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

2. 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.

3. 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

4. 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

5. 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

6. 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

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

8. 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

9. Institutional investors:
Contact details
Should you require further information please do not hesitate to contact us:
Private investors:
Institutional investors:
Colin Edge +44 (0) or
Andrew Leigh +44 (0)

10. 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 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.
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