Bond ABERDEEN STANDARD SICAV 0% ( LU0132412106 ) in USD

ABERDEEN STANDARD SICAV

100 % ▲

Luxembourg

LU0132412106 ( in USD )

Perpetual

Prospectus brochure of the bond ABERDEEN STANDARD SICAV I LU0132412106 en USD 0%, maturity Perpetual

Aberdeen Standard SICAV I is a Luxembourg-domiciled umbrella SICAV offering a range of investment funds across various asset classes, including equities, bonds, and alternative investments.

An intriguing financial instrument, identified by ISIN LU0132412106, has been noted on the market, classified as a bond issued by ABERDEEN STANDARD SICAV I. Domiciled in Luxembourg, ABERDEEN STANDARD SICAV I is a prominent investment company with variable capital (SICAV), typically operating as a collective investment vehicle under the oversight of a global asset manager like Abrdn (formerly Aberdeen Standard Investments), serving to pool investor capital for diversified portfolio management. This particular bond is denominated in US Dollars (USD) and is currently trading at its par value, reflecting a market price of 100%. A distinguishing characteristic is its stated interest rate of 0%, which classifies it as a zero-coupon instrument, implying that no regular interest payments are conventionally made. Furthermore, the bond possesses a perpetual maturity, indicating that there is no fixed redemption date for the principal amount. The stated payment frequency of '2' presents a notable paradox given the bond's zero-coupon and perpetual nature, as such instruments typically do not involve regular interest payments or principal redemptions; this characteristic may point to an underlying operational framework or an atypical structural element of the security rather than conventional coupon disbursements.

ABERDEEN STANDARD SICAV I

PROSPECTUS

July 2020

1

VISA 2020/160116-441-0-PC

L'apposition du visa ne peut en aucun cas servir

d'argument de publicité

Luxembourg, le 2020-07-06

Commission de Surveillance du Secteur Financier

o CONTENTS

IMPORTANT INFORMATION .................................................................................................... 3
GLOSSARY ................................................................................................................................... 5
THE STANDARD LIFE ABERDEEN ORGANISATION ........................................................... 9
BOARD OF DIRECTORS OF ABERDEEN STANDARD SICAV I ........................................... 9
BOARD OF DIRECTORS OF ABERDEEN STANDARD INVESTMENTS LUXEMBOURG
S.A. ............................................................................................................................................... 10
MANAGEMENT AND ADMINISTRATION ............................................................................ 12
PRINCIPAL AGREEMENTS ...................................................................................................... 14
STRUCTURE ............................................................................................................................... 18
FUND INFORMATION ............................................................................................................... 20
GENERAL RISK FACTORS ....................................................................................................... 79
DEALING IN SHARES OF ABERDEEN STANDARD SICAV I ............................................. 91
CHARGES AND EXPENSES ..................................................................................................... 99
DIVIDEND POLICY.................................................................................................................. 108
CALCULATION OF NET INVESTMENT INCOME .............................................................. 109
PAYMENT OF DIVIDENDS .................................................................................................... 109
TAXATION ................................................................................................................................ 109
PUBLICATION OF SHARE PRICES ....................................................................................... 112
MEETINGS AND REPORTS .................................................................................................... 112
DOCUMENTS AVAILABLE FOR INSPECTION ................................................................... 113
KEY INVESTOR INFORMATION DOCUMENT ................................................................... 113
Appendix A - Investment Restrictions, Investment Techniques and Risk Management Process114
Appendix B - Calculation of Net Asset Value ............................................................................ 129
Appendix C - General Information ............................................................................................. 132
Appendix D - Share Classes ....................................................................................................... 138
Appendix E - Investment through the Subsidiary ....................................................................... 140
Appendix F - Additional Information for Investors .................................................................... 143
2

IMPORTANT INFORMATION
This Prospectus should be read in its entirety before making an application for Shares. If you are in any doubt about the contents of this
Prospectus, you should consult your stockbroker, bank manager, lawyer, accountant or other authorised professional financial adviser.

To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information
contained in this Prospectus is in accordance with the facts and does not omit anything material to such information. Accordingly, the Directors
of Aberdeen Standard SICAV I accept responsibility for the information contained in this Prospectus.

Statements made in this Prospectus are based on the law and practice currently in force in the Grand Duchy of Luxembourg and are subject to
changes in such law and practice.

Aberdeen Standard SICAV I is authorised as an undertaking for collective investment in transferable securities under the law dated 17 December
2010 on undertakings for collective investments, as amended (the "Law") and qualifies as a UCITS.

Shares are offered on the basis of the information contained in the current Prospectus, the latest Key Investor Information Document and the
latest Annual Report and Accounts or Interim Report and Accounts (if more recent than the Annual Report and Accounts) containing the audited
financial statements, and any subsequent unaudited Interim Report of Aberdeen Standard SICAV I if issued thereafter, which are available from
the registered office of Aberdeen Standard SICAV I in Luxembourg. Depending on applicable legal and regulatory requirements (comprising but
not limited to MiFID) in the countries of distribution, additional information on Aberdeen Standard SICAV I, the Funds and the Shares may be
made available to investors under the responsibility of local intermediaries / distributors ("Mandatory Additional Information").

Except for Mandatory Additional Information, no dealer, salesperson or any other person is authorised to give any information or make any
representations other than those contained in this Prospectus and the documents referred to herein in connection with the offer made hereby, and,
if given, any such information or representations should be regarded as unauthorised and should accordingly not be relied upon.

The distribution of this Prospectus and the offering or purchase of the Shares may be restricted in certain jurisdictions. No persons receiving a
copy of this Prospectus or the accompanying Application Form in any such jurisdiction may treat this Prospectus or such Application Form as
constituting an invitation to them to subscribe for Shares, nor should they in any event use such Application Form, unless in the relevant
jurisdiction such an invitation could lawfully be made to them and such Application Form could lawfully be used without compliance with any
local registration or other legal requirements. It is the responsibility of any persons in possession of this Prospectus and any persons wishing to
apply for Shares pursuant to this Prospectus to inform themselves of and to observe all applicable laws and regulations of any relevant
jurisdiction. Prospective applicants for Shares and any person in possession of this Prospectus should inform themselves as to the legal
requirements of so applying, and such possession, and of any applicable exchange control regulations and applicable taxes in the countries of
their respective citizenship, residence, ordinary residence or domicile. Accordingly, this Prospectus does not constitute an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified
to do so or to anyone to whom it is unlawful to make such offer or solicitation.

United States of America
The Shares have not been registered under the United States Securities Act of 1933, as amended, and Aberdeen Standard SICAV I has not been
registered under the United States Investment Company Act of 1940, as amended. Accordingly, the Shares may not be directly or indirectly
offered or sold in the United States of America or any of its states, territories, possessions or other areas subject to its jurisdiction or to or for the
benefit of a "US Person". A "US Person" for these purposes means a national or resident of the United States or any of its states, territories,
possessions or areas, subject to its jurisdiction (the "United States") and any partnership, corporation or other entity organised or created under
the laws of the United States or of any political subdivision thereof.

Notwithstanding the foregoing, the Shares may be offered or sold in the United States or to or for the benefit of US Persons with the prior
consent of Aberdeen Standard SICAV I and in a manner exempt from registration under the said Acts.

Canada
The Shares of Aberdeen Standard SICAV I will not be publicly offered in Canada. Any offering of Shares in Canada will be made only by way
of private placement: (i) pursuant to a Canadian offering memorandum containing certain prescribed disclosure, (ii) on a basis which is exempt
from the requirement that Aberdeen Standard SICAV I prepare and file a prospectus with the relevant Canadian securities regulatory authorities
pursuant to applicable requirements in the relevant Canadian jurisdictions, and (iii) to persons or entities that are "permitted clients" (as such term
is defined in National Instrument 31-103 Registration Requirements, Exemptions and On-going Registrant Obligations). The Management
Company, which acts as the manager of Aberdeen Standard SICAV I and as its private placement agent in Canada, is not registered in any
capacity in any jurisdiction in Canada and as such it may rely on one or more exemptions from various registration requirements in certain
Canadian jurisdictions. If a Canadian-resident Investor, or an Investor that has become a Canadian-resident after purchasing Shares, is required to
be a "permitted client" and does not qualify, or no longer qualifies, as a "permitted client", the Investor will not be able to purchase any
additional Shares and may be required to redeem its outstanding Shares.

Shareholder Rights
Aberdeen Standard SICAV I draws the investors' attention to the fact that any investor will only be able to fully exercise his investor rights
directly against Aberdeen Standard SICAV I, notably the right to participate in General Meetings of Shareholders if the investor is registered
himself and in his own name in the register of Shareholders of Aberdeen Standard SICAV I. In cases where an investor invests in Aberdeen
Standard SICAV I through an intermediary investing into Aberdeen Standard SICAV I in its own name but on behalf of the investor, it may not
always be possible for the investor to exercise certain shareholder rights directly against Aberdeen Standard SICAV I. Investors are advised to
take advice on their rights.

General
The recognition, registration or authorisation of Aberdeen Standard SICAV I in any jurisdiction does not require any authority to approve or
disapprove or take responsibility for the adequacy or accuracy of this or any Prospectus or the portfolios of securities held by Aberdeen Standard
SICAV I. Neither should recognition or registration be taken to imply any responsibility of any authority for the financial soundness of any
investment scheme, or that investment in such a scheme is recommended, or that any statements made or opinions expressed with regard to that
scheme are correct. Any statement to the contrary is unauthorised and unlawful.
3

Aberdeen Standard SICAV I may following the publication of this Prospectus be authorised for public marketing in other countries. Details of
current Fund authorisations are available from the registered office of Aberdeen Standard SICAV I or the Transfer Agent.

This Prospectus may be translated into other languages. In the event that there is any inconsistency or ambiguity in relation to the meaning of any
word or phrase in any translation, the English text shall prevail except to the extent (but only to the extent) required by the law of any jurisdiction
where the Shares are sold, that in an action based upon disclosure in a Prospectus in a language other than English, the language of the
Prospectus on which such action is based shall prevail and all disputes as to the terms thereof shall be governed and construed in accordance with
Luxembourg law.
4

GLOSSARY
This glossary is intended to help readers who may be unfamiliar with the terms used in this Prospectus.

Application Form
The application form available from the Management Company, the Transfer Agent or local
distributors.

Articles of Incorporation
The articles of incorporation of Aberdeen Standard SICAV I.

Associate
A company within the Standard Life Aberdeen plc group of companies.

Base Currency
In relation to a Fund means the base currency for the relevant Fund detailed under "Fund
Information".

Benchmark Regulation
Regulation (EU) 2016/1011on indices used as benchmarks in financial instruments and financial
contracts or to measure the performance of investment funds.

Board of Directors/Board
The board of directors of Aberdeen Standard SICAV I.

BRL
All references to "BRL" are to the Brazilian Real, the currency of Brazil.

Business Day
A day on which banks in Luxembourg are open for business (24 December is not a Business Day).

CEMBI
The JP Morgan Corporate Emerging Markets Bond Index.

CEMBI Emerging Market*
Any Emerging Market and any country that is included in the CEMBI Broad Diversified Index (or
any successor index, if revised). *This definition applies to Aberdeen Standard SICAV I Emerging
Markets Corporate Bond Fund.

China A-Shares
Mainland China's domestic shares listed on the Chinese Stock Exchanges, which are available to
Mainland China's domestic investors, QFII, RQFII, and through other eligible channels, and quoted
in RMB.

China B-Shares
Mainland China's domestic shares listed and traded in foreign currencies on the Chinese Stock

Exchanges, which are available to Mainland China's domestic investors, QFII and RQFII.

Chinese Stock Exchanges
Mainland China's domestic stock exchanges comprising the Shanghai and Shenzhen Stock
Exchanges, or their successors.

CIS
A free association of former Soviet republics in the Soviet Union prior to its dissolution in
December 1991. The original member states include: Armenia, Azerbaijan, Belarus, Georgia,
Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.
Georgia, originally a member, withdrew from the association in 2009 but is included in the group for
the purposes of this Prospectus.

Class(es)
of
Shares/Share
Pursuant to the Articles of Incorporation, the Board of Directors may decide to issue, within each
Class(es)/ Classes
Fund, separate classes of Shares (hereinafter referred to as a "Share Class" or "Class of Shares" or
"Class", as appropriate) whose assets will be commonly invested but where a specific initial or
redemption charge structure, fee structure, minimum subscription amount, currency, dividend policy
or other feature may be applied.

Closed-Ended Fund
A collective investment scheme with a fixed number of shares in issue and which is typically listed
or traded on a stock exchange. Supply and demand for the shares determines whether they trade at a
premium or discount to the value of the underlying assets held by the collective investment scheme.
Closed-ended funds include but are not limited to investment trusts and business development
companies.

Connected Person
A person or corporation related by common ownership as more fully defined in Article 16 of the
Articles of Incorporation.

CSDCC
The China Securities Depositary and Clearing Corporation Limited.

CSRC
The China Securities Regulatory Commission.

CSSF
Commission de Surveillance du Secteur Financier or its successor.

Dealing Day
With respect to any Fund, a day on which Shares are available for subscription, switching and
redemption. Dealing Days are specified under the section "Dealing in Shares of Aberdeen Standard
SICAV I".

5

Debt and Debt-Related Securities
Includes but is not limited to convertible and non-convertible corporate and non-corporate debt
securities, preferred securities, privately placed securities (which are securities sold directly in a
negotiated sale to institutional or private investors rather than a public offering such as privately
placed bonds), fixed and floating rate bonds, zero-coupon and discount bonds, debentures, notes,
certificates of deposit, banker's acceptances, bills of exchange, commercial paper, treasury bills,
asset-backed securities and mortgage-backed securities.

Directive 2009/65/EC
Directive 2009/65/EC on the coordination of laws, regulations and administrative provision relating
to undertakings for collective investment in transferable securities, as amended.

Directors
Members of the Board.

Eastern Europe
The states of Central and Eastern Europe, including Russia, Turkey, the CIS and Balkan countries
(being those countries which were formerly part of the Federal Republic of Yugoslavia (namely,
Bosnia and Herzegovina, Croatia, Kosovo, Macedonia, Montenegro, Serbia and Slovenia) and
Albania).

EEA
The European Economic Area (the EU, Norway, Iceland and Liechtenstein).

Efficient Portfolio Management
Techniques and instruments relating to transferable securities and money market instruments as
further described in the section "Techniques and Instruments" in Appendix A.

Eligible Market
A stock exchange or Regulated Market in one of the Eligible States.

Eligible State
Any Member State of the EU or any other state in Eastern and Western Europe, Asia, Africa,
Australia, North America, South America and Oceania.

Emerging Market
Any country that is included in the MSCI Emerging Markets series of indices or FTSE Emerging
Markets series of indices or JP Morgan Emerging Market series of indices (or composites thereof or
any successor series) or any country classified by the World Bank as a low to upper middle income
country.

EU
European Union.

Euro
All references to "Euro" and "" are to the currency introduced at the third stage of economic union
pursuant to the Treaty establishing the European Union.

Frontier Debt Market
Any country that is included in the J.P. Morgan Next Generation Markets Index (NEXGEM) or a
composite index thereof (or any successor index, if revised), or any country which is an Emerging
Market but which, in the opinion of the Investment Manager, demonstrates equivalent economic
characteristics of countries in the J.P. Morgan Next Generation Markets Index.

Frontier Market
Any country that is included in the MSCI Frontier Markets Index or a composite index thereof (or
any successor index, if revised), or any country which is an Emerging Market but which, in the
opinion of the Investment Manager, demonstrates economic characteristics of countries in the MSCI
Frontier Markets Index.

Fund
A sub-fund of Aberdeen Standard SICAV I.

GITA
German Investment Tax Reform Act dated 19 July 2016.

Institutional Investor
An institutional investor within the meaning of the Law and the practice of the CSSF.

Gross Investment Amount
The amount submitted by or on behalf of an investor for investment in any of the Funds and out of
which any initial or other charges will be paid prior to investment.

Investment Grade
Having a rating of at least BBB- by Standard & Poor's or at least Baa3 by Moody's Investor
Services or at least BBB- by Fitch Ratings, or be considered equivalent by the Investment Manager
using similar credit criteria at the time of purchase. In the case of split ratings, the highest rating can
be used except in relation to Aberdeen Standard SICAV I Global Credit Floating Rate Fixed
Maturity 2023 Fund where the median rating will be used. Where three ratings apply, the median
rating will be used for the Aberdeen Standard SICAV I Global Corporate Bond Sustainable and
Responsible Investment Fund.

Key
Investor
Information The key investor information document available for a Share Class of a Fund from time to time.
Document or KIID

Latin America
Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, French
Guyana, Guatemala, Guyana, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru,
Puerto Rico, Suriname, Uruguay and Venezuela.

Law
The Luxembourg law of 17 December 2010 on undertakings for collective investment, as amended.

Mainland China
PRC excluding Hong Kong, Macau and Taiwan.

6

Member State
A member state as defined in the Law.

MiFID
Directive 2014/65/EU on markets in financial instruments and Regulation EU 600/2014 on markets
in financial instruments and any EU or Luxembourg implementing laws and regulations.

Money Market Instruments
Instruments normally dealt in on the money market which are liquid, and have a value which can be
accurately determined at any time.

Net Asset Value
In relation to any Class of Shares in a Fund, the value of the net assets of that Fund attributable to
that Class and calculated in accordance with the provisions described in Section 1 of Appendix B.

Operating, Administrative and
The fixed ordinary operating expenses referred to in the section "Operating Administrative and
Servicing Expenses
Servicing Expenses" under "Charges and Expenses".

Other UCIs
An undertaking for collective investment which has as its sole object the collective investment in
transferable securities and/or other liquid financial assets of capital raised from the public and which
operates on the principle of risk spreading and the units/shares of which are at the request of holders
repurchased or redeemed directly or indirectly out of those undertakings' assets provided that action
taken to ensure that the stock exchange value of such units/shares does not significantly vary shall be
regarded as equivalent to such repurchase or redemption.

PRC
People's Republic of China.

PRC Custodian
Citibank (China) Co., Ltd.

QFII
Qualified Foreign Institutional Investor, as defined under laws and regulations governing the
establishment and operation of the qualified foreign institutional investors regime in the PRC.

Regulated Market
A regulated market as defined in MiFID, namely a market which appears on the list of the regulated
markets drawn up by each Member State, which functions regularly, is characterized by the fact that
regulations issued or approved by the competent authorities define the conditions for the operation
of the market, the conditions for access to the market and the conditions that must be satisfied by a
financial instrument before it can effectively be dealt in on the market, requiring compliance with all
the reporting and transparency requirements laid down by MiFID and any other market which is
regulated, operates regularly and is recognised and open to the public in an Eligible State.

REITs
A Real Estate Investment Trust which is an entity that buys and manages shares in a real estate
portfolio or direct real estate. This may include, but is not limited to, investing in residential
apartments, retail shopping centres and commercial office buildings, as well as real estate
development. A REIT may be closed-ended with its shares listed on a Regulated Market, which
thereby qualifies it as an eligible investment for a UCITS under Luxembourg law. Other REITs may
be closed-ended and not listed on a Regulated Market, thereby limiting a UCITS' investment in such
entities to 10% of the net assets of a Fund (taken together with any other investments in Transferable
Securities and Money Market Instruments not provided for under Section I of Appendix A).

RESA
Recueil Electronique des Sociétés et Associations.

RQFII Eligible Securities
Securities and investments permitted to be held or made by a RQFII under the RQFII Regulations.

Repurchase Transactions
Financial instruments used in securities and money markets as further described in the section
"Investment Techniques and Instruments" in Appendix A.

RMB
All references to "Renminbi" or "RMB" are to the currency of the People's Republic of China.

RQFII
Renminbi Qualified Foreign Institutional Investor, as defined by the China Securities Regulatory
Commission under the RQF II Regulations.

RQFII Regulations
The laws and regulations governing the establishment and operation of the Renminbi qualified
foreign institutional investors regime in the PRC, as may be promulgated and/or amended from time
to time.

SAFE
The PRC State Administration of Foreign Exchange.

Share
Any share of any Class of a Fund.

Shareholder
Any person holding Shares of a Fund.

Share Price
The price of a Share in any one of the Funds, this price being the Net Asset Value of that Share
Class divided by the number of Shares in issue in that Class, adjusted and calculated as described in
Section 2 of Appendix B.

Sterling
All references to "Sterling", "£" and "pounds" are to the pound Sterling, the currency of the United
Kingdom.

7

Sub-Investment Grade
Having a rating which is below Investment Grade.

Subsidiary
Aberdeen Global Indian Equity Limited.

Swiss Franc
All references to "Swiss Franc" and "CHF" are to the Swiss Franc, the currency of Switzerland.

The 10 Principles of the United A set of principles set out by the United Nations and derived from the Universal Declaration of
Nations Global Compact
Human Rights, the International Labour Organization's Declaration on Fundamental Principles and
Rights at Work, the Rio Declaration on Environment and Development, and the United Nations
Convention
Against
Corruption.
Further
information
is
available
at
www.unglobalcompact.org/what-is-gc/mission/principles.

Transferable Securities
Shares and other securities equivalent to shares, Debt and Debt-Related Securities and any other
negotiable securities which carry the right to acquire any such transferable securities by subscription
or exchange referred to in article 41 of the Law, excluding the techniques and instruments referred to
in article 42 of the Law.

UCITS
An Undertaking for Collective Investment in Transferable Securities.

United
Nations
Sustainable
The Sustainable Development Goals are the blueprint to achieve a better and more sustainable future
Development Goals
for all. They address the global challenges the world faces, including those related to poverty,
inequality, climate, environmental degradation, prosperity, and peace and justice.

The 17 goals were adopted in 2015 and are contained in the 2030 Agenda for Sustainable
Development. Further information is available at www.un.org/sustainabledevelopment/.

UK
The United Kingdom.

US Dollars
All references to "US Dollars" and "US$" are to the United States Dollar, the currency of the United
States of America.

VIE
Variable Interest Entity

Yen
All references to "Yen" and "¥" are to the Japanese Yen, the currency of Japan.

8

THE STANDARD LIFE ABERDEEN ORGANISATION
Standard Life Aberdeen plc, a company listed on the London Stock Exchange, is the holding company of an investment management group
(the "Standard Life Aberdeen Group") with offices in Europe, the United States of America, South America, Australia and Asia. Aberdeen
Standard Investments (Hong Kong) Limited is regulated by the Hong Kong Securities and Futures Commission. Aberdeen Asset Managers
Limited is regulated and authorised by the Financial Conduct Authority in the United Kingdom. Aberdeen Standard Investments (Asia)
Limited is regulated by the Monetary Authority of Singapore. Aberdeen Standard Investments Inc. is regulated by the United States
Securities and Exchange Commission. Aberdeen Standard Investments Australia Limited is regulated by the Australian Securities and
Investment Commission. Aberdeen Standard Investments (Japan) Limited is regulated by the Financial Services Agency in Japan.The share
capital of Aberdeen Standard Investments (Hong Kong) Limited is held by Aberdeen Asset Management PLC and Aberdeen Standard
Investments (Asia) Limited. The entire issued share capital of Aberdeen Standard Investments Australia Limited is held by Aberdeen
Standard Investments (Asia) Limited. Aberdeen Asset Managers Limited, Aberdeen Standard Investments (Asia) Limited, Aberdeen
Standard Investments Inc. and Aberdeen Standard Investments (Japan) Limited are all wholly owned subsidiaries of Aberdeen Asset
Management PLC. The share capital of Aberdeen Standard Investments Luxembourg S.A. is held by Aberdeen Standard Investments (Hong
Kong) Limited, Aberdeen Asset Managers Limited and Aberdeen Asset Management PLC. Aberdeen Asset Management PLC is a wholly
owned subsidiary of Standard Life Aberdeen plc and Aberdeen Standard Investments is the asset management division of the Standard Life
Aberdeen Group.

BOARD OF DIRECTORS OF ABERDEEN STANDARD SICAV I
The Directors of Aberdeen Standard SICAV I are responsible for the management and administration of Aberdeen Standard SICAV I and
for its overall investment policy.

Roger Barker
was Country Manager at the International Private Banking Branch of Lloyds TSB Bank plc, Luxembourg until
2006 when he retired. He worked for the Lloyds TSB group, principally in its European offices, for almost 40
years in a variety of roles including Senior / Country Manager of European Private Banking, Monaco, Manager
of Administration and International Wealth Management Luxembourg and Manager of International Private
Banking in the Cayman Islands. Presently also acts as a member of several other Aberdeen UCITS and
Alternatives' fund company board.

Andrey Berzins
graduated in statistics from the University of Bath and qualified as a chartered accountant in 1985.For the
majority of his career he has been involved in the Asian private equity industry. He is currently a director of
Ocean Wilsons Holdings Limited, an investment holding company listed on the London Stock Exchange, as
well as several private companies. Andrey is based in Singapore.

Martin Gilbert
is Vice Chairman of Standard Life Aberdeen plc and Chairman of Aberdeen Standard Investments, the asset
management business of the group. Standard Life Aberdeen is the leading global investment company formed as
a result of the merger between Aberdeen Asset Management PLC and Standard Life plc in August 2017. Martin
was the Chief Executive of Aberdeen Asset Management, which he co-founded in 1983. Under his leadership,
Aberdeen became one of the world's leading independent asset managers through a combination of organic
growth and strategic acquisitions. Martin is Chairman of the UK's Prudential Regulation Authority's Practitioner
Panel. He is a member of the International Advisory Panel of the Monetary Authority of Singapore and the
International Advisory Board of British American Business. Martin is also the Senior Independent Director at
Glencore plc. Martin was named Personality of the Year at the City AM Awards in 2017 and Asset Management
CEO of the Year at the Global Investor Awards the following year. He holds honorary degrees from the
University of Aberdeen and Heriot-Watt University. Martin is an Adjunct Professor of Finance at Imperial
College Business School. Martin, who was born in Malaysia, earned an MA in accountancy and a law degree
from the University of Aberdeen. After qualifying as a chartered accountant with Deloitte, he joined the
investment department of local law firm Brander & Cruikshank, which went on to become Aberdeen Asset
Management.

Soraya Hashimzai
is Head of Governance, Continental Europe, responsible for the day to day governance and operation of UCITS
and Alternative funds in the region, also as a Luxembourg based Conducting Officer and Director of the
management company Aberdeen Standard Investments Luxembourg S.A. Soraya joined Aberdeen Standard
Investments as a result of the merger between Aberdeen Asset Management and Standard Life in August 2017.
Soraya joined Aberdeen's London office as a Legal Counsel in 2010 and held the role of Head of Legal
Product Development and Management within the Legal department, working on a range of Aberdeen funds,
until 2015. She relocated to Luxembourg in 2013 and has held directorships on boards of funds operated by the
Group in Luxembourg and Ireland. Prior to working for Aberdeen, Soraya was a Senior Solicitor in the City of
London at Maclay Murray & Spens (previously City Law Partnership) and a Legal Consultant within the
Corporate team at DLA Piper Middle East, Dubai. Soraya has an LLB (Hons) in Business Law from
Bournemouth University and a Postgraduate Diploma in Legal Practice from the University of Oxford and
Oxford Brookes University. She has been admitted as a Solicitor in England and Wales specialising in corporate
and funds law since 2004.

Bob Hutcheson
was a partner with KPMG, Accountants from 1980 to 2007. He is currently Chairman at Bancon Developments
Holdings Limited (construction and house building), non-executive director at North Banchory Company
Limited, Imes Group Holdings Limited (inspection), Water Weights Limited and UCAN Urological Cancer
Charity.

Christopher Little
formed Century Group Limited in 1983. He was Chief Executive Officer of Century Group and of its principal
subsidiary, Century Life PLC. He has held several non executive directorships.

9

Ian Macdonald
is the Deputy Head of Asia Pacific and he works closely with Hugh Young to support the continued
development of our business in the region. His direct reports include Aberdeen's various Country Heads as well
as the regional Heads of Product, Human Resources, Business Risk, Compliance and Legal. Ian joined
Aberdeen Standard Investments as a result of the merger between Aberdeen Asset Management and Standard
Life in August 2017. Ian joined Aberdeen in 2013. In 1998 Ian qualified as a chartered accountant with Price
Waterhouse in London before joining Lazard as an M&A banker. In 2005 he moved to Hong Kong to head
HSBC's Asia Pacific private equity coverage team. Since 2008, Ian has been based in Singapore and was
formerly the Chief Executive Officer of the emerging markets equities fund management firm, Arisaig Partners.
Ian holds a first class undergraduate degree in Ancient History from the University of London and is an alumnus
of both IMD (Program for Executive Development) and Harvard Business School (Advanced Management
Program).

Gary Marshall
is Head of EMEA for Aberdeen Standard Investments. He leads the EMEA business of Aberdeen Standard
Investments, which covers all of the asset management business activities undertaken by Group entities
domiciled or operating in the EMEA region (Europe, including UK, Middle East and Africa) and sits on the
enlarged Group's Asset Management Committee. Gary was previously Group Head of Product for Aberdeen
Asset Management and currently serves as Chief Executive of the heritage Aberdeen business' primary fund
management companies in UK and Luxembourg (which continue to operate). Gary joined the Aberdeen Group
in 1997 and was a member of Aberdeen's Group Management Board. He has had experience in many aspects of
Aberdeen's operations in his previous roles having been based in London and Edinburgh and in Philadelphia
leading Aberdeen's business in the Americas from 2010 to mid-2014. In addition to other responsibilities, Gary
plays a lead role in Aberdeen Standard's relationship with Lloyds Banking Group. Gary joined the financial
services industry in 1983, working initially in marketing and product development at Scottish Provident, a UK
life assurer. Gary joined Aberdeen via the acquisition of Prolific Financial Management (then a UK asset
management subsidiary of Scottish Provident) in 1997. Gary graduated with a BSc (Hons) in Actuarial
Mathematics and Statistics from Heriot Watt University in Edinburgh and is a qualified Actuary.

Hugh Young
is Head of Asia Pacific for Aberdeen Standard Investments. He was formerly a main board director and Head of
Investments for Aberdeen Asset Management (before its merger with Standard Life plc). Hugh joined Aberdeen
Standard Investments as a result of the merger between Aberdeen Asset Management and Standard Life in
August 2017. Hugh joined Aberdeen in 1985 to manage Asian equities from London, having started his
investment career in 1980. He founded Singapore-based Aberdeen Asia in 1992 and since then he has built the
company into one of the largest and most well-respected managers of such assets globally. Hugh is a director of
a number of group subsidiary companies and group-managed investment trusts and funds. Hugh graduated with
a BA (Hons) in Politics from Exeter University.

BOARD OF DIRECTORS OF ABERDEEN STANDARD INVESTMENTS
LUXEMBOURG S.A.

Andreia Camara
is Director and Conducting Officer of Aberdeen Standard Investments Luxembourg S.A. primarily covering
risk management and valuation. Andreia joined Aberdeen Standard Investments as a result of the merger
between Aberdeen Asset Management and Standard Life in August 2017. Andreia joined Aberdeen in 2013
after 12 years at Ernst & Young, working in assurance and advisory services for alternative investments. From
2011 Andreia was part of Ernst & Young's AIFMD implementation team and is since then actively involved in
the ALFI Risk Management Committees.

Andreia has a degree from the University of Minho in Portugal in Business Management and a Post Graduate
degree in Tax law and Finance from the University of Economics of Oporto. She is also certified as a
Luxembourg CPA and a qualified professional of RICS (MRICS).

Soraya Hashimzai*

Alan Hawthorn
is Global Head of Investor Services and is responsible for all in-house and outsourced transfer agency
operations for Aberdeen Asset Management. Alan is also a Director of a number of subsidiary companies
within the Aberdeen Group. Alan joined Aberdeen Standard Investments as a result of the merger between
Aberdeen Asset Management and Standard Life in August 2017. Alan joined Aberdeen in 1996 from Prolific
Financial Management. Alan graduated with a BA in Commerce at Napier University.

Gary Marshall*

Dirk Schulze
Dirk Schulze is Managing Director of Aberdeen Standard Investments Luxembourg S.A. Dirk joined Aberdeen
Standard Investments in October 2019. Prior to this, Dirk was Chief Executive Officer of Nordea Investment
Funds S.A. in Luxembourg and has also served as independent Conducting Officer and Board Director. As
Managing Director of both Sparinvest S.A. (active since 2005) and Warburg Invest Luxembourg S.A. (now LRI
Capital Management S.A., part of Apex Group, since 2013) Dirk builds-upon an expertise and network of more
than 20 years in Luxembourg. Dirk Schulze has earned his Master of Business Administration from École de
Management at Lyon in France and holds Bachelor degrees from both Leeds Beckett University in the United
Kingdom and Hochschule Bremen in Germany. Dirk's career path encompasses Big-4-positions, both as
external auditor and consultant, as well as senior appointments within the Asset Management and Servicing
industry.

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