FOR IMMEDIATE RELEASE 8 MAY 2013 MOST CONSISTENT AND TOP PERFORMING INVESTMENT COMPANIES OVER LAST DECADE

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1 FOR IMMEDIATE RELEASE 8 MAY 2013 MOST CONSISTENT AND TOP PERFORMING INVESTMENT COMPANIES OVER LAST DECADE - & Asia Pacific excluding Japan sectors dominate - Fund manager longevity a key theme As the stock market rally continues, it s worth remembering that consistency of performance is important and investors need to bear this in mind when looking at funds past performance. Research from the Association of Investment (AIC) highlights the twenty most consistent and strongly performing members of the last decade. See page 3 for a full list. and Asia Pacific It is companies from the sector, closely followed by Asia Pacific excluding Japan, which are dominating the league table as the most consistent and strongest performers of the last decade. Seven out of twenty (over a third) of investment companies were from the investment company sector, whilst five out of twenty (a quarter) were from the Asia Pacific excluding Japan sector. Fund manager longevity The figures also suggest fund manager longevity may also play a role in delivering strong, consistent performance. During the last ten years, over half of the investment companies (60%, 12 by number) have had the same manager at the helm for at least a decade, with a number of other companies having the same manager for close to a decade. Harry Nimmo, for example, has managed Standard Life for over 9 years, Bruce Stout has also managed Murray International for 9 years, and Peter Ewins has managed F&C Global Smaller for the last 8 years. Strongest and most consistent performers Scottish Oriental Smaller, managed by Susie Rippingall for over a decade until her retirement on 1 April this year, now managed by Wee-Li Hee, Scott McNab and Angus Tulloch, is the strongest and most consistent AIC member investment company of the last decade. Over the last decade, a 100 lump sum investment into the company has grown to 875 and it has outperformed the average investment company in nine of the last ten years. The second top performing and most consistent investment company of the last decade is from the Global Growth sector, and is F&C Global Smaller, managed by Peter Ewins. A 100

2 lump sum in the fund over the last decade has grown to 654, and the company has outperformed the average investment company in nine of the last ten years. Aberdeen New Dawn is the third most consistent, strongly performing investment company of the last decade, also outperforming the average investment company over nine of the last ten years. The company has been managed by Hugh Young since 1989 and a number of other managers are also managing the company (see the table on page three). Interestingly, of the twenty most consistent and strongly performing investment companies, nearly a third (6) are managed by Aberdeen Asset Managers. Methodology The AIC looked at the discrete annual returns every year for ten years across the investment company sector. Each year the company s performance was benchmarked against the overall average performance of the investment company industry and the companies that most consistently outperformed on an annual basis were identified. Where two companies had the same consistency score, the volatility of the returns (standard deviation) was used to differentiate between them. Annabel Brodie-Smith, Communications Director, Association of Investment (AIC) said: With markets back in risk on mode, it s worth pausing and remembering that consistency of performance can be more meaningful to investors than a one off shoot the lights out success. Of course portfolio composition, charges, and a whole host of other factors also need to be taken into account. It s interesting to see that the Asia Pacific and sectors have managed to combine consistency with spectacular gains. Perhaps it s not surprising that some of these Asia Pacific funds also have a smaller companies focus. Peter Ewins, Manager, F&C Global Smaller said: The fundamental attraction of our mandate is the huge scope that exists to identify good companies from around the world with the ability to deliver strong growth. Assessing which companies have the right management in place to deliver on their potential is key. Given liquidity issues it is important to take a long term view on investments in this area, and to focus on companies with the ability to generate positive internal cash-flow to allow them to develop successfully in the future.

3 Most consistent, strong performing investment companies over last decade Company Scottish Oriental Smaller F&C Global Smaller Sector Asia Pacific Global Growth Fund manager Susie Rippingall to 1 April 2013 (now managed by Wee-Li Hee, Scott McNab and Angus Tulloch) Fund manager length of service /04/2013 Number of times outperformed average investment company over each of last 10 years Share price total return on 100 over 10 years to end February 2013 ( ) Peter Ewins 31/07/ Hugh Young 02/05/ /08/1996 ) Adrian Lim 01/05/ /12/2000 Aberdeen New Dawn Christopher Wong Chou Chong 01/01/ /10/1995 1/10/1995 1/10/1995 Christopher Wong 19/10/ Aberdeen Asian Smaller Jupiter European Opportunities Dunedin Smaller Genesis Emerging Markets Finsbury Growth & Income Europe Global Emerging Markets UK Growth & Income Adrian Lim 19/10/ Alexander 20/11/ Darwall Ed Beal 17/01/ Team Managed Nick Train 11/12/ HgCapital Private Equity 01/01/

4 Montanaro Aberdeen New Thai Edinburgh Dragon Standard Life Henderson Smaller JPMorgan Smaller Schroder AsiaPacific BlackRock Smaller European Assets Country Specialists: Asia Pacific European Smaller Nic Humphries David Lindley George Cooke Chou Chong Adrian Lim Adithep Vanabriksha Orsen Karnburisudthi Adrian Lim Chou Chong Christopher Wong 01/07/ /07/ /12/ /12/ /12/ /12/ /12/ /12/ /08/ /08/ /08/ /08/ /08/ Harry Nimmo 01/09/ Neil Hermon 01/11/ Georgina 02/01/ Brittain Matthew Dobbs 20/11/ Mike Prentis 30/09/ Sam Cosh 20/10/2011 David Moss 20/10/ Richard Smith 06/ Jonathan Brown 05/ Bruce Stout 16/06/ Invesco Perpetual Global Growth Murray International & Income Investment company overall weighted average Ends-

5 For further information, please contact Annabel Brodie-Smith Jemma Jackson Lisa Flounders Communications Director PR Manager PR/Marketing Executive AIC AIC AIC Follow us on

6 Notes to editors 1. Discrete annual returns over the last decade - share price total returns on 100 Performance From 29/02/ /02/ /02/ /02/ /02/ /02/ /02/ /02/ /02/ /02/2003 Performance To 28/02/ /02/ /02/ /02/ /02/ /02/ /02/ /02/ /02/ /02/2004 Duration Years.Months Overall Weighted Average Company Scottish Oriental Smaller F&C Global Smaller Aberdeen New Dawn Aberdeen Asian Smaller Jupiter European Opportunities Dunedin Smaller Genesis Emerging Markets Finsbury Growth & Income HgCapital Montanaro Aberdeen New Thai Edinburgh Dragon Standard Life Henderson Smaller JPMorgan Smaller Schroder AsiaPacific BlackRock Smaller European Assets Invesco Perpetual Murray International

7 2. Performance figures are mid market share price with net income reinvested and a 3.5% deduction for charges, stamp duty and market spread. Source: AIC using Morningstar. 3. Fund manager length of service data is from Morningstar. 4. Disclaimer: The information contained in this press release does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. Past performance is not a guide to future performance. The value of investment company shares, and the income from them, can fall as well as rise. You may not get back the full amount invested and, in some cases, nothing at all.