RNS Number:5877U
Aberdeen Asset Management PLC
23 January 2004


                           ABERDEEN ASSET MANAGEMENT
                         2003 AGM CHAIRMAN'S STATEMENT

As you will have seen from the Annual Report, the year to 30 September 2003 was
a very busy period for the Group, with a number of asset disposals and
acquisitions in what was a year of challenging market conditions. Although we
are mindful that we are now operating in a sustained low growth environment, the
first quarter of our new financial year has seen a welcome improvement in global
stocks markets following the longest bear market in over a generation.

As was reported at the Preliminary Results, the Group now operates from a
significantly improved financial position, albeit the structure of our business
has changed as a consequence. Our acquisition of Edinburgh Fund Managers in
October 2003 has strengthened the institutional equity and fixed income asset
management business and investment management teams of the combined Group and
the streamlined investment process has begun to see a marked pick up in fund
raising activities. Outstanding performance from Asian equities continues to
attract attention and this plays to the Group's strengths.

The integration of Aberdeen Asset Management and Edinburgh Fund Managers is
proceeding well with the Edinburgh business/office now operating on the same
group technology and communications platform that exists across the Aberdeen
Asset Management Group worldwide. Following this transaction we will continue to
focus on the enhancement of our investment process under Anne Richards, formerly
joint Managing Director of Edinburgh Fund Managers, who has been appointed Group
Chief Investment Officer, and on re-grouping around our core strengths in equity
and fixed interest fund management. Our commitment to adopting regulatory best
practice and maintaining the highest levels of client service, remain key
priorities.

The Financial Services Authority is continuing its review of the Split Capital
Investment Trust sector and we await their findings.

The first quarter of the new financial year has been encouraging in terms of
securing new clients and I am pleased to report the Group has achieved gross new
business inflows of #856 million (#470 million net) in the three months to 31
December 2003. Taking account of mandates awarded but not yet funded, the
figures at today's date are now #1,503 million of gross new business (#1,102
million net).

Whilst there remains much to achieve, your Board will continue to focus on
improving margins and returns for shareholders whilst seeking to reduce
operating costs and disposing of non-core activities.

I am very pleased to welcome two new directors, Roger Cornick, formerly Deputy
Chairman of Perpetual plc, with a long and successful background in sales and
marketing and Andrew Laing, Chief Operating Officer of Aberdeen Asset Management
PLC. I would like to bid farewell to David Woods, our Deputy Chairman, who
joined the Board in 1997 and to thank him for his valuable contribution and
support over the last six years. Donald Waters will replace David as Senior
Independent Director. I also bid farewell to Norman Reid, who has served as an
alternate director since 2001. I would also like to thank him for his
contribution and support.

Charles Irby
Chairman


ASSETS UNDER MANAGEMENT

                          31 Dec 03          %     30 Sep 03           %
                                 #m                       #m
Life Funds                    5,269       22.9         4,690        22.8
Unit Trusts & OEICs           2,222        9.6         2,327        11.3
Investment trusts &           5,116       22.2         3,989        19.4
closed-end funds
Institutional funds           8,098       35.1         7,522        36.5
Offshore funds                1,504        6.5         1,227         5.9
Discretionary                   404        1.8           389         1.9
accounts
Private Equity                  447        1.9           455         2.2
                             23,060      100.0        20,599       100.0

Equities:

UK                            5,989       26.0         4,814        23.4
Europe                        1,238        5.4         1,235         6.0
North America                 1,313        5.7           870         4.3
Asia Pacific                  2,794       12.1         1,950         9.5
Japan                           368        1.6           400         1.9
Emerging markets                216        1.0           194         0.9

Fixed interest & cash         5,448       23.6         5,468        26.5
Property                      5,694       24.6         5,668        27.5
                             23,060      100.0        20,599       100.0

All resolutions proposed to the Annual General Meeting were duly passed with
over 99% of the proxies lodged voting in favour of each resolution.

A short presentation made at the Annual General Meeting by the Chief Executive
is available on the Group's web-site, at www.aberdeen-asset.com.

Enquiries:

Aberdeen Asset Management                    Tel: 020 7463 6000
Martin Gilbert, Chief Executive Officer

Gavin Anderson                               Tel: 020 7554 1400
Mark Lunn




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