Gearing disclosure

Net Gearing Ratio

13 July 2020

Aberdeen Asset Management PLC announces the indicative net gearing ratio of the following investment company as at close of business on 10 July 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.