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MAY 2006 ABERDEEN SELECT PORTFOLIO Aberdeen UK Blue Chip Fund Fund objective Aims for above-average total return of capital growth and income by investing all, or substantially all, of its assets in the Aberdeen Investment Funds ICVC - UK Opportunties Fund (‘underlying fund’) incorporated under the OEIC regulations, UK, which invests chiefly in a portfolio of UK companies. NB: The underlying fund is not authorised for sale to the public in Singapore Benchmark FTSE All-Share Performance Aberdeen UK Blue Chip (MF) Top ten holdings* % of NAV Royal Dutch Shell GlaxoSmithKline Aberdeen UK Mid Cap Unit Trust British American Tobacco Royal Bank of Scotland HSBC Barclays Centrica Sainsbury (J) Aviva Total 4.8 3.6 3.6 3.5 3.5 3.4 3.1 2.7 2.7 2.6 33.5 FTSE All Share TR (IN) Sector allocation* Percentage Growth Total Return, Charges Applied, In SGD 40 30 20 10 35.2 0 -10 -20 -2.5 -30 % 32.8 21.4 10.5 8.6 6.9 5.5 4.9 4.7 3.8 0.9 100.0 Financials Consumer Services Consumer Goods Oil & Gas Basic Materials Industrials Healthcare Utilities Telecommunications Cash Total * All data based on underlying fund -40 -50 -60 2000 2001 2002 2003 2004 2005 2373 Days From 29/10/1999 To 28/04/2006 Performance (%) - SGD Returns 1 Month (as at 28/04/06) Fund NAV-NAV 1.2 1 Fund (Charges applied ) -3.9 Benchmark 3.5 1 Year 19.3 13.3 21.9 Since inception (29/10/99) 2.7 -2.5 35.2 Annualised return (since inception) 0.4 -0.4 4.8 Source:.Lipper,.percentage.growth,.gross.income.reinvested. The benchmark of the Aberdeen UK Blue Chip Fund was changed from FTSE 350 Index to FTSE All-Share Index from 1 February 2004. 1 Includes the effect of an assumed 5% front end load, which the investor might or might not pay. NAV-NAV figures are a better reflection of underlying investment performance. Fund manager’s report overleaf IMPORTANT INFORMATION OVERLEAF For more information Telephone Facsimile Website 1800 395 2702 6438 0743 aberdeen-asia.com The prospectus is available from the website or from: Aberdeen Asset Management Asia Limited 21 Church Street #01-01 Capital Square Two Singapore 049480 All sources (unless indicated): Aberdeen Asset Management Asia Limited PAGE 1 OF 2 MAY 2006 ABERDEEN SELECT PORTFOLIO Aberdeen UK Blue Chip Fund Fund manager’s report • UK equities, as represented by the FTSE All-Share Index, maintained their positive momentum in April, helped by encouraging macroeconomic data and healthy corporate earnings. A steady stream of corporate deals also buoyed the market. • The Bank of England held interest rates steady for the eighth consecutive month, despite a weaker-than-expected trade deficit and renewed concerns over energy prices. Economic indicators remained generally positive, with inflation on target and growth forecast to pick up. • During April, we exited glassmaker Pilkington following takeover interest from Japan’s Nippon Sheet Glass. The proceeds were reinvested in music group EMI, a new introduction which we felt offers good value. We also topped-up reinsurer Alea and magazine publisher Emap on price weakness. • We maintain our cautiously optimistic outlook on UK equities, and continue to follow our disciplined investment process, focusing on quality companies run by professional management. Key information Fund structure Launch date Fund included under Open-ended unit trust under the Aberdeen Select Portfolio 29 October 1999 CPFIS-OA Higher Risk Narrowly Focused (Country - UK) SRS Fund size (Feeder/ Underlying Fund) S$3.3m / S$268.6m Management fee 1.5% per annum (No double charging for management and advisory fees at the underlying fund level) Front end load 5.0% Switching fee 1.0% Minimum investment S$1,000 Subsequent investment S$100 minimum* Regular savings plan S$100 minimum Prices over last 12months Highest NAV (17/03/06) $0.9859 Lowest NAV (17/05/05) $0.8024 * With effect from 1 January 2005 Important information The CPF Board currently pays a legislated minimum annual interest rate of 2.5% on the Ordinary Account and a guaranteed minimum annual rate of 4.0% on the Special Account. The CPF interest rate is based on the 12-month fixed deposit and month-end savings rates of the major local banks and it is revised quarterly. The interest is computed monthly, and is credited and compounded annually. The above information should not be considered an offer, or solicitation, to deal in any funds in the Aberdeen Select Portfolio. Investments in the unit trusts are not deposits in, obligations of, or guaranteed or insured by Aberdeen Asset Management Asia Limited (the “Manager”), and are subject to investment risks, including the possible loss of the principal amount invested. Unit values and income therefrom may fall or rise. Past performance is not indicative of future performance. Investors should read the prospectus or seek relevant professional advice before making any investment decision. The above is based on information available as at 28/04/06, unless otherwise stated. The Manager reserves the right to make any amendments to the information at any time, without notice. Aberdeen Asset Management Asia Limited, Registration Number 199105448E PAGE 2 OF 2