Key Investor Information: Objectives and Investment Policy

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Key Investor Information

This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to
help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about
whether to invest.

ASI Europe ex UK Ethical Equity Fund, a Sterling denominated sub fund of the Aberdeen Standard OEIC V, Standard Life
Accumulation Shares (ISIN: GB00B840FG25). This fund is managed by Aberdeen Standard Fund Managers Limited.

OBJECTIVES AND INVESTMENT POLICY


Investment Objective combating bribery and corruption. Please refer to the ethical
investment policy for further detail.
To generate growth over the long term (5 years or more) by investing
in European equities (company shares) which meet the ethical Management Process
criteria set out in the investment manager's ethical investment - The management team use their discretion (active management) to
policy. maintain a concentrated asset mix at country, sector and stock level.
- Their primary focus is on stock selection using research techniques
Performance Target: To achieve the return of the FTSE World Europe to select individual holdings. The research process is focused on
ex UK Index plus 2% per annum over rolling five year periods (before identifying companies where the management team have a different
charges). The Performance Target is the level of performance that view of a company's prospects to that of the market, and which align
the management team hopes to achieve for the fund. There is with their views regarding future economic and business conditions.
however no certainty or promise that they will achieve the - In seeking to achieve the Performance Target, the FTSE World
Performance Target. Europe ex UK Index is used as a basis for setting risk constraints. The
The ACD believes this is an appropriate target for the fund based on expected variation ('tracking error') between the returns of the fund
the investment policy of the fund and the constituents of the index. and the index, is not ordinarily expected to exceed 8%. Due to the
ethical nature of the management process, there are a material
Investment Policy number of stocks and sectors in the FTSE World Europe ex UK Index
that the fund is unable to invest in, which means the fund's
Portfolio Securities performance profile may deviate significantly from that of the FTSE
- The fund will invest at least 70% in equities and equity related World Europe ex UK Index.
securities of companies listed, incorporated or domiciled in
European countries or companies that derive a significant proportion Derivatives and Techniques
of their revenues or profits from European operations or have a - The fund may use derivatives to reduce risk, reduce cost and/or
significant proportion of their assets there. generate additional income or growth consistent with the risk profile
- European counties can include the emerging markets of Europe, of the fund (often referred to as "Efficient Portfolio Management").
but excludes the UK. - Derivative usage for the fund is expected to be very limited. Where
- The fund may also invest in other funds (including those managed derivatives are used, this would mainly be in response to significant
by Aberdeen Standard Investments), money-market instruments and inflows into the fund so that in these instances, cash can be invested
cash. while maintaining the fund's existing allocations to company shares.
- All investments will comply with the ethical investment policy. The Investors in the fund may buy and sell shares on any dealing day (as
fund uses negative criteria to avoid investing in companies that defined in the Prospectus).
operate to a degree in certain areas, including but not limited to
those deriving revenue from animal testing, weaponry, pornography If you invest in income shares, income from investments in the fund
and gambling services. In addition to excluding such companies will be paid out to you. If you invest in accumulation shares, income
which operate in certain industries and activities, the fund will seek will be added to the value of your shares.
to include companies whose business activities are regarded as Recommendation: the fund may not be appropriate for investors
making a positive contribution in terms of preserving the who plan to withdraw their money within five years. Investors should
environment or improving the quality and safety of human life. In satisfy themselves that their attitude to risk aligns with the risk
making an assessment of whether business activities make a positive profile of this fund before investing.
contribution, the investment manager will make reference to the UN
Global Compact to define the areas where the fund seeks to invest in
companies with positive business practices and services. The areas
include human rights, labour rights, environmental safeguards and

RISK AND REWARD PROFILE


Lower risk Higher risk 2 The use of derivatives carries the risk of reduced liquidity,
substantial loss and increased volatility in adverse market
Typically lower rewards Typically higher rewards conditions, such as a failure amongst market participants. The use
of derivatives may result in the fund being leveraged (where
market exposure and thus the potential for loss by the fund
1 2 3 4 5 6 7 exceeds the amount it has invested) and in these market
conditions the effect of leverage will be to magnify losses.
All investment involves risk. This fund offers no guarantee against
loss or that the fund's objective will be attained.
This indicator reflects the volatility of the fund's share price over the
last five years which in turn reflects the volatility of the underlying The price of assets and the income from them may go down as well
assets in which the fund invests. Historical data may not be a reliable as up and cannot be guaranteed; an investor may receive back less
indication for the future. than their original investment.
The current rating is not guaranteed and may change if the volatility Inflation reduces the buying power of your investment and income.
of the assets in which the fund invests changes. The lowest rating The value of assets held in the fund may rise and fall as a result of
does not mean risk free. exchange rate fluctuations.
The fund is rated as 5 because of the extent to which the following The fund could lose money if an entity (counterparty) with which it
risk factors apply: does business becomes unwilling or unable to honour its obligations
2 The fund invests in equity and equity related securities. These are to the fund.
sensitive to variations in the stock markets which can be volatile In extreme market conditions some securities may become hard to
and change substantially in short periods of time. value or sell at a desired price. This could affect the fund's ability to
2 A concentrated portfolio may be more volatile and less liquid than meet redemptions in a timely manner.
a more broadly diversified one. The fund's investments are The fund could lose money as the result of a failure or delay in
concentrated in a particular country or sector. operational processes and systems including but not limited to third
2 The fund invests in emerging market equities and / or bonds. party providers failing or going into administration.
Investing in emerging markets involves a greater risk of loss than
investing in more developed markets due to, among other factors,
greater political, tax, economic, foreign exchange, liquidity and
regulatory risks.
CHARGES
The charges you pay are used to pay the costs of running the fund The entry and exit charges shown are maximum figures. In some
including marketing and distributing it. These charges reduce the cases you might pay less - you can find this out from your financial
potential growth of your investment. adviser.
The Ongoing Charges figure reflects the amount based on the
One-off charges taken before or after you invest expenses within the annual report for each financial year. This figure
may vary from year to year. It excludes: performance fees (where
Entry charge 0.00% applicable); portfolio transaction costs, except in the case of an
entry/exit charge paid by the fund when buying or selling in another
Exit charge 0.00% collective investment undertaking.
These are the maximum charges that we might take out of your Where the Fund invests in an open-ended collective investment
money before it is invested and before we pay out the sale scheme which is operated or managed by the ACD/the Manager or
proceeds of your investment. In some cases, you might pay less an associate of the ACD/the Manager, no additional annual
and you should speak to your financial adviser about this. management charge will be incurred by the Fund on such an
investment.
Charges taken from the fund over a year
The annual report for each financial year will include detail on the
exact charges made.
Ongoing charges 0.12%
The Ongoing Charge figure is as at 31/10/2019.
Charges taken from the fund under certain specific conditions
A switching charge may be applied in accordance with the
Performance fee 0.00% Prospectus. For more information about charges please see
Prospectus.
Further information on the charges can be found in the Prospectus.

PAST PERFORMANCE
ASI Europe ex UK Ethical Equity Fund, Standard Life Accumulation Past performance is not a guide to future performance.
Shares, 31 December 2019
% Returns
Performance is net of charges and does not take into account any
entry, exit or switching charges but does take into account the
ongoing charge, as shown in the Charges section.
Performance is calculated in GBP.
The fund was launched in 2007. The share/unit class was launched in
2007.
Performance Target - FTSE World Europe ex UK (GBP) +2.00%.

Fund (Net)
Performance Target - Please see narrative

PRACTICAL INFORMATION
Name of Depositary: Citibank Europe plc, UK Branch, Citigroup half-yearly reports are prepared for the entire umbrella.
Centre, Canada Square, Canary Wharf, London E14 5LB.
The assets of a sub fund within the umbrella belong exclusively to
Further information about Aberdeen Standard OEIC V (Prospectus, that sub fund and shall not be used or made available to discharge
report & accounts) can be found at www.aberdeenstandard.com, (directly or indirectly) the liabilities of, or claims against, any other
where documents may be obtained free of charge. person or body including Aberdeen Standard OEIC V and any other
sub fund. Any liability incurred on behalf of or attributable to any
Other practical information (e.g. where to find latest share prices) sub fund shall be discharged solely out of the assets of that sub
can be found in documents held at www.aberdeenstandard.com. fund.
Details of the up to date remuneration policy which includes a Investors may switch their shares in the fund for shares in another
description of how remuneration and benefits are calculated, the sub fund within Aberdeen Standard OEIC V. For further
identities of the persons responsible for awarding remuneration information please refer to the prospectus (section on 'Switching')
and benefits and the composition of the remuneration committee, which can be found at www.aberdeenstandard.com.
are available at www.aberdeenstandard.com and a paper copy will
be available free of charge upon request from Aberdeen Standard
Fund Managers Limited.
Prospective investors should consult their own professional
advisers on the potential tax consequences of acquiring, holding or
selling shares.
Aberdeen Standard Fund Managers Limited may be held liable
solely on the basis of any statement contained in this document
that is misleading, inaccurate or inconsistent with the relevant
parts of the Prospectus for the Aberdeen Standard OEIC V.
Other share classes are available in the fund and further
information about these can be found in the Aberdeen Standard
OEIC V.
Aberdeen Standard OEIC V is an umbrella structure comprising a
number of different sub funds, one of which is this fund.
This document is specific to the fund and share class stated at the
beginning of this document. However, the Prospectus, annual and

Aberdeen Standard OEIC V and Aberdeen Standard Fund Managers Limited are authorised in the United Kingdom and regulated by the
Financial Conduct Authority. This key investor information is accurate as at 31/07/2020.

Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street Edinburgh EH2 2LL and is authorised and regulated by the Financial
Conduct Authority in the United Kingdom.

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