Aberdeen Global Funds - Aberdeen Asset Management

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ABERDEEN GLOBALTHIS LETTER IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF YOU ARE IN ANYDOUBT AS TO THE ACTION TO BE TAKEN, YOU SHOULD IMMEDIATELY CONSULT YOURSTOCKBROKER, BANK MANAGER, SOLICITOR OR ATTORNEY OR OTHER PROFESSIONAL ADVISOR.This letter should be read in conjunction with the enclosed notice dated 21 July 2008. Unless the contextotherwise requires and except as varied or otherwise specified in this letter, words and expressions containedherein shall bear the same meaning as in the enclosed document.21 July 2008Dear Shareholder,Changes to Aberdeen Global (the “Fund”)This cover letter contains information specific to Hong Kong shareholders.NEW SUB-FUNDSThe four new sub-funds of Aberdeen Global - Asian Property Share Fund, Aberdeen Global - Latin AmericanEquity Fund, Aberdeen Global - Middle Eastern Equity Fund and Aberdeen Global -Multi-Asset Fundmentioned in the enclosed notice are currently not available for sale to the public in Hong Kong.UCITS III ADOPTIONAs part of its ongoing commitment to providing a cost effective wide range of attractive investment vehiclesto shareholders, your Board of Directors has decided to make a number of changes to Aberdeen Global -World Bond Fund and Aberdeen Global - Asia Pacific and Australasian Bond Fund (the “FDI Sub-Funds”), witheffect from 1 October 2008 (the “Effective Date”).BACKGROUNDPursuant to the Luxembourg Law of 20 December 2002 (the “2002 Law”), the Fund was converted toUndertakings for Collective Investment in Transferable Securities III Directives (”UCITS III”) status uponshareholders’ approval at a general meeting in 2006. At that time, the Fund did not intend to adopt theexpanded range of investments permitted under the UCITS III regime in respect of the FDI Sub-Funds.Accordingly, the FDI Sub-Funds have been managed having regard to the general investment principles ofUCITS I.The Fund currently intends to adopt such expanded investment powers under the UCITS III regime and, as aresult, financial derivative instruments may be used not only for hedging but also for investment purposes.However, for this purpose, the FDI Sub-Funds will restrict their use of derivatives to currency forwardcontracts. These changes introduced to the FDI Sub-Funds will allow the manager of the FDI Sub-Fundsgreater efficiency and flexibility in the execution of its investment strategies, but will not substantially affectthe way in which the FDI Sub-Funds are managed.In light of the changes adopted under UCITS III, “RISK FACTORS” of the Hong Kong Summary Prospectus willbe amended to include additional disclosure arising from such changes. A summary of the additionaldisclosures is set out in Appendix I.We have prepared in Appendix II a comparison table setting out the key differences between the investmentprinciples under UCITS I currently observed by the FDI Sub-Funds and the new investment strategies underUCITS III to be employed with effect from the Effective Date.The changes are explained in detail below.Aberdeen International Fund Managers LimitedRoom 2605-06, 26/F Alexandra House, 18 Chater Road, Central, Hong KongTelephone:+852 2103 4700 Fax: +852 2103 4788www.aberdeen-asset.com.hk
USE OF FINANCIAL DERIVATIVE INSTRUMENTSThe Board of Directors has decided, from the Effective Date, to allow greater flexibility in the use of financialderivative instruments in the FDI Sub-Funds in accordance with Luxembourg law. This will be reflected in theobjective, policy and risk profile of the FDI Sub-Funds.Risk monitoring is performed by the Management Company on behalf the Fund. The Management Companyemploys a risk-management process which enables it to monitor and measure at any time the risk of thepositions and their contribution to the overall risk profile of each FDI Sub-Funds. If applicable, a process foraccurate and independent assessment of the value of any OTC derivative instrument is employed. In order tomeasure market risk exposure of the FDI Sub-Funds that qualify under the Luxembourg regulations as"sophisticated", a value at risk (VaR) approach is applied. The standard risk settings used to determine theVaR of the different sophisticated FDI Sub-Funds are with a 99% confidence level and an analysis timehorizon of one month (21 days).Notwithstanding the Fund’s adoption of the investment restrictions under the 2002 Law, for so long as theFund and the FDI Sub-Funds remain authorised under the Securities and Futures Ordinance (Cap 571, Lawsof Hong Kong) (the “SFO”) and unless otherwise approved by the SFC, we will take all reasonable steps tooperate the Fund and the FDI Sub-Funds having regard to the general investment principles under theEuropean Directive of 20 December 1985 (85/611/EEC) except that the FDI Sub-Funds may use currencyforward contracts for investment purposes as permitted under the 2002 Law.The Fund will provide Hong Kong Shareholders with prior written notification of not less than one month (orsuch other period as the SFC may require) and update the offering documents should the Fund intend tochange the investment objectives, policy and/or restrictions applicable to its sub-funds in future.CLARIFICATION(i) Reference to “Smaller Company” in Appendix A to the enclosed notice means:The Investment Manager considers that the market capitalisation of a smaller company, in the BaseCurrency of the relevant fund, as at the date of investment, is as follows:Aberdeen Global – Asian Smaller Companies Fund – under US$1 billionAberdeen Global – Emerging Markets Smaller Companies Fund – under US$2.5 billionAberdeen Global – Japanese Smaller Companies Fund – under Yen 250 billionIn the case of Aberdeen Global – Worldwide Smaller Companies Fund, the Investment Manager considersthat a smaller company is any constituent of the MSCI Small Cap Index Series (or any successor index, ifrevised).(ii) Referring to the section headed “Changes to Appendix B - Dilution Adjustment and Calculation ofSwitching Price”, page 7 of the enclosed notice, the Board of Director seeks to clarify that the term “dilutionadjustment” will replace the term “dilution levy” throughout the Appendix B of the Hong Kong SummaryProspectus.CHANGE IN ADMINISTRATORDue to an internal restructuring, the Administrator of the Fund - BNP Paribas Fund Services Luxembourgmerged with the Custodian of the Fund - BNP Paribas Securities Services Luxembourg on 30th April, 2008.As a result of the merger, BNP Paribas Securities Services Luxembourg will act as Administrator andCustodian of the Fund.As we understand from BNP Paribas Fund Services that:(1) the decision was mainly taken based on the synergies BNP Paribas will be able to achieve inhaving all the services related to funds provided in Luxembourg by one single legal entity, i.e. BNPParibas Securities Services Luxembourg;2
Page 1: Aberdeen Global FundsSummary Prospe
Page 5 and 6: CHANGES TO CHARGES AND EXPENSESSERV
Page 7 and 8: “Potential Conflicts of InterestT
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Page 21 and 22: DerivativesA sub-fund could not hol
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ABERDEEN GLOBALRegistered Office: 4
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75% of its Net Assets in such equit
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With effect from 30 March 2007, the
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Aberdeen Global - Sovereign High Yi
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exchange contracts, options and oth
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Taxation• Investors should note i
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Class A, Class D Shares and the hed
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The costs of the launch of the Aber
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The dividends for the following Fun
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___________________________________
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Services (UK) Ltd.) which may be ba
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of Shares of that Class then in iss
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The Managers shall not retain the b
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GLOBAL DISTRIBUTOR and INVESTMENT M
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Appendix A - Investment Restriction
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) The limit laid down in paragraph
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(c)(d)(e)GeneralThe aggregate premi
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(4) the financial derivative instru
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(ii)If Aberdeen Global is to be vol
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(c)(d)(e)(f)during any breakdown in
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Appendix D - Share Classes and Divi
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Aberdeen Global - Fixed Interest St
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Aberdeen Global - Ethical Engagemen
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The Mauritian Subsidiary will:• p
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Appendix G - Glossary of TermsThis
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ABERDEEN GLOBALSUPPLEMENT TOTHE SUM
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This supplement is notvalid unless
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This supplement is notvalid unless
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SRI 2007 11 1 6 E F (A)(B)Ab
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SRIUCITS 93/22 1.13 B 2 Socially
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F - 1. - Aberdeen GlobalIndia Opp
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e) IX. a) III.IV. VI.a)b) c)b) a)
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ABERDEEN ASSET MANAGEMENT ASIA LIMI
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Aberdeen Global FundINVESTMENT APPL
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Please read the Summary Prospectus
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