/19 70,000 97 0.65 Unitymedia 9.5000 15/03/21 125,000 169 1.14 266 1.79

Hong Kong - 0.84% Central China Real Estate 12.2500 20/10/15 120,000 125 0.84

Italy - 2.34% Bormioli Rocco Holdings 10.0000 01/08/18 120,000 140 0.94 Lottomatica (VAR) 8.2500 31/03/66 190,000 207 1.40 347 2.34

www.aberdeen-asset.com 133 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Luxembourg - 3.59% ARD Finance (PIK) 11.1250 01/06/18 100,000 113 0.76 Ardagh Glass Finance 8.7500 01/02/20 50,000 61 0.41 Codere Finance Luxembourg 8.2500 15/06/15 90,000 85 0.57 Intelsat Luxembourg 11.5000 04/02/17 145,000 150 1.01 Spie Bondco 11.0000 15/08/19 100,000 124 0.84 533 3.59

Mexico - 4.33% Axtel Sab De C.V. 9.0000 22/09/19 130,000 89 0.60 Corporation Geo 9.2500 30/06/20 140,000 147 0.99 Desarrolladora Homex 9.7500 25/03/20 60,000 63 0.42 Servicios Corporation Javer 9.8750 06/04/21 140,000 132 0.89 Urbi Desarrollos Urbanos 9.7500 03/02/22 200,000 212 1.43 643 4.33

Netherlands - 0.83% UPC Holdings 9.7500 15/04/18 90,000 123 0.83

Poland - 0.78% Polish Television Holdings 11.2500 15/05/17 90,000 115 0.78

Russia - 1.42% Alrosa Finance 7.7500 03/11/20 200,000 210 1.42

Singapore - 0.73% Stats Chippac 7.5000 12/08/15 100,000 108 0.73

Spain - 2.30% Cirsa Funding Luxemburg 8.7500 15/05/18 180,000 188 1.27 Inaer Aviation Finance 9.5000 01/08/17 140,000 152 1.03 340 2.30

South Africa - 3.65% Edcon Proprietary 9.5000 01/03/18 140,000 165 1.11 Food Corporation 8.7500 01/03/18 140,000 175 1.18 Sappi Papier Holding 8.3750 15/06/19 200,000 201 1.36 541 3.65

Turkey - 1.36% Yasar Holdings Willow No 2 9.6250 07/10/15 200,000 201 1.36

Ukraine - 0.65% MHP 10.2500 29/04/15 100,000 97 0.65

134 Aberdeen Global II - Global High Yield Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % United Arab Emirates - 2.16% Dubai Electricity & Water Authority 7.3750 21/10/20 100,000 110 0.74 Jafz Sukuk 7.0000 19/06/19 200,000 211 1.42 321 2.16

United Kingdom - 9.67% Boparan Finance 9.7500 30/04/18 140,000 187 1.26 British Airways 8.7500 23/08/16 100,000 160 1.08 Care UK Health & Social Care 9.7500 01/08/17 140,000 227 1.53 House of Fraser Funding 8.8750 15/08/18 150,000 204 1.38 Ineos Group Holdings 7.8750 15/02/16 90,000 100 0.67 Kerling 10.6250 01/02/17 120,000 135 0.91 Rexam (VAR) 6.7500 29/06/67 180,000 219 1.48 Viridian Group 11.1250 01/04/17 170,000 201 1.36 1,433 9.67

United States - 41.01% Aar Corporation 7.2500 15/01/22 145,000 144 0.97 Acadia Healthcare 12.8750 01/11/18 105,000 120 0.81 Aircastle 7.6250 15/04/20 130,000 133 0.90 Alpha Natural Resources 6.2500 01/06/21 160,000 136 0.92 Arch Coal 7.2500 15/06/21 165,000 139 0.94 Boyd Gaming Corporation 9.1250 01/12/18 140,000 145 0.98 Carrizzo Oil & Gas 8.6250 15/10/18 110,000 116 0.78 Castle Holdings 10.0000 08/05/18 70,000 110 0.74 Chesapeake Midstream 5.8750 15/04/21 225,000 219 1.48 Cincinnati Bell 8.3750 15/10/20 125,000 128 0.86 Comstock Resources 9.5000 15/06/20 80,000 79 0.53 Consol Energy 6.3750 01/03/21 210,000 198 1.34 Cricket Communications 10.0000 15/07/15 205,000 212 1.43 Cricket Communications 7.7500 15/10/20 245,000 235 1.58 Dyncorp International 10.3750 01/07/17 120,000 103 0.69 Edison Mission Energy 7.0000 15/05/17 235,000 133 0.90 Energy Future Holdings 10.0000 15/01/20 100,000 107 0.72 Energy Solutions 10.7500 15/08/18 100,000 84 0.57 Exco Resources 7.5000 15/09/18 220,000 191 1.29 Fidelity National Information 5.0000 15/03/22 70,000 72 0.49 First Data Corporation 10.5500 24/09/15 130,000 134 0.90 Forbes Energy Services 9.0000 15/06/19 120,000 114 0.77 Genon Energy 9.8750 15/10/20 175,000 172 1.16 Greif Luxembourg Finance 7.3750 15/07/21 100,000 132 0.89 KB Home 8.0000 15/03/20 110,000 112 0.76 Levi Strauss & Co 6.8750 01/05/22 110,000 113 0.76 Marina District Finance 9.8750 15/08/18 120,000 114 0.77 Nationstar Mortgage Corporation 10.8750 01/04/15 105,000 114 0.77 Navios Maritime Holdings Finance 8.1250 15/02/19 120,000 103 0.69 Norcraft Finance 10.5000 15/12/15 160,000 159 1.07

www.aberdeen-asset.com 135 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Nortek 8.5000 15/04/21 165,000 162 1.09 NPC International Operations 10.5000 15/01/20 105,000 117 0.79 Oasis Petroleum 6.5000 01/11/21 140,000 139 0.94 Offshore Group Investment 11.5000 01/08/15 100,000 109 0.74 Peabody Energy Corporation 6.2500 15/11/21 100,000 100 0.67 Post Holdings 7.3750 15/02/22 100,000 106 0.72 Pretium PGK Finance 11.5000 01/04/16 110,000 112 0.76 Quicksilver Resources 7.1250 01/04/16 155,000 120 0.81 Quicksilver Resources Industry 8.2500 01/08/15 150,000 141 0.95 RSC Equipment Rent Holdings 10.2500 15/11/19 30,000 34 0.23 Sprint Nexel Corporation 11.5000 15/11/21 210,000 235 1.59 Sungard Data Systems 7.6250 15/11/20 50,000 54 0.36 Transunion Holdings 9.6250 15/06/18 120,000 130 0.88 Venoco 8.8750 15/02/19 255,000 233 1.57 Westmoreland Coal 10.7500 01/02/18 240,000 215 1.45 6,078 41.01

Corporate Bonds 12,835 86.58

Corporate Convertible Bonds - 1.40% United States - 1.40% GMX Resources 4.5000 01/05/15 450,000 207 1.40

Corporate Convertible Bonds 207 1.40

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 13,042 87.98

Other transferable securities and money market instruments Corporate Bonds - 7.86% United States - 6.26% Boardriders 8.8750 15/12/17 100,000 126 0.85 Clearwire Commercial Finance 12.0000 01/12/15 330,000 302 2.04 Hercules Offshore 10.2500 01/04/19 250,000 239 1.61 Hoa Restaurant Group 11.2500 01/04/17 120,000 112 0.75 Wok Acquisition Corporation 10.2500 30/06/20 145,000 150 1.01 929 6.26

Canada - 1.60% Ainsworth Lumber (PIK) 6.0000 29/07/15 170,000 149 1.00 Bombardier 7.7500 15/03/20 80,000 89 0.60 238 1.60

Corporate Bonds 1,167 7.86

136 Aberdeen Global II - Global High Yield Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Corporate Convertible Bonds - 1.48% United States - 1.48% Alaska Communication Systems 6.2500 01/05/18 310,000 219 1.48

Corporate Convertible Bonds 219 1.48

Other transferable securities and money market instruments 1,386 9.34

Total transferable securities and money market instruments 14,428 97.32

Financial Derivative Instruments - 0.84% Forward currency exchange contracts - 0.84% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$’000 assets % USD CAD 20/07/12 107,921 107,921 2 0.01 USD GBP 20/07/12 298,477 298,477 8 0.05 EUR USD 20/07/12 356,048 444,000 8 0.05 USD GBP 20/07/12 451,811 451,811 13 0.09 USD EUR 20/07/12 1,818,590 1,818,590 42 0.29 USD EUR 20/07/12 2,246,886 2,246,886 51 0.35 Unrealised gains on forward currency exchange contracts 124 0.84

Unrealised gains on financial derivative instruments 124 0.84

Total investments 14,552 98.16 Other net assets 273 1.84 Total 14,825 100.00

www.aberdeen-asset.com 137 Sterling Bond For the year ended 30 June 2012

Performance As a result of on-going concerns about the European situation, 10-year UK gilt yields fell 165 basis points and 30-year UK gilt yields fell 125 For the year ended 30 June 2012, the value of Sterling Bond - Z basis points ending the period under review at 1.73% and 3.04% Accumulation shares increased by 11.74% compared to an increase of respectively. The average yield spread of non-government bonds over 14.25% in the benchmark, Bank of America Merrill Lynch Sterling gilts increased 76 basis points to 2.68%. Broad Market Index. Source: Aberdeen Asset Management and BNP Paribas Basis: Total Return, GBP. Portfolio review The Fund underperformed its benchmark over the period under review. Fund name change A short duration position in the UK was significantly negative following On 1 December 2011 the Fund changed its name from Aberdeen the continued strong performance of government bonds as was our Global II – Sterling Aggregate Bond Fund to Aberdeen Global II – yield curve flattening exposure. Exposure to the US bond market out of Sterling Bond Fund. gilts was positive for the fund, but was offset by negative performance generated by our exposure to the Swedish bond market out of gilts. Change of management fee rate Security selection within non-government bonds was negative, From 1 January 2012 the Investment Manager decreased the primarily driven by the underperformance of subordinated financial management fees payable on the A, C, D, and E class from 1.25% to issuers and European peripheral names. Improved liquidity during the 0.90%. first quarter of 2012 enabled us to reduce financial beta in the portfolio. During the year, the portfolio held some short term tactical Manager’s review overseas currency exposure which was a small positive contributor to During the period under review, global bond markets were volatile returns. throughout with the European debt crisis taking centre stage against a backdrop of a slowing global growth. Liquidity measures taken by the Outlook European Central Bank and agreements between periphery leaders A combination of favourable base effects, weaker growth, increasing have failed to bring long term stability to markets. Greece came back slack in the product and labour markets and the tightening in financial from the brink of a Eurozone exit while Spain requested a formal conditions arising from the Eurozone should help to push the CPI nearer bailout of €100 billion for its ailing banking system. to target over the course of the year, before rising again in 2013. In light of this, we continue to consider gilts vulnerable at their historically In the US, a last minute deal to raise the debt ceiling by US$2.1 trillion low yield levels to an unwinding of risk aversion. was insufficient in mollifying Standard and Poor’s who downgraded US long-term debt to AA+ with a negative outlook. Despite the month end relief rally the direction of the market remains very uncertain. With their agreement on direct support for Spain’s Mindful of the global economic slowdown, the UK Monetary Policy banks, Europe’s politicians have moved in the ‘right’ direction, although Committee (MPC) became increasingly dovish, forecasting weaker as always with this crisis the time between words and delivery is external demand and lower inflation over the medium term. Since fraught with danger. The economic impact of the on-going crisis is August the MPC members were unanimously voting for unchanged becoming more apparent in corporate profitability, although at this interest rates. In October quantitative easing (QE) was extended by stage corporate fundamentals remain robust. £75 billion and a further £50 billion in February to end the period at £325 billion. Minutes from May’s meeting revealed a shift in sentiment The rapid demise of Spain, its rating and those of its largest companies with a 5-4 vote in favour of further easing. has caught some unaware. The future of Spain and its market access is in the eyes of many the make or break moment for the Eurozone, given Economic data in the UK deteriorated through the year. The economy its size. We do not share that view, although it is clearly a very officially returned to recession in April following a sharp fall in important issue for the future of the Euro project. Further volatility in construction output. Forecasts for future growth were sharply revised markets appears inevitable over the coming months. down and forward looking survey data were weaker. Moody’s put the UK on negative watch over the period, but maintained its AAA status. Inflation data initially rose higher and the Consumer Price Index (CPI) peaked at 5.0% in October. Subsequently it has fallen much closer to target, ending the period at 2.4%. May’s Bank of England inflation report was more dovish than expected, with forward looking inflation expectations below target on a two and three year time horizon.

138 Aberdeen Global II - Sterling Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 £’000 £’000 Assets Income Investments in securities at market value (note 2.2) 277,412 Investment income 11,043 Cash at bank 518 Bank interest 104 Amounts held at futures clearing houses and brokers 2,044 Other income 6 Interest receivable 3,596 Total income 11,153 Subscriptions receivable 430 Receivable for investments sold 379 Expenses Unrealised gains on swap contracts (note 2.8) 8 Management fees (note 4.5) 768 Other assets 142 Administration fees (note 4.1) 99 Total assets 284,529 Custodian fees (note 4.2) 43 Domiciliary agent, registrar, paying and transfer agent Liabilities fees (note 4.3) 90 Payable for investments purchased 345 Management Company fees (note 4.4) 29 Taxes and expenses payable 210 Operational expenses (note 4.6) 88 Redemptions payable 167 Expense cap refunded by Investment Manager (note 4.7) (106) Unrealised losses on forward currency exchange Annual tax (note 4.8) 50 contracts (note 2.6) 22 Total expenses 1,061 Unrealised losses on future contracts (note 2.7) 244 Other liabilities 2,570 Net gains from investments 10,092 Total liabilities 3,558 Realised gains on investments 14,860 Net assets at the end of the year 280,971 Realised losses on forward currency exchange contracts (561) Realised losses on future contracts (7,179) Realised gains on swap contracts 2,684 Statement of Changes in Net Assets Realised currency exchange gains 1,179 For the year from 1 July 2011 to 30 June 2012 Net realised gains 10,983 £’000 Net assets at the beginning of the year 364,270 Increase in unrealised appreciation on investments 11,277 Net gains from investments 10,092 Decrease in unrealised depreciation on forward Net realised gains 10,983 currency exchange contracts 297 Net unrealised gains 11,164 Increase in unrealised depreciation on future contracts (167) Proceeds from shares issued 54,383 Decrease in unrealised appreciation on swap contracts (243) Payments for shares redeemed (165,946) Net unrealised gains 11,164 Net equalisation paid (note 10) (377) Net increase in assets as a result of operations 32,239 Dividends paid (note 5) (3,598) Net assets at the end of the year 280,971

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-1 A-2 I-2 J-2 K-2 Z-1 Z-2 Shares outstanding at the beginning of the year 39,477 16,927 10,824,381 1,989,531 8,073,843 76,013,881 12,806,484 Shares issued during the year 863 5,836 13,372,133 254,406 682,339 3,988,270 859,467 Shares redeemed during the year (6,747) (7,392) (12,786,439) (271,479) (855,808) (928,902) (8,487,824) Shares outstanding at the end of the year 33,593 15,371 11,410,075 1,972,458 7,900,374 79,073,249 5,178,127 Net asset value per share 622.9368 2,107.5972 1.6180 15.5850 1.7621 1.0688 15.4517 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 139 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 4.90% United Kingdom - 4.81% Annington Finance No 1 8.0000 02/10/21 1,180,592 1,485 0.53 Canary Wharf Finance II 6.4550 22/04/30 603,756 741 0.26 Chester Asset Receivables Deal 4.6500 15/09/13 2,010,000 2,057 0.73 Community Finance Company 1 (EMTN) 5.0170 31/07/34 1,080,000 1,278 0.45 Control Section 1 Finance 5.2340 02/05/35 1,855,000 2,266 0.81 Cumbernauld Fund 3 4.5500 15/08/14 706,667 718 0.26 Finance for Resident Social Housing 8.3690 05/10/58 1,516,872 2,436 0.87 Honours (FRN) 0.8850 10/04/29 1,001,940 852 0.30 RMPA Services 5.3370 30/09/38 534,426 581 0.21 Silverstone Master Issuer (EMTN) 5.0630 21/01/55 1,005,000 1,100 0.39 13,514 4.81

United States - 0.09% GE Capital Corporation (EMTN) 6.4400 15/11/22 237,457 257 0.09

Asset Backed Bonds / Mortgage Backed Bonds 13,771 4.90

Corporate Bonds - 32.33% Australia - 0.54% National Australia Bank (GMTN) 3.6250 08/11/17 400,000 413 0.15 QBE Insurance Group (EMTN) 6.1250 28/09/15 385,000 414 0.15 Westfield Financial 5.5000 27/06/17 620,000 684 0.24 1,511 0.54

Austria - 0.33% Bawag P.S.K. (EMTN) 6.1250 20/10/14 835,000 912 0.33

Cayman Islands - 0.08% ASIF II (EMTN) 5.1250 28/01/13 230,000 234 0.08

Belgium - 0.47% Anheuser-Busch Inbev (EMTN) 9.7500 30/07/24 850,000 1,328 0.47

Denmark - 0.12% TDC (EMTN) 5.6250 23/02/23 300,000 343 0.12

France - 2.87% Agence Francaise Development (FRN) (PERP) 4.6150 29/07/49 1,650,000 1,075 0.38 AXA (FRN) (PERP) (EMTN) 6.6666 29/07/49 850,000 633 0.23 BNP Paribas (FRN) (EMTN) 6.7420 07/09/17 705,000 688 0.24 BNP Paribas (VAR) (PERP) 5.9540 29/07/49 300,000 214 0.08 Credit Agricole (VAR) (PERP) (EMTN) 5.0000 29/06/49 572,000 363 0.13 Electricite De France 5.1250 22/09/50 750,000 709 0.25 Electricite De France (EMTN) 6.1250 02/06/34 800,000 911 0.32

140 Aberdeen Global II - Sterling Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % France Telecom (EMTN) 5.6250 23/01/34 450,000 490 0.17 France Telecom (EMTN) 7.2500 10/11/20 440,000 552 0.20 NATIXIS (EMTN) 5.8750 24/02/20 1,470,000 1,633 0.58 S.N.C.F (EMTN) 5.3750 18/03/27 735,000 815 0.29 8,083 2.87

Germany - 1.30% BMW Finance (EMTN) 3.3750 14/12/18 1,210,000 1,259 0.45 Daimler International Finance 1.7500 21/05/14 1,900,000 1,908 0.68 Volkswagen Finance Services (EMTN) 2.5000 07/10/13 470,000 477 0.17 3,644 1.30

Italy - 0.50% ENEL Finance International (EMTN) 5.6250 14/08/24 350,000 297 0.11 Generali Finance (FRN) (PERP) 6.2140 29/06/49 450,000 283 0.10 Telecom Italia (EMTN) 7.3750 15/12/17 400,000 397 0.14 Telecom Italia Spa (EMTN) 6.3750 24/06/19 450,000 417 0.15 1,394 0.50

Jersey - 0.17% ASIF III (EMTN) 5.0000 18/12/18 450,000 465 0.17

Mexico - 0.87% America Movil SAB 5.7500 28/06/30 655,000 783 0.28 Premex Project Funding Master (EMTN) 7.5000 18/12/13 1,545,000 1,657 0.59 2,440 0.87

Netherlands - 0.76% Aegon 6.6250 16/12/39 250,000 257 0.09 Bank Nederlandse Gemeenten 5.3750 07/06/21 300,000 356 0.13 Bank Nederlandse Gemeenten (EMTN) 5.2500 26/02/16 330,000 370 0.13 ING Bank (EMTN) (VAR) 6.8750 29/05/23 1,160,000 1,154 0.41 2,137 0.76

Spain - 1.10% Telefonica Emisiones (EMTN) 5.2890 09/12/22 3,850,000 3,079 1.10

Supranational - 3.79% European Investment Bank 4.7500 15/10/18 2,715,000 3,084 1.10 European Investment Bank 6.0000 07/12/28 265,000 341 0.12 European Investment Bank 6.2500 15/04/14 1,470,000 1,602 0.57 European Investment Bank (EMTN) 2.2500 22/01/15 3,800,000 3,879 1.38 European Investment Bank (EMTN) 3.3750 08/09/14 1,400,000 1,466 0.52 European Investment Bank (EMTN) 4.5000 07/03/44 115,000 124 0.04 European Investment Bank (DIP) (EMTN) 4.6250 12/10/54 145,000 159 0.06 10,655 3.79

www.aberdeen-asset.com 141 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Sweden - 0.35% Skandinaviska Enskilda (EMTN) 6.6250 09/07/14 900,000 978 0.35

Switzerland - 0.16% UBS (EMTN) 8.7500 18/12/25 385,000 447 0.16

United Kingdom - 15.69% Abbey National Treasury Services (EMTN) 5.1250 14/04/21 1,080,000 1,162 0.41 Abbey National Treasury Services (EMTN) 5.2500 16/02/29 315,000 332 0.12 Abbey National Treasury Services (EMTN) 5.5000 18/06/14 400,000 412 0.15 Amlin (FRN) 6.5000 19/12/26 965,000 802 0.29 Anglian Water Services Finance (EMTN) 4.5000 05/10/27 230,000 247 0.09 Aviva (VAR) (PERP) 6.1250 29/09/49 1,460,000 983 0.35 Barclays Bank (EMTN) 5.7500 14/09/26 250,000 204 0.07 Barclays Bank (EMTN) 10.0000 21/05/21 1,545,000 1,699 0.61 British Sky Broadcasting (EMTN) 6.0000 21/05/27 300,000 345 0.12 British Telecom (EMTN) 6.3750 23/06/37 735,000 849 0.30 Circle Anglia Social Housing (EMTN) 5.2000 02/03/44 500,000 527 0.19 Co-Operative Group 6.2500 08/07/26 300,000 295 0.11 Coventry Building Society (EMTN) 4.6250 19/04/18 1,100,000 1,215 0.43 EDF Energy Networks (EMTN) 6.2500 12/11/36 520,000 628 0.22 GlaxoSmithKline Capital (EMTN) 6.3750 09/03/39 150,000 207 0.07 Housing Finance 5.0000 30/09/27 643,000 692 0.25 HSBC 9.8750 08/04/18 600,000 632 0.22 HSBC Holdings (EMTN) (VAR) 6.3750 18/10/22 850,000 869 0.31 HSBC (EMTN) 7.0000 07/04/38 400,000 430 0.15 Imperial Tobacco Finance (EMTN) 5.5000 22/11/16 450,000 504 0.18 Imperial Tobacco Finance (EMTN) 5.5000 28/09/26 600,000 667 0.24 LCR Finance 4.5000 07/12/28 775,000 934 0.33 Legal & General (VAR) (PERP) 6.3850 29/05/49 400,000 316 0.11 Lloyds TSB (EMTN) 4.8750 30/03/27 765,000 799 0.28 Lloyds TSB (EMTN) 5.1250 07/03/25 1,100,000 1,209 0.43 Lloyds TSB (EMTN) 6.3750 15/04/14 465,000 493 0.18 Lloyds TSB (EMTN) 6.5000 17/09/40 440,000 447 0.16 Lloyds TSB (EMTN) 7.6250 22/04/25 1,625,000 1,403 0.50 London Power Networks (EMTN) 5.3750 11/11/16 570,000 636 0.23 Motability Operations Group (EMTN) 5.2500 28/09/16 500,000 563 0.20 Motability Operations Group (EMTN) 4.3750 08/02/27 400,000 418 0.15 National Air Traffic 5.2500 31/03/26 1,659,761 1,927 0.69 National Grid (EMTN) 6.1250 15/04/14 1,050,000 1,131 0.40 Nationwide Building Society 5.6250 28/01/26 540,000 645 0.23 Network Rail Infrastructure Finance (EMTN) 2.5000 07/03/14 335,000 346 0.12 Network Rail Infrastructure Finance (EMTN) 1.2500 22/01/15 1,830,000 1,854 0.66 Network Rail Infrastructure Finance (EMTN) 4.7500 29/11/35 310,000 384 0.14 NIE Finance 6.3750 02/06/26 400,000 430 0.15 Northern Powergrid Yorkshire 4.3750 05/07/32 350,000 347 0.12

142 Aberdeen Global II - Sterling Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Northumbrian Water Finance 5.1250 23/01/42 400,000 428 0.15 Prudential (FRN) (EMTN) 11.3750 29/05/39 465,000 590 0.21 Royal Bank of Scotland (EMTN) 6.6250 17/09/18 540,000 600 0.21 Royal Bank of Scotland (EMTN) 6.8750 17/05/25 690,000 758 0.27 Royal Bank of Scotland (EMTN) 7.5000 29/04/24 460,000 529 0.19 Sanctuary Capital (EMTN) 5.0000 26/04/47 250,000 272 0.10 Scottish & Southern Energy (EMTN) 5.0000 01/10/18 895,000 1,004 0.36 Severn Trent Water Utilities (EMTN) 4.8750 24/01/42 300,000 313 0.11 South Eastern Power Networks (EMTN) 5.6250 30/09/30 2,250,000 2,559 0.91 Southern Gas Network (EMTN) 5.1250 02/11/18 1,420,000 1,573 0.56 Southern Water Services Finance (EMTN) 6.1250 31/03/19 1,244,000 1,440 0.51 Stagecoach Group 5.7500 16/12/16 1,700,000 1,831 0.65 Tesco (EMTN) 6.1250 24/02/22 1,500,000 1,756 0.62 Western Power (EMTN) 5.2500 17/01/23 580,000 652 0.23 Yorkshire Water Services Bradford 6.3750 19/08/39 1,410,000 1,823 0.65 44,111 15.69

United States - 3.23% American International Group (EMTN) 5.0000 26/04/23 300,000 281 0.10 AT & T 4.8750 01/06/44 370,000 386 0.14 AT & T 5.8750 28/04/17 1,150,000 1,331 0.47 Bank of America Corporation (EMTN) 7.0000 31/07/28 850,000 941 0.33 Citigroup (EMTN) 6.8000 25/06/38 500,000 572 0.20 Eaton Finance 12.5000 12/06/14 527,000 609 0.22 GE Capital UK Funding (EMTN) 5.1250 24/05/23 215,000 231 0.08 GE Capital UK Funding (EMTN) 5.8750 18/01/33 2,380,000 2,670 0.95 Pfizer 6.5000 03/06/38 700,000 984 0.35 Wal-Mart Stores 4.8750 19/01/39 965,000 1,104 0.39 9,109 3.23

Corporate Bonds 90,870 32.33

Government Bonds - 56.90% Belgium - 0.11% Belgium (Kingdom of) (EMTN) 5.7000 28/05/32 300,000 302 0.11

France - 0.10% Reseau Ferre De France 4.8300 25/03/60 310,000 291 0.10

United Kingdom - 56.69% UK Treasury 1.7500 22/01/17 7,010,000 7,325 2.61 UK Treasury 2.0000 22/01/16 20,645,000 21,688 7.72 UK Treasury 2.7500 22/01/15 1,101,000 1,167 0.42 UK Treasury 3.7500 07/09/19 6,825,000 7,985 2.84 UK Treasury 3.7500 07/09/21 8,235,000 9,698 3.45 UK Treasury 4.0000 07/09/16 1,300,000 1,481 0.53

www.aberdeen-asset.com 143 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % UK Treasury 4.0000 07/03/22 14,210,000 17,070 6.08 UK Treasury 4.2500 07/12/27 5,875,000 7,303 2.60 UK Treasury 4.2500 07/03/36 17,582,174 21,698 7.72 UK Treasury 4.2500 07/09/39 18,562,000 22,885 8.14 UK Treasury 4.2500 07/12/46 7,102,000 8,834 3.14 UK Treasury 4.2500 07/12/49 14,582,000 18,175 6.47 UK Treasury 4.2500 07/12/55 3,270,000 4,121 1.47 UK Treasury 4.5000 07/03/19 5,065,000 6,158 2.20 UK Treasury 4.7500 07/09/15 1,530,000 1,740 0.62 UK Treasury 5.0000 07/09/14 310,000 342 0.12 UK Treasury 5.0000 07/03/18 1,290,000 1,580 0.56 159,250 56.69

Government Bonds 159,843 56.90

Investment Funds - 4.22% Luxembourg - 4.22% Aberdeen Liquidity Fund (Lux) Sterling Z-1† 11,860,000 11,860 4.22

Investment Funds 11,860 4.22

Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market 276,344 98.35

Other transferable securities and money market instruments Corporate Bonds - 0.38% Australia - 0.38% QBE Insurance Group 09/01/00 41,712 1,538,000 1,068 0.38

Corporate Bonds 1,068 0.38

Other transferable securities and money market instruments 1,068 0.38

Total transferable securities and money market instruments 277,412 98.73

Financial Derivative Instruments - (0.09)% Future contracts - (0.09)% Unrealised Percentage of gains/(losses) total net Future Maturity Notional £'000 assets % LIF LONG GILT 26/09/12 (364) (244) (0.09) Unrealised losses on future contracts (244) (0.09)

144 Aberdeen Global II - Sterling Bond Forward currency exchange contracts - nil Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount £'000 assets % EUR GBP 11/09/12 175,000 141,661 - - EUR GBP 11/09/12 278,000 225,593 (1) - GBP EUR 11/09/12 281,753 352,000 (3) - GBP EUR 11/09/12 971,726 1,216,000 (13) - GBP SEK 11/09/12 283,234 3,133,000 (6) - GBP SEK 11/09/12 298,493 3,362,000 (11) - GBP USD 11/09/12 919,705 1,433,000 6 - SEK GBP 11/09/12 2,458,000 224,689 2 - SEK GBP 11/09/12 2,492,000 226,016 4 - Unrealised losses on forward currency exchange contracts (22) -

Swap contracts - nil Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Interest rate swap contracts - (0.11)% Credit Suisse GBP 01/06/22 1,900,000 2.5200% 6 Month GBP Libor (78) (0.03) Credit Suisse GBP 01/06/22 1,900,000 2.5200% 6 Month GBP Libor (78) (0.03) Credit Suisse GBP 01/06/22 5,700,000 2.5200% 6 Month GBP Libor (233) (0.08) Credit Suisse GBP 01/06/22 1,820,000 2.5200% 6 Month GBP Libor (74) (0.02) Credit Suisse GBP 01/06/22 1,820,000 2.5200% 3 Month GBP Libor (74) (0.02) Credit Suisse GBP 01/06/22 500,000 2.5200% 3 Month GBP Libor (20) (0.01) Credit Suisse SEK 05/06/22 19,900,000 3 Month SEK Stibor 2.5725% 30 0.01 Credit Suisse SEK 05/06/22 19,900,000 3 Month SEK Stibor 2.5725% 30 0.01 Credit Suisse SEK 05/06/22 59,700,000 3 Month SEK Stibor 2.5725% 88 0.03 Credit Suisse SEK 05/06/22 20,100,000 3 Month SEK Stibor 2.5725% 30 0.01 Credit Suisse SEK 05/06/22 19,900,000 3 Month SEK Stibor 2.5725% 29 0.01 Credit Suisse SEK 05/06/22 9,900,000 3 Month SEK Stibor 2.5725% 15 0.01 HSBC GBP 01/06/22 2,050,000 2.5200% 3 Month GBP Libor (83) (0.03) HSBC SEK 05/06/22 23,200,000 3 Month SEK Stibor 2.5725% 34 0.01 Merrill Lynch GBP 10/03/14 9,000,000 6 Month GBP Libor 2.9550% 288 0.10 Royal Bank of Scotland EUR 24/04/14 7,660,000 2.7900% 6 Month EURIBOR (213) (0.08) Unrealised losses on interest rate swap contracts (309) (0.11)

Overnight indexed swap contracts - 0.11% Goldman Sachs EUR 25/04/16 112,800,000 EUR Eonia 1.1050% 83 0.03 Royal Bank of Scotland EUR 25/04/16 109,100,000 EUR Eonia 1.2800% 234 0.08 Unrealised gains on overnight indexed swap contracts 317 0.11

Unrealised gains on swap contracts 8 -

Unrealised losses on financial derivative instruments (258) (0.09)

Total investments 277,154 98.64 Other net assets 3,817 1.36 Total 280,971 100.00 † Managed by subsidiaries of Aberdeen Asset Management PLC.

www.aberdeen-asset.com 145 Sterling Credit Bond For the year ended 30 June 2012

Performance As a result of on-going concerns about the European situation, 10-year UK gilt yields fell 165 basis points and 30-year UK gilt yields fell 125 For the year ended 30 June 2012, the value of Sterling Credit Bond – Z basis points ending the period under review at 1.73% and 3.04% Accumulation shares increased by 7.96% compared to an increase of respectively. The average yield spread of non-government bonds over 9.32% in the benchmark, Bank of America Merrill Lynch Sterling gilts increased 76 basis points to 2.68%. Non-Gilts Index. Source: Aberdeen Asset Management and BNP Paribas Basis: Total Return, GBP. Portfolio review The Fund underperformed its benchmark over the period under review. Fund name change A short duration position in the UK was significantly negative following On 1 December 2011 the Fund changed its name from Aberdeen the continued strong performance of government bonds as was our Global II – Sterling Credit Fund to Aberdeen Global II – Sterling Credit yield curve flattening exposure. Exposure to the US bond market out of Bond Fund. gilts was positive for the Fund, but was offset by negative performance generated by our exposure to the Swedish bond market out of gilts. Change of management fee rate Security selection within non-government bonds was negative, From 1 January 2012 the Investment Manager decreased the primarily driven by the underperformance of subordinated financial management fees payable on the A, C, D, and E class from 1.25% to issuers and European peripheral names. Improved liquidity during the 0.90%. first quarter of 2012 enabled us to reduce financial beta in the portfolio. During the year, the portfolio held some short term tactical Manager’s review overseas currency exposure which was a small positive contributor to During the period under review, global bond markets were volatile returns. throughout with the European debt crisis taking centre stage against a backdrop a slowing global growth. Liquidity measures taken by the Outlook European Central Bank and agreements between periphery leaders A combination of favourable base effects, weaker growth, increasing have failed to bring long term stability to markets. Greece came back slack in the product and labour markets and the tightening in financial from the brink of a Eurozone exit while Spain requested a formal conditions arising from the Eurozone should help to push the CPI nearer bailout of €100 billion for its ailing banking system. to target over the course of the year, before rising again in 2013. In light of this, we continue to consider gilts vulnerable at their historically In the US, a last minute deal to raise the debt ceiling by US$2.1 trillion low yield levels to an unwinding of risk aversion. was insufficient in mollifying Standard and Poor’s who downgraded US long-term debt to AA+ with a negative outlook. Despite the month end relief rally the direction of the market remains very uncertain. With their agreement on direct support for Spain’s Mindful of the global economic slowdown, the UK Monetary Policy banks, Europe’s politicians have moved in the ‘right’ direction, although Committee (MPC) became increasingly dovish, forecasting weaker as always with this crisis the time between words and delivery is external demand and lower inflation over the medium term. Since fraught with danger. The economic impact of the on-going crisis is August the MPC members were unanimously voting for unchanged becoming more apparent in corporate profitability, although at this interest rates. In October quantitative easing (QE) was extended by stage corporate fundamentals remain robust. £75 billion and a further £50 billion in February to end the period at £325 billion. Minutes from May’s meeting revealed a shift in sentiment The rapid demise of Spain, its rating and those of its largest companies with a 5-4 vote in favour of further easing. has caught some unaware. The future of Spain and its market access is in the eyes of many the make or break moment for the Eurozone, given Economic data in the UK deteriorated through the year. The economy its size. We do not share that view, although it is clearly a very officially returned to recession in April following a sharp fall in important issue for the future of the Euro project. Further volatility in construction output. Forecasts for future growth were sharply revised markets appears inevitable over the coming months. down and forward looking survey data were weaker. Moody’s put the UK on negative watch over the period, but maintained its AAA status. Inflation data initially rose higher, Consumer Price Index (CPI) peaked at 5.0% in October. Subsequently it has fallen much closer to target, ending the period at 2.4%. May’s Bank of England inflation report was more dovish than expected, with forward looking inflation expectations below target on a two and three year time horizon.

146 Aberdeen Global II - Sterling Credit Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 £'000 £'000 Assets Income Investments in securities at market value (note 2.2) 415,549 Investment income 22,608 Cash at bank 1,549 Bank interest 44 Amounts held at futures clearing houses and brokers 1,520 Total income 22,652 Interest receivable 9,032 Subscriptions receivable 1,891 Expenses Receivable for investments sold 2,800 Management fees (note 4.5) 107 Other assets 233 Administration fees (note 4.1) 121 Total assets 432,574 Custodian fees (note 4.2) 74 Domiciliary agent, registrar, paying and transfer agent Liabilities fees (note 4.3) 131 Payable for investments purchased 8,561 Management Company fees (note 4.4) 43 Taxes and expenses payable 195 Operational expenses (note 4.6) 102 Unrealised losses on forward currency exchange Expense cap refunded by Investment Manager (note 4.7) (146) contracts (note 2.6) 120 Annual tax (note 4.8) 42 Unrealised losses on future contracts (note 2.7) 182 Total expenses 474 Unrealised losses on swap contracts (note 2.8) 232 Other liabilities 181 Net gains from investments 22,178 Total liabilities 9,471 Realised gains on investments 12,848 Net assets at the end of the year 423,103 Realised gains on forward currency exchange contracts 2,331 Realised losses on future contracts (5,290) Realised gains on swap contracts 2,474 Statement of Changes in Net Assets Realised currency exchange gains 70 For the year from 1 July 2011 to 30 June 2012 Net realised gains 12,433 £'000 Net assets at the beginning of the year 472,373 Decrease in unrealised appreciation on investments (2,641) Net gains from investments 22,178 Decrease in unrealised depreciation on forward Net realised gains 12,433 currency exchange contracts 764 Net unrealised losses (2,470) Increase in unrealised depreciation on future contracts (128) Proceeds from shares issued 50,464 Decrease in unrealised appreciation on swap contracts (465) Payments for shares redeemed (130,714) Net unrealised losses (2,470) Net equalisation paid (note 10) (772) Net increase in assets as a result of operations 32,141 Dividends paid (note 5) (389) Net assets at the end of the year 423,103

Share Transactions For the year from 1 July 2011 to 30 June 2012 I-1 I-2 K-1 K-2 Z-2 Shares outstanding at the beginning of the year - 7,326,831 9,051,718 17,175,216 277,429,631 Shares issued during the year 2,003,013 7,865,973 1,552,294 121,329 21,512,270 Shares redeemed during the year (19,800) (13,403,289) (5,405,050) (11,797,919) (53,297,930) Shares outstanding at the end of the year 1,983,213 1,789,515 5,198,962 5,498,626 245,643,971 Net asset value per share 1.0032 1.7808 1.1298 1.8400 1.6362 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 147 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £'000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 9.36% United Kingdom - 8.92% Annington Finance No 1 8.0000 02/10/21 3,065,731 3,856 0.91 Canary Wharf Finance II 6.4550 22/04/30 1,680,015 2,063 0.49 Chester Asset Receivables Deal 4.6500 15/07/13 5,870,000 6,007 1.42 Community Finance Company 1 (EMTN) 5.0170 31/07/34 4,595,000 5,439 1.29 Control Section 1 Finance 5.2340 02/05/35 2,835,000 3,463 0.82 Finance for Resident Social Housing 11.1260 05/10/58 4,181,004 6,504 1.54 Honours (FRN) 0.8850 10/04/29 300,582 255 0.06 Juturna ELC 5.0636 10/08/33 87,109 91 0.02 Lunar Funding I (EMTN) 5.7500 18/10/33 2,335,000 2,803 0.66 Permanent Master Issuer 4.8050 15/07/42 3,670,000 3,960 0.94 Silverstone Master Issuer (EMTN) 5.0630 21/01/55 2,975,000 3,255 0.77 37,696 8.92

United States - 0.44% GE Capital Corporation (EMTN) 6.4400 15/11/22 1,754,294 1,896 0.44

Asset Backed Bonds / Mortgage Backed Bonds 39,592 9.36

Corporate Bonds - 84.65% Australia - 1.92% National Australia Bank (GMTN) 3.6250 08/11/17 1,400,000 1,446 0.34 QBE Insurance Group (EMTN) 6.1250 28/09/15 715,000 768 0.18 QBE Insurance Group 9.7500 14/03/14 1,825,000 1,267 0.30 Westfield Financial 5.5000 27/06/17 2,286,000 2,522 0.60 Westpac Banking Corporation (EMTN) 5.0000 21/10/19 1,900,000 2,100 0.50 8,103 1.92

Austria - 1.53% Bawag P.S.K. (EMTN) 6.1250 20/10/14 4,118,000 4,500 1.06 Oesterreich Kontrollbank (EMTN) 5.7500 07/12/28 1,526,000 1,968 0.47 6,468 1.53

Belgium - 1.05% Anheuser-Busch Inbev (EMTN) 9.7500 30/07/24 2,265,000 3,538 0.84 Fortis Bank (FRN) (PERP) 4.6250 29/10/49 1,550,000 902 0.21 4,440 1.05

France - 8.18% Agence Francaise Development (FRN) (PERP) 4.6150 29/07/49 5,800,000 3,778 0.89 AXA (EMTN) (PERP) (VAR) 6.7720 29/10/49 1,790,000 1,238 0.29 AXA (EMTN) (PERP) (VAR) 6.6666 29/07/49 2,505,000 1,866 0.44 BNP Paribas (FRN) (EMTN) 6.7420 07/09/17 1,848,000 1,803 0.43 BNP Paribas (VAR) (PERP) 5.9540 29/07/49 1,400,000 997 0.24 Caisse Damort Dette Soc (EMTN) 3.7500 08/09/14 2,000,000 2,087 0.49 Credit Agricole (GMTN) 7.3750 18/12/23 1,300,000 1,138 0.27

148 Aberdeen Global II - Sterling Credit Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal £'000 assets % Credit Agricole (VAR) (PERP) (EMTN) 5.0000 29/06/49 1,420,000 901 0.21 Electricite De France (EMTN) 5.1250 22/09/50 2,500,000 2,365 0.56 Electricite De France (EMTN) 6.1250 02/06/34 2,700,000 3,075 0.73 Electricite De France (EMTN) 6.2500 30/05/28 1,600,000 1,866 0.44 France Telecom (EMTN) 5.3750 22/11/50 1,750,000 1,751 0.41 France Telecom (EMTN) 5.6250 23/01/34 1,900,000 2,068 0.49 France Telecom (EMTN) 7.2500 10/11/20 1,600,000 2,007 0.47 NATIXIS (EMTN) 5.8750 24/02/20 4,446,000 4,940 1.17 Reseau Ferre De France (EMTN) 4.8300 25/03/60 1,070,000 1,005 0.24 S.N.C.F (EMTN) 5.3750 18/03/27 1,550,000 1,718 0.41 34,603 8.18

Germany - 1.88% BMW Finance (EMTN) 3.3750 14/12/18 5,225,000 5,436 1.28 Deutsche Telekom International Finance 8.8750 27/11/28 1,700,000 2,523 0.60 7,959 1.88

Italy - 1.60% ENEL Finance International (EMTN) 5.6250 14/08/24 1,270,000 1,076 0.25 ENEL Finance International (EMTN) 5.7500 14/09/40 860,000 625 0.15 Generali Finance (FRN) (PERP) 6.2140 29/06/49 1,400,000 881 0.21 Telecom Italia (EMTN) 7.3750 15/12/17 1,600,000 1,588 0.38 Telecom Italia Spa (EMTN) 6.3750 24/06/19 1,400,000 1,298 0.31 Unicredit (EMTN) (FRN) 6.3750 16/10/18 1,612,000 1,256 0.30 6,724 1.60

Jersey - 0.66% ASIF III (EMTN) 5.0000 18/12/18 2,692,000 2,782 0.66

Mexico - 1.76% America Movil SAB 5.7500 28/06/30 3,360,000 4,016 0.95 Premex Project Funding Master (EMTN) 7.5000 18/12/13 3,198,000 3,430 0.81 7,446 1.76

Netherlands - 2.26% Aegon 6.6250 16/12/39 1,500,000 1,544 0.36 Bank Nederlandse Gemeenten (EMTN) 5.3750 07/06/21 385,000 456 0.11 Bank Nederlandse Gemeenten (EMTN) 4.3750 19/01/15 3,900,000 4,184 0.99 ING Bank (EMTN) (VAR) 6.8750 29/05/23 3,347,000 3,329 0.80 9,513 2.26

Norway - 0.42% DNB Bank (EMTN) (VAR) 7.2500 23/06/20 1,690,000 1,764 0.42

Spain - 1.68% Telefonica Emisiones (EMTN) 5.5970 12/03/20 5,200,000 4,496 1.06 Telefonica Emisiones (EMTN) 5.2890 09/12/22 3,300,000 2,639 0.62 7,135 1.68

www.aberdeen-asset.com 149 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £'000 assets % Supranational - 6.99% European Investment Bank (EMTN) 3.3750 08/09/14 1,390,000 1,455 0.34 European Investment Bank (EMTN) 4.7500 15/10/18 4,500,000 5,112 1.21 European Investment Bank (EMTN) 3.8750 08/06/37 1,690,000 1,669 0.39 European Investment Bank (EMTN) 2.2500 22/01/15 9,000,000 9,187 2.17 European Investment Bank 4.8750 07/09/16 4,452,000 4,993 1.18 European Investment Bank 5.0000 15/04/39 3,050,000 3,534 0.84 European Investment Bank 6.0000 07/12/28 2,670,000 3,438 0.81 European Investment Bank (EMTN) 4.5000 07/03/44 200,000 215 0.05 29,603 6.99

Sweden - 0.95% Skandinaviska Enskilda (EMTN) 6.6250 09/07/14 3,700,000 4,021 0.95

Switzerland - 0.29% UBS (EMTN) 8.7500 18/12/25 1,070,000 1,242 0.29

United Kingdom - 43.25% Abbey National Treasury Service (EMTN) 5.1250 14/04/21 4,195,000 4,512 1.07 Abbey National Treasury Service (EMTN) 5.2500 16/02/29 1,465,000 1,544 0.36 Abbey National Treasury Services 5.7500 02/03/26 2,195,000 2,474 0.58 Amlin (FRN) 6.5000 19/12/26 2,905,000 2,414 0.57 Anglian Water Service Finance (EMTN) 4.5000 05/10/27 1,120,000 1,203 0.28 Aspire Defence Finance 4.6740 31/03/40 622,000 615 0.15 Aspire Defence Finance 4.6740 31/03/40 3,455,000 3,409 0.81 Aviva (FRN) (PERP) 5.9021 29/11/49 1,000,000 656 0.16 Aviva (VAR) (PERP) 6.1250 29/09/49 2,170,000 1,461 0.35 BAA Funding (FRN) 4.6000 30/09/16 2,530,000 2,166 0.51 Barclays Bank (EMTN) 5.7500 14/09/26 4,125,000 3,362 0.79 Barclays Bank (EMTN) 10.0000 21/05/21 1,905,000 2,094 0.50 Barclays Bank (EMTN) 4.2500 12/01/22 1,750,000 1,877 0.44 Barclays Bank (EMTN) (PERP) (VAR) 8.2500 29/12/49 1,100,000 1,079 0.27 BAT International Finance (EMTN) 5.7500 05/07/40 2,930,000 3,420 0.81 BG Energy Capital (EMTN) 5.0000 04/11/36 3,520,000 3,881 0.92 British Sky Broadcasting (EMTN) 6.0000 21/05/27 1,400,000 1,608 0.39 British Telecom (EMTN) 6.3750 23/06/37 4,560,000 5,268 1.25 Broadgate Financing 4.8210 05/07/33 1,525,000 1,602 0.38 Centrica (EMTN) 5.5000 24/10/16 3,000,000 3,393 0.80 Circle Anglia Social Housing (EMTN) 5.2000 02/03/44 3,300,000 3,476 0.82 Co-Operative Group 6.2500 08/07/26 1,250,000 1,231 0.29 Coventry Building Society (EMTN) 4.6250 19/04/18 4,115,000 4,547 1.07 Eastern Power Networks (EMTN) 6.2500 12/11/36 1,685,000 2,034 0.48 HBOS Capital Funding (VAR) 6.4610 29/11/49 586,000 370 0.09 THFC Funding No 1 5.1250 21/12/37 60,000 62 0.01 HSBC Holdings 9.8750 08/04/18 1,050,000 1,106 0.26 HSBC Holdings (EMTN) 5.7500 20/12/27 2,169,000 2,129 0.50 HSBC Holdings (EMTN) (VAR) 6.3750 18/10/22 3,900,000 3,990 0.95 HSBC Holdings (EMTN) 7.0000 07/04/38 1,600,000 1,722 0.41

150 Aberdeen Global II - Sterling Credit Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal £'000 assets % Imperial Tobacco Finance (EMTN) 5.5000 22/11/16 3,550,000 3,973 0.94 Imperial Tobacco Finance (EMTN) 5.5000 28/09/26 500,000 556 0.13 Imperial Tobacco Finance (EMTN) 7.7500 24/06/19 1,210,000 1,523 0.36 Imperial Tobacco Finance (EMTN) 8.1250 15/03/24 1,000,000 1,327 0.31 LCR Finance 4.5000 07/12/28 3,155,000 3,802 0.90 Legal & General Finance (EMTN) 5.8750 05/04/33 1,097,000 1,196 0.28 Legal & General (VAR) (PERP) 6.3850 29/05/49 500,000 395 0.09 Lloyds TSB (EMTN) 7.6250 22/04/25 2,995,000 2,585 0.61 Lloyds TSB (EMTN) 4.8750 30/03/27 3,750,000 3,919 0.93 Lloyds TSB (EMTN) 5.1250 07/03/25 3,300,000 3,627 0.86 London Power Networks (EMTN) 5.3750 11/11/16 2,250,000 2,512 0.59 Motability Operations Group (EMTN) 5.2500 28/09/16 4,000,000 4,501 1.06 Motability Operations Group (EMTN) 4.3750 08/02/27 1,800,000 1,882 0.44 Nats En Route 5.2500 31/03/26 3,247,274 3,770 0.89 National Grid (EMTN) 6.1250 15/04/14 2,000,000 2,153 0.50 National Grid Electric 5.8750 02/02/24 2,572,000 3,122 0.74 National Grid Gas (EMTN) 6.3750 03/03/20 900,000 1,111 0.26 Nationwide Building Society 5.6250 28/01/26 2,330,000 2,784 0.66 Nationwide Building Society (EMTN) 6.7500 22/07/20 2,285,000 1,751 0.41 NIE Finance 6.3750 02/06/26 2,320,000 2,493 0.59 Northern Powergrid Yorkshire 4.3750 05/07/32 1,450,000 1,439 0.34 Northumbrian Water Finance 6.0000 11/10/17 3,781,000 4,412 1.04 Northumbrian Water Finance 5.1250 23/01/42 1,100,000 1,177 0.28 Porterbrook Rail Finance (EMTN) 5.5000 20/04/19 719,000 782 0.18 Prudential (FRN) (MTN) 11.3750 29/05/39 1,465,000 1,858 0.44 Quadrant Housing Finance 7.9300 10/02/33 2,000,000 2,891 0.68 RMPA Services 5.3370 30/09/38 445,355 484 0.11 RSA Insurance (FRN) (PERP) 6.7010 29/05/49 1,805,000 1,510 0.36 Royal Bank of Scotland (EMTN) 6.6250 17/09/18 2,705,000 3,008 0.71 Royal Bank of Scotland (EMTN) 6.8750 17/05/25 4,019,000 4,413 1.04 Sanctuary Capital (EMTN) 5.0000 26/04/47 1,050,000 1,143 0.27 Santander UK (EMTN) 9.6250 30/10/23 130,000 127 0.03 Scottish & Southern Energy (EMTN) 5.0000 01/10/18 4,630,000 5,194 1.23 Severn Trent Water Utilities (EMTN) 4.8750 24/01/42 300,000 313 0.07 South Eastern Power Networks (EMTN) 5.6250 30/09/30 3,460,000 3,935 0.93 Southern Gas Network (EMTN) 5.1250 02/11/18 1,122,000 1,243 0.29 Southern Water Services (EMTN) 5.0000 31/03/21 2,633,000 2,839 0.67 Stagecoach Group 5.7500 16/12/16 2,910,000 3,134 0.74 Tesco (EMTN) 5.5000 13/01/33 1,600,000 1,752 0.41 Tesco (EMTN) 6.1250 24/02/22 4,325,000 5,064 1.20 Thames Water Utilities Finance (EMTN) 4.6250 04/06/46 620,000 609 0.14 Thames Water Utilities Finance (EMTN) 5.1250 28/09/37 4,010,000 4,371 1.03 Transport for London (EMTN) 4.5000 31/03/31 3,355,000 3,769 0.89 Wales & West Utility Finance 5.7500 29/03/30 1,530,000 1,818 0.43 Wessex Water Services Finance (EMTN) 4.0000 24/09/21 1,600,000 1,689 0.39 Western Power Distribution East Midland (EMTN) 5.2500 17/01/23 2,530,000 2,845 0.67 Yorkshire Water Services Bradford 6.3750 19/08/39 2,820,000 3,645 0.86 183,151 43.25

www.aberdeen-asset.com 151 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £'000 assets % United States - 10.23% American International Group (EMTN) 5.0000 26/04/23 1,700,000 1,592 0.38 AT & T 5.8750 28/04/17 1,000,000 1,157 0.27 AT & T 4.8750 01/06/44 1,600,000 1,670 0.39 AT & T (EMTN) 7.0000 30/04/40 1,100,000 1,522 0.36 Bank of America Corporation (EMTN) 6.1250 15/09/21 1,350,000 1,411 0.33 Bank of America Corporation (EMTN) 7.0000 31/07/28 2,900,000 3,212 0.76 Citigroup (EMTN) 6.8000 25/06/38 1,525,000 1,744 0.41 Citigroup (EMTN) 7.6250 03/04/18 2,450,000 2,845 0.67 GE Capital UK Funding (EMTN) 5.1250 24/05/23 600,000 646 0.15 GE Capital UK Funding (EMTN) 5.8750 18/01/33 4,410,000 4,948 1.17 GE Capital UK Funding (EMTN) 2.2500 08/09/15 1,200,000 1,198 0.28 GE Capital UK Funding (EMTN) 4.3750 31/07/19 5,600,000 5,900 1.39 GE Capital UK Funding (EMTN) 5.8750 04/11/20 3,880,000 4,431 1.05 Goldman Sachs 7.2500 10/04/28 1,590,000 1,770 0.42 Pfizer 6.5000 03/06/38 4,050,000 5,691 1.35 Wal-Mart Stores 4.8750 19/01/39 3,129,000 3,582 0.85 43,319 10.23

Corporate Bonds 358,273 84.65

Government Bonds - 2.17% Belgium - 0.57% Belgium (Kingdom of) (EMTN) 5.0000 24/04/18 2,223,000 2,413 0.57

United Kingdom - 1.60% UK Treasury 4.2500 07/06/32 910,000 1,125 0.27 UK Treasury 4.2500 07/12/49 3,240,000 4,038 0.95 UK Treasury 5.0000 07/09/14 1,440,000 1,588 0.38 6,751 1.60

Government Bonds 9,164 2.17

Investment Funds - 1.82% Luxembourg - 1.82% Aberdeen Liquidity Fund (Lux) Sterling Fund Z-1 † 7,705,000 7,708 1.82

Investment Funds 7,708 1.82

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 414,737 98.00

Other transferable securities and money market instruments Corporate Bonds - 0.19% Australia - 0.19% QBE Insurance Group 9.7500 14/03/14 1,170,000 812 0.19

Corporate Bonds 812 0.19

152 Aberdeen Global II - Sterling Credit Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal £'000 assets % Other transferable securities and money market instruments 812 0.19

Total transferable securities and money market instruments 415,549 98.19

Financial Derivative Instruments - (0.10)% Future contracts - (0.04)%

Unrealised Percentage of gains/(losses) total net Future Maturity Notional £'000 assets % LIF Long Gilt 26/09/12 (267) (182) (0.04) Unrealised losses on future contracts (182) (0.04)

Forward currency exchange contracts - (0.03)% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount £'000 assets % GBP EUR 11/09/12 9,849,916 12,326,000 (132) (0.03) GBP USD 11/09/12 1,830,056 2,851,000 12 - Unrealised losses on forward currency exchange contracts (120) (0.03)

Swap contracts - (0.03)% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £'000 assets % Interest rate swap contracts - (0.09)% Credit Suisse GBP 01/06/22 1,440,000 2.5200% 3 Month GBP Libor (58) (0.01) Credit Suisse GBP 24/11/16 7,340,000 6 Month GBP Libor 2.6550% 472 0.11 Credit Suisse GBP 01/06/22 1,400,000 2.5200% 6 Month GBP Libor (57) (0.01) Credit Suisse GBP 01/06/22 1,400,000 2.5200% 6 Month GBP Libor (57) (0.01) Credit Suisse GBP 01/06/22 4,200,000 2.5200% 6 Month GBP Libor (172) (0.04) Credit Suisse GBP 01/06/22 1,420,000 2.5200% 6 Month GBP Libor (58) (0.01) Credit Suisse GBP 01/06/22 730,000 2.5200% 3 Month GBP Libor (30) (0.01) Credit Suisse SEK 05/06/22 15,600,000 3 Month SEK Stibor 2.5725% 23 0.01 Credit Suisse SEK 05/06/22 14,900,000 3 Month SEK Stibor 2.5725% 22 0.01 Credit Suisse SEK 05/06/22 14,900,000 3 Month SEK Stibor 2.5725% 22 0.01 Credit Suisse SEK 05/06/22 11,200,000 3 Month SEK Stibor 2.5725% 17 - Credit Suisse SEK 05/06/22 44,700,000 3 Month SEK Stibor 2.5725% 66 0.02 Credit Suisse SEK 05/06/22 15,700,000 3 Month SEK Stibor 2.5725% 23 0.01 Credit Suisse USD 20/04/14 8,265,000 2.2930% 3 Month USD Libor (167) (0.04) Deutsche Bank EUR 26/02/16 6,690,000 2.7450% 6 Month EUR Libor (325) (0.08) Deutsche Bank GBP 14/09/19 3,800,000 2.2675% 6 Month GBP Libor (162) (0.04) HSBC GBP 01/06/22 1,630,000 2.5200% 3 Month GBP Libor (66) (0.02) HSBC SEK 05/06/22 18,100,000 3 Month SEK Stibor 2.5725% 27 0.01 Unrealised losses on interest rate swap contracts (480) (0.09)

www.aberdeen-asset.com 153 PORTFOLIO STATEMENT CONTINUED

Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £'000 assets % Overnight indexed swap contracts - 0.06% Goldman Sachs EUR 25/04/16 87,900,000 EUR Eonia 1.1050% 65 0.02 Royal Bank of Scotland EUR 25/04/16 85,500,000 EUR Eonia 1.2800% 183 0.04 Unrealised gains on overnight indexed swap contracts 248 0.06

Unrealised losses on swap contracts (232) (0.03)

Unrealised losses on financial derivative instruments (534) (0.10)

Total investments 415,015 98.09 Other net assets 8,088 1.91 Total 423,103 100.00 † Managed by subsidiaries of Aberdeen Asset Management PLC.

154 Aberdeen Global II - Sterling Credit Bond Sterling Government Bond For the year ended 30 June 2012

Performance Economic data in the UK deteriorated through the year. The economy officially returned to recession in April following a sharp fall in For the year ended 30 June 2012, the value of Sterling Government construction output. Forecasts for future growth were sharply revised Bond Fund - Z Accumulation shares increased by 20.22% compared to down and forward looking survey data were weaker. Moody’s put the an increase of 22.28% in the benchmark, FTSE-A British Government UK on negative watch over the period, but maintained its AAA status. Fixed > 5 Year Index. Source: Aberdeen Asset Management and BNP Paribas Inflation data initially rose higher, Consumer Price Index (CPI) peaked Basis: Total Return, GBP at 5.0% in October. Subsequently it has fallen much closer to target, ending the period at 2.4%. May’s Bank of England inflation report was Fund name change more dovish than expected, with forward looking inflation expectations On 1 December 2011 the Fund changed its name from Aberdeen below target on a two and three year time horizon. Global II – Sterling Bond Fund to Aberdeen Global II – Sterling As a result of on-going concerns about the European situation, 10-year Government Bond Fund. UK gilt yields fell 165 basis points and 30-year UK gilt yields fell 125 basis points ending the period under review at 1.73% and 3.04% Change of management fee rate respectively. The average yield spread of non-government bonds over From 1 January 2012 the Investment Manager decreased the gilts increased 76 basis points to 2.68%. management fees payable on the A, C, D, and E class from 1.00% to 0.90%. Portfolio review The Fund underperformed its benchmark over the period under review. Manager’s review A short duration position in the UK was significantly negative following During the period under review, global bond markets were volatile the continued strong performance of government bonds as was our throughout with the European debt crisis taking centre stage against a yield curve flattening exposure. Exposure to the US bond market out of backdrop a slowing global growth. Liquidity measures taken by the gilts was positive for the Fund, but was offset by negative performance European Central Bank and agreements between periphery leaders generated by our exposure to the Swedish bond market out of gilts. have failed to bring long term stability to markets. Greece came back A small exposure to non-government bonds was negative following from the brink of a Eurozone exit while Spain requested a formal their underperformance of government bonds. During the year, the bailout of €100 billion for its ailing banking system. period held some short term tactical overseas currency exposure which In the US, a last minute deal to raise the debt ceiling by US$2.1 trillion was a small positive contributor to returns. was insufficient in mollifying Standard and Poor’s who downgraded US long-term debt to AA+ with a negative outlook. Outlook Mindful of the global economic slowdown, the UK Monetary Policy A combination of favourable base effects, weaker growth, increasing Committee (MPC) became increasingly dovish, forecasting weaker slack in the product and labour markets and the tightening in financial external demand and lower inflation over the medium term. Since conditions arising from the Eurozone should help to push the CPI nearer August the MPC members were unanimously voting for unchanged to target over the course of the year, before rising again in 2013. In interest rates. In October quantitative easing (QE) was extended by light of this, we continue to consider gilts vulnerable at their historically £75 billion and a further £50 billion in February to end the period at low yield levels to an unwinding of risk aversion. £325 billion. Minutes from May’s meeting revealed a shift in sentiment with a 5-4 vote in favour of further easing.

www.aberdeen-asset.com 155 Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 £’000 £’000 Assets Income Investments in securities at market value (note 2.2) 139,326 Investment income 4,303 Cash at bank 6,111 Bank interest 44 Amounts held at futures clearing houses and brokers 1,191 Other income 27 Interest receivable 1,091 Total income 4,374 Subscriptions receivable 142 Other assets 76 Expenses Total assets 147,937 Management fees (note 4.5) 549 Administration fees (note 4.1) 64 Liabilities Custodian fees (note 4.2) 11 Taxes and expenses payable 121 Domiciliary agent, registrar, paying and transfer agent Redemptions payable 71 fees (note 4.3) 48 Unrealised losses on forward currency exchange Management Company fees (note 4.4) 15 contracts (note 2.6) 25 Operational expenses (note 4.6) 50 Unrealised losses on future contracts (note 2.7) 144 Expense cap refunded by Investment Manager (note 4.7) (76) Unrealised losses on swap contracts (note 2.8) 59 Annual tax (note 4.8) 31 Other liabilities 1,022 Total expenses 692 Total liabilities 1,442 Net gains from investments 3,682 Net assets at the end of the year 146,495 Realised gains on investments 7,446 Realised gains on forward currency exchange contracts 84 Statement of Changes in Net Assets Realised losses on future contracts (4,047) For the year from 1 July 2011 to 30 June 2012 Realised gains on swap contracts 2,005 £’000 Realised currency exchange gains 16 Net assets at the beginning of the year 131,172 Net realised gains 5,504 Net gains from investments 3,682 Net realised gains 5,504 Increase in unrealised appreciation on investments 16,162 Net unrealised gains 16,336 Increase in unrealised depreciation on forward currency Proceeds from shares issued 58,884 exchange contracts (20) Payments for shares redeemed (68,193) Increase in unrealised depreciation on future contracts (110) Net equalisation paid (note 10) (39) Decrease in unrealised depreciation on swap contracts 304 Dividends paid (note 5) (851) Net unrealised gains 16,336 Net assets at the end of the year 146,495 Net increase in assets as a result of operations 25,522

Share Transactions For the year from 1 July 2011 to 30 June 2012 D-1 D-2 J-2 Z1 Z-2 Shares outstanding at the beginning of the year 3,241,500 18,430,888 14,988,751 8,045,193 36,075,385 Shares issued during the year 32,648,771 2,121,511 331,194 2,348,807 9,595,244 Shares redeemed during the year (11,714,098) (14,423,087) (1,164,068) (658,700) (17,201,289) Shares outstanding at the end of the year 24,176,173 6,129,312 14,155,877 9,735,300 28,469,340 Net asset value per share 1.1282 1.4756 2.7460 1.3235 2.0520 The accompanying notes form an integral part of these financial statements.

156 Aberdeen Global II - Sterling Government Bond Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Corporate Bonds - 0.07% United Kingdom - 0.07% Royal Bank of Scotland (EMTN) 6.3750 29/04/14 101,000 107 0.07

Corporate Bonds 107 0.07

Government bonds - 95.03% United Kingdom - 95.03% UK Treasury 3.7500 07/09/19 20,175,000 23,603 16.11 UK Treasury 3.7500 07/09/21 6,690,000 7,879 5.38 UK Treasury 4.0000 07/03/22 9,780,000 11,749 8.02 UK Treasury 4.0000 22/01/60 260,000 315 0.21 UK Treasury 4.2500 07/12/27 14,530,000 18,062 12.33 UK Treasury 4.2500 07/03/36 10,860,000 13,402 9.15 UK Treasury 4.2500 07/09/39 14,964,000 18,449 12.59 UK Treasury 4.2500 07/12/40 3,990,000 4,918 3.36 UK Treasury 4.2500 07/12/46 4,669,000 5,808 3.96 UK Treasury 4.2500 07/12/49 16,120,000 20,092 13.72 UK Treasury 4.2500 07/12/55 280,000 353 0.24 UK Treasury 4.5000 07/03/19 2,162,000 2,629 1.79 UK Treasury 5.0000 07/03/18 1,400,000 1,715 1.17 UK Treasury 5.0000 07/03/25 5,750,000 7,626 5.21 UK Treasury 8.7500 25/08/17 1,870,000 2,619 1.79 139,219 95.03

Government Bonds 139,219 95.03

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 139,326 95.10

Financial Derivative Instruments - (0.15)% Future contracts - (0.10)% Unrealised Percentage of gains/(losses) total net Future Maturity Notional £'000 assets % Lif Long Gilt 26/09/12 (209) (144) (0.10) Unrealised losses on future contracts (144) (0.10)

www.aberdeen-asset.com 157 PORTFOLIO STATEMENT CONTINUED

Forward currency exchange contracts - 0.01% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount £'000 assets % EUR GBP 11/09/12 93,000 74,574 1 - EUR GBP 11/09/12 107,000 86,829 - - EUR GBP 11/09/12 147,000 117,686 1 - EUR GBP 11/09/12 163,000 131,450 1 - EUR GBP 11/09/12 181,000 146,228 - - EUR GBP 11/09/12 435,000 352,128 - - GBP EUR 11/09/12 189,865 235,000 - - GBP EUR 11/09/12 252,012 315,000 (3) - GBP EUR 11/09/12 269,226 336,000 (3) - GBP EUR 11/09/12 365,143 457,000 (5) - GBP SEK 11/09/12 161,609 1,824,000 (7) 0.01 GBP SEK 11/09/12 295,981 3,274,000 (6) - GBP SEK 11/09/12 320,113 3,603,000 (12) - SEK GBP 11/09/12 1,136,000 103,032 2 - SEK GBP 11/09/12 1,145,000 104,041 1 - SEK GBP 11/09/12 1,264,000 115,544 1 - SEK GBP 11/09/12 1,285,000 116,687 2 - SEK GBP 11/09/12 1,293,000 117,287 2 - Unrealised losses on forward currency exchange contracts (25) 0.01

Swap contracts - (0.06)% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Interest rate swap contracts - (0.30)% Credit Suisse GBP 01/06/22 2,000,000 2.5200% 6 Month GBP Libor (82) (0.06) Credit Suisse SEK 05/06/22 21,500,000 3 Month SEK Stibor 2.5725% 32 0.02 Credit Suisse SEK 05/06/22 21,500,000 3 Month SEK Stibor 2.5725% 32 0.02 Credit Suisse GBP 01/06/22 2,000,000 2.5200% 6 Month GBP Libor (82) (0.06) Credit Suisse SEK 05/06/22 64,500,000 3 Month SEK Stibor 2.5725% 95 0.05 Credit Suisse GBP 01/06/22 6,000,000 2.5200% 6 Month GBP Libor (245) (0.17) Credit Suisse SEK 05/06/22 21,200,000 3 Month SEK Stibor 2.5725% 31 0.02 Credit Suisse GBP 01/06/22 1,920,000 2.5200% 6 Month GBP Libor (78) (0.05) HSBC GBP 01/06/22 2,130,000 2.5200% 3 Month GBP Libor (86) (0.06) Credit Suisse GBP 01/06/22 1,890,000 2.5200% 3 Month GBP Libor (77) (0.05) Credit Suisse SEK 05/06/22 20,600,000 3 Month SEK Stibor 2.5725% 31 0.02 HSBC SEK 05/06/22 23,900,000 3 Month SEK Stibor 2.5725% 35 0.02 Credit Suisse SEK 05/06/22 5,100,000 3 Month SEK Stibor 2.5725% 8 0.01 Credit Suisse GBP 01/06/22 260,000 2.5200% 3 Month GBP Libor (11) (0.01) Unrealised losses on interest rate swap contracts (397) (0.30)

158 Aberdeen Global II - Sterling Government Bond Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Overnight indexed swap contracts - 0.24% Royal Bank of Scotland EUR 25/04/16 116,700,000 EUR Eonia 1.2800% 250 0.18 Goldman Sachs EUR 25/04/16 119,900,000 EUR Eonia 1.1050% 88 0.06 Unrealised gains on overnight indexed swap contracts 338 0.24

Unrealised losses on swap contracts (59) (0.06)

Unrealised losses on financial derivative instruments (228) (0.15)

Total investments 139,098 94.95 Other net assets 7,397 5.05 Total 146,495 100.00

www.aberdeen-asset.com 159 Sterling Index Linked Bond For the year ended 30 June 2012

Performance Economic data in the UK deteriorated through the year. The economy officially returned to recession in April following a sharp fall in For the year ended 30 June 2012, the value of Sterling Index Linked construction output. Forecasts for future growth were sharply revised Bond - Z Accumulation shares increased by 15.30% compared to an down and forward looking survey data were weaker. Moody’s put the increase of 16.87% in the benchmark, FTSE-A British Government UK on negative watch over the period, but maintained its AAA status. Index Linked > 5 Years Index. Source: BNP Paribas. Inflation data initially rose higher, Consumer Price Index (CPI) peaked Basis: Total Return, GBP. at 5.0% in October. Subsequently it has fallen much closer to target, ending the period at 2.4%. May’s Bank of England inflation report was Fund name change more dovish than expected, with forward looking inflation expectations On 1 December 2011 the Fund changed its name from Aberdeen below target on a two and three year time horizon. Global II – Index Linked Bond Fund to Aberdeen Global II – Sterling During the quarter the index linked gilt market underperformed relative Index Linked Bond Fund. to gilts. The 20 year breakeven inflation rate fell by 76 basis points ending the period under review at 2.77%. Change of management fee rate From 1 January 2012 the Investment Manager decreased the Portfolio review management fees payable on the A, C, D, and E class from 1.25% to The Fund underperformed its benchmark over the period under review. 0.90%. A short duration position in the UK was significantly negative following the continued strong performance of government bonds. Exposure to Manager’s review the US bond market out of gilts was positive for the Fund, but was During the period under review, global bond markets were volatile partially offset by negative performance generated by our exposure to throughout with the European debt crisis taking centre stage against a the Swedish bond market out of gilts. backdrop of a slowing global growth. Liquidity measures taken by the European Central Bank and agreements between periphery leaders Outlook have failed to bring long term stability to markets. Greece came back A combination of favourable base effects, weaker growth, increasing from the brink of a Eurozone exit while Spain requested a formal slack in the product and labour markets and the tightening in financial bailout of €100 billion for its ailing banking system. conditions arising from the Eurozone should help to push the CPI nearer In the US, a last minute deal to raise the debt ceiling by £2.1 billion was to target over the course of the year, before rising again in 2013. In insufficient in mollifying Standard and Poor’s who downgraded US light of this, we continue to consider gilts vulnerable at their historically long-term debt to AA+ with a negative outlook. low yield levels to an unwinding of risk aversion. Mindful of the global economic slowdown, the UK Monetary Policy Committee (MPC) became increasingly dovish, forecasting weaker external demand and lower inflation over the medium term. Since August the MPC members were unanimously voting for unchanged interest rates. In October quantitative easing (QE) was extended by £75 billion and a further £50 billion in February to end the period at £325 billion. Minutes from May’s meeting revealed a shift in sentiment with a 5-4 vote in favour of further easing.

160 Aberdeen Global II - Sterling Index Linked Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 £’000 £’000 Assets Income Investments in securities at market value (note 2.2) 191,204 Investment income 6,050 Cash at bank 1,471 Bank interest 13 Amounts held at futures clearing houses and brokers 1,614 Other income 1 Interest receivable 498 Total income 6,064 Other assets 102 Total assets 194,889 Expenses Management fees (note 4.5) 397 Liabilities Administration fees (note 4.1) 82 Taxes and expenses payable 131 Custodian fees (note 4.2) 21 Redemptions payable 907 Domiciliary agent, registrar, paying and transfer agent Unrealised losses on forward currency exchange fees (note 4.3) 75 contracts (note 2.6) 34 Management Company fees (note 4.4) 24 Unrealised losses on future contracts (note 2.7) 193 Operational expenses (note 4.6) 81 Unrealised losses on swap contracts (note 2.8) 54 Expense cap refunded by Investment Manager Other liabilities 6 (note 4.7) (102) Total liabilities 1,325 Annual tax (note 4.8) 23 Total expenses 601 Net assets at the end of the year 193,564 Net gains from investments 5,463

Statement of Changes in Net Assets Realised gains on investments 33,692 For the year from 1 July 2011 to 30 June 2012 Realised gains on forward currency exchange contracts 44 £’000 Realised losses on future contracts (7,286) Net assets at the beginning of the year 271,313 Realised gains on swap contracts 3,457 Net gains from investments 5,463 Realised currency exchange gains 13 Net realised gains 29,920 Net realised gains 29,920 Net unrealised gains 1,368 Proceeds from shares issued 27,500 Increase in unrealised appreciation on investments 950 Payments for shares redeemed (141,527) Decrease in unrealised depreciation on forward Net equalisation paid (note 10) (463) currency exchange contracts 54 Dividends paid (note 5) (10) Increase in unrealised depreciation on future contracts (156) Net assets at the end of the year 193,564 Decrease in unrealised depreciation on swap contracts 520 Net unrealised gains 1,368 Net increase in assets as a result of operations 36,751

Share Transactions For the year from 1 July 2011 to 30 June 2012 I-2 J-2 K-2 Z-1 Z-2 Shares outstanding at the beginning of the year 18,219,385 2,798,017 51,295,812 314,481 52,917,134 Shares issued during the year 8,641,892 12,808 1,802,691 - 2,431,787 Shares redeemed during the year (24,418,185) (118,199) (25,855,551) (133,745) (13,724,525) Shares outstanding at the end of the year 2,443,092 2,692,626 27,242,952 180,736 41,624,396 Net asset value per share 2.0939 3.1405 2.1564 2.1435 2.9036 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 161 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Government Bonds - 98.79% United Kingdom - 98.79% UK Treasury (INDX) 0.5000 22/03/50 14,063,000 18,437 9.53 UK Treasury (INDX) 0.3750 22/03/62 2,180,000 2,554 1.32 UK Treasury (INDX) 0.6250 22/11/42 2,921,000 3,923 2.03 UK Treasury (INDX) 0.7500 22/03/34 13,551,000 16,399 8.47 UK Treasury (INDX) 0.7500 22/11/47 9,833,000 14,212 7.34 UK Treasury (INDX) 1.1250 22/11/37 5,123,000 7,856 4.05 UK Treasury (INDX) 1.2500 22/11/32 7,922,000 11,223 5.80 UK Treasury (INDX) 1.2500 22/11/55 4,083,000 7,708 3.98 UK Treasury (INDX) 1.8750 22/11/22 10,835,000 16,219 8.38 UK Treasury (INDX) 2.0000 26/01/35 9,319,000 18,600 9.61 UK Treasury (INDX) 2.5000 16/04/20 3,955,971 14,490 7.49 UK Treasury (INDX) 4.1250 22/07/30 1,504,970 4,735 2.45 UK Treasury (INDX) 0.6250 22/03/40 15,611,000 20,267 10.47 UK Treasury (INDX) 1.2500 22/11/17 7,680,000 11,018 5.69 UK Treasury (INDX) 1.2500 22/11/27 5,480,000 8,416 4.35 UK Treasury (INDX) 2.5000 17/07/24 4,574,000 15,147 7.83 191,204 98.79

Government Bonds 191,204 98.79

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 191,204 98.79

Financial Derivative Instruments - (0.15)% Future contracts - (0.10)% Unrealised Percentage of gains/(losses) total net Future Maturity Notional £’000 assets % Lif Long Gilt 26/09/12 (280) (193) (0.10) Unrealised losses on future contracts (193) (0.10)

162 Aberdeen Global II - Sterling Index Linked Bond PORTFOLIO STATEMENT CONTINUED

Forward currency exchange contracts - (0.01)% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount £’000 assets % EUR GBP 11/09/12 168,000 136,329 - - EUR GBP 11/09/12 220,000 177,417 1 - EUR GBP 11/09/12 240,000 193,894 - - EUR GBP 11/09/12 315,000 252,184 3 - EUR GBP 11/09/12 607,000 491,360 - - GBP EUR 11/09/12 274,699 340,000 (1) - GBP EUR 11/09/12 298,873 373,000 (3) - GBP EUR 11/09/12 332,016 415,000 (4) - GBP EUR 11/09/12 600,049 751,000 (8) - GBP SEK 11/09/12 216,631 2,445,000 (9) - GBP SEK 11/09/12 409,528 4,530,000 (8) - GBP SEK 11/09/12 436,298 4,908,000 (16) (0.01) SEK GBP 11/09/12 1,509,000 137,116 2 - SEK GBP 11/09/12 1,517,000 137,606 2 - SEK GBP 11/09/12 1,706,000 154,729 3 - SEK GBP 11/09/12 1,700,000 155,399 1 - SEK GBP 11/09/12 1,943,000 176,438 3 - Unrealised losses on forward currency exchange contracts (34) (0.01)

Swap contracts - (0.04)% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Interest rate swap contracts - (0.27)% Credit Suisse SEK 05/06/22 16,460,000 3 Month SEK Stibor 2.5725% 24 0.01 Credit Suisse SEK 05/06/22 32,600,000 3 Month SEK Stibor 2.5725% 48 0.02 Credit Suisse GBP 01/06/22 1,590,000 2.5200% 6 Month GBP Libor (65) (0.03) Credit Suisse SEK 05/06/22 97,800,000 3 Month SEK Stibor 2.5725% 145 0.07 Credit Suisse GBP 01/06/22 9,000,000 2.5200% 6 Month GBP Libor (368) (0.19) Credit Suisse SEK 05/06/22 33,500,000 3 Month SEK Stibor 2.5725% 50 0.03 Credit Suisse GBP 01/06/22 3,040,000 2.5200% 6 Month GBP Libor (124) (0.06) HSBC GBP 01/06/22 3,490,000 2.5200% 3 Month GBP Libor (142) (0.07) Credit Suisse GBP 01/06/22 3,090,000 2.5200% 3 Month GBP Libor (125) (0.06) Credit Suisse SEK 05/06/22 27,450,000 3 Month SEK Stibor 2.5725% 41 0.02 HSBC SEK 05/06/22 39,300,000 3 Month SEK Stibor 2.5725% 58 0.03 Credit Suisse GBP 01/06/22 1,850,000 2.5200% 3 Month GBP Libor (75) (0.04) Unrealised losses on interest rate swap contracts (533) (0.27)

www.aberdeen-asset.com 163 Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Overnight indexed swap contracts - 0.23% Royal Bank of Scotland EUR 25/04/16 166,200,000 EUR Eonia 1.2800% 356 0.17 Goldman Sachs EUR 25/04/16 167,200,000 EUR Eonia 1.1050% 123 0.06 Unrealised gains on overnight indexed swap contracts 479 0.23

Unrealised losses on swap contracts (54) (0.04)

Unrealised losses on financial derivative instruments (281) (0.15)

Total investments 190,923 98.64 Other net assets 2,641 1.36 Total 193,564 100.00

164 Aberdeen Global II - Sterling Index Linked Bond Sterling Long Dated Bond For the year ended 30 June 2012

Performance As a result of on-going concerns about the European situation, 30-year UK gilts yields fell 125 basis points ending the period under review at For the year ended 30 June 2012, the value of Sterling Long Dated 3.04%. Credit markets were comparatively weaker, with the average Bond - Z Accumulation shares increased by 19.23% compared to an long-dated yield spread over gilts increasing 63 basis points to 2.22%. increase of 22.50% in the benchmark, Bank of America Merrill Lynch Sterling Broad Market > 10 Years Index. Source: Aberdeen Asset Management and BNP Paribas Portfolio review Basis: Total Return, GBP. The Fund underperformed its benchmark over the period under review. A short duration position in the UK was significantly negative following Fund name change the continued strong performance of government bonds as was our On 1 December 2011 the Fund changed its name from Aberdeen yield curve flattening exposure. Exposure to the US bond market out of Global II – Long Dated Sterling Aggregate Bond Fund to Aberdeen gilts was positive for the Fund, but was offset by negative performance Global II – Sterling Long Dated Bond Fund. generated by our exposure to the Swedish bond market out of gilts. Security selection within non-government bonds was negative, Change of management fee rate primarily driven by the underperformance of subordinated financial From 1 January 2012 the Investment Manager decreased the issuers and European peripheral names. Improved liquidity during the management fees payable on the A, C, D, and E class from 1.25% to first quarter of 2012 enabled us to reduce financial beta in the 0.90%. portfolio. During the year, the portfolio held some short term tactical overseas currency exposure was a small positive contributor to returns. Manager’s review During the period under review, global bond markets were volatile Outlook throughout with the European debt crisis taking centre stage against a A combination of favourable base effects, weaker growth, increasing backdrop of a slowing global growth. Liquidity measures taken by the slack in the product and labour markets and the tightening in financial European Central Bank and agreements between periphery leaders conditions arising from the Eurozone should help to push the CPI nearer have failed to bring long term stability to markets. Greece came back to target over the course of the year, before rising again in 2013. In from the brink of a Eurozone exit while Spain requested a formal light of this, we continue to consider gilts vulnerable at their historically bailout of €100 billion for its ailing banking system. low yield levels to an unwinding of risk aversion. In the US, a last minute deal to raise the debt ceiling by £2.1 billion was Despite the month end relief rally the direction of the market remains insufficient in mollifying Standard and Poor’s who downgraded US very uncertain. With their agreement on direct support for Spain’s long-term debt to AA+ with a negative outlook. banks, Europe’s politicians have moved in the ‘right’ direction, although as always with this crisis the time between words and delivery is Mindful of the global economic slowdown, the UK Monetary Policy fraught with danger. The economic impact of the on-going crisis is Committee (MPC) became increasingly dovish, forecasting weaker becoming more apparent in corporate profitability, although at this external demand and lower inflation over the medium term. Since stage corporate fundamentals remain robust. August the MPC members were unanimously voting for unchanged interest rates. In October quantitative easing (QE) was extended by The rapid demise of Spain, its rating and those of its largest companies £75 billion and a further £50 billion in February to end the period at has caught some unaware. The future of Spain and its market access is £325 billion. Minutes from May’s meeting revealed a shift in sentiment in the eyes of many the make or break moment for the Eurozone, given with a 5-4 vote in favour of further easing. its size. We do not share that view, although it is clearly a very important issue for the future of the Euro project. Further volatility in Economic data in the UK deteriorated through the year. The economy markets appears inevitable over the coming months. officially returned to recession in April following a sharp fall in construction output. Forecasts for future growth were sharply revised down and forward looking survey data were weaker. Moody’s put the UK on negative watch over the period, but maintained its AAA status. Inflation data initially rose higher, Consumer Price Index (CPI) peaked at 5.0% in October. Subsequently it has fallen much closer to target, ending the period at 2.4%. May’s Bank of England inflation report was more dovish than expected, with forward looking inflation expectations below target on a two and three year time horizon.

www.aberdeen-asset.com 165 Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 £’000 £’000 Assets Income Investments in securities at market value (note 2.2) 34,300 Investment income 1,308 Cash at bank 384 Bank interest 2 Amounts held at futures clearing houses and brokers 250 Total income 1,310 Interest receivable 365 Receivable for investments sold 107 Expenses Other assets 32 Management fees (note 4.5) 17 Total assets 35,438 Administration fees (note 4.1) 33 Custodian fees (note 4.2) 1 Liabilities Domiciliary agent, registrar, paying and transfer agent Payable for investments purchased 99 fees (note 4.3) 9 Taxes and expenses payable 26 Management Company fees (note 4.4) 3 Unrealised losses on forward currency exchange Operational expenses (note 4.6) 14 contracts (note 2.6) 2 Expense cap refunded by Investment Manager (note 4.7) (32) Unrealised losses on future contracts (note 2.7) 30 Annual tax (note 4.8) 3 Unrealised losses on swap contracts (note 2.8) 5 Total expenses 48 Other liabilities 294 Total liabilities 456 Net gains from investments 1,262

Net assets at the end of the year 34,982 Realised gains on investments 1,827 Realised gains on forward currency exchange contracts 19 Realised losses on future contracts (809) Statement of Changes in Net Assets Realised gains on swap contracts 333 For the year from 1 July 2011 to 30 June 2012 Realised currency exchange gains 1 £’000 Net realised gains 1,371 Net assets at the beginning of the year 38,371 Net gains from investments 1,262 Increase in unrealised appreciation on investments 3,253 Net realised gains 1,371 Decrease in unrealised depreciation on forward Net unrealised gains 3,211 currency exchange contracts 2 Proceeds from shares issued 817 Increase in unrealised depreciation on future contracts (24) Payments for shares redeemed (10,035) Decrease in unrealised appreciation on swap contracts (20) Net equalisation paid (note 10) (15) Net unrealised gains 3,211 Net assets at the end of the year 34,982 Net increase in assets as a result of operations 5,844

Share Transactions For the year from 1 July 2011 to 30 June 2012 K-2 Z-2 Shares outstanding at the beginning of the year 6,977,147 1,890,741 Shares issued during the year - 51,529 Shares redeemed during the year (4,927,851) (76,771) Shares outstanding at the end of the year 2,049,296 1,865,499 Net asset value per share 2.0820 16.4650 The accompanying notes form an integral part of these financial statements.

166 Aberdeen Global II - Sterling Long Dated Bond Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 3.03% United Kingdom - 3.03% Canary Wharf Finance 5.9520 22/10/37 70,000 85 0.24 Community Finance Company 1 (EMTN) 5.0170 31/07/34 300,000 355 1.01 Control Section 1 Finance 5.2340 02/05/35 160,000 195 0.56 Finance for Resident Social Housing 8.5690 05/10/58 273,649 426 1.22 1,061 3.03

Asset Backed Bonds / Mortgage Backed Bonds 1,061 3.03

Corporate Bonds - 28.33% Austria - 0.61% Oesterreich Kontrollbank (EMTN) 5.7500 07/12/28 165,000 213 0.61

France - 2.28% AXA (VAR) (PERP) (EMTN) 6.6862 29/07/49 110,000 73 0.21 Credit Agricole (GMTN) 7.3750 18/12/23 100,000 88 0.25 Electricite De France (EMTN) 5.1250 22/09/50 100,000 95 0.27 Electricite De France (EMTN) 6.1250 02/06/34 200,000 228 0.65 Electricite De France (EMTN) 6.2500 30/05/28 100,000 117 0.33 France Telecom (EMTN) 5.3750 22/11/50 100,000 100 0.29 Reseau Ferre De France (EMTN) 4.8300 25/03/60 105,000 99 0.28 800 2.28

Germany - 0.39% E. On International Finance (EMTN) 6.7500 27/01/39 100,000 135 0.39

Italy - 0.41% Assicurazioni Generali (FRN) (PERP) 6.4160 29/12/49 50,000 29 0.08 ENEL Finance International (EMTN) 5.7500 14/09/40 95,000 69 0.20 Telecom Italia Spa (EMTN) 6.3750 24/06/19 50,000 46 0.13 144 0.41

Mexico - 0.91% America Movil SAB 5.7500 28/06/30 265,000 317 0.91

Netherlands - 0.29% Aegon 6.6250 16/12/39 100,000 103 0.29

Swtizerland - 0.41% UBS (EMTN) 8.7500 18/12/25 123,000 143 0.41

Spain - 0.80% Telefonica Emisiones (EMTN) 5.2890 09/12/22 350,000 280 0.80

www.aberdeen-asset.com 167 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Supranational - 1.99% European Investment Bank 5.0000 15/04/39 30,000 35 0.10 European Investment Bank 5.6250 07/06/32 450,000 560 1.60 European Investment Bank (EMTN) 4.5000 07/03/44 42,000 45 0.13 European Investment Bank (DIP) 4.6250 12/10/54 50,000 55 0.16 695 1.99

United Kingdom - 17.18% Abbey National Treasury Services 5.7500 02/03/26 160,000 180 0.51 Abbey National Treasury Services (EMTN) 5.2500 16/02/29 100,000 105 0.30 Aspire Defence Finance 4.6740 31/03/40 140,000 138 0.39 Aviva (VAR) 6.1250 14/11/36 60,000 46 0.13 Aviva (EMTN) (VAR) 6.8750 20/05/58 110,000 80 0.23 Aviva (VAR) (PERP) 6.1250 29/09/49 100,000 67 0.19 Barclays Bank (EMTN) 5.7500 14/09/26 130,000 106 0.30 BG Energy Capital (EMTN) 5.0000 04/11/36 100,000 110 0.31 British Sky Broadcasting (EMTN) 6.0000 21/05/27 50,000 57 0.16 British Telecom (EMTN) 6.3750 23/06/37 150,000 173 0.49 Circle Anglia Social Housing 7.2500 12/11/38 135,000 185 0.53 Circle Anglia Social Housing (EMTN) 5.2000 02/03/44 100,000 105 0.30 Co-Operative Group 6.2500 08/07/26 110,000 108 0.31 Eastern Power Networks (EMTN) 6.2500 12/11/36 205,000 248 0.71 Eversholt Funding (EMTN) 6.3590 02/12/25 100,000 115 0.33 HSBC Holdings (EMTN) 5.7500 20/12/27 100,000 98 0.28 HSBC Holdings (EMTN) 7.0000 07/04/38 150,000 161 0.46 Imperial Tobacco Finance (EMTN) 5.5000 28/09/26 100,000 111 0.32 Imperial Tobacco Finance (EMTN) 8.1250 15/03/24 100,000 133 0.38 LCR Finance 4.5000 07/12/28 315,000 380 1.09 Lloyds TSB Bank (EMTN) 7.6250 22/04/25 323,000 279 0.80 Lloyds TSB Bank (EMTN) 4.8750 30/03/27 145,000 152 0.43 Lloyds TSB Bank (EMTN) 5.1250 07/03/25 200,000 220 0.63 Motability Operations (EMTN) 4.3750 08/02/27 100,000 105 0.30 Network Rail Infrastructure Finance (EMTN) 4.7500 29/11/35 105,000 130 0.37 Nie Finance 6.3750 02/06/26 100,000 107 0.31 Northern Powergrid Yorkshire 4.3750 05/07/32 100,000 99 0.28 Northumbrian Water Finance 5.1250 23/01/42 100,000 107 0.31 Prudential (EMTN) 6.1250 19/12/31 77,000 81 0.23 RMPA Services 5.3370 30/09/38 89,071 97 0.28 Royal Bank of Scotland (EMTN) 6.8750 17/05/25 190,000 209 0.60 Sanctuary Capital (EMTN) 5.0000 26/04/47 100,000 109 0.31 Santander (UK) 6.5000 21/10/30 135,000 110 0.32 Southern Electric Power 4.6250 20/02/37 200,000 205 0.59 South Eastern Power Networks (EMTN) 6.3750 12/11/31 50,000 61 0.17 South Eastern Power Networks (EMTN) 5.6250 30/09/30 170,000 193 0.55 Tesco (EMTN) 5.5000 13/01/33 250,000 274 0.78

168 Aberdeen Global II - Sterling Long Dated Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Thames Water Utilities Cayman (EMTN) 5.5000 11/02/41 100,000 115 0.33 Thames Water Utilities Finance (EMTN) 5.1250 28/09/37 320,000 349 1.00 Transport for London (EMTN) 4.5000 31/03/31 170,000 191 0.55 Western Power Distribution East Midlands (EMTN) 5.2500 17/01/23 100,000 112 0.32 6,011 17.18

United States - 3.06% American International Group (EMTN) 5.0000 26/04/23 100,000 94 0.27 AT & T 4.8750 01/06/44 100,000 104 0.30 Bank of America Corporation (EMTN) 7.0000 31/07/28 100,000 111 0.32 Citigroup (EMTN) 6.8000 25/06/38 50,000 57 0.16 GE Capital UK Funding (EMTN) 5.8750 18/01/33 200,000 224 0.64 GE Capital UK Funding (EMTN) 6.2500 05/05/38 180,000 210 0.60 Wal-Mart Stores 4.8750 19/01/39 235,000 269 0.77 1,069 3.06

Corporate Bonds 9,910 28.33

Government Bonds - 65.82% Belgium - 0.43% Belgium (Kingdom of) (MTN) 5.7000 28/05/32 150,000 151 0.43

France - 0.59% S.N.C.F (EMTN) 5.3750 18/03/27 185,000 205 0.59

United Kingdom - 64.80% UK Treasury 4.0000 22/01/60 945,000 1,145 3.27 UK Treasury 4.0000 07/03/22 130,000 156 0.45 UK Treasury 4.2500 07/12/27 969,000 1,205 3.44 UK Treasury 4.2500 07/03/36 4,780,000 5,899 16.86 UK Treasury 4.2500 07/09/39 543,000 669 1.91 UK Treasury 4.2500 07/12/46 2,470,000 3,072 8.78 UK Treasury 4.2500 07/12/49 1,766,000 2,201 6.29 UK Treasury 4.2500 07/12/55 1,432,000 1,804 5.16 UK Treasury 4.5000 07/09/34 970,000 1,236 3.53 UK Treasury 5.0000 07/03/25 1,653,956 2,194 6.27 UK Treasury 4.5000 07/12/42 2,398,000 3,092 8.84 22,673 64.80

Government Bonds 23,029 65.82

www.aberdeen-asset.com 169 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Investment Funds - 0.86% Luxembourg - 0.86% Aberdeen Liquidity Fund (Lux) Sterling Fund Z-1 Inc † 300,000 300 0.86

Investment Funds 300 0.86

Total transferable securities and money market instruments admitted to an official exchange listing/dealt in another regulated market 34,300 98.04

Financial Derivative Instruments - (0.10)% Future contracts - (0.09)% Unrealised Percentage of gains/(losses) total net Future Maturity Notional £'000 assets % Lif Long Gilt 26/09/12 (45) (30) (0.09) Unrealised losses on future contracts (30) (0.09)

Forward currency exchange contracts - nil Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount £'000 assets % EUR GBP 11/09/12 39,000 31,451 - - GBP EUR 11/09/12 40,749 51,000 - - GBP SEK 11/09/12 33,566 378,000 (1) - GBP SEK 11/09/12 35,257 390,000 (1) - SEK GBP 11/09/12 271,000 24,579 - - SEK GBP 11/09/12 301,000 27,515 - - Unrealised losses on forward currency exchange contracts (2) -

Swap contracts - (0.01)% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Interest Rate Swap Contracts - (0.12)% Credit Suisse GBP 01/06/22 200,000 2.5200% 6 Month GBP Libor (8) (0.02) Credit Suisse GBP 01/06/22 200,000 2.5200% 6 Month GBP Libor (8) (0.02) Credit Suisse GBP 01/06/22 600,000 2.5200% 6 Month GBP Libor (24) (0.07) Credit Suisse GBP 01/06/22 210,000 2.5200% 6 Month GBP Libor (8) (0.02) Credit Suisse GBP 01/06/22 220,000 2.5200% 3 Month GBP Libor (9) (0.03) Credit Suisse GBP 01/06/22 170,000 2.5200% 3 Month GBP Libor (6) (0.02) Credit Suisse SEK 05/06/22 2,300,000 3 Month SEK Stibor 2.5725% 3 0.01 Credit Suisse SEK 05/06/22 2,300,000 3 Month SEK Stibor 2.5725% 3 0.01 Credit Suisse SEK 05/06/22 6,900,000 3 Month SEK Stibor 2.5725% 10 0.03 Credit Suisse SEK 05/06/22 2,300,000 3 Month SEK Stibor 2.5725% 3 0.01 Credit Suisse SEK 05/06/22 2,300,000 3 Month SEK Stibor 2.5725% 3 0.01 Credit Suisse SEK 05/06/22 1,490,000 3 Month SEK Stibor 2.5725% 2 0.01 HSBC GBP 01/06/22 240,000 2.5200% 3 Month GBP Libor (9) (0.03) HSBC SEK 05/06/22 2,700,000 3 Month SEK Stibor 2.5725% 4 0.01 Unrealised losses on interest rate swap contracts (44) (0.12)

170 Aberdeen Global II - Sterling Long Dated Bond Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Overnight Indexed Swap Contracts - 0.11% Goldman Sachs EUR 25/04/16 14,100,000 Eonia 1.1050% 10 0.03 Royal Bank of Scotland EUR 25/04/16 13,600,000 Eonia 1.2800% 29 0.08 Unrealised gains on overnight indexed swap contracts 39 0.11

Unrealised losses on swap contracts (5) (0.01)

Unrealised losses on financial derivative instruments (37) (0.10)

Total investments 34,263 97.94 Other net assets 719 2.06 Total 34,982 100.00 † Managed by subsidiaries of Aberdeen Asset Management PLC.

www.aberdeen-asset.com 171 Sterling Long Dated Credit Bond For the year ended 30 June 2012

Performance As a result of on-going concerns about the European situation, 30-year UK gilts yields fell 125 basis points ending the period under review at For the year ended 30 June 2012, the value of Sterling Long Dated 3.04%. Credit markets were comparatively weaker, with the average Credit Bond - Z Accumulation shares increased by 12.56% compared long-dated yield spread over gilts increasing 63 basis points to 2.22%. to an increase of 14.71% in the benchmark, Bank of America Merrill Lynch Sterling Non-Gilts > 10 Year Index. Source: Aberdeen Asset Management and BNP Paribas Portfolio review Basis: Total Return, GBP. The Fund underperformed its benchmark over the period under review. A short duration position in the UK was significantly negative following Fund name change the continued strong performance of government bonds as was our On 1 December 2011 the Fund changed its name from Aberdeen yield curve flattening exposure. Exposure to the US bond market out of Global II – Long Dated Sterling Credit Fund to Aberdeen Global II – gilts was positive for the Fund, but was offset by negative performance Sterling Long Dated Credit Bond Fund. generated by our exposure to the Swedish bond market out of gilts. Security selection within non-government bonds was negative, Change of management fee rate primarily driven by the underperformance of subordinated financial From 1 January 2012 the Investment Manager decreased the issuers and European peripheral names. Improved liquidity during the management fees payable on the A, C, D, and E class from 1.25% to first quarter of 2012 enabled us to reduce financial beta in the 0.90%. portfolio. During the year, the portfolio held some short term tactical overseas currency exposure which was a small positive contributor Manager’s review to returns. During the period under review, global bond markets were volatile throughout with the European debt crisis taking centre stage against a Outlook backdrop of a slowing global growth. Liquidity measures taken by the A combination of favourable base effects, weaker growth, increasing European Central Bank and agreements between periphery leaders slack in the product and labour markets and the tightening in financial have failed to bring long term stability to markets. Greece came back conditions arising from the Eurozone should help to push the CPI nearer from the brink of a Eurozone exit while Spain requested a formal to target over the course of the year, before rising again in 2013. In bailout of €100 billion for its ailing banking system. light of this, we continue to consider gilts vulnerable at their historically low yield levels to an unwinding of risk aversion. In the US, a last minute deal to raise the debt ceiling by £2.1 billion was insufficient in mollifying Standard and Poor’s who downgraded US Despite the month end relief rally the direction of the market remains long-term debt to AA+ with a negative outlook. very uncertain. With their agreement on direct support for Spain’s banks, Europe’s politicians have moved in the ‘right’ direction, although Mindful of the global economic slowdown, the UK Monetary Policy as always with this crisis the time between words and delivery is Committee (MPC) became increasingly dovish, forecasting weaker fraught with danger. The economic impact of the on-going crisis is external demand and lower inflation over the medium term. Since becoming more apparent in corporate profitability, although at this August the MPC members were unanimously voting for unchanged stage corporate fundamentals remain robust. interest rates. In October quantitative easing (QE) was extended by £75 billion and a further £50 billion in February to end the period at The rapid demise of Spain, its rating and those of its largest companies £325 billion. Minutes from May’s meeting revealed a shift in sentiment has caught some unaware. The future of Spain and its market access is with a 5-4 vote in favour of further easing. in the eyes of many the make or break moment for the Eurozone, given its size. We do not share that view, although it is clearly a very Economic data in the UK deteriorated through the year. The economy important issue for the future of the Euro project. Further volatility in officially returned to recession in April following a sharp fall in markets appears inevitable over the coming months. construction output. Forecasts for future growth were sharply revised down and forward looking survey data were weaker. Moody’s put the UK on negative watch over the period, but maintained its AAA status. Inflation data initially rose higher, Consumer Price Index (CPI) peaked at 5.0% in October. Subsequently it has fallen much closer to target, ending the period at 2.4%. May’s Bank of England inflation report was more dovish than expected, with forward looking inflation expectations below target on a two and three year time horizon.

172 Aberdeen Global II - Sterling Long Dated Credit Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 £’000 £’000 Assets Income Investments in securities at market value (note 2.2) 285,277 Investment income 15,729 Cash at bank 825 Bank interest 18 Amounts held at futures clearing houses and brokers 1,065 Total income 15,747 Interest receivable 5,437 Subscriptions receivable 161 Expenses Receivable for investments sold 9,083 Management fees (note 4.5) 383 Other assets 123 Administration fees (note 4.1) 89 Total assets 301,971 Custodian fees (note 4.2) 56 Domiciliary agent, registrar, paying and transfer agent Liabilities fees (note 4.3) 94 Payable for investments purchased 5,201 Management Company fees (note 4.4) 30 Taxes and expenses payable 160 Operational expenses (note 4.6) 82 Redemptions payable 4,260 Expense cap refunded by Investment Manager (note 4.7) (123) Unrealised losses on forward currency exchange Annual tax (note 4.8) 30 contracts (note 2.6) 7 Total expenses 641 Unrealised losses on future contracts (note 2.7) 128 Unrealised losses on swap contracts (note 2.8) 27 Net gains from investments 15,106 Total liabilities 9,783 Realised gains on investments 11,513 Net assets at the end of the year 292,188 Realised gains on forward currency exchange contracts 462 Realised losses on future contracts (3,796) Realised gains on swap contracts 1,229 Statement of Changes in Net Assets Realised currency exchange gains 18 For the year from 1 July 2011 to 30 June 2012 Net realised gains 9,426 £’000 Net assets at the beginning of the year 313,374 Increase in unrealised appreciation on investments 10,068 Net gains from investments 15,106 Decrease in unrealised depreciation on forward Net realised gains 9,426 currency exchange contracts 112 Net unrealised gains 10,332 Increase in unrealised depreciation on future contracts (92) Proceeds from shares issued 24,855 Decrease in unrealised depreciation on swap contracts 244 Payments for shares redeemed (80,237) Net unrealised gains 10,332 Net equalisation paid (note 10) (668) Net increase in assets as a result of operations 34,864 Net assets at the end of the year 292,188

Share Transactions For the year from 1 July 2011 to 30 June 2012 K-2 Z-2 Shares outstanding at the beginning of the year 63,515,841 124,537,661 Shares issued during the year 2,790,273 11,886,853 Shares redeemed during the year (15,022,614) (31,337,108) Shares outstanding at the end of the year 51,283,500 105,087,406 Net asset value per share 2.0771 1.7668 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 173 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Transferable securities and money markets instruments admitted to an official exchange listing/dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 7.59% United Kingdom - 7.59% Annington Finance No 4 - 07/12/22 3,290,000 2,196 0.75 Canary Wharf Finance II 5.9520 22/10/37 925,000 1,121 0.38 Community Finance Company 1 (EMTN) 5.0170 31/07/34 4,400,000 5,209 1.78 Control Section 1 Finance 5.2340 02/05/35 3,030,000 3,701 1.27 Finance for Resident Social Housing 8.3690 05/10/58 2,002,919 3,217 1.10 Freshwater Finance 5.1820 20/04/35 725,000 740 0.25 Housing Association Funding 8.2500 07/06/27 1,364,261 1,861 0.64 Juturna European Loan Conduit No 16 5.0636 10/08/33 720,104 753 0.26 Nats En Route 5.2500 31/03/26 976,330 1,133 0.39 RMPA Services 5.3370 30/09/38 1,558,743 1,694 0.58 Transport for London (EMTN) 4.5000 31/03/31 500,000 562 0.19 22,187 7.59

Asset Backed Bonds / Mortgage Backed Bonds 22,187 7.59

Corporate Bonds - 87.19% Austria - 0.66% Oesterreichische Kontrollbank (EMTN) 5.7500 07/12/28 1,505,000 1,941 0.66

Belgium - 1.06% Anheuser-Busch Inbev (EMTN) 9.7500 30/07/24 1,988,000 3,105 1.06

France - 6.35% AXA (EMTN) (FRN) (PERP) 6.6862 29/07/49 1,600,000 1,065 0.36 Credit Agricole (GMTN) 7.3750 18/12/23 950,000 832 0.28 Electricite De France (EMTN) 5.1250 22/09/50 2,900,000 2,743 0.94 Electricite De France (EMTN) 5.5000 17/10/41 2,200,000 2,258 0.77 Electricite De France (EMTN) 6.1250 02/06/34 3,000,000 3,417 1.17 Electricite De France (EMTN) 6.2500 30/05/28 1,600,000 1,866 0.64 France Telecom (EMTN) 5.3750 22/11/50 2,250,000 2,251 0.77 France Telecom (EMTN) 8.1250 20/11/28 700,000 968 0.33 Reseau Ferre De France (EMTN) 4.8300 25/03/60 1,385,000 1,301 0.45 Reseau Ferre De France (EMTN) 5.2500 07/12/28 1,720,000 1,900 0.64 18,601 6.35

Germany - 1.99% Deutsche Telekom International Finance 8.8750 27/11/28 3,070,000 4,556 1.55 E.ON International Finance (EMTN) 6.7500 27/01/39 950,000 1,281 0.44 5,837 1.99

174 Aberdeen Global II - Sterling Long Dated Credit Bond PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Italy - 1.99% Assicurazioni Generali (VAR) (PERP) 6.4160 29/12/49 850,000 486 0.17 ENEL Finance International (EMTN) 5.7500 14/09/40 2,485,000 1,805 0.62 ENEL Finance International 5.6250 14/08/24 1,480,000 1,253 0.43 Romulus Finance 5.4410 20/02/23 1,885,000 1,410 0.48 Telecom Italia (EMTN) 5.8750 19/05/23 1,000,000 837 0.29 5,791 1.99

Mexico - 1.51% America Movil SAB 5.7500 28/06/30 3,700,000 4,422 1.51

Netherlands - 0.80% Aegon 6.6250 16/12/39 2,280,000 2,346 0.80

Spain - 1.22% Telefonica Emisiones (EMTN) 5.2890 09/12/22 1,700,000 1,359 0.47 Telefonica Emisiones (EMTN) 5.3750 02/02/26 2,885,000 2,199 0.75 3,558 1.22

Supranational - 7.31% European Investment Bank (DIP) 4.6250 12/10/54 825,000 905 0.31 European Investment Bank 5.0000 15/04/39 2,845,000 3,296 1.13 European Investment Bank 5.6250 07/06/32 3,060,000 3,807 1.30 European Investment Bank 6.0000 07/12/28 7,970,000 10,264 3.51 European Investment Bank (EMTN) 3.8750 08/06/37 2,360,000 2,331 0.80 European Investment Bank (EMTN) 4.5000 07/03/44 695,000 748 0.26 21,351 7.31

Switzerland - 0.60% UBS (EMTN) 8.7500 18/12/25 1,500,000 1,741 0.60

United Kingdom - 51.48% Abbey National Treasury Services 5.7500 02/03/26 2,800,000 3,156 1.08 Abbey National Treasury Services (EMTN) 5.2500 16/02/29 470,000 495 0.17 Anglian Water Service Finance (EMTN) 4.5000 05/10/27 2,090,000 2,244 0.77 Aspire Defence Finance 4.6740 31/03/40 4,330,000 4,283 1.47 Aviva (VAR) 6.1250 14/11/36 950,000 733 0.25 Aviva (VAR) (PERP) 6.1250 29/09/49 3,540,000 2,383 0.82 Aviva (VAR) (EMTN) 6.8750 20/05/58 310,000 225 0.08 Barclays Bank (EMTN) 5.7500 14/09/26 2,300,000 1,874 0.64 BAT International Finance (EMTN) 6.0000 24/11/34 1,855,000 2,247 0.77 BG Energy Capital (EMTN) 5.0000 04/11/36 3,040,000 3,352 1.15 British Sky Broadcasting (EMTN) 6.0000 21/05/27 1,200,000 1,378 0.47 British Telecom (EMTN) 6.3750 23/06/37 3,860,000 4,459 1.53 Broadgate Financing 4.8210 05/07/36 1,000,000 1,051 0.36 Circle Anglia Social Housing (EMTN) 5.2000 02/03/44 2,250,000 2,370 0.81 Co-Operative Group Ltd 6.2500 08/07/26 1,200,000 1,181 0.40

www.aberdeen-asset.com 175 Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % EDF Energy Networks (EMTN) 6.2500 12/11/36 2,900,000 3,502 1.20 Eversholt Funding (EMTN) 6.3590 02/12/25 1,000,000 1,153 0.39 Gatwick Funding (EMTN) 5.7500 23/01/37 1,500,000 1,509 0.52 GlaxoSmithKline Capital (EMTN) 6.3750 09/03/39 2,800,000 3,864 1.32 Hammerson 6.0000 23/02/26 1,160,000 1,315 0.45 HSBC Holdings 5.7500 20/12/27 3,520,000 3,455 1.18 HSBC Holdings 7.0000 07/04/38 2,600,000 2,799 0.96 Imperial Tobacco Finance (EMTN) 5.5000 28/09/26 600,000 667 0.23 Imperial Tobacco Finance (EMTN) 8.1250 15/03/24 3,420,000 4,540 1.55 Land Securities (FRN) 5.1250 07/02/36 2,615,000 2,996 1.03 LCR Finance 4.5000 07/12/28 5,025,000 6,055 2.07 Legal & General Finance (EMTN) 5.8750 05/04/33 695,000 758 0.26 Lloyds TSB Bank (EMTN) 4.8750 30/03/27 3,960,000 4,139 1.42 Lloyds TSB Bank (EMTN) 5.1250 07/03/25 3,070,000 3,374 1.15 Lloyds TSB Bank (EMTN) 6.5000 17/09/40 2,450,000 2,491 0.85 Lloyds TSB Bank (EMTN) 7.6250 22/04/25 3,000,000 2,590 0.89 London & Quadrant Housing 5.5000 27/01/40 1,895,000 2,233 0.76 London & Quadrant Housing (EMTN) 4.6250 05/12/33 3,500,000 3,760 1.29 Lunar Funding I 5.7500 18/10/33 1,831,000 2,198 0.75 Motability Operations (EMTN) 4.3750 08/02/27 4,110,000 4,297 1.47 National Grid Electricity Transmission 5.8750 02/02/24 2,695,000 3,271 1.12 National Grid Gas (EMTN) 6.0000 13/05/38 3,110,000 3,837 1.31 Nationwide Building Society 5.6250 28/01/26 2,265,000 2,706 0.93 Network Rail Infrastructure Finance (EMTN) 4.7500 22/01/24 2,000,000 2,455 0.84 NIE Finance 6.3750 02/06/26 2,185,000 2,348 0.80 Northern Electric Finance 5.1250 04/05/35 885,000 961 0.33 Northern Gas Networks (EMTN) 5.6250 23/03/40 665,000 742 0.25 Northern Powergrid Yorkshire 4.3750 05/07/32 1,050,000 1,042 0.36 Northumbrian Water Finance 5.1250 23/01/42 1,675,000 1,792 0.61 Prudential 6.1250 19/12/31 1,573,000 1,655 0.57 Royal Bank of Scotland (EMTN) 6.8750 17/05/25 4,112,000 4,515 1.55 Sanctuary Capital (EMTN) 5.0000 26/04/47 750,000 816 0.28 Santander UK 6.5000 21/10/30 2,325,000 1,889 0.65 Severn Trent Water Utilities (EMTN) 4.8750 24/01/42 1,200,000 1,251 0.43 South Eastern Power Networks (EMTN) 6.3750 12/11/31 2,615,000 3,192 1.09 Southern Electric Power 4.6250 20/02/37 3,400,000 3,480 1.19 Southern Water Services Finance 6.1920 31/03/29 2,200,000 2,652 0.91 Southern Water Services Finance (EMTN) 5.0000 31/03/21 3,500,000 3,774 1.29 Sunderland SHG Finance 6.3800 31/03/42 1,265,000 1,612 0.55 Tesco (EMTN) 5.5000 13/01/33 5,000,000 5,474 1.87 Thames Water Utilities Cayman (EMTN) 4.6250 04/06/46 620,000 609 0.21 Thames Water Utilities Cayman (EMTN) 5.5000 11/02/41 1,900,000 2,178 0.75 Thames Water Utilities Finance Ltd 5.1250 28/09/37 3,270,000 3,565 1.22 THFC Funding No 1 5.1250 21/12/37 105,000 109 0.04 Wales & West Utility Finance 5.7500 29/03/30 740,000 879 0.30 Western Power Distribution 5.8750 25/03/27 1,000,000 1,171 0.40

176 Aberdeen Global II - Sterling Long Dated Credit Bond PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Western Power Distribution East Midlands (EMTN) 5.2500 17/01/23 2,010,000 2,260 0.77 White City Property Finance 5.1202 17/04/35 1,006,322 1,046 0.35 150,407 51.48

United States - 12.22% American International Group (EMTN) 5.0000 26/04/23 800,000 749 0.26 AT & T 4.8750 01/06/44 1,680,000 1,753 0.60 AT & T (EMTN) 7.0000 30/04/40 3,200,000 4,427 1.52 Bank of America Corporation (EMTN) 7.0000 31/07/28 2,600,000 2,879 0.99 Citigroup (EMTN) 6.8000 25/06/38 1,025,000 1,172 0.40 GE Capital UK Funding (EMTN) 5.8750 18/01/33 10,900,000 12,230 4.19 Pfizer 6.5000 03/06/38 2,600,000 3,654 1.25 Procter & Gamble Company 6.2500 31/01/30 1,485,000 2,024 0.69 Wal-Mart Stores 4.8750 19/01/39 5,920,000 6,776 2.32 35,664 12.22

Corporate Bonds 254,764 87.19

Government Bonds - 2.13% Belgium - 0.47% Belgium (Kingdom of) (EMTN) 5.7000 28/05/32 1,350,000 1,359 0.47

France - 0.57% S.N.C.F (EMTN) 5.3750 18/03/27 1,510,000 1,674 0.57

United Kingdom - 1.09% UK Treasury 4.2500 07/12/49 2,560,000 3,191 1.09

Government Bonds 6,224 2.13

Investment Funds - 0.72% Aberdeen Liquidity Fund (Lux) Sterling Fund Z-1 Income † 2,100,000 2,102 0.72

Investment Funds 2,102 0.72

Transferable securities and money markets instruments admitted to an official exchange listing/dealt in on another regulated market 285,277 97.63

Financial derivative instruments - (0.05)% Future contracts - (0.04)% Unrealised Percentage of gains/(losses) total net Future Maturity Notional £'000 assets % Lif Long Gilt 26/09/12 (187) (128) (0.04) Unrealised losses on future contracts (128) (0.04)

www.aberdeen-asset.com 177 Forward currency exchange contracts - nil Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount £'000 assets % EUR GBP 11/09/12 192,000 155,947 - - EUR GBP 11/09/12 249,000 201,186 - - GBP EUR 11/09/12 424,269 531,000 (6) - USD GBP 11/09/12 217,000 139,212 (1) - Unrealised losses on forward currency exchange contracts (7) -

Swap contracts - (0.01)% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Interest rate swap contracts - (0.07)% Credit Suisse GBP 01/06/22 900,000 2.5200% 6 Month GBP Libor (37) (0.01) Credit Suisse SEK 05/06/22 10,000,000 3 Month SEK Stibor 2.5725% 15 - Credit Suisse SEK 05/06/22 10,000,000 3 Month SEK Stibor 2.5725% 15 - Credit Suisse GBP 01/06/22 900,000 2.5200% 6 Month GBP Libor (37) (0.01) Credit Suisse SEK 05/06/22 30,000,000 3 Month SEK Stibor 2.5725% 44 0.01 Credit Suisse GBP 01/06/22 2,700,000 2.5200% 6 Month GBP Libor (110) (0.04) Credit Suisse SEK 05/06/22 10,300,000 3 Month SEK Stibor 2.5725% 15 - Credit Suisse GBP 01/06/22 920,000 2.5200% 6 Month GBP Libor (38) (0.01) HSBC GBP 01/06/22 1,070,000 2.5200% 3 Month GBP Libor (42) (0.01) Credit Suisse GBP 01/06/22 940,000 2.5200% 3 Month GBP Libor (38) (0.01) Credit Suisse SEK 05/06/22 10,300,000 3 Month SEK Stibor 2.5725% 15 0.01 HSBC SEK 05/06/22 12,000,000 3 Month SEK Stibor 2.5725% 18 0.01 Credit Suisse SEK 05/06/22 6,700,000 3 Month SEK Stibor 2.5725% 10 - Credit Suisse GBP 01/06/22 680,000 2.5200% 3 Month GBP Libor (28) (0.01) Unrealised losses on interest rate swap contracts (198) (0.07)

Overnight indexed swap contracts - 0.06% Royal Bank of Scotland EUR 25/04/16 58,900,000 EUR Eonia 1.2800% 126 0.04 Goldman Sachs EUR 25/04/16 61,000,000 EUR Eonia 1.1050% 45 0.02 Unrealised gains on overnight indexed swap contracts 171 0.06

Unrealised losses on swap contracts (27) (0.01)

Unrealised losses on financial derivative instruments (162) (0.05)

Total investments 285,115 97.58 Other net assets 7,073 2.42 Total 292,188 100.00 † Managed by subsidiaries of Aberdeen Asset Management PLC.

178 Aberdeen Global II - Sterling Long Dated Credit Bond Sterling Long Dated Government Bond For the year ended 30 June 2012

Performance Economic data in the UK deteriorated through the year. The economy officially returned to recession in April following a sharp fall in For the year ended 30 June 2012, the value of Sterling Long Dated construction output. Forecasts for future growth were sharply revised Government Bond – Z Accumulation shares increased by 25.20% down and forward looking survey data were weaker. Moody’s put the compared to an increase of 27.88% in the benchmark, FTSE-A British UK on negative watch over the period, but maintained its AAA status. Government >15 Year Index. Source: Aberdeen Asset Management and BNP Paribas Inflation data initially rose higher, Consumer Price Index (CPI) peaked Basis: Total Return, GBP. at 5.0% in October. Subsequently it has fallen much closer to target, ending the period at 2.4%. May’s Bank of England inflation report was Fund name change more dovish than expected, with forward looking inflation expectations On 1 December 2011 the Fund changed its name from Aberdeen below target on a two and three year time horizon. Global II – Long Dated Sterling Bond Fund to Aberdeen Global II – As a result of on-going concerns about the European situation, 30-year Sterling Long Dated Government Bond Fund. UK gilts yields fell 125 basis points ending the period under review at 3.04%. Change of management fee rate From 1 January 2012 the Investment Manager decreased the Portfolio review management fees payable on the A, C, D, and E class from 1.25% to The Fund underperformed its benchmark over the period under review. 0.90%. A short duration position in the UK was significantly negative following the continued strong performance of government bonds as was our Manager’s review yield curve flattening exposure. Exposure to the US bond market out of During the period under review, global bond markets were volatile gilts was positive for the Fund, but was offset by negative performance throughout with the European debt crisis taking centre stage against a generated by our exposure to the Swedish bond market out of gilts. backdrop of a slowing global growth. Liquidity measures taken by the A small exposure to non-government bonds was negative following European Central Bank and agreements between periphery leaders their underperformance of government bonds. During the year, the have failed to bring long term stability to markets. Greece came back period held some short term tactical overseas currency exposure which from the brink of a Eurozone exit while Spain requested a formal was a small positive contributor to returns. bailout of €100 billion for its ailing banking system. In the US, a last minute deal to raise the debt ceiling by £2.1 billion was Outlook insufficient in mollifying Standard & Poor’s who downgraded US A combination of favourable base effects, weaker growth, increasing long-term debt to AA+ with a negative outlook. slack in the product and labour markets and the tightening in financial Mindful of the global economic slowdown, the UK Monetary Policy conditions arising from the Eurozone should help to push the CPI nearer Committee (MPC) became increasingly dovish, forecasting weaker to target over the course of the year, before rising again in 2013. In external demand and lower inflation over the medium term. Since light of this, we continue to consider gilts vulnerable at their historically August the MPC members were unanimously voting for unchanged low yield levels to an unwinding of risk aversion. interest rates. In October quantitative easing (QE) was extended by £75 billion and a further £50 billion in February to end the period at £325 billion. Minutes from May’s meeting revealed a shift in sentiment with a 5-4 vote in favour of further easing.

www.aberdeen-asset.com 179 Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 £’000 £’000 Assets Income Investments in securities at market value (note 2.2) 145,237 Investment income 5,832 Cash at bank 2,400 Bank interest 15 Amounts held at futures clearing houses and brokers 1,195 Total income 5,847 Interest receivable 835 Subscriptions receivable 327 Expenses Other assets 84 Management fees (note 4.5) 272 Total assets 150,078 Administration fees (note 4.1) 73 Custodian fees (note 4.2) 17 Liabilities Domiciliary agent, registrar, paying and transfer agent Taxes and expenses payable 106 fees (note 4.3) 56 Redemptions payable 173 Management Company fees (note 4.4) 18 Unrealised losses on forward currency exchange Operational expenses (note 4.6) 56 contracts (note 2.6) 24 Expense cap refunded by Investment Manager (note 4.7) (84) Unrealised losses on future contracts (note 2.7) 128 Annual tax (note 4.8) 18 Unrealised losses on swap contracts (note 2.8) 106 Total expenses 426 Total liabilities 537 Net gains from investments 5,421 Net assets at the end of the year 149,541 Realised gains on investments 20,548 Realised gains on forward currency exchange contracts 112 Statement of Changes in Net Assets Realised losses on future contracts (5,307) For the year from 1 July 2011 to 30 June 2012 Realised gains on swap contracts 2,655 £’000 Realised currency exchange gains 20 Net assets at the beginning of the year 202,588 Net realised gains 18,028 Net gains from investments 5,421 Net realised gains 18,028 Increase in unrealised appreciation on investments 17,060 Net unrealised gains 17,419 Increase in unrealised depreciation on forward currency Proceeds from shares issued 46,875 exchange contracts (11) Payments for shares redeemed (140,409) Increase in unrealised depreciation on future contracts (86) Net equalisation paid (note 10) (381) Decrease in unrealised depreciation on swap contracts 459 Net assets at the end of the year 149,541 Unrealised currency exchange losses (3) Net unrealised gains 17,419 Net increase in assets as a result of operations 40,868

Share Transactions For the year from 1 July 2011 to 30 June 2012 I-2 J-2 K-2 Z-2 Shares outstanding at the beginning of the year 12,123,067 11,644,216 18,729,046 100,106,570 Shares issued during the year 21,941,194 290,933 430,730 2,779,953 Shares redeemed during the year (24,875,872) (3,659,597) (9,643,454) (46,033,152) Shares outstanding at the end of the year 9,188,389 8,275,552 9,516,322 56,853,371 Net asset value per share 2.0360 2.1191 2.1098 1.6397 The accompanying notes form an integral part of these financial statements.

180 Aberdeen Global II - Sterling Long Dated Government Bond Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal £’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 2.61% United Kingdom - 2.61% Annington Finance No 1 8.0000 02/10/21 285,627 359 0.24 Community Finance Company 1 (EMTN) 5.0170 31/07/34 1,620,000 1,918 1.28 Finance for Residential Social Housing 8.3690 05/10/58 1,015,679 1,631 1.09 3,908 2.61

Asset Backed Bonds / Mortgage Backed Bonds 3,908 2.61

Government Bonds - 94.50% United Kingdom - 94.50% UK Treasury 4.0000 22/01/60 2,820,000 3,419 2.29 UK Treasury 3.7500 22/07/52 1,410,000 1,597 1.07 UK Treasury 4.2500 07/12/27 13,467,000 16,741 11.19 UK Treasury 4.2500 07/06/32 7,460,000 9,219 6.16 UK Treasury 4.2500 07/03/36 15,689,000 19,362 12.95 UK Treasury 4.2500 07/09/39 14,167,000 17,466 11.68 UK Treasury 4.2500 07/12/40 5,716,000 7,046 4.71 UK Treasury 4.2500 07/12/46 13,228,000 16,454 11.00 UK Treasury 4.2500 07/12/49 18,104,000 22,565 15.09 UK Treasury 4.2500 07/12/55 6,120,000 7,712 5.16 UK Treasury 4.5000 07/09/34 9,369,000 11,938 7.98 UK Treasury 4.5000 07/12/42 6,058,000 7,810 5.22 141,329 94.50

Government Bonds 141,329 94.50

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 145,237 97.11

Financial Derivative Instruments - (0.16)% Future contracts - (0.08)% Unrealised Percentage of gains/(losses) total net Future Maturity Notional £'000 assets % Lif Long Gilt 26/09/12 (213) (128) (0.08) Unrealised losses on future contracts (128) (0.08)

www.aberdeen-asset.com 181 PORTFOLIO STATEMENT CONTINUED

Forward currency exchange contracts - (0.01)% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount £'000 assets % EUR GBP 11/09/12 130,000 105,493 - - EUR GBP 11/09/12 171,000 137,901 1 - EUR GBP 11/09/12 182,000 147,036 - - EUR GBP 11/09/12 245,000 196,143 2 - EUR GBP 11/09/12 400,000 323,796 - - GBP EUR 11/09/12 207,640 257,000 - - GBP EUR 11/09/12 242,412 303,000 (3) - GBP EUR 11/09/12 251,598 314,000 (3) - GBP EUR 11/09/12 348,364 436,000 (5) - GBP SEK 11/09/12 152,484 1,721,000 (6) - GBP SEK 11/09/12 311,845 3,508,000 (11) (0.01) GBP SEK 11/09/12 317,768 3,515,000 (6) - SEK GBP 11/09/12 850,000 77,103 1 - SEK GBP 11/09/12 1,167,000 106,040 1 - SEK EUR 11/09/12 1,312,000 119,931 1 - SEK GBP 11/09/12 1,325,000 120,173 2 - SEK GBP 11/09/12 1,341,000 121,772 2 - Unrealised losses on forward currency exchange contracts (24) (0.01)

Swap contracts - (0.07)% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Interest rate swap contracts - (0.28)% Credit Suisse GBP 01/06/22 2,000,000 2.5200% 6 Month GBP Libor (82) (0.05) Credit Suisse SEK 05/06/22 21,300,000 3 Month SEK Stibor 2.5725% 32 0.02 Credit Suisse SEK 05/06/22 21,300,000 3 Month SEK Stibor 2.5725% 32 0.02 Credit Suisse GBP 01/06/22 2,000,000 2.5200% 6 Month GBP Libor (82) (0.05) Credit Suisse SEK 05/06/22 63,900,000 3 Month SEK Stibor 2.5725% 94 0.06 Credit Suisse GBP 01/06/22 6,000,000 2.5200% 6 Month GBP Libor (245) (0.16) Credit Suisse SEK 05/06/22 20,900,000 3 Month SEK Stibor 2.5725% 31 0.02 Credit Suisse GBP 01/06/22 1,870,000 2.5200% 6 Month GBP Libor (76) (0.05) HSBC GBP 01/06/22 1,740,000 2.5200% 3 Month GBP Libor (71) (0.05) Credit Suisse GBP 01/06/22 1,920,000 2.5200% 3 Month GBP Libor (78) (0.05) Credit Suisse SEK 05/06/22 20,900,000 3 Month SEK Stibor 2.5725% 31 0.02 HSBC SEK 05/06/22 24,300,000 3 Month SEK Stibor 2.5725% 36 0.02 Barclays Bank GBP 01/06/22 1,760,000 2.5200% 6 Month GBP Libor (72) (0.05) Barclays Bank SEK 05/06/22 19,500,000 3 Month SEK Stibor 2.5725% 29 0.02 Unrealised losses on interest rate swap contracts (421) (0.28)

182 Aberdeen Global II - Sterling Long Dated Government Bond Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives £’000 assets % Overnight indexed swap contracts - 0.21% Goldman Sachs EUR 25/04/16 24,400,000 EUR Eonia 1.0250% 2 - Goldman Sachs EUR 25/04/16 117,700,000 EUR Eonia 1.1050% 87 0.06 Royal Bank of Scotland EUR 25/04/16 105,600,000 EUR Eonia 1.2800% 226 0.15 Unrealised gains on overnight indexed swap contracts 315 0.21

Unrealised losses on swap contracts (106) (0.07)

Unrealised losses on financial derivative instruments (258) (0.16)

Total investments 144,979 96.95 Other net assets 4,562 3.05 Total 149,541 100.00

www.aberdeen-asset.com 183 US Dollar Bond For the year ended 30 June 2012

Performance Portfolio review For the year ended 30 June 2012, the value of the US Dollar Bond Fund The Fund underperformed its benchmark over the period under review. - A Accumulation shares increased by 6.93% compared to an increase In July 2011, the Fund had a significantly shorter duration position of 9.26% in the benchmark, JP Morgan Government Bond Index Traded relative to the benchmark, which was adjusted to be more in line with USD. the benchmark index over the course of the ensuing 12 months. This Source: Aberdeen Asset Management and Lipper negative duration exposure proved to be the dominant detractor of Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, USD. performance over the period, as US Treasury yields dropped dramatically over the 12 months. Positive contributions to Manager’s review performance were made within corporate and structured securities. The third quarter of 2011 was extremely volatile with increasing concerns over the future of the Eurozone, disappointing global activity Outlook indicators and protracted US debt ceiling negotiations. Looking forward, the market will continue to be preoccupied with the In American politics a last minute deal was reached on the debt ceiling Eurozone crisis. Financial market repression is generating negligible in August. A preliminary agreement was made for a US$2.1 trillion yields on so-called safe assets. In an environment of sub-par growth increase to the debt ceiling and around US$2.4 trillion in cuts. In spite and further central bank accommodation, there is still scope for some of this, Standard & Poor’s downgraded the US long-term debt rating to further easing of financial market conditions which should support AA+ and left the outlook as negative. responsible risk taking. In November the bipartisan Congressional “super committee” failed to reach an agreement on a plan to reduce the US budget deficit. Consequently, US$1.2 trillion of cuts will automatically be triggered beginning in 2013. Towards the end of 2011 sentiment surrounding the US economy improved with consumer confidence, housing data and payroll releases surprising to the upside. The US Federal Open Market Committee (FOMC) made two statements over the period. In January, the FOMC projected weaker growth and inflation data over the next 12-18 months and as a consequence foresaw US Federal Reserve (Fed) funds remaining at their current, near-zero rate until late 2014. In contrast to market expectations, the FOMC statement in March made no reference to additional quantitative easing measures. Fed Chairman Bernanke made a number of resolutely dovish comments, centering on the belief that the underlying dynamics of the labour market were softer than the declines the unemployment rate suggested. The Fed announced an extension of Operation Twist in June, buying US$267 billion in government securities with maturities ranging between 6 and 30 years, while selling shorter dated maturities. The decision was broadly anticipated by the market, following dovish comments from key Fed policymakers and a backdrop of disappointing economic data.

184 Aberdeen Global II - US Dollar Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 US$’000 US$’000 Assets Income Investments in securities at market value (note 2.2) 223,266 Investment income 5,326 Cash at bank 4,629 Total income 5,326 Amounts held at futures clearing houses and brokers 64 Interest receivable 1,157 Expenses Subscriptions receivable 563 Management fees (note 4.5) 2,201 Receivable for investments sold 4,872 Administration fees (note 4.1) 97 Unrealised gains on future contracts (note 2.7) 11 Custodian fees (note 4.2) 12 Total assets 234,562 Domiciliary agent, registrar, paying and transfer agent fees (note 4.3) 79 Liabilities Management Company fees (note 4.4) 24 Payable for investments purchased 2,730 Operational expenses (note 4.6) 90 Taxes and expenses payable 310 Annual tax (note 4.8) 119 Redemptions payable 5,581 Total expenses 2,622 Other liabilities 200 Total liabilities 8,821 Net gains from investments 2,704

Net assets at the end of the year 225,741 Realised gains on investments 7,774 Realised losses on future contracts (182) Realised currency exchange gains 2 Statement of Changes in Net Assets Net realised gains 7,594 For the year from 1 July 2011 to 30 June 2012 US$’000 Increase in unrealised appreciation on investments 5,720 Net assets at the beginning of the year 251,728 Increase in unrealised appreciation on future contracts 11 Net gains from investments 2,704 Net unrealised gains 5,731 Net realised gains 7,594 Net increase in assets as a result of operations 16,029 Net unrealised gains 5,731 Proceeds from shares issued 70,452 Payments for shares redeemed (111,844) Net equalisation paid (note 10) (189) Dividends paid (note 5) (435) Net assets at the end of the year 225,741

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-1 A-2 J-2 Shares outstanding at the beginning of the year 32,956 59,386 8,436 Shares issued during the year 3,303 14,481 9,602 Shares redeemed during the year (8,480) (22,506) (13,652) Shares outstanding at the end of the year 27,779 51,361 4,386 Net asset value per share 1,348.2968 3,514.5541 1,774.8838 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 185 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market Asser Backed Bonds / Mortgage Backed Bonds - 10.28% United Kingdom - 0.20% Silverstone Master Issuer (FRN) 2.1157 21/01/55 440,000 445 0.20

United States - 10.08% AEP Texas Central Company 2.8449 01/03/26 1,070,000 1,112 0.49 BSCMS (VAR) 5.6940 11/06/50 200,000 232 0.10 CD 2005 5.3938 15/07/44 400,000 433 0.19 CMLT (FRN) 5.0557 25/06/37 244,882 244 0.11 CMLT (VAR) 6.0012 10/12/49 710,000 814 0.36 FHLMC 3.2300 25/07/21 1,715,000 1,847 0.82 FHLMC 2.9676 25/10/21 1,715,000 1,815 0.80 FHLMC 2.0600 15/01/22 1,188,482 1,214 0.54 FHLMC 4.0000 15/09/40 1,785,000 1,944 0.86 FNR 4.5000 25/11/41 1,103,916 1,170 0.52 GEET 1.2300 22/01/20 955,000 961 0.43 GEMNT 2.2200 15/01/22 900,000 921 0.41 GEMNT 1.5100 15/06/18 680,000 680 0.30 GNMA 4.0000 20/06/39 2,010,000 2,242 0.99 GNR 4.5000 20/01/39 1,570,000 1,794 0.80 JP Morgan Chase & Co 5.7167 12/02/49 280,352 304 0.13 JP Morgan Chase & Co 5.6880 12/02/51 1,085,984 1,178 0.52 Santander Drive Auto Receivables 3.8900 17/07/17 425,000 440 0.19 Santander Drive Auto Receivables 1.0800 15/04/16 291,000 292 0.13 Santander Drive Auto Receivables 2.9000 16/05/16 210,000 216 0.10 SBA Tower Trust 5.1010 17/04/17 865,000 951 0.42 UBS-Citigroup 3.5950 10/01/45 250,000 265 0.12 WBCMT 5.3080 15/11/48 426,500 483 0.21 WBCMT (VAR) 5.9270 15/06/49 210,997 225 0.10 WFNMT 3.1400 17/01/23 938,000 983 0.44 22,760 10.08

Asset Backed Bonds / Mortgage Backed Bonds 23,205 10.28

Corporate Bonds - 24.82% Australia - 1.51% Barrick Australia Finance 5.9500 15/10/39 865,000 996 0.44 BHP Billiton 1.6250 24/02/17 550,000 554 0.25 National Australia Bank (MTN) 2.7500 09/03/17 735,000 740 0.33 Rio Tinto Finance USA 5.2000 02/11/40 940,000 1,115 0.49 3,405 1.51

Canada - 0.16% Teck Resources 6.2500 15/07/41 225,000 253 0.11 Teck Resources 5.2000 01/03/42 120,000 115 0.05 368 0.16

186 Aberdeen Global II - US Dollar Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % France - 0.57% Total Capital International 1.5000 17/02/17 760,000 764 0.34 Total Capital International 1.5500 28/06/17 515,000 517 0.23 1,281 0.57

Netherlands - 0.22% Rabobank Nederland 3.3750 19/01/17 475,000 489 0.22

Sweden - 0.17% Svenska Handelsbanken 2.8750 04/04/17 375,000 381 0.17

United Kingdom - 0.66% BP Capital Markets 2.2480 01/11/16 610,000 629 0.28 BP Capital Markets 1.8460 05/05/17 840,000 849 0.38 1,478 0.66

United States - 21.53% Aetna 4.5000 15/05/42 160,000 163 0.07 Agribank FCB 9.1250 15/07/19 460,000 595 0.26 Alleghany Corporation 4.9500 27/06/22 575,000 587 0.26 American Express 1.7500 12/06/15 340,000 345 0.15 American International Group 3.8000 22/03/17 555,000 566 0.25 American International Group 4.8750 01/06/22 460,000 472 0.21 American Municipal Power 7.8340 15/02/41 695,000 964 0.43 Anadarko Petroleum Corporation 6.3750 15/09/17 570,000 663 0.29 Apache Corporpation 4.7500 15/04/43 350,000 390 0.17 AT&T 2.9500 15/05/16 160,000 170 0.08 Bay Area California Toll Authority 6.7930 01/04/30 855,000 1,081 0.48 Blackrock 3.3750 01/06/22 470,000 478 0.21 Boston Properties 3.8500 01/02/23 345,000 349 0.15 Boston Properties 3.7000 15/11/18 585,000 612 0.27 Burlington North Santa Fe 5.7500 01/05/40 435,000 521 0.23 Cameron International 5.9500 01/06/41 370,000 421 0.19 CBS 7.8750 30/07/30 765,000 986 0.44 Century 7.6000 15/09/39 1,040,000 1,007 0.45 CF Industries 7.1250 01/05/20 465,000 567 0.25 Chicago Illinois Transit Authority Service 6.8990 01/12/40 735,000 876 0.39 Citigroup 4.4500 10/01/17 1,185,000 1,243 0.55 Devon Energy 4.7500 15/05/42 105,000 111 0.05 Devon Energy 1.8750 15/05/17 300,000 300 0.13 DirecTV Holdings 5.1500 15/03/42 650,000 657 0.29 Discovery Communications 6.3500 01/06/40 320,000 390 0.17 Enterprise Products Operating 4.8500 15/08/42 245,000 245 0.11 Exelon Corporation 5.6250 15/06/35 550,000 598 0.26 Ford Motor Credit 3.0000 12/06/17 1,125,000 1,120 0.50 Ford Motor Credit 4.2070 15/04/16 390,000 405 0.18

www.aberdeen-asset.com 187 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Ford Motor Credit 3.9840 15/06/16 288,000 297 0.13 General Electric Capital Corporation 1.6250 02/07/15 1,000,000 999 0.44 General Electric Capital Corporation 5.6250 01/05/18 1,570,000 1,807 0.80 Georgia Pacific Corporation 8.0000 15/01/24 675,000 903 0.40 Georgia Power 4.3000 15/03/42 250,000 262 0.12 Goldman Sachs 5.9500 18/01/18 700,000 750 0.33 Goldman Sachs 5.7500 24/01/22 345,000 365 0.16 Hewlett Packard 4.3000 01/06/21 960,000 991 0.44 Hewlett Packard 6.0000 15/09/41 629,000 696 0.31 HSBC Finance 5.5000 19/01/16 305,000 331 0.15 HSBC Finance Corporation 6.6760 15/01/21 285,000 309 0.14 Humana 6.3000 01/08/18 537,000 625 0.28 IBM Corporation 1.9500 22/07/16 600,000 618 0.27 International Paper 7.9500 15/06/18 1,165,000 1,470 0.65 Jabil Circuit 8.2500 15/03/18 140,000 165 0.07 John Sevier 4.6260 15/01/42 670,000 753 0.33 JPMRR (VAR) 5.4000 06/01/42 600,000 661 0.29 JP Morgan Chase & Co 4.3500 15/08/21 185,000 196 0.09 Juniper Networks 5.9500 15/03/41 290,000 335 0.15 Legg Mason 5.5000 21/05/19 405,000 410 0.18 Los Angeles California Community College 6.6000 01/08/42 650,000 856 0.38 Marathon Oil Corporation 6.6000 01/10/37 135,000 168 0.07 Marathon Petroleum Corporation 5.1250 01/03/21 340,000 381 0.17 Microsoft 4.5000 01/10/40 1,075,000 1,241 0.55 Municipal Electric Authority of Georgia 6.6370 01/04/57 670,000 778 0.34 New Jersey St 4.2520 01/01/16 1,010,000 1,048 0.46 Newmont Mining Corporation 4.8750 15/03/42 575,000 563 0.25 Noble 3.9500 15/03/22 520,000 527 0.23 Noble Energy 6.0000 01/03/41 530,000 607 0.27 Occidental Petroleum 1.5000 15/02/18 230,000 231 0.10 Omnicom Group 4.4500 15/08/20 755,000 815 0.36 Oncore Electric Delivery 4.5500 01/12/41 460,000 440 0.19 Paccar Financial Corporation (MTN) 1.0500 05/06/15 1,170,000 1,175 0.52 Port Authority New York & New Jersey 6.0400 01/12/29 575,000 738 0.33 Progress Energy 3.1500 01/04/22 310,000 313 0.14 Prudential Financial (MTN) 6.6250 01/12/37 135,000 153 0.07 Public Services Company of New Mexico 7.9500 15/05/18 510,000 611 0.27 Public Services Electric & Gas 3.9500 01/05/42 240,000 249 0.11 Qwest Corporation 7.5000 15/06/23 740,000 746 0.33 Raymond James Financial 5.6250 01/04/24 485,000 519 0.23 Rowan 7.8750 01/08/19 380,000 459 0.20 Rowan 4.8750 01/06/22 225,000 227 0.10 San Diego California Regional Transport 5.9110 01/04/48 85,000 113 0.05 Scana Corporation (MTN) 4.7500 15/05/21 365,000 388 0.17 Simon Property Group 6.1250 30/05/18 290,000 344 0.15

188 Aberdeen Global II - US Dollar Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Southern CA Public Power Authority 5.9430 01/07/40 40,000 48 0.02 Southern California Edison 4.0500 15/03/42 135,000 141 0.06 Time Warner 6.1000 15/07/40 187,000 216 0.10 University of California 4.8580 15/05/12 490,000 503 0.22 Verizon New England 7.8750 15/11/29 425,000 522 0.23 Verizon New York 7.3750 01/04/32 630,000 782 0.35 Verizon Wireless Capital 5.5500 01/02/14 500,000 535 0.24 Wal-Mart Stores 3.2500 25/10/20 655,000 704 0.31 Weatherford 4.5000 15/04/22 100,000 103 0.05 Wellpoint 4.6250 15/05/42 425,000 440 0.19 Wells Fargo & Co 1.5000 01/07/15 1,175,000 1,178 0.52 48,687 21.53

Corporate Bonds 56,089 24.82

Government Bonds - 54.68% United States - 54.68% US Treasury 6.2500 15/08/23 2,410,000 3,501 1.55 US Treasury 7.6250 15/02/25 1,085,000 1,776 0.79 US Treasury 1.2500 30/04/19 885,000 895 0.40 US Treasury 0.2500 15/05/15 33,770,000 33,629 14.90 US Treasury 1.7500 15/05/22 6,021,000 6,071 2.69 US Treasury 0.2500 31/05/14 25,550,000 25,522 11.31 US Treasury 3.1250 15/02/42 10,752,000 11,550 5.12 US Treasury 0.6250 31/05/17 30,788,000 30,651 13.58 US Treasury 1.3750 15/11/12 9,750,000 9,795 4.34 123,390 54.68

Government bonds 123,390 54.68

Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market 202,684 89.78

Other transferable securities and money market instruments Asset Backed Bonds / Mortgage Backed Bonds - 5.02% United Kingdom - 1.97% Arkle Master Issuer (FRN) 1.8659 17/05/60 660,000 663 0.29 Holmes Master Issuer (FRN) 1.8667 15/10/54 482,000 485 0.21 Holmes Master Issuer (FRN) 2.1167 15/10/54 775,000 781 0.35 Holmes Master Issuer (FRN) 2.2167 15/10/54 530,000 536 0.24 Holmes Master Issuer (FRN) 2.0167 21/10/54 730,000 736 0.33 PERMM (FRN) 2.0667 15/07/42 490,000 494 0.22 Silverstone Master Issuer (FRN) 2.0157 21/01/55 750,000 755 0.33 4,450 1.97

www.aberdeen-asset.com 189 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % United States - 3.05% Ally Master Owner Trust 4.2500 15/04/17 1,030,000 1,111 0.49 Centerpoint Energy Transition 3.0282 15/10/25 1,570,000 1,660 0.74 Chesapeake Funding (FRN) 1.4898 07/04/24 460,000 465 0.21 ERAC USA Finance 7.0000 15/10/37 235,000 284 0.13 Extended Stay America Trust 2.9505 05/11/27 1,222,788 1,235 0.55 JP Morgan 2.1597 26/01/37 562,019 556 0.25 Santander Drive Auto Receivables 2.3900 15/06/17 1,500,000 1,537 0.68 6,848 3.05

Asset Backed Bonds / Mortgage Backed Bonds 11,298 5.02

Corporate Bonds - 4.11% Australia- 0.74% Wea Finance 6.7500 02/09/19 1,415,000 1,672 0.74

Netherlands - 0.35% ABN Amro Bank 4.2500 02/02/17 555,000 566 0.25 ING 3.7500 07/03/17 225,000 224 0.10 790 0.35

Sweden - 0.22% Nordea Bank 3.1250 20/03/17 495,000 498 0.22

United Kingdom - 0.45% BG Energy Capital 2.8750 15/10/16 600,000 633 0.28 Highmark 6.1250 15/05/41 350,000 375 0.17 1,008 0.45

United States - 2.35% Blackstone Holdings Finance 6.6250 15/08/19 930,000 1,020 0.45 GECC Holdings 3.8000 18/06/19 555,000 561 0.25 Harley-Davidson 2.7000 15/03/17 820,000 833 0.37 International Lease Finance Corporation 6.5000 01/09/14 840,000 890 0.39 Liberty Mutual Group 6.5000 01/05/42 355,000 361 0.16 Nationwide Mutual Insurance 9.3750 15/08/39 295,000 390 0.17 Penske Truck Leasing 3.7500 11/05/17 1,250,000 1,261 0.56 5,316 2.35

Corporate Bonds 9,284 4.11

Other transferable securities and money market instruments 20,582 9.13

Total transferable securities and money market instruments 223,266 98.91

190 Aberdeen Global II - US Dollar Bond Financial Derivative Instruments - nil Future contracts - nil Unrealised Percentage of gains/(losses) total net Future Maturity Notional US$’000 assets % CBT US 10 Year Note 19/09/12 (11) 7 - CBT US Long Bond 19/09/12 (7) 4 - Unrealised gains on future contracts 11 -

Unrealised gains on financial derivative instruments 11 -

Total investments 223,277 98.91 Other net assets 2,464 1.09 Total 225,741 100.00

www.aberdeen-asset.com 191 US Dollar High Yield Bond For the year ended 30 June 2012

Performance Portfolio review For the year ended 30 June 2012, the value of US Dollar High Yield Our strategy is to maintain positioning within defensive industries Bond - I Accumulation increased by 7.04% compared to an increase of represented by companies with more stable end-demand 10.31% in the benchmark, the Credit Suisse High Yield Upper Tier Index characteristics. Our portfolios are constructed via bottom-up security until 31 December 2011 then Bank of America Merrill Lynch US High selection, and we feel that these particular credits and sectors will Yield Master II Unconstrained Index. perform better in the event of a market correction. We believe that this Source: BNP Paribas, Total Return, USD. strategy will deliver strong risk-adjusted returns over the credit cycle. Benchmark change The aforementioned volatility in late summer/early fall 2011 provided an excellent test of our strategy and its ability to outperform in down On 1 January 2012 the benchmark changed to become the Bank of markets. While the broad market index (Bank of America/Merrill Lynch America Merrill Lynch US High Yield Master II Index. US High Yield Master II) declined nearly 10% during this downturn, our portfolios’ defensive positioning in asset-heavy issuers provided 200 Manager’s review bps of outperformance. Global fixed income markets again were volatile throughout the 12-month period under review. For the second consecutive year, Outlook uncertainty over the future of the Eurozone was the primary driver of Our outlook for defaults in the high yield sector remains benign given risk asset performance globally. After a brief rally in July, the US high the amount of balance sheet repair that has occurred since the peak of yield market saw credit spreads rise to the highest level since the credit crunch. We stress that there are some “bad apples” in the September 2009 on fears of European bank insolvency, peaking at 902 bunch that have been unable to participate in the refinancing over the basis points (bps) on October 4, 2011. Despite the volatility, the Bank last three years, but the vast majority of the issuers in the high-yield of America/Merrill Lynch High Yield Master II Index ended the year with space are in excellent financial condition. a respectable 6.52% return. The best-performing sectors over the year were autos and restaurants, while utilities and metals/mining lagged. The US high-yield market continues to benefit from the global hunt for yield. Inflows into the asset class have been robust and high-yield issuers continue to take advantage of the technical by issuing new bonds for the purpose of refinancing. The end result is the healthiest collective balance sheets that at any other time in the history of the asset class, which should keep the default rate well below the long- term average of the next one to two years. While we are confident that default activity will remain benign in the near term, we are keeping a close eye on high-yield asset flows, as large outflows can quickly turn market sentiment.

192 Aberdeen Global II - US Dollar High Yield Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 US$’000 US$’000 Assets Income Investments in securities at market value (note 2.2) 154,661 Investment income 10,825 Cash at bank 13,619 Bank interest 1 Interest receivable 3,520 Other income 2 Subscriptions receivable 1,536 Total income 10,828 Receivable for investments sold 2,616 Unrealised gains on forward currency exchange Expenses contracts (note 2.6) 633 Management fees (note 4.5) 786 Unrealised gains on swap contracts (note 2.8) 852 Administration fees (note 4.1) 137 Other assets 103 Custodian fees (note 4.2) 8 Total assets 177,540 Domiciliary agent, registrar, paying and transfer agent fees (note 4.3) 40 Liabilities Management Company fees (note 4.4) 13 Payable for investments purchased 3,860 Operational expenses (note 4.6) 39 Taxes and expenses payable 181 Expense cap refunded by Investment Manager (note 4.7) (103) Redemptions payable 3,009 Annual tax (note 4.8) 14 Other liabilities 50 Total expenses 934 Total liabilities 7,100 Net gains from investments 9,894 Net assets at the end of the year 170,440 Realised losses on investments (897) Realised losses on forward currency exchange contracts (5,351) Statement of Changes in Net Assets Realised gains on swap contracts 286 For the year from 1 July 2011 to 30 June 2012 Realised currency exchange losses (3,085) US$’000 Net realised losses (9,047) Net assets at the beginning of the year 103,858 Net gains from investments 9,894 Increase in unrealised depreciation on investments (2,183) Net realised losses (9,047) Increase in unrealised appreciation on forward currency Net unrealised losses (731) exchange contracts 311 Proceeds from shares issued 144,351 Decrease in unrealised depreciation on swap contracts 1,050 Payments for shares redeemed (78,652) Unrealised currency exchange gains 91 Net equalisation received (note 10) 817 Net unrealised losses (731) Dividends paid (note 5) (50) Net increase in assets as a result of operations 116 Net assets at the end of the year 170,440

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-1 I-2 I(GBP)-2^ I(EUR)-2^ Z-2 Shares outstanding at the beginning of the year - 1,207,050 39,500 1,835,896 665,640 Shares issued during the year 281,535 3,128,173 - 718,643 3,557,256 Shares redeemed during the year (32,154) (1,478,456) (39,500) (759,671) (1,402,065) Shares outstanding at the end of the year 249,381 2,856,767 - 1,794,868 2,820,831 Net asset value per share 9.9274 22.9112 - 27.0264 14.5182 The accompanying notes form an integral part of these financial statements. ^Hedged Share Class

www.aberdeen-asset.com 193 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Corporate Bonds - 79.35% Brazil - 0.53% OGX Petroleo E Gas 8.5000 01/06/18 1,000,000 895 0.53

Canada - 3.13% Garda World Securities Corporation 9.7500 15/03/17 2,055,000 2,107 1.24 Taseko Mines 7.7500 15/04/19 3,349,000 3,215 1.89 5,322 3.13

Luxembourg - 1.87% Intelsat Bermuda (PIK) 11.5000 04/02/17 3,082,709 3,194 1.87

United States - 72.32% AAR Corporation 7.2500 15/01/22 1,705,000 1,692 0.99 Acadia Healthcare 12.8750 01/11/18 1,540,000 1,763 1.03 Aircastle 7.6250 15/04/20 2,765,000 2,820 1.65 Alpha Natural Resources 6.2500 01/06/21 3,310,000 2,813 1.65 Apria Healthcare 12.3750 01/11/14 1,528,000 1,455 0.85 Arch Coal 7.2500 15/06/21 3,830,000 3,227 1.89 Boyd Gaming 9.1250 01/12/18 1,630,000 1,687 0.99 BWAY 10.0000 15/06/18 725,000 801 0.47 Carrizo Oil & Gas 8.6250 15/10/18 1,310,000 1,375 0.81 CCO Holdings Corporation 6.6250 31/01/22 1,710,000 1,838 1.08 Chaparral Energy 8.2500 01/09/21 1,175,000 1,248 0.73 Cheseapeake Midstream 5.8750 15/04/21 1,650,000 1,609 0.94 Cincinnati Bell 8.3750 15/10/20 3,205,000 3,277 1.92 Commercial Barge Line 12.5000 15/07/17 754,000 856 0.50 Commonstock Resources 8.3750 15/10/17 1,415,000 1,373 0.81 Commonstock Resources 9.5000 15/06/20 1,925,000 1,901 1.12 Consol Energy 6.3750 01/03/21 2,995,000 2,830 1.66 Cricket Communications 7.7500 15/10/20 3,020,000 2,899 1.70 Cricket Communications 10.0000 15/07/15 2,500,000 2,587 1.52 Dyncorp International 10.3750 01/07/17 2,510,000 2,159 1.27 Edison Mission Energy 7.0000 15/05/17 4,130,000 2,333 1.37 Energy Future Competitive 7.4800 01/01/17 756,186 665 0.39 Energy Future Holdings 10.0000 15/01/20 1,120,000 1,201 0.70 Energy Solutions 10.7500 15/08/18 2,010,000 1,688 0.99 EV Energy Partners 8.0000 15/04/19 1,255,000 1,252 0.73 Exco Resources 7.5000 15/09/18 2,640,000 2,297 1.35 Fidelity National Information 5.0000 15/03/22 815,000 833 0.49 First Data Corporation (PIK) 10.5500 24/09/15 1,694,028 1,741 1.02 Forbes Energy Services 9.0000 15/06/19 1,745,000 1,658 0.97 Genon Energy 9.8750 15/10/20 2,855,000 2,798 1.64 Greektown Superholdings 13.0000 01/07/15 1,485,000 1,630 0.96 Greif Luxembourg Finance 7.3750 15/07/21 975,000 1,290 0.76

194 Aberdeen Global II - US Dollar High Yield Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Hanesbrands 6.3750 15/12/20 750,000 793 0.47 HCA 6.5000 15/02/20 825,000 896 0.53 International Lease Finance 6.2500 15/05/19 1,215,000 1,238 0.73 IPCS (FRN) 2.5909 01/05/13 975,000 968 0.57 Jabil Circuit 8.2500 15/03/18 1,440,000 1,696 1.00 KB Home 8.0000 15/03/20 2,030,000 2,076 1.22 Levi Strauss & Co 6.8750 01/05/22 1,270,000 1,310 0.77 Mandalay Resort 7.6250 15/07/13 1,000,000 1,030 0.60 Marina District Finance 9.8750 15/08/18 3,260,000 3,089 1.81 Meritage Homes Corporation 7.0000 01/04/22 805,000 831 0.49 Nationstar Mortgage Corporation 10.8750 01/04/15 1,270,000 1,378 0.81 Navios Maritime 8.1250 15/02/19 1,490,000 1,281 0.75 Norcraft Finance 10.5000 15/12/15 3,090,000 3,074 1.80 Nortek 8.5000 15/04/21 2,330,000 2,289 1.34 NPC International 10.5000 15/01/20 1,145,000 1,274 0.75 Number Merger Sub 11.0000 15/12/19 2,000,000 2,170 1.27 Oasis Petroleum 6.5000 01/11/21 1,510,000 1,502 0.88 Offshore Group Investment 11.5000 01/08/15 1,445,000 1,575 0.92 Offshore Group Investment 11.5000 01/08/15 1,530,000 1,668 0.98 Peabody Emery Corporation 6.2500 15/11/21 1,240,000 1,234 0.72 Petroleum Development 12.0000 15/02/18 2,105,000 2,263 1.33 PNM Resources 9.2500 15/05/15 575,000 659 0.39 Post Holdings 7.3750 15/02/22 2,140,000 2,263 1.33 Pretium Packaging 11.5000 01/04/16 1,935,000 1,964 1.15 Quicksilver Resources 7.1250 01/04/16 1,735,000 1,345 0.79 Quicksilver Resources 8.2500 01/08/15 2,240,000 2,106 1.24 Radnet Management 10.3750 01/04/18 2,000,000 2,010 1.18 RSC Equipment Rent 10.2500 15/11/19 585,000 661 0.39 Seagate HDD Cayman 7.0000 01/11/21 1,235,000 1,337 0.78 Servicemaster Co 7.1000 01/03/18 2,310,000 2,166 1.27 Sprint Nextel Corporation 11.5000 15/11/21 4,240,000 4,738 2.78 Sungard Data Systems 7.6250 15/11/20 1,260,000 1,348 0.79 Tenet Healthcare 8.0000 01/08/20 1,320,000 1,373 0.81 Transunion Holdings Company 9.6250 15/06/18 1,245,000 1,351 0.79 Venoco 8.8750 15/02/19 4,121,000 3,771 2.21 Westmoreland Coal Company 10.7500 01/02/18 1,700,000 1,526 0.90 Westmoreland Coal Company 10.7500 01/02/18 1,045,000 938 0.55 Windstream Corporation 7.7500 01/10/21 445,000 474 0.28 123,261 72.32

South Africa - 1.50% Sappi Papier Holdings 8.3750 15/06/19 2,545,000 2,558 1.50

Corporate Bonds 135,230 79.35

www.aberdeen-asset.com 195 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Corporate Convertible Bonds - 1.47% United States - 1.47% GMX Resources 4.5000 01/05/15 5,465,000 2,514 1.47

Corporate Convertible Bonds 2,514 1.47

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 137,744 80.82

Other transferable securities and money market instruments Corporate Bonds - 9.92% Brazil - 0.36% OGX Petroleo E Gas Participacoes 8.5000 01/06/18 690,000 618 0.36

Canada - 1.38% Ainsworth Lumber (PIK) 6.0000 29/07/15 2,684,094 2,349 1.38

United States - 8.18% Alaska Communication Systems 6.2500 01/05/18 3,895,000 2,746 1.61 Clearwire 12.0000 01/12/15 5,690,000 5,206 3.05 Hercules Offshore 10.2500 01/04/19 2,910,000 2,786 1.63 Hoa Restaurant 11.2500 01/04/17 2,135,000 1,988 1.17 Nesco Holdings Corporation 11.7500 15/04/17 550,000 567 0.33 Wok Acquisition Corporation 10.2500 30/06/20 635,000 657 0.39 13,950 8.18

Corporate Bonds 16,917 9.92

Other transferable securities and money market instruments 16,917 9.92

Total transferable securities and money market instruments 154,661 90.74

Financial Derivative Instruments - 0.87% Forward currency exchange contracts - 0.37% Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$’000 assets % EUR USD 13/07/12 374,000 475,492 (1) - EUR USD 06/07/12 511,327 650,000 (1) - EUR USD 13/07/12 546,018 693,000 - - EUR USD 13/07/12 573,692 725,000 3 - EUR USD 06/07/12 607,786 760,000 11 0.01 EUR USD 06/07/12 3,784,500 4,737,664 65 0.04 EUR USD 06/07/12 3,785,000 4,738,339 65 0.04 EUR USD 06/07/12 3,785,000 4,753,392 50 0.02 EUR USD 13/07/12 3,818,000 4,801,318 44 0.02 EUR USD 13/07/12 3,818,000 4,801,872 44 0.02 EUR USD 13/07/12 3,819,000 4,802,874 44 0.02

196 Aberdeen Global II - US Dollar High Yield Bond Unrealised Percentage of gains/(losses) total net Buy Sell Settlement Buy Amount Sell Amount US$’000 assets % EUR USD 20/07/12 3,966,000 5,042,004 (8) - EUR USD 20/07/12 3,966,000 5,042,924 (9) (0.01) EUR USD 20/07/12 3,967,000 5,044,548 (10) (0.01) EUR USD 27/07/12 4,062,000 5,061,094 95 0.06 EUR USD 27/07/12 4,062,000 5,061,662 94 0.06 EUR USD 27/07/12 4,062,000 5,062,024 94 0.06 USD CAD 20/07/12 776,516 776,516 (5) - USD CAD 20/07/12 1,422,954 1,422,954 27 0.02 USD EUR 06/07/12 310,000 248,394 (5) - USD EUR 06/07/12 353,000 283,916 (7) - USD EUR 13/07/12 841,000 674,012 (14) (0.01) USD EUR 20/07/12 1,401,621 1,059,000 57 0.03 Unrealised gains on forward currency exchange contracts 633 0.37

Swap contracts - 0.50% Unrealised Percentage of gains/(losses) total net Counterparty Ccy Termination Notional Fund Pays Fund Receives US$’000 assets % Credit default swap contracts - 0.50% JP Morgan USD 20/06/15 1,335,000 Dean Foods 5.0000% 81 0.05 Goldman Sachs USD 20/12/15 875,000 Goodyear Tire 5.0000% (11) (0.01) Barclays Bank USD 20/09/16 1,500,000 5.0000% Realogy Corporation 207 0.12 Goldman Sachs USD 20/09/16 1,000,000 5.0000% Caesars Enterprise 392 0.23 Goldman Sachs USD 20/09/16 1,050,000 Goodyear Tire 5.0000% (41) (0.02) JP Morgan USD 20/09/16 1,450,000 1.0000% MCA Holdings 29 0.02 Morgan Stanley USD 20/12/13 2,000,000 5.0000% Realogy Corporation 28 0.02 Morgan Stanley USD 20/12/16 1,600,000 5.0000% Norbord (68) (0.04) Goldman Sachs USD 20/03/17 1,900,000 1.0000% Southwest Airlines 47 0.03 Goldman Sachs USD 20/03/17 1,550,000 5.0000% UTD Rental 6 - Goldman Sachs USD 20/03/17 2,400,000 Bomberdier 5.0000% 101 0.06 Goldman Sachs USD 20/03/17 700,000 Alcatel 5.0000% (140) (0.08) Morgan Stanley USD 20/03/17 1,500,000 5.0000% Sears 352 0.20 Goldman Sachs USD 20/03/17 1,500,000 5.0000% Sears 353 0.20 Goldman Sachs USD 20/06/17 1,800,000 5.0000% Hertz (6) - Barclays Capital USD 20/06/17 2,800,000 Chesapeak 5.0000% (207) (0.12) Barclays Capital USD 20/06/17 2,500,000 Alcatel 5.0000% (526) (0.31) Barclays Capital USD 20/06/17 2,700,000 1.0000% Southwest Airlines 79 0.05 Barclays Capital USD 20/06/17 1,200,000 5.0000% UTD Rental 13 0.01 Barclays Capital USD 20/06/17 900,000 5.0000% Hertz 7 - Deutsche Bank USD 20/06/17 900,000 5.0000% Realogy Corporation 156 0.09 Unrealised gains on credit default swap contracts 852 0.50

Unrealised gains on swap contracts 852 0.50

Unrealised gains on financial derivative instruments 1,485 0.87

Total investments 156,146 91.61 Other net assets 14,294 8.39 Total 170,440 100.00

www.aberdeen-asset.com 197 US Dollar Short Term Bond For the year ended 30 June 2012

Performance Portfolio review For the year ended 30 June 2012, the value US Dollar Short Term Bond The Fund underperformed its benchmark over the period under review. - A Accumulation shares increased by 0.18% compared to an increase The portfolio was structured for yield curve flattening throughout the of 0.77% in the benchmark, Citigroup US World Government Bond year and this provided positive returns with 5 year US Treasury yields Index 1-3 Years. dropping close to 100 basis points to close at 0.71%. Overall portfolio Source: Aberdeen Asset Management and Lipper duration was traded with a bias to be short relative to the benchmark Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, USD. given the outright low level of yields. Other contributions to performance were made from investments within spread sectors, most Fund name change notably those in short dated fixed and floating corporate and financial On 1 December 2011 the Fund changed its name from Aberdeen issuance. Global II – Short Term US Dollar Bond Fund to Aberdeen Global II – US Dollar Short Term Bond Fund. Outlook Looking forward, the market will continue to be preoccupied with the Manager’s review Eurozone crisis. Financial market repression is generating negligible The third quarter of 2011 was extremely volatile with increasing yields on so-called safe assets. In an environment of sub-par growth concerns over the future of the Eurozone, disappointing global activity and further central bank accommodation, there is still scope for some indicators and protracted US debt ceiling negotiations. further easing of financial market conditions which should support responsible risk-taking. In American politics a last minute deal was reached on the debt ceiling in August. A preliminary agreement was made for a US$2.1 trillion increase to the debt ceiling and around US$2.4 trillion in cuts. In spite of this, Standard & Poor’s downgraded the US long-term debt rating to AA+ and left the outlook as negative. In November the bipartisan Congressional super committee failed to reach an agreement on a plan to reduce the US budget deficit. Consequently, US$1.2 trillion of cuts will automatically be triggered beginning in 2013. Towards the end of 2011 sentiment surrounding the US economy improved with consumer confidence, housing data and payroll releases surprising to the upside. The US Federal Open Market Committee (FOMC) made two statements over the period. In January, the FOMC projected weaker growth and inflation data over the next 12-18 months and as a consequence foresaw US Federal Reserve (Fed) funds remaining at their current, near-zero rate until late 2014. In contrast to market expectations, the FOMC statement in March made no reference to additional quantitative easing measures. Fed Chairman Bernanke made a number of resolutely dovish comments, centering on the belief that the underlying dynamics of the labour market were softer than the declines the unemployment rate suggested. The Fed announced an extension of Operation Twist in June, buying US$267 billion in government securities with maturities ranging between 6 and 30 years, while selling shorter dated maturities. The decision was broadly anticipated by the market, following dovish comments from key Fed policymakers and a backdrop of disappointing economic data.

198 Aberdeen Global II - US Dollar Short Term Bond Statement of Net Assets Statement of Operations As at 30 June 2012 For the year from 1 July 2011 to 30 June 2012 US$’000 US$’000 Assets Income Investments in securities at market value (note 2.2) 239,590 Investment income 3,034 Cash at bank 17,491 Bank interest 10 Amounts held at futures clearing houses and brokers 221 Total income 3,044 Interest receivable 1,611 Subscriptions receivable 561 Expenses Unrealised gains on future contracts (note 2.7) 31 Management fees (note 4.5) 2,189 Total assets 259,505 Administration fees (note 4.1) 81 Custodian fees (note 4.2) 35 Liabilities Domiciliary agent, registrar, paying and transfer agent Payable for investments purchased 3,993 fees (note 4.3) 77 Taxes and expenses payable 314 Management Company fees (note 4.4) 24 Redemptions payable 775 Operational expenses (note 4.6) 94 Other liabilities 40 Annual tax (note 4.8) 122 Total liabilities 5,122 Total expenses 2,622

Net assets at the end of the year 254,383 Net gains from investments 422

Realised losses on investments (1,668) Statement of Changes in Net Assets Realised gains on future contracts 782 For the year from 1 July 2011 to 30 June 2012 Net realised losses (886) US$’000 Net assets at the beginning of the year 263,524 Increase in unrealised appreciation on investments 841 Net gains from investments 422 Decrease in unrealised appreciation on future contracts (21) Net realised losses (886) Net unrealised gains 820 Net unrealised gains 820 Net increase in assets as a result of operations 356 Proceeds from shares issued 64,889 Payments for shares redeemed (74,339) Net equalisation received (note 10) 7 Dividends paid (note 5) (54) Net assets at the end of the year 254,383

Share Transactions For the year from 1 July 2011 to 30 June 2012 A-1 A-2 Shares outstanding at the beginning of the year 219,195 796,447 Shares issued during the year 199,447 147,041 Shares redeemed during the year (45,474) (230,924) Shares outstanding at the end of the year 373,168 712,564 Net asset value per share 102.9724 303.0698 The accompanying notes form an integral part of these financial statements.

www.aberdeen-asset.com 199 Portfolio Statement As at 30 June 2012

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market Asset Backed Bonds / Mortgage Backed Bonds - 5.15% United Kingdom - 1.82% Aire Valley Mortgages (FRN) 0.6879 20/09/66 5,559,182 4,642 1.82

United States - 3.33% FNMA 3.8750 12/07/13 8,165,000 8,473 3.33

Asset Backed Bonds / Mortgage Backed Bonds 13,115 5.15

Corporate Bonds - 61.18% Australia- 5.41% Australia & NZ Banking Group 2.4000 11/01/13 1,500,000 1,513 0.59 National Australia Bank 2.7500 28/09/15 3,525,000 3,591 1.41 National Australia Bank (FRN) 1.1892 11/04/14 3,000,000 3,003 1.18 Westpac Banking Corporation 1.9000 14/12/12 5,640,000 5,675 2.23 13,782 5.41

Canada - 4.46% Bank of Nova Scotia 1.8500 12/01/15 1,250,000 1,271 0.50 Royal Bank of Canada 1.4500 30/10/14 2,800,000 2,837 1.12 Royal Bank of Canada (FRN) 0.6179 12/12/12 3,620,000 3,625 1.43 Royal Bank of Canada (MTN) 2.1000 29/07/13 3,525,000 3,585 1.41 11,318 4.46

France - 7.57% BNP Paribas (FRN) 1.3692 10/01/14 5,000,000 4,897 1.93 Caisse D'Amortissement Dette 1.6250 27/11/12 7,050,000 7,073 2.78 Caisse D'Amortissement Dette 1.6250 06/07/15 4,000,000 3,998 1.57 Dexia Credit Local 2.7500 10/01/14 3,313,000 3,277 1.29 19,245 7.57

Germany - 11.11% FMS Wertmanagement (FRN) 0.5657 25/04/13 10,000,000 9,996 3.93 KFW 1.3750 13/01/14 5,000,000 5,071 1.99 Landwirtschaftliche Rentenbank 1.8750 24/09/12 2,115,000 2,123 0.83 L-Bank BW Foerderbank 1.7500 18/02/14 4,000,000 4,064 1.60 NRW Bank (FRN) 0.9169 21/05/13 2,000,000 2,003 0.79 Volkswagen International Finance (FRN) 1.2179 21/03/14 5,000,000 4,999 1.97 28,256 11.11

Japan - 0.99% Bank of Tokyo - Mitsubishi 1.6000 11/09/13 2,500,000 2,512 0.99

Netherlands - 5.72% ABN Amro Bank 3.0000 31/01/14 3,000,000 3,023 1.19 BK Nederlandse Gemeenten 1.3750 23/03/15 3,500,000 3,507 1.38 Neder Financierings Maat (EMTN) (FRN) 1.4669 02/03/15 5,000,000 5,009 1.97 Neder Waterschapbank (EMTN) (FRN) 0.8669 27/05/14 3,000,000 2,994 1.18 14,533 5.72

200 Aberdeen Global II - US Dollar Short Term Bond Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % Spain - 1.28% BBVA US Senior Uniper (FRN) 2.5909 16/05/14 3,500,000 3,256 1.28

Switzerland - 1.98% UBS London 1.8750 23/01/15 5,000,000 5,043 1.98

United Kingdom - 16.27% Barclays Bank (FRN) 1.5087 13/01/14 3,000,000 3,004 1.18 GlaxoSmithKline Capital 0.7500 08/05/15 3,250,000 3,252 1.28 HSBC Bank (FRN) 1.2662 17/01/14 7,000,000 7,018 2.76 Lloyds TSB (FRN) 2.8157 24/01/14 10,050,000 10,109 3.97 Nationwide Building Society 5.5000 18/07/12 9,000,000 9,022 3.55 Royal Bank of Scotland 3.2500 11/01/14 4,000,000 4,017 1.58 Standard Chartered (FRN) 1.4169 12/05/14 5,000,000 4,957 1.95 41,379 16.27

United States - 6.39% Goldman Sachs (FRN) 1.4659 07/02/14 2,000,000 1,977 0.77 HSBC Finance Corporation 6.3750 27/11/12 2,000,000 2,043 0.80 IBM Corporation 0.8750 31/10/14 5,000,000 5,027 1.98 Johnson & Johnson 1.2000 15/05/14 3,500,000 3,549 1.40 Wyeth 5.5000 15/03/13 3,525,000 3,651 1.44 16,247 6.39

Corporate Bonds 155,571 61.18

Commercial Papers - 3.14% United Kingdom - 3.14% Prudential 0.0000 04/09/12 8,000,000 7,996 3.14

Commercial Papers 7,996 3.14

Government Bonds - 17.28% Belgium - 2.87% Belgium (Kingdom of) (EMTN) 4.2500 03/09/13 7,050,000 7,295 2.87

Germany - 0.39% Germany (Federal Republic of) 1.5000 21/09/12 1,000,000 1,003 0.39

Norway - 1.95% Kommunalbanken (EMTN) 2.0000 14/01/13 4,934,000 4,972 1.95

Sweden,- 1.18% SBAB Bank 0.0000 26/10/12 3,000,000 2,995 1.18

www.aberdeen-asset.com 201 PORTFOLIO STATEMENT CONTINUED

Percentage of Market Value total net Security Coupon (%) Maturity Nominal US$’000 assets % United States - 10.89% US Treasury 1.8750 28/02/14 4,500,000 4,616 1.81 US Treasury 2.2500 31/01/15 4,000,000 4,192 1.65 US Treasury 2.5000 30/04/15 6,500,000 6,881 2.70 US Treasury 2.3750 31/08/14 6,500,000 6,787 2.67 US Treasury 2.3750 31/10/14 5,000,000 5,234 2.06 27,710 10.89

Government Bonds 43,975 17.28

Transferable securities and money market instruments admitted to an official exchange listing/dealt in on another regulated market 220,657 86.75

Other transferable securities and money market instruments Corporate Bonds - 7.44% Australia - 1.97% Australia & NZ Banking Group (FRN) 1.2092 10/01/14 5,000,000 5,003 1.97

Italy - 1.85% Intesa Sanpaolo Spa (FRN) 2.8669 24/02/14 5,000,000 4,697 1.85

Netherlands - 3.62% ING 2.0000 18/10/13 5,640,000 5,602 2.20 Rabobank Nederland 3.2000 11/03/15 3,525,000 3,631 1.42 9,233 3.62

Corporate Bonds 18,933 7.44

Other transferable securities and money market instruments 18,933 7.44

Total transferable securities and money market instruments 239,590 94.19

Financial Derivative Instruments - 0.01% Future contracts - 0.01% Unrealised Percentage of gains/(losses) total net Future Maturity Notional US$’000 assets % CBT US 5 Year Note 28/09/12 131 36 0.01 CBT US 2 Year Note 28/09/12 106 (5) - Unrealised gains on future contracts 31 0.01

Unrealised gains on financial derivative instruments 31 0.01

Total investments 239,621 94.20 Other net assets 14,762 5.80 Total 254,383 100.00

202 Aberdeen Global II - US Dollar Short Term Bond Notes to the Financial Statements

1 PRESENTATION OF THE FINANCIAL STATEMENTS 1.1 General Aberdeen Global II (“the Company”) was incorporated on 18 February 2008 as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as an open-ended société d’investissement à capital variable (a “SICAV”) with UCITS status (an Undertaking for Collective Investment in Transferable Securities as defined in the European Union Directive 85/611/EEC of 20 December 1985, as amended). The Company comprises various classes of shares, each relating to a separate portfolio (a “Fund”) consisting of securities, derivatives, cash and other sundry assets and liabilities. The Company is authorised as an undertaking for collective investment in transferable securities under part I of the Luxembourg law of 17 December 2010 on undertakings for collective investment. At 30 June 2012, the Company comprises twenty seven separate active Funds, providing shareholders with opportunities for investment in a wide variety of markets, securities and currencies.

1.2 Presentation of financial statements The accompanying financial statements present the assets and liabilities of the individual Funds and of the Company taken as a whole. The financial statements of each individual Fund are expressed in the currency designated in the prospectus for that particular Fund and the financial statements of the Company are expressed in United States Dollars (“US$”). The financial statements have been prepared in accordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies. As the financial statements are produced at a different valuation point to the daily dealing Net Asset Value (NAV) on 29 June 2012 and include dividend declarations, effective for the distribution period ended 30 June 2012 and certain accounting adjustments relating to the year ended 30 June 2012, the NAV’s shown throughout the report may differ from those advertised on 29 June 2012 for dealing in these Funds.

2 ACCOUNTING POLICIES 2.1 Accounting convention The financial statements have been prepared under the historical cost convention modified by the revaluation of investments.

2.2 Assets and portfolio securities valuation The market value of investments has been calculated using the last available prices at close of business on 29 June 2012 quoted on stock exchanges or over-the-counter market or any other organised market on which these investments are traded or admitted for trading. If such prices are not representative of their fair value, all such securities and all other permitted assets are valued at their fair value at which it is expected they may be resold as determined in good faith by or under the direction of the Directors. Mortgage and other asset backed securities are independently priced using appropriate models (FT-IDC evaluated prices) and certain corporate bonds are priced using indicative broker quotes.

Security Acronyms CLN Credit Linked Note DIP Default In Possession EMTN Euro Medium Term Note FRN Floating Rate Note GMTN Global Medium Term Note INDX Index Linked PERP Perpetual PIK Payment In Kind VAR Variable Rate Note SINK Sinking Bond

2.3 Income and expenses Interest is accrued on a day-to-day basis. In the case of debt securities issued at discount or premium to maturity value, the total income arising on such securities, taking into account the amortisation of such discount or premium on an effective interest rate basis, is spread over the life of the security.

www.aberdeen-asset.com 203 NOTES TO THE FINANCIAL STATEMENTS CONTINUED

In some cases, interest income on bonds may be received as a Payment in Kind (“PIK”). As a result of the uncertainties concerning the realisability of income from PIK bonds, PIK interest income is recognised on a receipts basis. Where a PIK bond settles physically the interest income is recognised as the lower of the market value and the nominal value of the settlement. In the event where there is no physical settlement, the factor change on that holding is recognised as interest income in the Statement of Operations at the point when the factor change occurs. Interest income is stated net of irrecoverable withholding taxes, if any. Net interest received / paid on swap contracts are reflected in investment income in the statement of operations. Expenses which do not relate to a particular Fund are allocated between Funds in proportion to the NAV’s of the individual Funds.

2.4 Foreign exchange The cost of investments, income and expenses in currencies other than the Fund’s relevant reporting currency have been recorded at the rate of exchange ruling at the time of the transaction. The market value of the investments and other assets and liabilities in currencies other than the relevant reporting currency has been converted at the rates of exchange ruling at 29 June 2012. Realised and unrealised exchange differences on the revaluation of foreign currencies are taken to the Statement of Operations.

2.5 Realised gains and losses on investments Realised gains and losses on investments is the difference between the historical average cost of the investment and the sale proceeds.

2.6 Forward currency exchange contracts Unsettled forward currency exchange contracts are valued using forward rates of exchange applicable at the balance sheet date for the remaining period until maturity. All unrealised gains and losses are recognised in the Statement of Operations.

2.7 Futures contracts Futures contracts are valued at the exchange quoted price at close of business on 29 June 2012. Initial margin deposits are made in cash upon entering into futures contracts. During the period the future contract is open, changes in the value of the contract are recognised as unrealised gains and losses by marking to market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealised losses or gains are incurred. Variation margin payments are recorded in the futures margin account in the Statement of Net Assets and related movements on unrealised results are recorded in the Statement of Operations. When the contract is closed, the Fund records a realised gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the opening transaction.

2.8 Swap contracts Funds may enter into Credit Default Swaps and other types of swaps agreements such as interest rate swaps, swaptions, overnight index swaps and inflation-linked swaps. Gains or losses resulting from swaps contracts are recognised in the Statement of Operations and Statement of Changes in Net Assets. Swaps are valued at fair value determined at close of business on 28 June 2012 using external independent third party supplied prices as determined in good faith, pursuant to procedures established by the Investment Manager.

2.9 Option contracts Funds may enter into the purchase of call and put Options. Gains or losses resulting from option contracts are recognised in the Statement of Operations and Statement of Changes in Net Assets. Options are valued at the exchange quoted price at close of business 29 June 2012.

3 SHARE CLASS INFORMATION 3.1 General Within each Fund, the Company is entitled to create different share classes. These are distinguished by their distribution policy or by any other criteria stipulated by the Directors. Classes A-1, C-1, D-1, E-1, I-1, J-1, K-1 and Z-1 are Distribution shares and Classes A-2, C-2, D-2, E-2,I-2, J-2, K-2 and Z-2 are Accumulation shares. The Company issues the Share Classes to investors as detailed in the Annual Report and Accounts and the Prospectus. They are offered for sale at a price based on NAV adjusted to reflect any applicable dealing charges plus an initial charge. Class A, Class C, Class I, Class J, Class K and Class Z shares may also be made available in Euro, Sterling, Japanese Yen or US Dollar hedged versions, or such other currencies as may be determined by the Directors of the Company.

204 Aberdeen Global II The Investment Manager will generally undertake currency hedging with the intention that, if the Fund were invested 100% in its Benchmark Index, the performance of the hedged Share Class will be protected from the moves in the value of other currencies relative to the currency of hedging. However, complete protection cannot be guaranteed. As the relevant Fund will not typically invest 100% in the Benchmark Index in practice and also as the Investment Manager may not always achieve a complete benchmark hedge, investors should note that the relevant Fund is likely to retain some (limited) exposure (positive or negative) to currency fluctuations. In any event such hedging will not exceed 105% of the Net Asset Value of the relevant Share Class. If due to market movements, a Share Class is more than 105% hedged, a reduction to such exposure will be sought within an appropriate timescale, subject to market conditions and the best interests of the shareholders of that Share Class. Hedges will be set and fixed at the beginning and end of each month or at any other time that the Investment Manager may deem appropriate. Investors should note that this may lead to an imperfect hedge over the lifetime of the hedge, i.e. the hedge may be above or below a perfect hedge in light of the respective currency value movements. The Investment Manager shall seek to achieve the hedging by using financial swaps, futures, forward currency exchange contracts, options and other similar derivative transactions deemed appropriate in its discretion but which are within the limits set down by the CSSF.

3.2 A, D, and E Share classes Class A, D, and E Shares are available to all investors. Class D shares are expressed in British Pounds (“GBP”) and Class E shares are expressed in Euro (“EUR”).

3.3 C, I, J, K and Z Share classes Class C, I, J, K and Z Shares are intended for Institutional Investors (as defined in the Prospectus) with an initial minimum investment limit of USD 1 million and a subsequent minimum limit of USD 10,000. They are subject to a reduced rate of Taxe d’Abonnement of 0.01% per annum. No C Shares were in issue at 30 June 2012.

3.4 UK Reporting Fund Regime UK Reporting Fund status is granted prospectively by the UK taxation authorities. It is the intention of the Board of Directors to continue to comply with the requirements of the Reporting Fund Regime for D, I, J, K and Z shares. Distributions on the D, I, J, K and Z share classes are subject to equalisation. Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It is the average amount of income included in the purchase price of Group 2 shares. Annually and within six months of the year end, the Manager will publish the UK Reporting Regime Report to investors for all share classes granted reporting fund status on its website (www.aberdeen-asset.co.uk/globalIIAnnualReportableIncome). The UK Reporting Regime Report to investors for each share class can also be requested in writing by contacting Aberdeen Global Services S.A. at the Shareholder Service Centre as detailed on the back cover of the Annual / Interim Report by 31 December each year.

3.5 Switches Investors may exchange their Shares of one Fund for Shares of the same Class in another Fund. Holders of Class C Shares may only exchange their Shares for Class C Shares in another Fund. Holders of Class A, Class D, Class E and Class U Shares may also exchange their Shares of one Fund for Class A, Class D, Class E or Class U Shares in the same or another Fund. However, holders of Class A, Class D, Class E or Class U Shares may only exchange their Shares for Class C, Class I, Class J, Class K or Class Z Shares in the same or another Fund with the prior consent of the Global Distributor and provided (where appropriate) they have a suitable agreement in place with the Investment Manager or one of its Associates and/or they qualify as an Institutional Investor and comply with the minimum investment requirements. Holders of Class I, Class J, Class K and Class Z Shares may exchange their Shares for Class A, Class, D, Class E and Class U Shares in the same or another Fund. Such Shareholders may also exchange their Shares for Class I, Class J, Class K or Class Z Shares in the same or another Fund with the prior consent of the Global Distributor and provided (where appropriate) they have a suitable agreement in place with the Investment Manager or one of its Associates and/or they qualify as an Institutional Investor and comply with the minimum investment requirements. Any exchange of Shares is subject to meeting the relevant Share Class qualifications and to the limitations and charges described in the section “Dealing in Shares of Aberdeen Global II”, under “Exchange (or Switching) of Shares”. A charge payable to the Global Distributor of up to 1% of the Net Asset Value of the shares being switched may be made.

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3.6 Dilution adjustment Frequent subscriptions and redemptions can potentially have a dilutive effect on the Fund’s NAV per share and be detrimental to the long term investors as a result of the transaction costs that are incurred by the Fund in relation to the trades undertaken by the investment manager. As detailed in the prospectus the Board of Directors’ current policy through delegation to the Investment Managers’ Investor Protection Committee (IPC) is normally to impose a dilution adjustment to the NAV of each Class of Shares, as follows: • A dilution rate is applied whenever net subscriptions or net redemptions exceed 5% of the total net asset value on a dealing day, or any other threshold determined by the Board of Directors (having considered prevailing market conditions); The dilution adjustment will be paid into the relevant Fund and becomes part of the relevant Fund’s NAV. The dilution adjustment is a percentage adjustment applied to each share class in a Fund on a dealing day determined on the basis of estimates of any dealing charges (including commission and/ or other costs) and/ or any bid/ offer spread that the Board of Directors believes are appropriate to take into account in respect of that Fund. Such dealing charges will reflect costs and liabilities not included in the calculation of the NAV of the relevant share class. A periodical review is undertaken in order to verify the appropriateness of the dilution factor being applied. The NAV per share disclosed in financial statements excludes any year end dilution adjustments but is adjusted for the items disclosed in note ‘1.2 Presentation of financial statements’.

4 EXPENSES 4.1 Administration fees Administration fees will not exceed 0.05% per annum (plus VAT, if any) of the net assets of the Company as determined on the last dealing day of each month with a minimum amount payable of £32,500 per annum.

4.2 Custodian fees The Custodian Bank receives a safekeeping fee, based on the market value of the stock involved and where it is registered, which will not exceed 2% per annum (plus VAT if any) of the net assets of the Company as determined on the last dealing day of each month. The custodian also receives transaction fees based on the number of transactions made by each fund and for reasonable out of pocket expenses.

4.3 Domiciliary, Registrar and Transfer, Paying, and Listing Agent’s fees The Company will pay Domiciliary, Paying , and Listing Agent fees not exceeding 0.01% per annum (plus VAT, if any) of the net assets of the Company as determined on the last Dealing Day of the month. The Company will pay Registrar and Transfer Agency fees not exceeding 0.1% per annum (plus VAT, if any) of the net assets of the Company as determined on the last Dealing Day of the month. The Listing Agent (BNP Paribas Securities Services SA, Luxembourg Branch until 20 October 2011 and with effect from 20 October 2011 Aberdeen Global Services S.A.) is entitled to receive a fee calculated in accordance with normal banking practice in Luxembourg and payable out of the assets of the Funds. The Listing Agent’s fee will not exceed 0.01% per annum (plus VAT, if any) of the net assets of the Company as determined on the last Dealing Day of the month.

4.4 Management Company fees The Company will pay the Management Company a fee which, based on the Net Asset Value at each month end, will not exceed 0.01% per annum of the Net Asset Value of each Fund.

4.5 Management fees The Investment Manager is entitled to receive management fees calculated on the Net Asset Value of the Funds, accrued daily. Where a Fund invests in a collective investment scheme managed by subsidiaries of Aberdeen Asset Management PLC, the Manager rebates the lower of the two levels of management fee by adjusting the management fee paid. This may give rise to an effective net management fee charged which is lower than stated.

206 Aberdeen Global II The following management fee rates are applicable as at 30 June 2012.

Classes of shares (%) Fund A, C, D and E I J K Asia Bond 1.20 0.70 0.50 0.35 Asia Pacific Multi Asset 1.50 1.00 0.75 0.50 Australian Dollar Bond 0.90 0.60 0.50 0.35 Canadian Dollar Bond 0.90 0.60 0.50 0.35 Core Plus Sterling Credit Bond 1.00 0.40 0.30 0.15 Core Plus Sterling Long Dated Credit Bond 1.00 0.40 0.30 0.15 Emerging Europe Bond 1.20 0.70 0.50 0.35 Emerging Markets Opportunities 1.50 1.00 0.75 0.50 Euro Bond 0.90 0.60 0.50 0.35 European Convertibles Bond 1.20 0.70 0.50 0.35 Euro Corporate Bond 0.90 0.60 0.50 0.35 Euro Government Bond 0.90 0.60 0.50 0.35 Euro High Yield Bond 1.20 0.70 0.60 0.50 Euro Short Term Bond 0.90 0.60 0.50 0.35 Global Bond 0.90 0.60 0.50 0.35 Global Government Bond 0.90 0.60 0.50 0.35 Global High Yield Bond 1.25 0.75 0.65 0.50 Sterling Bond 0.90 0.60 0.50 0.35 Sterling Credit Bond 0.90 0.60 0.50 0.35 Sterling Government Bond 0.90 0.60 0.50 0.35 Sterling Index Linked Bond 0.90 0.60 0.50 0.35 Sterling Long Dated Bond 0.90 0.60 0.50 0.35 Sterling Long Dated Credit Bond 0.90 0.60 0.50 0.35 Sterling Long Dated Government Bond 0.90 0.60 0.50 0.35 US Dollar Bond 0.90 0.60 0.50 0.35 US Dollar High Yield Bond 1.25 0.75 0.65 0.50 US Dollar Short Term Bond 0.90 0.60 0.50 0.35 Class Z shares are not subject to any management fee charge.

4.6 Operational expenses Operational expenses represent other amounts paid by the Company relating to the operation of the Funds. They include legal fees, audit fees, Directors’ fees, cost of printing and distributing the prospectuses and annual and half yearly reports, fees in connection with obtaining or maintaining any registration or authorisation of the Company with any governmental agency or stock exchange as well as the cost of publication of share prices.

4.7 Expense caps As at 30 June 2012 the maximum expense caps on applicable Funds are listed below. They are all quoted prior to adjusting for any rebates of any assets separately managed by subsidiaries of Aberdeen Asset Management PLC. Expense caps have been increased to reflect any methodology difference on the change from TER to Ongoing charge calculations.

Expense Fund Share class Cap (%) Core Plus Sterling Credit Bond I-2 0.580 Z-2 0.180 Core Plus Sterling Long Dated Credit Bond J-2 0.520 Emerging Markets Opportunities Bond I-1 1.180 Z-2 0.180

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Expense Fund Share class Cap (%) Euro Bond Z-2 0.300 Euro Corporate Bond I-2 0.720 Z-2 0.120 Global Bond J-2 0.620 Z-2 0.120 Global Government Bond D(GBP)-1 1.077 I-2 0.777 J-2 0.677 Z-2 0.177 Sterling Bond I-2 0.695 J-2 0.595 K-2 0.445 Z-1 0.095 Z-2 0.095 Sterling Credit Bond I-1 0.685 I-2 0.685 K-1 0.435 K-2 0.435 Z-2 0.089 Sterling Index Linked Bond I-2 0.705 J-2 0.605 K-2 0.455 Z-1 0.105 Z-2 0.105 Sterling Government Bond D-1 1.005 D-2 1.005 J-2 0.605 Z-1 0.105 Z-2 0.105 Sterling Long Dated Bond K-2 0.465 Z-2 0.115 Sterling Long Dated Credit Bond K-2 0.439 Z-2 0.089 Sterling Long Dated Government Bond I-2 0.695 J-2 0.595 K-2 0.445 Z-2 0.095 US Dollar High Yield Bond I-2 0.903 I(EUR)-2 0.903 Z-2 0.153

208 Aberdeen Global II As at 1 July 2012 only the below caps remain. These expense caps are applicable until such time as the Investment Manager changes the caps, any changes will be fully communicated to shareholders. Expense caps have been increased to reflect any methodology difference on the change from TER to Ongoing charge calculations.

Expense Fund Share class Cap (%) Core Plus Sterling Credit Bond I-2 0.580 Z-2 0.180 Core Plus Sterling Long Dated Credit Bond J-2 0.520 Euro Bond Z-2 0.300 US Dollar High Yield Bond I-2 0.903 I(EUR)-2 0.903 Z-2 0.153

4.8 Annual taxation The Company is liable in Luxembourg to a Taxe d’ Abonnement of a rate of 0.05% per annum for Class A, C, D and E Shares and 0.01% per annum for Class I, J, K and Z Shares. Cross holdings within any Luxembourg registered Fund are exempt when calculating Taxe d’Abonnement. This is accrued daily and payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant quarter.

5 DIVIDENDS (DISTRIBUTION CLASS AND REPORTING CLASS ONLY) The Directors declared dividends for the Funds as listed below, for the year 1 July 2011 to 30 June 2012. For share classes that seek Reporting Fund status (D, I, J, K, and Z Shares), Group 1 shares are shares owned prior to the start of the distribution period and Group 2 shares are shares purchased during the distribution period. Annually and within six months of the year end, the Manager will publish the UK Reporting Regime Report to investors for all share classes granted Reporting Fund status on its website (www.aberdeen-asset.co.uk/globalIIUKAnnualReportableIncome). The UK Reporting Regime Report to investors for each share class can also be requested in writing by contacting Aberdeen Global Services S.A. at the Shareholder Service Centre as detailed on the back cover of the Annual Report.

Asian Bond (expressed in USD unless otherwise stated) Date Share Class Group Net Income Equalisation Distribution December 2011 A-1 - - - 2.038625 D(GBP)-2* 1 0.162156 - 0.162156 2 0.108608 0.053548 0.162156 I-2* 1 27.219917 - 27.219917 2 19.642078 7.577839 27.219917 Z2* 1 22.590587 - 22.590587 2 22.590587 - 22.590587 March 2012 A-1 - - - 0.873721 D(GBP)-2* 1 0.082908 - 0.082908 2 0.082908 - 0.082908 I-2* 1 12.143639 - 12.143639 2 1.224709 10.918930 12.143639 Z2* 1 10.321564 - 10.321564 2 10.321564 - 10.321564 June 2012 A-1 - - - 0.797097 D(GBP)-2* 1 0.067692 - 0.067692 2 0.028679 0.039013 0.067692 I-2* 1 11.362343 - 11.362343 2 4.854358 6.507985 11.362343 Z2* 1 9.737845 - 9.737845 2 9.737845 - 9.737845

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Australia Dollar Bond (expressed in AUD) Date Share Class Distribution December 2011 A-1 20.750826 March 2012 A-1 9.208366 June 2012 A-1 8.635020

Canadian Dollar Bond (expressed in CAD) Date Share Class Distribution December 2011 A-1 8.054874 June 2012 A-1 7.781942

Core Plus Sterling Long Dated Credit Bond (expressed in GBP) Date Share Class Group Net Income Equalisation Distribution June 2012 J-2* 1 0.011921 - 0.011921 2 0.011921 - 0.011921

Core Plus Sterling Credit Bond (expressed in GBP) Date Share Class Group Net Income Equalisation Distribution June 2012 I-2* 1 0.009946 - 0.009946 2 0.009946 - 0.009946 Z-2* 1 0.010840 - 0.010840 2 0.010840 - 0.010840

Emerging Markets Opportunities Bond (expressed in USD) Date Share Class Group Net Income Equalisation Distribution September 2011 I-1 1 0.015973 - 0.015973 2 0.009205 0.006768 0.015973 Z-2* 1 0.158551 - 0.158551 2 0.113762 0.044789 0.158551 December 2011 I-1 1 0.018490 - 0.018490 2 0.009781 0.008709 0.018490 Z-2* 1 0.178884 - 0.178884 2 0.146119 0.032765 0.178884 March 2012 I-1 1 0.018571 - 0.018571 2 0.017331 0.001240 0.018571 Z-2* 1 0.177886 - 0.177886 2 0.068546 0.109340 0.177886 June 2012 I-1 1 0.017869 - 0.017869 2 0.012900 0.004969 0.017869 Z-2* 1 0.174881 - 0.174881 2 0.150151 0.024730 0.174881

Euro Bond (expressed in EUR) Date Share Class Group Net Income Equalisation Distribution December 2011 Z-2* 1 0.267049 - 0.267049 2 0.186343 0.080706 0.267049 June 2012 Z-2* 1 0.244174 - 0.244174 2 0.244174 - 0.244174

210 Aberdeen Global II Euro Corporate Bond (expressed in EUR) Date Share Class Group Net Income Equalisation Distribution December 2011 I-2* 1 0.209733 - 0.209733 2 0.190833 0.018900 0.209733 Z-2* 1 0.292056 - 0.292056 2 0.009192 0.282864 0.292056 June 2012 I-2* 1 0.194446 - 0.194446 2 0.086268 0.108178 0.194446 Z-2* 1 0.275446 - 0.275446 2 0.120646 0.154800 0.275446

Euro Government Bond (expressed in EUR) Date Share Class Group Net Income Equalisation Distribution December 2011 A-1 - - - 1.181224 J-2* 1 19.557983 - 19.557983 2 8.060451 11.497532 19.557983 June 2012 A-1 - - - 0.946133 J-2* 1 16.573513 - 16.573513 2 6.119427 10.454086 16.573513

Euro High Yield Bond (expressed in EUR) Date Share Class Group Net Income Equalisation Distribution December 2011 I-2* 1 43.162280 - 43.162280 2 8.930255 34.232025 43.162280 June 2012 I-2* 1 44.377284 - 44.377284 2 28.364423 16.012861 44.377284

Euro Short Term Bond (expressed in EUR) Date Share Class Group Net Income Equalisation Distribution December 2011 A-1 - - - 0.243154 J-2* 1 8.373938 - 8.373938 2 2.996150 5.377788 8.373938 June 2012 A-1 - - - 0.207626 J-2* 1 7.577694 - 7.577694 2 5.273571 2.304123 7.577694

European Convertibles Bond (expressed in EUR) Date Share Class Group Net Income Equalisation Distribution December 2011 I-2* 1 22.477735 - 22.477735 2 10.792161 11.685574 22.477735 June 2012 I-1 1 0.158643 - 0.158643 2 0.132804 0.025839 0.158643 I-2* 1 23.164782 - 23.164782 2 12.911261 10.253521 23.164782

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Global Bond (expressed in USD) Date Share Class Group Net Income Equalisation Distribution December 2011 J-2* 1 0.167384 - 0.167384 2 0.167384 - 0.167384 Z-2* 1 0.213216 - 0.213216 2 0.071357 0.141860 0.213216 June 2012 J-2* 1 0.175984 - 0.175984 2 0.175984 - 0.175984 Z-2* 1 0.222132 - 0.222132 2 0.145055 0.077077 0.222132

Global Government Bond (expressed in USD unless otherwise stated) Date Share Class Group Net Income Equalisation Distribution December 2011 D(GBP)-1 1 0.002364 - 0.002364 2 0.001592 0.000772 0.002364 I-2* 1 0.005815 - 0.005815 2 0.003469 0.002346 0.005815 J-2* 1 0.053481 - 0.053481 2 0.053481 - 0.053481 Z-2* 1 0.146368 - 0.146368 2 0.030872 0.115496 0.146368 June 2012 D(GBP)-1 1 0.005403 - 0.005403 2 0.000539 0.004864 0.005403 D(GBP)-2* 1 0.005403 - 0.005403 2 0.005403 - 0.005403 J-2* 1 0.065280 - 0.065280 2 0.008149 0.057131 0.065280 Z-2* 1 0.168943 - 0.168943 2 0.083362 0.085581 0.168943

Global High Yield Bond (expressed in USD unless otherwise stated) Date Share Class Group Net Income Equalisation Distribution June 2012 A-1 - - - 0.079322 E(EUR)-1 - - - 0.082064 I-1 1 0.086908 - 0.086908 2 0.086908 - 0.086908

212 Aberdeen Global II Sterling Bond (expressed in GBP) Date Share Class Group Net Income Equalisation Distribution December 2011 A-1 - - - 8.313088 I-2* 1 0.023825 - 0.023825 2 0.015894 0.007931 0.023825 J-2* 1 0.236751 - 0.236751 2 0.181356 0.055395 0.236751 K-2* 1 0.027979 - 0.027979 2 0.020581 0.007398 0.027979 Z-1 1 0.019376 - 0.019376 2 0.006179 0.013197 0.019376 Z-2* 1 0.270144 - 0.270144 2 0.212368 0.057776 0.270144 June 2012 A-1 - - - 8.338745 I-2* 1 0.024254 - 0.024254 2 0.008652 0.015602 0.024254 J-2* 1 0.241731 - 0.241731 2 0.085943 0.155788 0.241731 K-2* 1 0.028608 - 0.028608 2 0.015707 0.012901 0.028608 Z-1 1 0.019515 - 0.019515 2 0.008062 0.011453 0.019515 Z-2* 1 0.277069 - 0.277069 2 0.105982 0.171087 0.277069

Sterling Credit Bond (expressed in GBP) Date Share Class Group Net Income Equalisation Distribution December 2011 I-1 1 0.032879 - 0.032879 2 - 0.032879 0.032879 I-2* 1 0.055248 - 0.055248 2 0.038543 0.016705 0.055248 K-1 1 0.027666 - 0.027666 2 0.022856 0.004810 0.027666 K-2* 1 0.042949 - 0.042949 2 0.040835 0.002114 0.042949 Z-2* 1 0.040687 - 0.040687 2 0.031243 0.009444 0.040687 June 2012 I-1 1 0.022099 - 0.022099 2 0.006801 0.015298 0.022099 I-2* 1 0.038384 - 0.038384 2 0.021212 0.017172 0.038384 K-1 1 0.026349 - 0.026349 2 0.016725 0.009624 0.026349 K-2* 1 0.041934 - 0.041934 2 0.032944 0.008990 0.041934 Z-2* 1 0.040014 - 0.040014 2 0.024292 0.015722 0.040014

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Sterling Government Bond (expressed in GBP) Date Share Class Group Net Income Equalisation Distribution December 2011 D-1 1 0.008943 - 0.008943 2 0.007521 0.001422 0.008943 D-2* 1 0.011491 - 0.011491 2 0.007526 0.003965 0.011491 J-2* 1 0.027786 - 0.027786 2 0.003429 0.024357 0.027786 Z-1 1 0.016759 - 0.016759 2 0.000250 0.016509 0.016759 Z-2* 1 0.025296 - 0.025296 2 0.015603 0.009693 0.025296 June 2012 D-1 1 0.011119 - 0.011119 2 0.006359 0.004760 0.011119 D-2* 1 0.014401 - 0.014401 2 0.007864 0.006537 0.014401 J-2* 1 0.032065 - 0.032065 2 0.032065 - 0.032065 Z-1 1 0.018901 - 0.018901 2 0.008466 0.010435 0.018901 Z-2* 1 0.028891 - 0.028891 2 0.004856 0.024035 0.028891

Sterling Index Linked Bond (expressed in GBP) Date Share Class Group Net Income Equalisation Distribution December 2011 J-2* 1 0.024123 - 0.024123 2 0.024123 - 0.024123 K-2* 1 0.018051 - 0.018051 2 0.017485 0.000566 0.018051 Z-1 1 0.021714 - 0.021714 2 0.021714 - 0.021714 Z-2* 1 0.028688 - 0.028688 2 0.028418 0.000270 0.028688 June 2012 I-2* 1 0.018978 - 0.018978 2 0.011484 0.007494 0.018978 J-2* 1 0.039667 - 0.039667 2 0.022892 0.016775 0.039667 K-2* 1 0.028927 - 0.028927 2 0.025003 0.003924 0.028927 Z-1 1 0.032899 - 0.032899 2 0.032899 - 0.032899 Z-2* 1 0.043890 - 0.043890 2 0.030951 0.012939 0.043890

214 Aberdeen Global II Sterling Long Dated Bond (expressed in GBP) Date Share Class Group Net Income Equalisation Distribution December 2011 K-2* 1 0.033856 - 0.033856 2 0.033856 - 0.033856 Z-2* 1 0.291993 - 0.291993 2 0.291993 - 0.291993 June 2012 K-2* 1 0.035195 - 0.035195 2 0.035195 - 0.035195 Z-2* 1 0.305717 - 0.305717 2 0.137163 0.168554 0.305717

Sterling Long Dated Credit Bond (expressed in GBP) Date Share Class Group Net Income Equalisation Distribution December 2011 K-2* 1 0.046357 - 0.046357 2 0.034932 0.011425 0.046357 Z-2* 1 0.042162 - 0.042162 2 0.027953 0.014209 0.042162 June 2012 K-2* 1 0.046866 - 0.046866 2 0.042081 0.004785 0.046866 Z-2* 1 0.042807 - 0.042807 2 0.029676 0.013131 0.042807

Sterling Long Dated Government Bond (expressed in GBP) Date Share Class Group Net Income Equalisation Distribution December 2011 I-2* 1 0.020721 - 0.020721 2 0.016990 0.003731 0.020721 J-2* 1 0.024854 - 0.024854 2 0.014793 0.010061 0.024854 K-2* 1 0.026139 - 0.026139 2 0.022016 0.004123 0.026139 Z-2* 1 0.022858 - 0.022858 2 0.017471 0.005387 0.022858 June 2012 I-2* 1 0.026785 - 0.026785 2 0.004214 0.022571 0.026785 J-2* 1 0.028742 - 0.028742 2 0.028742 - 0.028742 K-2* 1 0.030211 - 0.030211 2 0.030211 - 0.030211 Z-2* 1 0.026150 - 0.026150 2 0.010084 0.016066 0.026150

US Dollar Bond (expressed in USD) Date Share Class Group Net Income Equalisation Distribution December 2011 A-1 - - - 7.118657 J-2* 1 13.092336 - 13.092336 2 7.147795 5.944541 13.092336 June 2012 A-1 - - - 7.212717 J-2* 1 13.206039 - 13.206039 2 3.330476 9.875563 13.206039

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US Dollar High Yield Bond (expressed in USD unless otherwise stated) Date Share Class Group Net Income Equalisation Distribution December 2011 I-2* 1 0.745850 - 0.745850 2 0.276211 0.469639 0.745850 I(EUR)-2* 1 0.942499 - 0.942499 2 0.769179 0.173320 0.942499 Z-2* 1 0.520373 - 0.520373 2 0.126784 0.393589 0.520373 June 2012 A-1 1 0.201498 - 0.201498 2 0.201498 - 0.201498 I-2* 1 0.812249 - 0.812249 2 0.504180 0.308069 0.812249 I(EUR)-2* 1 1.019178 - 1.019178 2 0.330543 0.688635 1.019178 Z-2* 1 0.579909 - 0.579909 2 0.457681 0.122228 0.579909

US Dollar Short Term Bond (expressed in USD) Date Share Class Distribution December 2011 A-1 0.070358 June 2012 A-1 0.106663 *Dividend accumulated into the price. 6 DIRECTORS’ INTERESTS None of the Directors were materially interested in any contracts of significance subsisting with the Company either during the year or at 30 June 2012. None of the Directors have service contracts with the Company.

7 CHANGES IN INVESTMENT PORTFOLIO The schedule of changes in the investment portfolio is available on request from the Registered Office in Luxembourg and from the local agents listed under Management and Administration and in the Prospectus.

8 TRANSACTIONS WITH CONNECTED PERSONS Transactions with connected persons outlined in the previous notes (4.3 to 4.5) have been entered into in the ordinary course of business and on normal commercial terms.

9 SOFT COMMISSION/COMMISSION SHARING There are no soft commission arrangements for the Company.

10 EQUALISATION ON THE ISSUE AND REDEMPTION OF SHARES Equalisation is operated in connection with the issue and redemption of shares. It represents the income element included in the price for the issue and redemption of shares.

216 Aberdeen Global II 11 FUTURE EXPOSURE The following Funds have open future contracts with total commitments as follows:

Fund Fund Exposure‘000 Asia Pacific Multi Asset US $(3,413) Asian Bond US $(3,961) Australian Dollar Bond AU $(36,713) Core Plus Sterling Credit Bond £(5,205) Core Plus Sterling Long Dated Credit Bond £(9,674) Euro Bond €(141) European Convertibles Bond €1,127 Euro Short Term Bond €61,122 Global Bond US $(53,670) Global Government Bond US $(22,852) Sterling Bond £(43,356) Sterling Credit £(31,802) Sterling Government Bond £(24,894) Sterling Index Linked Bond £(33,351) Sterling Long Dated Bond £(5,360) Sterling Long Dated Credit Bond £(22,274) Sterling Long Dated Government Bond £(25,370) US Dollar US $(2,503) US Dollar Short Term Bond US $39,580

12 SECURITIES LENDING On 25 March 2009, the Company entered into a securities lending programme for a number of Funds. In return for making securities available for loan throughout the period, the Funds participating in the programmes received fees which are reflected in the Financial Statements of each participating Fund under the “other income” caption. The Company has appointed BNP Paribas Security Services S.A. as agent for the fixed income lending programme. As remuneration for this agency role, BNP Paribas Security Services S.A. receives 20% of the fees from the Securities Lending programme. The Company receives 60% of the fees from the securities lending programme and the Investment Manager receives the remaining 20% of the fees from the Securities Lending programme. All security loans are fully collateralised by G7 bonds held by collateral agents. As of 31 October 2011 the Company exited the above securities programme.

13 OVERDRAFT FACILITY The Company has a US$20 million intra-day uncommitted and unsecured credit line facility with Bank of America to finance short-term timing differences arising from subscriptions and redemptions. Any liability arising on this account will be recoverable from subscribers to the Company and is therefore not reflected in the financial statements of the Company.

www.aberdeen-asset.com 217 NOTES TO THE FINANCIAL STATEMENTS CONTINUED

14 LEHMAN On 15 September 2008, Lehman Brothers Special Financing Inc, (LBSF) filed for protection under Chapter 11 of the United States Bankruptcy Code in the United Stated Bankruptcy Court. On 3 October, Lehman Brothers Commercial Corporation (LBCC) also filed for Chapter 11 protection. The underlying positions as at 30 June 2012 remain unchanged from the preceding year; the valuations listed below have changed only to reflect movement in the exchange rates during the year. The actual positions (as calculated at the close out of derivative instruments) are set out in the table below per Fund; Negative positions represent unrealized losses positions as calculated at the close out of the derivative instruments in 2008 and are reflected in the Other Liabilities balance of the financial statements; positive balances represent unrealized gains positions as calculated at the close out of the derivative instruments in 2008 and were fully provided for.

Forward currency Fund Name Currency OTC contract Emerging Market Opportunities Bond USD 2,672,001 Euro Bond EUR (18,710) Euro Corporate Bond EUR 106,825 9,404 Global Bond USD 88,048 Global Government Bond USD (112,410) Sterling Bond GBP 51,220 (746,546) Sterling Credit Bond GBP 334,211 Sterling Government Bond GBP (568,722) Sterling Index Linked Bond GBP 5,971 Sterling Long Dated Bond GBP 54,272 (293,696) Sterling Long Dated Government Bond GBP 4,223 Sterling Long Dated Credit Bond GBP 2,203,500 8,709 US Dollar High Yield Bond USD 2,348,540 17,886

15 PROVISIONS FOR CHINESE TAXES There is currently uncertainty as to whether the PRC (People’s Republic of China)tax authorities will impose a capital gains tax on realised gains from dealing in fixed income securities. In light of this uncertainty and in line with current market practice, the Fund provides for a 10% contingency on both realised and unrealised gains from disposing or holding such securities. Any unclaimed provisions or over provision made on realised or unrealised gains may later be released to form part of the relevant Fund’s assets. Any changes to the market practice or interpretation or clarification of PRC tax rules may impact this provision and may result in this provision being higher or lower than required, or deemed not to be required. The Board of Directors therefore reserves the right to amend its practice in this regard and/or this policy without prior notice at any time. Provisions

Unrealised Gain Realised Gain on CNY on CNY Fund Name Currency holdings holdings Asia Pacific Multi Asset USD 7,201 2,520 Asian Bond Fund USD 256 9,760

218 Aberdeen Global II 16 TRANSACTION CHARGES For the year ended 30 June 2012, the Funds incurred transaction costs which have been defined as commissions and tax relating to purchase or sale of transferable securities, money market instruments, derivatives or other eligible assets as follows:

Fund ‘000 Asia Pacific Multi Asset US$297 Asian Bond US$207 Australian Dollar Bond - Canadian Dollar Bond - Emerging Europe Bond - Core Plus Sterling Credit Bond - Core Plus Sterling Long Dated Credit Bond - Emerging Markets Opportunities - Euro Bond - Euro Corporate Bond - Euro Government Bond €2 Euro High Yield Bond - Euro Short Term Bond €4 European Convertibles Bond - Global Bond US$12 Global Government Bond US$3 Global High Yield Bond - Sterling Bond £4 Sterling Credit Bond £2 Sterling Government Bond £2 Sterling Index Linked Bond £4 Sterling Long Dated Bond - Sterling Long Dated Credit Bond £2 Sterling Long Dated Government Bond £3 US Dollar Bond US$3 US Dollar High Yield Bond - US Dollar Short Term Bond US$3 17 CORPORATE GOVENANCE The Board has, for the financial year ended 30 June 2012, adopted the ALFI Code of Conduct dated September 2009 (“the Code”), which sets out the principles of good governance of Luxembourg investment funds. The Board considers that the Company has been in compliance with the Code in all material respects for the financial period ended 30 June 2012. The Board meets regularly to consider the activities of the Company and receives reports on various activities, including compliance controls and risk management. The Board of Directors has established an Audit Committee which is charged with reviewing the annual accounts and the external audit process (including the appointment and remuneration of the external Auditor, subject to Shareholder approval) and reviewing and monitoring the internal financial control systems and risk management systems on which the Fund is reliant.

18 POST BALANCE SHEET EVENTS On 1 July 2012 Aberdeen Global II – Emerging Markets Opportunities Bond Fund changed its name to Aberdeen Global II – Global Sovereign Opportunities Bond Fund.

19 MARKET CONDITIONS Although the liquidity of the corporate bond, mortgage backed and related security markets has improved over the financial year, there continues to be widened “spreads” between buying and selling prices in some security and reduced data available for pricing. As indicated in note 2.2, these securities were valued in good faith and based on indicative quotes from brokers or, in the case of mortgage backed and related securities, in accordance with other generally recognised valuation principles, applied by an independent pricing source using appropriate models (FT-IDC evaluated prices). These prices may differ from the valuation that would have been used had a ready market for these securities existed.

www.aberdeen-asset.com 219 Report of the Reviseur d'Entreprises agree

To the Shareh olders of Aberd een Global II

Report on the financial statements Following our appointment by the annual general meeting of the Shareholders of 21 November 201 1, we have audited the accompanying financial statements 01 Aberdeen Global !! and each of its sub-funds, whith comprise the statement of net assets and the portfolio statement 35 at June 30, 1012 and the statement of operations, the statement of changes in net assets and statement of share transactions for the year then ended, and a summary of significant accounting policies and other explanatory information.

Board of Directors of the SICAV responsibility for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these fi nancial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financia l statements, and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of fi nancial statements that are free from material mi55t

Responsibility of the Reviseur d'Entreprises agree Our res pons ibil ity is to exp ress an opinion on these fi nancial statements based on our audit. We conducted our aud it in accordance wi th International Standards on Aud iting as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Reviseur d'Entreprises agree, including the

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opin ion.

Opinion In our opinion, the fi na ncial statements give a true and fair view of the financial position of Aberdeen Global II and each of its sub-fun ds as of Ju ne 30, 201 2, and of the results of their operations and changes in their net asse ts for the year then ended in accordance with luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has fIOt been :;ubject to specific audit procedures carried out in accordance with the standa rds described above. Consequently, we express no op in ion on such information. Howeve r, we have no observation to ma ke co ncerning such information in the context of the fina ncial statements taken as a who le ,

KPMG Luxembourg S.a d . D"~' ~ Luxembou rg, 27 September 2012 ~

___ ~ nGlobaill Risk Management

Value at risk (VaR) The market risk measurement and monitoring of the Funds is carried out using either the Value at Risk (VaR) or commitment approach. Funds which do not make significant use of financial derivative instruments and/or limit their use of financial derivative instruments to efficient portfolio management or hedging strategies are monitored using the commitment approach. Funds which utilise financial derivative instruments for efficient portfolio management purposes and/ or for investment purposes in pursuing their investment objective (in addition to those used for hedging purposes) are monitored using either the relative or absolute VaR methodology. The Investment Risk Department monitors and reports market risk and VaR metrics using Aberdeen’s risk modelling system, Sungard Advanced Portfolio Technologies (APT). This model estimates and computes variability and probability of the portfolio returns based on historical data (180 observations equally weighted) - the data is fed from Aberdeen’s front office systems. A number of risk measures are produced to quantify the probability of loss at the Funds level for any given day, either as an absolute measure (absolute VaR), or as a relative indication to a pre-defined benchmark (relative VaR). In accordance with CSSF Circular 11/512, the regulatory VaR limit associated with a Fund’s total portfolio positions must not exceed two times (i.e. 200%) the VaR of its assigned Risk Benchmark or 20% for funds monitored under the absolute VaR approach. The Table below defines the VaR approach and its related Risk Benchmark for each Fund.

Risk Benchmarks Table Aberdeen Global II Type of VaR Risk Benchmark Asia Pacific Multi Asset Relative 40% MSCI AC Asia Pacific Index, 30% JP Morgan Asia Credit Index and 30% HSBC Asian Local Bond Index (ALBI) Asian Bond Relative 50% JP Morgan Asia Credit Index and 50% HSBC Asian Local Bond Index (ALBI) Australian Dollar Bond Relative JP Morgan Government Bond Index Traded AUD Canadian Dollar Bond Relative JP Morgan Government Bond Index Traded CAD Emerging Europe Bond Relative JP Morgan Global Bond Index Emerging Markets Global Diversified Europe Index Core Plus Sterling Credit Bond Relative Bank of America Merrill Lynch Sterling Non-Gilts Index Core Plus Sterling Long Dated Credit Bond Relative Bank of America Merrill Lynch Sterling Non-Gilts > 10 Years Index Emerging Markets Opportunities Bond Relative 50% Citigroup World Government Bond Index USA, 25% JP Morgan Government Bond Index Emerging Markets Global Diversified, 25% JP Morgan Emerging Markets Bond Index Global Diversified. Euro Bond Relative Barclays Capital Euro Aggregate Index Euro Corporate Bond Relative Barclays Capital European Aggregate Corporate Index Euro Government Bond Relative Barclays Capital Euro Aggregate Treasuries Index Euro High Yield Bond Relative Bank of America Merrill Lynch Euro High Yield Constrained Index Euro Short Term Bond Relative Citigroup EMU World Government Bond Index 1-3 Years European Convertibles Bond Relative UBS Europe Convertible Index Global Bond Relative Barclays Capital Global Aggregate Bond Index Global Government Bond Relative Citigroup World Government Bond Index Global High Yield Bond Relative Bank of America Merrill Lynch Global High Yield Master II Unconstrained Index. Sterling Bond Relative Bank of America Merrill Lynch Sterling Broad Market Index Sterling Credit Bond Relative Bank of America Merrill Lynch Sterling Non-Gilts Index Sterling Government Bond Relative FTSE-A British Government Fixed > 5 Year Index Sterling Index Linked Bond Relative FTSE-A British Government Index Linked > 5 Years Index Sterling Long Dated Bond Relative Bank of America Merrill Lynch Sterling Broad Market > 10 Years Index Sterling Long Dated Credit Bond Relative Bank of America Merrill Lynch Sterling Non-Gilts > 10 Year Index Sterling Long Dated Government Bond Relative FTSE-A British Government >15 Year Index US Dollar Bond Relative JP Morgan Government Bond Index Traded USD

www.aberdeen-asset.com 221 RISK MANAGEMENT CONTINUED

Aberdeen Global II Type of VaR Risk Benchmark US Dollar High Yield Bond Relative Bank of America Merrill Lynch US High Yield Master II Index US Dollar Short Term Bond Relative Citigroup US World Government Bond Index 1-3 Years The VaR internal limit was set as at 21 May 2012. VaR internal limits are reviewed on at least a six monthly basis and are set at a stricter level than the Regulatory VaR Limit. Both regulatory and internal Limits are reviewed and monitored on a daily basis. The table below shows the Lowest and Highest VaR numbers during the period and the Average Utilization of the VaR limits. The Average Utilization of the VaR limits are calculated expressed as a percentage respectively of the internal and regulatory VaR Limits for the observed period covering the financial year.

VaR Table Average Utilized VaR Average VaR Internal of Internal Regulatory Utilized VaR Limit – Limit – Lowest VaR Highest VaR VaR Limit Limit – Aberdeen Global II Relative % Relative % – Relative % – Relative % - Relative % Relative % Asia Pacific Multi Asset 132 72 85 107 200 48 Asian Bond 168 63 66 132 200 53 Australian Dollar Bond 151 66 69 167 200 50 Canadian Dollar Bond 143 71 94 108 200 50 Core Plus Sterling Credit Bond 120 81 97 97 200 49 Core Plus Sterling Long Dated Credit Bond 120 79 95 96 200 48 Emerging Europe Bond 128 80 92 120 200 52 Emerging Markets Opportunities 149 75 86 138 200 56 Euro Bond 155 68 79 169 200 53 Euro Corporate Bond 165 66 82 125 200 55 Euro Government Bond 153 65 86 141 200 50 Euro High Yield Bond 149 72 79 165 200 53 Euro Short Term Bond 163 39 56 76 200 32 European Convertibles Bond 128 78 78 124 200 50 Global Bond 145 66 70 130 200 48 Global Government Bond 144 64 59 128 200 46 Global High Yield Bond 140 61 54 101 200 43 Sterling Bond 144 63 67 104 200 45 Sterling Credit Bond 144 66 60 101 200 47 Sterling Government Bond 137 67 80 112 200 46 Sterling Index Linked Bond 129 76 90 109 200 49 Sterling Long Dated Bond 133 71 60 119 200 47 Sterling Long Dated Credit Bond 135 70 50 99 200 47 Sterling Long Dated Government Bond 128 73 86 109 200 47 US Dollar Bond 149 74 65 129 200 55 US Dollar High Yield Bond 189 68 100 163 200 64 US Dollar Short Term Bond 162 67 80 143 200 54

222 Aberdeen Global II Model assumptions for VaR table: System: Advanced Portfolio Technologies (APT) – Statistical Factor Model VaR methodology: Parametric Confidence level: 99% Holding period: One month (20 Days) Decay factor for exponential smoothing of nil the historical market data: Historical observation period: 180 weeks

Objectives and limitations of the VaR Methodology The Advanced Portfolio Technologies (APT) model uses statistical factor techniques to capture a maximal spanning set under its component model. Risk is subsequently decomposed according to explanatory variable regression techniques. The APT bond model provides an integrated framework to measure and decompose the risk of portfolios of all fixed income securities. These can include government and corporate bonds, convertibles, and various categorisations of swaps, futures and option contracts. Portfolios are modelled at the asset level to ensure every position is represented within the component approach. Optionality can be represented either through delta-adjustment or Monte Carlo techniques. The VaR model is designed to measure market risk in a normal market environment. This method accurately prices all types of complex non-linear positions as well as simple linear instruments. It also provides a full distribution of potential portfolio gains and losses, which need not be symmetrical. If the underlying risk factors exhibit non-normal behaviour such as fat-tails or mean-reversion, then the resulting VaR will include these effects. However, tail risk can only be examined if the historical data set includes tail events. The distribution is calculated by using daily historical time-series data with implementation of an exponential adjustment. The use of VaR has limitations because it is based on historical correlations and volatilities in market prices and assumes that future price movements will follow a statistical distribution. Due to the fact that VaR relies significantly on historical data to provide information and may not clearly predict the future changes and modifications of the risk factors, the probability of large market moves may be underestimated if changes in risk factors fail to align with the given distribution assumption. VaR may also be under- or over-estimated due to the assumptions placed on risk factors and the relationship between such factors for specific instruments. Even though positions may change throughout the day, the VaR only represents the risk of the portfolios at the close of each month, and it does not account for any losses that may occur beyond the 99% confidence level. In practice, the actual trading results will differ from the VaR calculation and, in particular, the calculation does not provide a meaningful indication of profits and losses in stressed market conditions. To determine the reliability of the VaR models, actual outcomes are monitored regularly to test the validity of the assumptions and the parameters used in the VaR calculation. Market risk positions are also subject to regular stress tests to ensure that the fund would withstand an extreme market event.

Leverage The average leverage per Fund, for which a VaR risk management approach is used, is set out below. It has been calculated on the basis of the commitment approach calculation of the Fund’s global risk exposure. This calculation converts each financial derivative instrument position into the market value of an equivalent position in the underlying asset of that financial derivative instrument. The average leverage figures below have been compiled based on 2 data points per month (1st and 15th of each month) for the period 1 July 2011 to 30 June 2012.

www.aberdeen-asset.com 223 RISK MANAGEMENT CONTINUED

Leverage Table

Aberdeen Global II Average Leverage % Type of VaR Asia Pacific Multi Asset 123.30 Relative Asian Bond 159.62 Relative Australian Dollar Bond 3.18 Relative Canadian Dollar Bond 0.00 Relative Core Plus Sterling Credit Bond N/A Relative Core Plus Sterling Long Dated Credit Bond N/A Relative Emerging Europe Bond 22.59 Relative Emerging Markets Opportunities 73.73 Relative Euro Bond 22.51 Relative Euro Corporate Bond 18.43 Relative Euro Government Bond 10.06 Relative Euro High Yield Bond 86.02 Relative Euro Short Term Bond 15.94 Relative European Convertibles Bond 22.31 Relative Global Bond 88.68 Relative Global Government Bond 91.22 Relative Global High Yield Bond 65.78 Relative Sterling Bond 73.67 Relative Sterling Credit Bond 75.26 Relative Sterling Government Bond 85.80 Relative Sterling Index Linked Bond 86.08 Relative Sterling Long Dated Bond 55.05 Relative Sterling Long Dated Credit Bond 37.22 Relative Sterling Long Dated Government Bond 90.32 Relative US Dollar Bond 1.32 Relative US Dollar High Yield Bond 28.92 Relative US Dollar Short Term Bond 15.74 Relative

224 Aberdeen Global II Management and Administration

Fund Managers Aberdeen Asset Managers Limited (AAM Limited) Aberdeen Asset Management Canada Limited Bow Bells House, 1 Bread Street, London, EC4M 9HH, UK. 161 Bay Street, 44th floor TD Canada Trust Tower, Toronto, Authorised and regulated by the Financial Services Authority. Ontario M5J 2S1. Regulated by the Ontario Securities Commission. Aberdeen Asset Management Asia Limited, (AAM Asia) 21 Church Street, #01-01 Capital Square Two, Singapore 049480 Regulated by the Monetary Authority of Singapore. Aberdeen Asset Management Inc., (AAM Inc) 1735 Market Street, 32nd Floor, Philadelphia, PA1903 Regulated by the Securities and Exchange Commission.

Fund Managed by: Aberdeen Global II - Asia Pacific Multi Asset AAM Asia and AAM Inc Aberdeen Global II - Asian Bond AAM Asia and AAM Inc Aberdeen Global II - Australian Dollar Bond AAM Limited and AAM Inc Aberdeen Global II - Canadian Dollar Bond AAM Limited, AAM Inc and AAM Canada ltd Aberdeen Global II - Core Plus Sterling Credit Bond AAM Limited and AAM Inc Aberdeen Global II - Core Plus Sterling Long Dated Credit Bond AAM Limited and AAM Inc Aberdeen Global II - Emerging Europe Bond AAM Limited and AAM Inc Aberdeen Global II - Emerging Markets Opportunities AAM Limited and AAM Inc Aberdeen Global II - Euro Bond AAM Limited and AAM Inc Aberdeen Global II - Euro Corporate Bond AAM Limited and AAM Inc Aberdeen Global II - Euro Government Bond AAM Limited and AAM Inc Aberdeen Global II - Euro High Yield Bond AAM Limited and AAM Inc Aberdeen Global II - Euro Short Term Bond AAM Limited and AAM Inc Aberdeen Global II - European Convertibles Bond AAM Limited and AAM Inc Aberdeen Global II - Global Bond AAM Limited and AAM Inc Aberdeen Global II - Global Government Bond AAM Limited and AAM Inc Aberdeen Global II - Global High Yield Bond AAM Limited and AAM Inc Aberdeen Global II - Sterling Bond AAM Limited and AAM Inc Aberdeen Global II - Sterling Government Bond AAM Limited and AAM Inc Aberdeen Global II - Sterling Credit Bond AAM Limited and AAM Inc Aberdeen Global II - Sterling Index Linked Bond AAM Limited and AAM Inc Aberdeen Global II - Sterling Long Dated Bond AAM Limited and AAM Inc Aberdeen Global II - Sterling Long Dated Government Bond AAM Limited and AAM Inc Aberdeen Global II - Sterling Long Dated Credit Bond AAM Limited and AAM Inc Aberdeen Global II - US Dollar High Yield Bond AAM Limited and AAM Inc Aberdeen Global II - US Dollar Bond AAM Limited and AAM Inc Aberdeen Global II - US Dollar Short Term AAM Limited and AAM Inc

www.aberdeen-asset.com 225 MANAGEMENT AND ADMINISTRATION CONTINUED

Chairman Christopher G Little Registered Office Aberdeen Global II Aberdeen Global II, 2b Rue Albert Borschette , 2b Rue Albert Borschette L-1246 Luxembourg, Grand Duchy of L-1246 Luxembourg Luxembourg Grand Duchy of Luxembourg Management Company also acting as Domiciliary, Registrar, Transfer Agent and Directors Hugh Young Listing Agent (effective from 20 October Aberdeen Asset Management Asia Limited 2011). 21 Church Street, #01–01 Capital Square Two Aberdeen Global Services S.A, 2b Rue Albert Singapore 049480 Borschette, L-1246 Luxembourg, Grand Duchy of Luxembourg Martin J Gilbert Aberdeen Asset Managers Limited Administrator, Custodian Bank and Listing 10 Queen’s Terrace Agent (until 20 October 2011). Aberdeen AB10 1YG BNP Paribas Securities Services Luxembourg United Kingdom Branch, 33 rue de Gasperich, Hesperange, L-2085 Luxembourg, Grand Duchy of David van der Stoep Luxembourg Aberdeen Global II 2b Rue Albert Borschette Paying Agent L-1246 State Street Bank Luxembourg S.A., 49 Luxembourg Avenue JF Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Grand Duchy of Luxembourg

Gary Marshall Investment Manager & Global Distributor Aberdeen Asset Management Inc Aberdeen International Fund Managers 1735 Market Street - 32nd Floor Limited, Rooms 2604-06, 26th Floor, Philadelphia Alexandra House, 18 Chater Road, Central, PA 19103, USA Hong Kong

Neville Miles (Retired 31 December 2011) UK Distributor Aberdeen Global II Aberdeen Asset Managers Limited, 2b Rue Albert Borschette 10 Queen’s Terrace, Aberdeen, AB10 1YG, L-1246 United Kingdom Luxembourg Grand Duchy of Luxembourg Auditor KPMG Luxembourg S.à r.l., 9 Allée Scheffer, Bob Hutcheson L–2520 Luxembourg, Grand Duchy of Aberdeen Global II Luxembourg 2b Rue Albert Borschette L-1246 Legal Advisors to the Company Luxembourg Elvinger Hoss & Prussen, 2 Place Winston Grand Duchy of Luxembourg Churchill, L–1340, Luxembourg, Grand Duchy of Luxembourg Victoria Brown Aberdeen Global Services S.A. German Paying Agent 2b Rue Albert Borschette Marcard, Stein & Co AG, Ballindamm 36, L-1246 20095 Hamburg, Germany Luxembourg Austrian Paying and Information Agent Grand Duchy of Luxembourg Raiffeisen Bank International, Am Stadtpark 9, Charlie Macrae 1030 Vienna, Austria Aberdeen Global Services S.A. Swedish Paying Agent 2b Rue alabert Borschette SKANDINAVISKA ENSKILDA BANKEN AB L-1246 (publ) Custody Services, SEB Merchant Luxmebourg Banking, Rissneleden 110, SE-106 40 Grand Duchy of Luxembourg Stockholm, Sweden

226 Aberdeen Global II Irish Facilities Agent Aberdeen Fund Management Ireland Limited, Guild House, Guild Street, IFSC, Dublin 1, Ireland

Swiss Paying Agent and Representative BNP Paribas Securities Services, Paris, succursale de Zurich Selnaustrasse 16, CH-8002 Zurich, Switzerland.

Financial and Centralising Correspondent Agent in France BNP Paribas Securities Services, 3 rue d’Antin , 75002 Paris, France

Spanish Distributor Allfunds Bank SA, Calle Estafeta 6, Complejo Plaza de la Fuente, Edificio 3 (La Moraleja), C.P. 28109, Alcobendas, Madrid, Spain

Italian Paying Agents BNP Paribas Securities Services, Via Ansperto no. 5, Milano, Italy State Street Bank S.p.A, Via Col Moschin 16, Milan, Italy

Société Générale Securities Services S.p.A Via Benigno Crespi 19A - MAC 2 20159 Milano, Italy

Liechtenstein Paying Agent LGT Bank in Liechtenstein AG, Herrengass 12, FL-9490 Vaduz, Liechtenstein.

www.aberdeen-asset.com 227 General Information

Further Information on Aberdeen Global II can be obtained from:

Aberdeen Asset Managers Limited Aberdeen International Fund Managers Limited (UK Distributor) (Global Distributor and Investment Manager) 10 Queens Terrace Rooms 2604-06, 26th Floor, Alexandra House Aberdeen 18 Chater Road AB10 1YG Central, Hong Kong United Kingdom Telephone: +852 2103 4700 www.aberdeen-asset.com Fax: +852 2827 8908

Additional information for investors in Germany Marcard Stein & Co AG, Ballindamm 36, D-20095 Hamburg, has undertaken the function of Paying and Information Agent for the Company in the Federal Republic of Germany (the “German Paying and Information Agent”). Applications for the subscriptions, redemptions, and conversion of shares may be sent to the German Paying and Information Agent. All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through the German Paying and Information Agent. The full prospectus, Key Investor Information Documents (“KIIDs”) the Articles of Incorporation of the Company and the annual and semi-annual reports may be obtained, free of charge, at the office of the German Paying and Information Agent during normal opening hours. The statement of changes in the composition of the investment portfolio is also free of charge upon request at the office of the German Paying and Information Agent available. Issue, redemption and conversion prices of the shares, and any other information to the shareholders, are also available from the German Paying and Information Agent. The issue and redemption prices will be published in “Börsen-Zeitung”. Any other information to the shareholders will be published in Germany in the electronic version Federal Gazette (www.eBundesanzeiger).

Supplementary information for investors in Switzerland Conditions for shares marketed in Switzerland or from a base in Switzerland. For shares marketed in Switzerland or from a base in Switzerland, the following is applicable in addition to the Prospectus and the Key Investor Information Documents (“KIIDs”) conditions:

Swiss Representative and Paying Agent: BNP Paribas Securities Services, Paris, Succursale de Zurich Selnaustrasse 16 CH-8002 Zurich Switzerland

Place of distribution for relevant documents The constitution documents, Prospectus, KIID’s articles of association, the annual and half-yearly reports and a schedule of purchases and sales for the Fund can be obtained free of charge from the representative’s Zurich branch.

Publications a. Required publications concerning foreign collective investments are published by the Swiss representative in the Swiss Official Gazette and on the electronic platform of fundinfo AG Zurich (www.fundinfo.com). b. The Share issue price together with the redemption price and the Net Asset Value with indication of “commissions not included” are published when subscriptions and redemptions occur. Prices are published every working day on the electronic platform of fundinfo AG Zurich (www.fundinfo.com). c. All Shareholder notices will be published on the electronic platform of fundinfo AG Zurich (www.fundinfo.com).

228 Aberdeen Global II European Savings Directive From 1 July 2005 distributions and proceeds on redemption from UCITS may be reportable or subject to withholding tax in accordance with Council Directive 2003/48/EC, the EU Savings Directive (“the Directive”). Aberdeen Global II is a UCITS for the purposes of the Directive. Only savings income payments are reportable or subject to withholding tax. Distributions are savings income payments if a fund holds more than 15% of its assets in “eligible money debts” and proceeds on redemption are savings income payments if a fund holds more than 25% of its assets in eligible money debts. For the purposes of the Directive below we show the percentages of each of the Funds’ assets which were invested in ‘eligible money debts’ as defined in Luxembourg.

Fund Asia Pacific Multi Asset 56.07% Asian Bond 100.00% Australian Dollar Bond 98.49% Canadian Dollar Bond 100.00% Core Plus Sterling Credit Bond 95.07% Core Plus Sterling Long Dated Credit Bond 94.71% Emerging Europe Bond 100.00% Emerging Markets Opportunities Bond 99.98% Euro Bond 100.00% Euro Corporate Bond 100.00% Euro Government Bond 100.00% Euro High Yield Bond 94.71% Euro Short Term Bond 100.00% European Convertibles 91.61% Global Bond 99.96% Global Government Bond 99.02% Global High Yield Bond 100.00% Sterling Bond 95.75% Sterling Credit Bond 100.00% Sterling Government Bond 98.13% Sterling Index Linked Bond 100.00% Sterling Long Dated Bond 99.13% Sterling Long Dated Credit Bond 99.28% Sterling Long Dated Government Bond 100.00% US Dollar Bond 100.00% US Dollar High Yield Bond 100.00% US Dollar Short Term Bond 95.66% It should be noted that this is for information purposes only. Responsibility for compliance with the Directive remains that of the ‘paying agent’ as defined by the Directive. The calculation is based on the Luxembourg interpretation of the rules.

www.aberdeen-asset.com 229 Further Information

Aberdeen Global II Aberdeen Global II is an open-ended investment company incorporated with limited liability under the laws of the Grand Duchy of Luxembourg and organised as a société d’investissement à capital variable (a “SICAV”) with UCITS status (an Undertaking for Collective Investment in Transferable Securities as defined in the European Union Directive 85/611/EEC of 20 December 1985 as amended). Aberdeen Global II aims to provide investors with a broad international range of diversified actively-managed Funds. There are 27 active Subfunds in total, each with its own specific investment objectives and individual portfolios, offering investors the opportunity of exposure to selected areas or to conveniently build a diversified global bond portfolio to meet specific investment goals. The overall strategy of Aberdeen Global II and the separate Subfunds is to seek diversification through investment primarily in transferable securities.

Aberdeen Asset Management PLC Aberdeen Asset Management PLC is an international investment management group, managing assets for both institutions and private investors from offices around the world. Our goal is to deliver superior fund performance across diverse asset classes in which we believe we have a sustainable competitive edge. Listed on the London Stock Exchange, we manage fixed income and equities (quoted and private) in segregated, closed and open-ended pooled structures. Over two decades we have expanded through a combination of organic growth and acquisition, first in the UK, then by seeking selectively to manage and (or) market funds in countries in which we already invest. We operate flat management structures to facilitate local decision-making, underpinned by clear lines of control and central reporting. Our investment style is driven by fundamental analysis, with an emphasis on active management and team decision-making supported by strong process disciplines.

230 Aberdeen Global II

Shareholder Service Centre Aberdeen Global Services S.A, C/O State Street Bank Luxembourg S.A 49, Avenue J. F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg For more information on Aberdeen Global II, please contact: Tel +44 1224 425255 (UK Shareholders) Tel +352 46 40 10 820 (Outside UK) Fax +352 245 29 056

Aberdeen Asset Managers Limited Aberdeen Asset Management Aberdeen International Fund Managers (UK Distributor) Asia Limited Limited (Global Distributor and 10 Queens Terrace, Aberdeen 21 Church Street, #01-01 Capital Square Investment Manager) AB10 1YG Two, Singapore 049480 Rooms 26-04-06, 26th Floor, Alexandra Authorised and regulated by The Financial Regulated by The Monetary Authority of House, 18 Chater Road, Central, Hong Kong Services Authority Singapore Tel +852 2103 4700 Member of the Aberdeen Asset Management Member of the Aberdeen Asset Management Fax +852 2103 4788 Group of Companies Group of Companies Regulated by The Securities and Futures Commission of Hong Kong Member of the Aberdeen Asset Management Group of Companies

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