Aberdeen Standard Asia Focus PLC A fundamental, high conviction portfolio of well-researched Asian small caps

Annual Report 31 July 2020

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you are recommended to seek your own independent financial advice from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser.

If you have sold or otherwise transferred all your Ordinary shares in Aberdeen Standard Asia Focus PLC, please forward this document, together with the accompanying documents immediately to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

Visit our Website To find out more about Aberdeen Standard Asia Focus PLC, please visit: asia-focus.co.uk

Aberdeen Standard Asia Focus PLC 1

Contents

Overview Overview Highlights and Financial Calendar 2

Strategic Report Chairman’s Statement 6 Overview of Strategy 11 Investment Manager’s Review 19 Results 22 Strategic Report Report Strategic Performance 23 “Equity markets worldwide faced a raft of macroeconomic and geopolitical challenges, Portfolio Ten Largest Investments 27 with a global public health crisis thrown in Investment Portfolio 28 for good measure. In this tumultuous Sector/Geographical Analysis 31 environment, your Company’s net asset Currency/Market Performance 32 Investment Case Studies 33 value (NAV) fell by 13.6% in sterling terms Portfolio and its share price by a similar 13.2%.” Governance Your Board of Directors 37 Nigel Cayzer, Chairman Directors’ Report 42 Directors’ Remuneration Report 51 Statement of Directors’ Responsibilities 54 Report of Audit Committee 55

Financial Statements Governance Independent Auditor’s Report to the Members of Aberdeen Standard Asia Focus PLC 56 Statement of Comprehensive Income 67 Statement of Financial Position 68 Statement of Changes in Equity 69 Statement of Cash Flows 70

Notes to the Financial Statements 71 “Asian countries’ relatively effective Alternative Performance Measures 90 Statements Financial containment of the virus mean that these Corporate Information companies with a mainly domestic focus Information about the Manager 93 should be among the first to recover.” The Investment Process 94 Investor Information 95 Hugh Young, Alternative Investment Fund Managers

Aberdeen Standard Investments (Asia) Limited Directive Disclosures (Unaudited) 98 Information Corporate General Notice of Annual General Meeting 100 Glossary of Terms and Definitions 104 Your Company’s Recent Share Capital History 106 Corporate Information 109

General

2 Annual Report 2020

Highlights and Financial Calendar

Net asset value total return MSCI AC Asia Pacific ex Japan Index MSCI AC Asia Pacific ex Japan Small Cap (diluted)AB total returnC Index total returnC –13.6% +1.9% –2.5% 2019 +7.1% 2019 +5.7% 2019 –0.5%

Share price total returnA Discount to net asset valueAB Dividends per Ordinary shareD –13.2% 11.4% 19.00p 2019 +11.4% 2019 11.6% 2019 19.00p

A Alternative Performance Measure (see pages 90 and 91). B Presented on an undiluted basis as the Convertible Unsecured Loan Stock (“CULS”) is “out of the money” C Currency adjusted, capital gains basis. D Dividends are subject to shareholder approval at the Annual General Meeting.

Net asset value per share Dividends per share Mid-market price per share

1300.6 19.0 19.0 1150.0 1231.8 1192.5 17.0 1062.0 1050.0 1106.5 16.0 980.0 1043.0 924.0

10.5

16 17