Key Information Document

Purpose: This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.

Product

abrdn Asia Focus PLC (the Company) 2.25% Convertible Unsecured Loan Stock 2025

ISIN: GB00BFZ0WT29

Telephone: 0808 500 0040

Website: www.asia-focus.co.uk

Document published: 21/12/2022

This product is managed by abrdn Fund Managers Limited, a firm authorised and regulated by the Financial Conduct Authority in the United Kingdom.

What is this product?

Convertible unsecured loan stock (CULS) issued by abrdn Asia Focus plc, an actively managed investment company registered in England, and listed on the London Stock Exchange. The CULS are listed on the standard debt segment of the Official List and traded on the London Stock Exchange's Main Market and pay a bi-annual coupon of 2.25% per annum. Investors have the opportunity to convert to Ordinary Shares twice yearly. The Company's investment objective is to maximise total return to shareholders over the long term from a portfolio of smaller quoted companies (with a market capitalisation of up to approximately US$1.5 billion at the time of investment) in the economies of Asia and Australasia, excluding Japan, by following the investment policy. This security represents part of the Company's borrowings. The CULS have a redemption date of 31 May 2025. Investment in the Company is only suitable for investors who are comfortable with the risks and investment time horizon set out in this document and may not be appropriate if you plan to sell some or all of your CULS before expiry. Please contact your broker, financial adviser or distributor for information on any costs and charges relating to the sale of shares.

What are the risks and what could I get in return?

Risk Indicator

1 2 3 4 5 6 7

Lower risk

Higher risk

The risk indicator assumes you keep the product until the end of its life (which in this case is until expiry on 31 May ! 2025). The actual risk can vary significantly if you sell your CULS at an early stage. You may get back less than you

invested.

The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because the Company is not able to pay you.

We have classified this product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact our capacity to pay you.

This product has a fixed rate of return for the recommended holding period, following which the CULS are due to be redeemed at nominal value, provided that you do not elect to convert your CULS into Ordinary Shares in the Company instead. On a winding up of the Company, the CULS rank ahead of the Ordinary Shares for any repayment of nominal value.

This product has a maturity date of 31 May 2025. The stress scenario on the following page shows what you might get back in extreme market circumstances, and it does not take into account the situation where we are not able to pay you. If you hold this product until maturity, it will be redeemed at nominal value unless you elect to convert into ordinary shares in the Company instead, and you should refer to the Key Information Document for the Company's ordinary shares for more information. Further information on risks not covered in the risk indicator are detailed in the Company's Annual Report available in the literature library on www.invtrusts.co.uk.

Investment performance information

This product has a maturity date of 31 May 2025 and a fixed rate of return until maturity and for the recommended holding period, following which any outstanding CULS will be redeemed at nominal value. At specific dates before 31 May 2025, holders of CULs may elect to convert their CULS into a number of ordinary shares of the Company determined by dividing the nominal amount of CULS to be converted by 293p per ordinary share. Investors should refer to the Company's prospectus dated 20 April 2018 as well as the Key Information Document for the Company's ordinary shares for more information. Further information on risks relating to the ordinary shares not covered in the risk indicator are detailed in the Company's Annual Report available in the literature library on the Company's website. The price of the CULS may be affected by the performance of the underlying net asset value (NAV) of the Company. For more detail see the Annual Report's Principal Risks and Uncertainties section.

What could affect my return positively?

The CULS have a fixed rate of return of 2.25% per annum until the maturity date of 31 May 2025.

What could affect my return negatively?

On a winding up of the Company, the CULS rank ahead of the Ordinary Shares for any repayment of nominal value.

In the event that the Company becomes unable to repay its debts as they fall due and is wound up under severely adverse market conditions, the reported NAV at the time of the decision may significantly overstate the realisable value of the portfolio

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meaning that the amounts available to repay the CULS may be less than the reported NAV. The liquidity profile of the portfolio at the time may also affect its value upon a forced sale.

What happens if the Company is unable to pay out?

As a holder of CULS in the Company, you would not be able to make a claim to the Financial Services Compensation Scheme about the Company in the event that the Company is unable to pay coupon and redemption to you or if it were unable to pay any amounts due to you on the winding up of the Company.

What are the costs?

The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs. The amounts shown here are the cumulative costs of the product itself, for three different holding periods. They include potential early exit penalties. The figures assume you invest 10,000 GBP. The figures are estimates and may change in the future. The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time.

Costs over time

Investment 10,000.00 GBP

Scenarios

If you cash in after 1 year

If you cash in after 3 years

If you cash in at 5 years

Total costs

10.00 GBP

29.00 GBP

49.00 GBP

Impact on return (RIY) per year

0.10%

0.10%

0.10%

Composition of cost

The table below shows the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period and, what the different cost categories mean.

Entry costs

0.00%

One-off costs

0.00%

Exit costs

Portfolio transaction costs

0.00%

Ongoing costs

Other ongoing costs

0.00%

Performance fees

0.00%

Incidental costs

0.00%

Carried interests

The impact of the costs you pay when entering your investment. The impact of the costs of exiting your investment when it matures.

The impact of the costs of us buying and selling underlying investments for the product.

The impact of the costs that we take each year for managing your investments.

The impact of a performance fee, where applicable. The impact of a Carried interest, where applicable.

The 'Other ongoing costs' set out above represent the costs of the Company and includes the management fee and administrative expenses. In addition, the figure includes the impact of the interest cost paid to third-party lenders for borrowing money to invest in the portfolio (0%) but not any income or capital benefit from so doing.

How long should I hold it and can I take money out early?

Recommended holding period: 5 years.

This product has no required minimum holding period but was issued in May 2018 with a fixed life to 31 May 2025 and the ability to convert into Ordinary Shares in the Company. Since this product has a fixed life with a convertible element, you should bear this in mind when buying or selling an investment of this type. As the CULS are listed on the London Stock Exchange, you may buy or sell CULS on any normal business day that the London Stock Exchange is open for business.

How can I complain?

For complaints about the Company or the key information document, you should either write to the Company Secretary, abrdn Asia Focus plc, Bow Bells House, One Bread Street, London EC1M 9HH. Alternatively please refer to the 'Contact Us' section of the website: http://www.asia-focus.co.uk. As a holder of CULS in the Company, you do not have the right to complain to the Financial Ombudsman Service about the management of the Company.

Other relevant information

The cost and risk calculations included in this KID are based on prescribed methodologies. The data used in these calculations and the specific methodology applied may change in the future. If you invest £10,000 in nominal value of CULS, you will be entitled to an annual coupon of £225 payable in two equal instalments. The Conversion Price for the CULS is 293p per Ordinary Share. Depending on how you buy your CULS, you may incur other costs including broker commission, platform fees and stamp duty. Please ask your broker or platform provider for additional information where necessary. Further information on the Company as well as the CULS, including the prospectus dated 20 April 2018, can be found on the Company's website www.asia- focus.co.uk. Copies of the Company's Annual Report, its pre-investment disclosure document and published net asset values can also be found there. Paper copies of the Annual Report are available free of charge upon request.

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Disclaimer

Aberdeen Standard Asia Focus plc published this content on 20 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2022 08:52:03 UTC.