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UPDATED 12 August 2016 16:50 - Updated statement received

We have been supplied with the below revised statement from Aberdeen Fund Managers Limited in regards to the suspension of the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust suspensions:

Aberdeen Fund Managers Limited ("Aberdeen") reports that today's published price for the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust (together "the Funds") now includes a fair value adjustment of minus 5% to the most recent end-month independent valuation of the underlying property portfolio, up from minus 7% which had been in effect from 6 July 2016. This reflects our revised assessment of the impact of the vote to leave the EU on property values in the Fund. This revision takes into account the latest emerging evidence from independent valuers, evidence of transactions in the market and other relevant inputs. These inputs continue to be reviewed regularly, taking account of updated information, and the adjustment may be changed (increased or decreased), without notice, in order to protect the interests of all investors.

Shareholders can find any additional information on our website at www.aberdeen-asset.co.uk


UPDATED 1 August 2016 10:00 - Updated statement received

We have been supplied with the below revised statement from Aberdeen Fund Managers Limited in regards to the suspension of the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust suspensions:

Aberdeen Fund Managers Limited is pleased to report that it has completed the process of rebuilding liquidity levels in the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust (together “the Funds”) and that trading in the Funds has reverted to levels which no longer require property sales in a compressed timescale.  Accordingly today’s published price includes a dilution adjustment of 1.25% which is the level which was in place prior to the EU Referendum.  Trading is monitored daily and the dilution adjustment may be increased without notice, if required in order to protect the interests of all investors.

Today's published price continues to include a fair value adjustment of minus 7% to the most recent end-month independent valuation of the underlying property portfolio, reflecting our assessment of the impact of the vote to leave on underlying property values.  This is also reviewed regularly, taking account of regular, updated information from independent valuers, evidence of transactions in the market and other relevant inputs, and may be changed (increased or decreased) without notice in order to protect the interests of all investors.

The Funds continue to be priced on terms set out in the Funds prospectuses, and our pricing basis has been notified to the Depositary.

Shareholders can find any additional information on our website at www.aberdeen-asset.co.uk

UPDATED 21 July 2016 12:45 – Updated statement received

We have been supplied with the below revised statement from Aberdeen Fund Managers Limited in regards to the suspension of the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust suspensions:

Following the reopening of the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust (together “the Funds”) we have been carefully monitoring the flows in and out of the Funds and the market sentiment within the UK commercial property sector as well as rebuilding the cash positions. As a result, we have reduced the dilution adjustment on the properties within the portfolio which has resulted in a 7.5% uplift on the Funds’ dealing price. A fair value adjustment of 7% continues to be applied to the underlying property portfolio.
 
The reduction in the dilution adjustment applied is a reflection of the reduced volume of redemptions experienced over the past week and the fact that cash levels of the Funds have been rebuilt following the completion of a select number of property disposals. The reduced dilution adjustment  figure still takes into account the potential need to dispose of properties more quickly than normal in order to provide liquidity. Doing so allows us to treat all customers fairly: protecting value for longer-term investors, whilst importantly continuing to provide daily liquidity to those who wish to redeem. If future trading in the Funds continues to revert to more normal levels, we would expect to lower further or remove the dilution adjustment. However, if redemptions from the Funds increase and cash levels are again depleted the dilution adjustment may rise.
 
Shareholders can find any additional information on our website at www.aberdeen-asset.co.uk

UPDATED 13 July 2016 12:00 – Updated statement received

We have been supplied with the below revised statement from Aberdeen Fund Managers Limited in regards to the suspension of the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust suspensions:

As planned, Aberdeen Fund Managers Limited (“Aberdeen”) has today lifted the trading suspension on the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust (together “the Funds”). The suspension was put in place to allow those who placed orders by reference to the 6 July valuation point, to reassess those trades and cancel them if they wished having been informed of the anti-dilutive measure put in place.
 
Any un-cancelled orders for subscriptions and redemptions in the Funds placed between 12 noon on 5 July and 12 noon on 6 July 2016 will now be processed at the diluted price as at noon 13 July 2016.

With the suspension removed, investors are now able to submit trades after 12 noon on 13 July 2016 but at a diluted price that reflects the current market environment and the fact that short-term sales in the property market have relatively penal consequences. Any orders placed during the suspension period will have been rejected and new trades will now need to be re-submitted after 12 noon on 13 July 2016. However, investors will not have the opportunity to cancel trades in the event of any future changes to the Fair value and Dilution adjustments as they did during the suspension period.

It is important to note that the anti-dilutive measures we have put in place have been imposed solely to reflect the need to dispose of properties in order to provide liquidity. Doing so allows us to protect value for longer-term investors and, although today’s price also incorporates a fair value adjustment of 7% on property holdings, the diluted price is quite distinct from that and not a reflection of what we believe is currently achievable in the absence of undue pressure to sell properties. Accordingly, if future trading in the Fund reverts to lower levels, we would expect to lower or remove the dilution adjustment, and the price would then revert to a level reflective of longer-term property values.
 
We recognise that the temporary suspension since 6 July 2016 and the anti-dilutive measures we have taken will have inconvenienced some shareholders, but Aberdeen remains absolutely focused on providing liquidity to shareholders who wish to access it, while protecting value for the remaining shareholders; our aim is to ensure all shareholders are treated fairly. Shareholders can find any additional information on our website at www.aberdeen-asset.co.uk

The decision to lift the suspension period was taken by Aberdeen in agreement with the Depositary.

Martin Gilbert, Chief Executive of Aberdeen Asset Management, comments:

“Following the lifting of the week-long suspension, I am pleased that investors will now be able to trade shares in the funds. Investors should be aware that the price may be adjusted on a daily basis to reflect the funds requirement to provide liquidity and the need to protect all investors. The market may take time to find its level but I have no doubt that property will continue to play an important part in investors’ portfolios.”

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Please click here to view a copy of the communication sent.
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