Gearing disclosure

Net Gearing Ratio

4 May 2020

Aberdeen Asset Management PLC announces the indicative net gearing ratio of the following investment company as at close of business on 1 May 2020, calculated in accordance with the recommendations of the Association of Investment Companies.  Underlying financial assets are valued on a fair value basis using bid prices or, if more appropriate, a last trade basis and debt (net of cash held) is valued at par.