Disclosure Response to the Stewardship Code

The Financial Reporting Council (FRC) published “the UK Stewardship Code” for Institutional shareholders on 2 July 2010. The purpose of the Code is to enhance the quality of engagement between institutional investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities.

The FRC is encouraging institutional investors to make a statement of their commitment to the Code.

Having examined carefully the engagement policies and process of Aberdeen Asset Management, the Board of Aberdeen All Asia Investment Trust PLC has delegated responsibility for actively monitoring the activities of investee companies to the Manager. Thus, the Board holds the Manager responsible for reviewing, on a regular basis, the annual reports, circulars and other publications produced by the investee company, and for attending company meetings. The Manager, in the absence of explicit instruction from the Board, is empowered to use discretion in the exercise of the Company’s voting rights. The Manager’s policy is to vote all shares held by the Company.

The Board has reviewed, and endorses, the Manager’s Corporate Governance Principles, which may be found on the Manager’s website, at http://www.aberdeenasset.com/aam.nsf/groupCsr/literature. This sets out the Manager’s framework on corporate governance, proxy voting and shareholder engagement in relation to the companies in which the Manager has invested or is considering investing. The Board has also reviewed, and endorses, the Manager’s Statement of Compliance with the Code, which appears on the Manager’s website, at http://www.aberdeen-asset.com/doc.nsf/Lit/SalesAidGroupDisclosureResponsetotheStewardshipCode.

The Board of Aberdeen All Asia Investment Trust PLC recognises and supports the Manager’s policy of active engagement with investee companies and the voting of all of the shares held by the Company. The Board requests and receives from the Manager regular reports on the exercise by the Manager of the Company’s voting rights, and discusses with the Manager any issues arising. It is the Board’s view that the manager’s engagement is a valuable control in relation to security price risk and as such, considers it an essential element of the Manager’s investment process.