Aberdeen UK Tracker Trust plc Annual Report for the Year Ended 31 December 15 April 2016 David Jones, Senior Investment Manager Aberdeen Asset Management

Aberdeen UK Tracker Trust plc Objective To invest in a portfolio designed to track closely the FTSE All-Share Index, in terms of both capital and income. Benchmark FTSE All-Share Index Investment Policy The strategy employed to track the FTSE All-Share Index is to replicate fully the constituents of the FTSE 350 Index and to hold the majority of the stocks in the FTSE Small Cap Index.

Themes and highlights for 2015 Trust Reduction in management fee structure (0.2% AUM up to £100m, 0.09% AUM>£100m) with a blended management fee rate currently at 0.12%. OCF has now fallen below 0.30% Equitisation of dividends through the use of futures contracts to better match the total returns of the index Company celebrated its 25 year anniversary of being listed on the London Stock Exchange in August 2015 The Board was invited to open market trading at the LSE on 1 December in recognition of the anniversary Company has delivered an annualised total return of 8% over the last 25 years Market Marginal positive returns on a total return basis for the year (+0.7% net asset value total return) Marked diversion between the capital performance of the FTSE 100 (down 4.9%), FTSE 250 (up 8.4%) and FTSE Smallcap (up 6.2%) for 2015 New issues market has been driven by performance in the midcap space Dividend growth boosted by pound weakening against the dollar. Domestic focused companies (midcap) also saw strong dividend growth

Financial highlights 2015 2014 Share price total return 1.0% 3.0% FTSE All-Share Index total return 1.2% Earnings per share (revenue) 11.10p 10.17p Dividend per share 10.20p Dividend yield 3.7% 3.3% FTSE All-Share Index dividend yield 3.4% Ongoing charges 0.29% 0.32% Discount to net asset value per share (including revenue reserves) 4.1% 4.3% The small difference due to the treatment of special dividends from investee companies – the index treats all special dividends as capital while the Trust follows accounting guidelines which treats some of these special divs as income The discount level tightened to 4.3% at the year end and… …as previously mentioned earnings and therefore dividends had stagnated during the year Ongoing charges though marginally increased, remain at a very low level. The marginal increase was primarily due to additional compliance costs relating to the appointment of a depositary Past performance is not a guide to future results Source: Aberdeen UK Tracker Trust plc Annual Report, 31 Dec 15

Financial summary Financial Summary 31 Dec 15 31 Dec 14 % Change Equity shareholders’ funds £319,709,000 £329,689,000 -3.0 Market capitalisation £306,511,000 £315,674,000 Net asset value per Ordinary share (including undistributed revenue for the period) 316.57p 324.81p -2.5 Net asset value per share (excluding revenue reserves) 310.85p 319.32p -2.7 Share price 303.50p 311.00p -2.4 FTSE All-Share Index (Capital) 3,444.26 3,532.74 Past performance is not a guide to future results Source: Aberdeen UK Tracker Trust plc , Annual Report, 31 Dec 15

Performance Capital return 1 year return % 3 year returnB Net asset valueA -2.7 +3.5 +2.3 FTSE All-Share Index -2.5 +3.7 +2.4 Share Price -2.4 +2.6 Total return (capital return plus dividends reinvested) Net asset value +0.7 +6.8 +5.6 +1.0 +7.3 +6.0 +7.6 +6.3 A Excluding revenue reserves B Annualised Past performance is not a guide to future results Source: Aberdeen UK Tracker Trust plc , Annual Report, 31 Dec 15

Sector breakdown Source:Aberdeen UK Tracker Trust plc , Annual Report , 31 Dec 15

Investment portfolio – twenty largest investments As at 31 Dec 15 ​Company Sector Valuation 2015 £’000 Total assets % Valuation 2014 £’000 HSBC Banks 16,172 5.1 18,379 British American Tobacco Tobacco 10,863 3.4 10,331 GlaxoSmithKline Pharmaceutical & Biotechnology 10,316 3.2 10,594 BP Oil & Gas Producers 9.978 3.1 11,855 Royal Dutch Shall ‘A’A 9,296 2.9 13,362 Vodafone Mobile Telecommunications 9,074 2.8 9,367 AstraZeneca Pharmaceuticals & Biotechnology 9,004 9,104 Lloyds Banking Group 7,228 2.3 6,490 Diageo Beverages 7,227 7,372 Reckitt Benckiser Household Good & Home Construction 6,171 1.9 5,355 Top ten equity investments ​ 95,329 29.8 BT Group Fixed Line Telecommunications 6,101 5,165 Prudential Life Insurance 6,038 6,028 SABMiller 5,946 5,063 Royal Dutch Shell ‘B’ 5,789 1.8 8,735 Barclays 5,666 6,361 National Grid Gas, Water & Multi-utilities 5,465 1.7 5,456 Unilever Personal Goods 5,457 5,053 Imperial Tobacco 5,340 4,368 BG 5,181 1.6 4,662 Shire 4,268 1.3 4,220 Top twenty equity investments 150,580 47.1 A Although Royal Dutch Shell ‘A’ and ‘B’ shares have been treated as separate companies in the table above, both have close economic and other links Source:Aberdeen UK Tracker Trust plc , Annual Report , 31 Dec 15

Institutional investors: Contact details Should you require further information please do not hesitate to contact us: Private investors: 0500 00 00 40 Institutional investors: Colin Edge +44 (0)207 463 5881 or Andrew Leigh +44 (0)207 463 6312

Disclaimer Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company's assets will result in a magnified movement in the NAV. • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company's shares. • The Company may charge expenses to capital which may erode the capital value of the investment. • Movements in exchange rates will impact on both the level of income received and the capital value of your investment. • There is no guarantee that the market price of the Company's shares will fully reflect their underlying Net Asset Value. • As with all stock exchange investments the value of the Company's shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. • The Company invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down. • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. Other important information: Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Registered Office: 10 Queen’s Terrace, Aberdeen AB10 1YG. Registered in Scotland No. 108419. An investment trust should be considered only as part of a balanced portfolio. Under no circumstances should this information be considered as an offer or solicitation to deal in investments. FTSE International Limited (‘FTSE’) © FTSE 2016. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.RAFI® is a registered trademark of Research Affiliates, LLC. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept anyliability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.