Aberdeen Standard Flexible Capital Fund

(change name to abrdn Flexible Capital Fund from 2nd

November 2021)

Annual Report

October 1, 2020 to September 30, 2021

Please study product’s features, conditions and relevant risks before making investment decision. The fund will not invest in instrument denominated in foreign currency.

Aberdeen Standard Asset Management (Thailand) Limited - Certified by CAC/Under supervision by the parent company to comply with law.

Message from the Company

To Unitholders

Aberdeen Asset Management (Thailand) Limited would l ike to summarise the Thai market situation, equity and fixed income

from period of 1 October 2020 to 30 September 2021 and market outlook for the next period.

Thailan d equity market review an d outlook

SET Index surged to close at 1,605 points or an increase of 30% for the financial year ended September 2021. The market

reacted to recurring waves of Covid-19, positively in November with the announcement of vaccines and negatively during the

April to August period as new caseloads increased sharply and several rounds of nationwide restrictions were imposed. The

quarter ending September 2021 was financially the most challenging for many companies as the lockdown is more severe

compared with the first lockdown in the quarter ending June 2020.

By sector electronics outperformed strongly on global trade recovery as well as petrochemicals, banks and finance. Laggards

during the year were property funds & REITs, transportation, commerce and food & beverage sectors.

Momentum is positive as Thailand accelerated its administration of vaccines, effectively l ifted travel restrictions for

international visitors and allowed the resumption of domestic businesses such as restaurants and shopping malls. Whilst

economic activity slowed in calendar third quarter 2021 the return to growth rates of 3.5-4.5%, according to latest forecasts by

the NESDC.

Investors have looked beyond expectedly poor third quarter financial performances of l isted companies. Individual stocks

have performed well particularly those invol ved in mergers & acquisitions and financial restructuring in sectors such as

telecommunications, banking and commerce. Electric vehicles and renewables are seen as promising growth industries. We

expect such themes to continue as Covid-19 continues to change the domestic financial and business landscape. Nevertheless

the market is already trading at levels pre-Covid and valuations are considered elevated at 17x 2022 P/E as share prices have

run ahead of the earnings recovery. Choosing quality stocks and constructing a well-diversified portfolio that reflects the

opportunities remain key as the market moves into 2022.

Thailan d fixed in come market overview an d outlook

The past year we have experienced ups and downs in terms of economic outlook, both domestically and abroad. Mobility

restrictions, vaccination rollouts, border re-openings, inflationary uncertainty, and global monetary policy played a pivotal role

in influencing the bond markets everywhere including Thailand. As the chart above shows the Thai bond market experienced

several bouts of volatil ity over the past 12months. A combination of positive and negative developments took turns in

dominating investor sentiment and consequently market performance.

As of this writing, we expect a gradual normalisation of economic activity over the next 6month – 12months but the road

to pre-COVID may take longer. Policy support from both Bank of Thailand and Finance Ministry will continue to ensure the

economic momentum is sustained as the country is coming out of its latest lockdown measures. The opening of borders to

international travellers is one of the boldest move in the region and point towards a “living -with-COVID” policy from the

government. While there are risks, the rising vaccination rates should mitigate adverse impact of potential outbreaks.

As the outlook becomes more sanguine in 2022, government bond yields should generally rise to reflect this optimism but

the trajectory will be bumpy as the recovery phase is fragile. Therefore market volatil ity is anticipated f in the near term.

Aberdeen Asset Management (Thailand) Limited

Ab out the Fund

In vestmen t Policy The fund will invest in both equity and debt instruments. The portfolio of the fund

can be adjusted by the fund managers to suit market situation. Investment in

equity instruments will be made on good fundamental companies while fixed

income instruments can be those issued by government, state enterprise and

private sector including offshore investments of which will be in compliance with

the Office of the SEC’s criteria.

Dividen d Policy The fund will pay dividends at least 2 times per year considering from the fund

performance ending 31 March and 30 September each year or at other period

deemed appropriate by the Asset management Company, at the rate not less than

90 % of net profit or retained earning.

Historical Dividen d Paymen t

No. Date of Dividend paymen t Amount(Baht/unit) No. Date of Dividen d p aymen t Amoun t(Baht/un it)

1 15 Oct 03 1.7000 13 22 Aug 11 1.0300

2 4 May 04 0.8100 14 20 Jan 12 0.4800

3 3 May 05 1.6000 15 20 Apr 12 1.0700

4 4 Nov 05 0.8797 16 19 Oct 12 1.0600

5 2 May 06 1.3121 17 23 Apr 13 1.1500

6 18 Apr 07 0.2627 18 20 Oct 14 0.7400

7 17 Aug 07 1.3969 19 22 Apr 16 0.3500

8 17 Sep 09 0.7678 20 20 Oct 16 0.1100

9 16 Oct 09 0.5300 21 24 Apr 17 0.3300

10 16 Apr 10 0.8400 22 20 Oct 17 0.3900

11 19 Oct 10 2.0900 23 24 Apr 18 0.3400

12 19 Apr 11 0.1100 24 24 Oct 18 0.1500

25 22 Apr 21 0.7600

Total 20.2592

Citibank, N.A – Bangkok. October 2021

Mutual Fund Supervisor Report

To: Unit holders of Aberdeen Standard Flexible Capital Fund

Whereas Citibank, N.A. Bangkok, the Mutual Fund Supervisor of Aberdeen Standard Flexible Capital Fund which is managed by Aberdeen Asset Management (Thailand) Limited has performed duties as the Mutual Fund Supervisor for the period beginning 1 October 2020 to 30 September 2021.

We have prepared this report base on given sources of information as of the date hereof and believed by us to be reliable, but we does not warrant the accuracy or completeness of the same and expressly disclaims liability for any error or omission (including any third party liability). There can be no assurance that future event or results will be consistent with any such report. Neither us nor any of its directors, employees or agents guarantees the repayment of capital, the performance or the distribution of the funds and be liable for any loss as a result of any action or omission made in reliance of this report. In our opinion, Aberdeen Asset Management (Thailand) Limited has performed its duties in managing the Fund correctly and appropriately according to the objectives specified in the Fund management project, which was approved by the Office of the Securities and Exchange Commission and under the Securities Exchange Act B.E. 2535. Citibank, N.A. - Bangkok

------------------------------------------------------- (Atchara Jintanakwichai Joedjun Sunantapongsak)

Citibank N.A. Mutual Fund Supervisor

Fund Performance

As of Sep 30, 2021 Net Asset Value 217,479,189.91 Baht NAV per unit 6 .5372 Baht/unit

Annualized return for the period from 1 year Source: Aberdeen Asset Management (Thailand) Limited Note: Benchmark : 65% SET TRI, 15.75% Thai BMA MTM Government Bond Index (Net Total Return Index), 15.75%

Thai BMA Short-term Government Bond (Total Return Index) and 3.5% Thai BMA MTM Corporate Bond BBB up

(Net Total Return Index)

Benchmark prior to 1 Jan 2020 was 65% SET TRI, 15.75% Total Return of ThaiBMA Government Bond Index,

15.75% Total Return of ThaiBMA Short-term Government Bond Index and 3.5% Total Return of ThaiBMA

Corporate Bond Index (BBB up)

Benchmark prior to 1 Jan 2017 was 50% SET Index, 25% Total Return of ThaiBMA Government Bond Index, 25%

1 year fixed deposit rate of 1 million baht for individuals quoted by BBL, KBANK and SCB.

Past performance/ performance comparison relating to a capital market product is not a guarantee of

future results.

The fund performance document is prepared in accordance with AIMC standards.

The fund will not invest in instrument denominated in foreign currency .

Please study product’s features, conditions and relevant risks before making investment decision.

ABERDEEN STANDARD FLEXIBLE CAPITAL FUND

Fund's Direct Expenses for 12 months period

from 01 Oct 2020 to 30 Sep 2021

Fund's Direct Expenses Amount (Baht) % of Net Asset Value

Management Fee 2,519,108.10 1.07

Trustee Fee 75,573.21 0.03

Registrar Fee 251,910.85 0.11

Advisory Fee - -

Audit fees 61,000.00 0.03

Publication Expense 56,046.31 0.02

Other Expenses 29,284.13 0.01

Total* 2,992,922.60 1.27

*Include vat

**the expense exclude tax from investment in fixed income

Average NAV 235,944,761.82

Aberdeen Standard Flexible Capital Fund

Brokerage Fee for 12 months period

from 01 Oct 2020 to 30 Sep 2021

Broker Amount (Baht) % of Total Brokerage Fee

Kiatnakin Phatra Securities PCL 91,574.04 25.64

CLSA Securities (Thailand) Ltd. 87,146.71 24.40

UBS Securities(Thailand) Ltd. 71,155.30 19.93

Credit Suisse Securities (Thailand) Ltd. 58,470.37 16.38

Macquarie Securities (Thailand) Ltd. 48,723.19 13.65

Total 357,069.61 100.00

CREDIT RATING NO. OF UNITS FACE VALUE FAIR VALUE % OF NAV

Haad Thip PCL 180,100.000000 6,258,475.00 2.88

Minor International PCL 265,863.000000 8,374,684.50 3.85

Rojukiss International PCL 59,700.000000 716,400.00 0.33

Thai Optical Group PCL 243,100.000000 2,175,745.00 1.00

Tisco Financial Group PCL 135,790.000000 12,458,732.50 5.73

AEON Thana Sinsap (Thailand) PCL 45,600.000000 8,299,200.00 3.82

Bangkok Insurance PCL 8,159.000000 2,202,930.00 1.01

TQM CORPORATION PCL 4,200.000000 438,900.00 0.20

Thai Stanley Electric PCL 3,800.000000 678,300.00 0.31

SCG PACKAGING PLC 77,207.000000 4,671,023.50 2.15

TOA Paint (Thailand) PCL 45,400.000000 1,520,900.00 0.70

The Siam Cement PCL 10,400.000000 4,180,800.00 1.92

Unique Engineering and Construction PCL 168,900.000000 1,072,515.00 0.49

Central Pattana PCL 224,300.000000 11,887,900.00 5.47

WHA Corporation PCL 205,100.000000 639,912.00 0.29

Absolute Clean Energy PCL 398,900.000000 1,451,996.00 0.67

Eastern Water Resources Dev and Mgt PCL 526,400.000000 5,185,040.00 2.38

PTT Exploration and Production PCL 54,800.000000 6,439,000.00 2.96

WHA Utilities & Power PCL 877,700.000000 3,703,894.00 1.70

CP ALL PCL 10,300.000000 654,050.00 0.30

Home Product Center PCL 885,217.000000 12,038,951.20 5.54

Mega Lifesciences PCL 255,300.000000 12,765,000.00 5.87

Energy & Utilities

Services

Commerce

Property & Construction

Construction Materials

Construction Services

Property Development

Resources

Finance & Securities

Insurance

Industrials

Automotive

Packaging

Food & Beverage

Consumer Products

Personal Products & Pharmaceuticals

Financials

Banking

Aberdeen Standard Flexible Capital Fund

Investment Portfolio

As of September 30, 2021

COMMON SHARE

Agro & Food Industry

CREDIT RATING NO. OF UNITS FACE VALUE FAIR VALUE % OF NAV

Aberdeen Standard Flexible Capital Fund

Investment Portfolio

As of September 30, 2021

Siam Global House PCL 101,961.000000 2,130,984.90 0.98

Bangkok Dusit Medical Services PCL 379,600.000000 8,654,880.00 3.98

Praram 9 Hospital PCL 152,700.000000 1,633,890.00 0.75

SISB PCL 56,400.000000 535,800.00 0.25

Hana Microelectronics PCL 103,500.000000 8,176,500.00 3.76

Humanica PCL 767,800.000000 8,215,460.00 3.78

COMMON SHARE 137,161,863.60 63.07

LB233A 2,500.000000 2,500,000.00 2,685,396.60 1.23

LB246A 1,000.000000 1,000,000.00 1,004,119.49 0.46

LB25DA 3,500.000000 3,500,000.00 3,969,875.56 1.83

LB27DA 1,500.000000 1,500,000.00 1,725,546.34 0.79

LB283A 1,500.000000 1,500,000.00 1,910,172.63 0.88

LB28DA 2,000.000000 2,000,000.00 2,195,655.38 1.01

LB296A 1,000.000000 1,000,000.00 1,250,594.43 0.58

LB316A 1,000.000000 1,000,000.00 1,172,573.46 0.54

LB326A 2,500.000000 2,500,000.00 2,959,787.52 1.36

LB356A 1,000.000000 1,000,000.00 926,704.56 0.43

LB386A 1,000.000000 1,000,000.00 1,124,043.30 0.52

LB446A 2,000.000000 2,000,000.00 2,729,248.21 1.25

LB466A 1,000.000000 1,000,000.00 1,052,414.07 0.48

LB666A 1,000.000000 1,000,000.00 1,274,294.14 0.59

LB676A 1,000.000000 1,000,000.00 1,163,902.47 0.54

LBA37DA 4,250.000000 4,250,000.00 5,304,194.13 2.44

GOVERNMENT BOND 27,750,000.00 32,448,522.29 14.92

BOT223A 9,000.000000 9,000,000.00 9,058,464.49 4.17

BOT229A 5,000.000000 5,000,000.00 5,046,562.11 2.32

BOT235A 5,000.000000 5,000,000.00 5,005,972.91 2.30

BANK OF THAILAND BOND 19,000,000.00 19,110,999.51 8.79

AEON22NA A-(tha)/Fitch(tha) 1,000.000000 1,000,000.00 1,020,162.49 0.47

AP257A A-/TRIS 2,000.000000 2,000,000.00 2,005,895.86 0.92

AWN235A AA+(tha)/Fitch(tha) 2,000.000000 2,000,000.00 2,071,528.60 0.95

TOTAL

BANK OF THAILAND BOND

TOTAL

DEBENTURE

Technology

Electronic Components

Information & Communication Technology

TOTAL

GOVERNMENT BOND

Health Care Services

Professional Services

CREDIT RATING NO. OF UNITS FACE VALUE FAIR VALUE % OF NAV

Aberdeen Standard Flexible Capital Fund

Investment Portfolio

As of September 30, 2021

BGRIM247A A-/TRIS 1,000.000000 1,000,000.00 1,002,034.14 0.46

CENTEL229A A-/TRIS 1,000.000000 1,000,000.00 1,010,496.23 0.46

EB239A AA(tha)/Fitch(tha) 1,000.000000 1,000,000.00 1,039,077.54 0.48

GPSC31NA AA-/TRIS 2,000.000000 2,000,000.00 2,060,066.26 0.95

ICBCT289A AA(tha)/Fitch(tha) 2,000.000000 2,000,000.00 2,035,299.51 0.94

TBEV256A AA(tha)/Fitch(tha) 2,000.000000 2,000,000.00 2,041,603.63 0.94

TLT263A AAA/TRIS 1,000.000000 1,000,000.00 1,006,300.48 0.46

DEBENTURE 15,000,000.00 15,292,464.74 7.03

Citibank N.A. - Gold Saving 1,039,653.76 0.48

SAVING DEPOSITS 1,039,653.76 0.48

Citibank N.A. - Trustee Account 12,373,365.79 5.69

OPERATING DEPOSITS 12,373,365.79 5.69

788,147.24 0.36

(735,827.02) (0.34)

TOTAL NET ASSET VALUE 217,479,189.91 100.00

OTHER LIABILITIES

SAVING DEPOSITS

TOTAL

OPERATING DEPOSITS

TOTAL

OTHER ASSETS

TOTAL

TRIS Ratin g Defin ition TRIS Rating uses eight letter rating symbols for announcing medium- and long-term credit ratings. The ratings range from AAA, the highest rating, to D, the lowest rating. The medium- and long-term debt instrument covers the period of time from one year up. The definitions are: AAA The highest rating, indicating a company or a debt instrument with smallest degree of credit risk. The company has extremely strong capacity to pay interest and repay principal on time, and is unlikely to be affected by adverse changes in business, economic or other external conditions. AA The rating indicates a company or a debt instrument with a very low degree of credit risk. The company has very strong capacity to pay interest and repay principal on time, but is somewhat more susceptible to adverse changes in business, economic, or other external conditions than AAA rating. A The rating indicates a company or a debt instrument with a low credit risk. The company has strong capacity to pay interest and repay principal on time, but is more susceptible to adverse changes in business, economic or other external conditions than debt in higher-rated categories. BBB The rating indicates a company or a debt instrument with moderate credit risk. The company has adequate capacity to pay interest and repay principal on time, but is more vulnerable to adverse changes in business, economic or other external conditions and is more l ikely to have a weakened capacity to pay interest and repay principal than debt in higher-rated categories. BB The rating indicates a company or a debt instrument with a high credit risk. The company has less than moderate capacity to pay interest and repay principal on time, and can be significantly affected by adverse changes in business, economic or other external conditions, leading to inadequate capacity to pay interest and repay principal. B The rating indicates a company or a debt instrument with a very high credit risk. The company has low capacity to pay interest and repay principal on time. Adverse changes in business, economic or other external conditions could lead to inabil ity or unwill ingness to pay interest and repay principal . C The rating indicates a company or a debt instrument with the highest risk of default. The company has a significant inabil ity to pay interest and repay principal on time, and is dependent upon favourable business, economic or other external conditions to meet its obligations. D The rating for a company or a debt instrument for which payment is in default. The ratings from AA to C may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within a rating category. Fitch Ratin gs Defin ition

AAA Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only

in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to

be adversely affected by foreseeable events. AA Very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very

strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to

foreseeable events.

A High credit quality. 'A' ratings denote expectations of low credit risk. The capacity for payment of

financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in

circumstances or in economic conditions than is the case for higher ratings. BBB Good credit quality. 'BBB' ratings indicate that there is currently expectations of low credit risk. The

capacity for payment of financial commitments is considered adequate but adverse changes in circumstances

and economic conditions are more l ikely to impair this capacity. This is the lowest investment grade category.

Speculative Grade

BB Speculative. 'BB' ratings indicate that there is a possibil ity of credit risk developing, particularly as the

result of adverse economic change over time; however, business or financial alternatives may be available to allow financial commitments to be met. Securities rated in this category are not investment grade.

B Highly speculative.

For issuers and performing obligations, 'B' ratings indicate that significant credit risk is present, but a l imited

margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is contingent upon a sustained, favorable business and economic environment.

For individual obligations, may indicate distressed or defaulted obligations with potential for extremely high recoveries. Such obligations would possess a Recovery Rating of 'R1' (outstanding).

CCC For issuers and performing obligations, default is a real possibil ity. Capacity for meeting f inancial commitments is solely reliant upon sustained, favorable business or economic conditions.

For individual obligations, may indicate distressed or defaulted obligations with potential for average to superior

levels of recovery. Differences in credit quality may be denoted by plus/minus distinctions. Such obligations typically would possess a Recovery Rating of 'R2' (superior), or 'R3' (good) or 'R4' (average).

CC For issuers and performing obligations, default of some kind appears probable.

For individual obligations, may indicate distressed or defaulted obligations with a Recovery Rating of 'R4'

(average) or 'R5' (below average).

C For issuers and performing obligations, default is imminent.

For individual obligations, may indicate distressed or defaulted obligations with potential for below-average to

poor recoveries. Such obligations would possess a Recovery Rating of 'R6 ' (poor).

RD Indicates an entity that has failed to make due payments (within the applicable grace period) on some

but not all material financial obligations, but continues to honor other classes of obligations. .

D Indicates an entity or sovereign that has defaulted on all of its financial obligations.

Is suer Ratin g of Dep os it

Bank In ternational Rating Local Rating

Citibank, N.A. (U.S.) Aa3 (Moody)/BBB+ (S&P)/A (Fitch) -

United Overseas Bank (Thai) PCL A3 (Moody)/ A- (Fitch) AAA (Fitch)

Aberdeen Standard Flexible Capital Fund Period of October 1, 2020 to September 30, 2021

List of connected person with transaction

-None-

Report on holding exceeding one -third of retail fund

Aberdeen Standard Flexible Capital Fund has one group of person holding its unit 50.25%

Portfolio Turnover Ratio (PTR)

Portfolio Turnover Ratio 7.60%

Report on non-compliance of investment limit

-None-

For more information, investors can find out the l ist of connected person with transaction and report on holding

exceeding one-third of retail fund directly with Aberdeen Asset Management (Thailand) Limited or through

company’s website at http://www.abrdn.com/Thailand

Aberdeen Standard Flexible Capital Fund Period of October 1, 2020 to September 30, 2021

List of Soft Commission

From January 1, 2018 the Company uses the research papers under MiFID II therefore there is no List of Soft

Commission.

Voting right and voting right exercising Investors should examine guidance on voting right and voting right exercising via Asset Management Website http://www.abrdn.com/Thailand

Receipt of other assets as a means of debt repayment

-None-

Mutual fund manager list of Aberdeen Asset Management (Thailand) Limited

No. Name / Surname Responsibility Fund

1.

2.

3.

4.

5.

Mr. Orsen Karnburisudthi

Mr. Pongtharin Sapayanon

Mr. Ana Paepipatmongkol (Performing

duty as a fund manager until 20 Mar

2021)

Ms. Benjabhorn Lertsethasart

(Performing duty as a fund manager

until 6 Aug 2021)

Mr. Pavarit Srinual (Performing duty as

a fund manager until 26 May 2021)

Aberdeen Standard Growth Fund

Aberdeen Standard Flexible Capital Fund

Aberdeen Standard Siam Leaders Fund

Aberdeen Standard Small Cap Fund

Aberdeen Standard Thai Equity Dividend Fund

Aberdeen Standard Smart Capital Retirement Mutual Fund

Aberdeen Standard Smart Income Retirement Mutual Fund

Aberdeen Standard Asia Pacific Equity Retirement Mutual

Fund

Aberdeen Standard Long Term Equity Fund

Aberdeen Standard Cash Creation Fund

Aberdeen Standard Value Fund

Aberdeen Standard Asia Pacific Equity Fund

Aberdeen Standard Emerging Opportunities Bond Fund

Aberdeen Standard European Growth Fund

Aberdeen Standard Global Emerging Growth Fund

Aberdeen Standard World Opportunities Fund

Aberdeen Standard China Gateway Fund

Aberdeen Standard American Growth Fund

Aberdeen Standard India Growth Fund

Aberdeen Standard Income Creation Fund

Aberdeen Standard Japan Opportunities Fund

Aberdeen Standard Euro High Yield Bond Fund

Aberdeen Standard American Growth – Smaller Companies

Fund

Aberdeen Standard Long Term Equity Fund 70/30

Aberdeen Standard Money Market Fund for Provident Fund

Aberdeen Standard Fixed Income Fund for Provident Fund

Aberdeen Standard Mixed Fund for Provident Fund

Aberdeen Standard Thai Equity Super Savings Fund

Aberdeen Standard Global Small Cap Fund

Aberdeen Standard Global Dynamic Dividend Fund

Information during October 1, 2020 to September 30, 2021

.