Portfolio Companies

ABERDEEN INTERNATIONAL INC. NOTES TO THE FINANCIAL STATEMENTS For the three and nine months ended October 31, 2009 and 2008 (Unaudited)

8 IssuerNoteSecurity descriptionCostEstimatedFair value% of

FVAllana Resources Inc.(i,ii)6,750,000 common shares2,000,000 warrants expire June 16, 20112,375,000 warrants expire May 22, 20111,220,000$ 3,132,925$ 6.5%

Apogee Minerals Ltd.(I,ii,iii)7,350,000 common shares5,000,000 warrants expire May 23, 20101,175,000 warrants expire April 30, 20112,141,000 676,308 1.4%

Auger Resources Ltd.**(ii,iii)2,000,000 common shares1,000,000 warrants expire Sept 16, 20101,000,000 500,000 1.0%

Avion Gold Corp.(iii)9,281,900 common shares(Formerly Avion Resources Corp)2,500,000 warrants expire May 5, 20113,440,852 3,113,570 6.4%

Brazil Potash Corp.**1,650,075 common shares2,500,000 1,776,141 3.7%

Cash Minerals Ltd.(iii)3,600,000 common shares3,600,000 warrants expire July 2, 2010900,000 108,000 0.2%

Castillian Resources Corp.(iii)2,500,000 common shares1,075,000 112,500 0.2%

Consolidated Thompson Iron Mines Ltd.(iii)500,000 warrants expire January 10, 2010345,500175,8500.4%

Crocodile Gold Inc.**(ii,iii)7,500,000 common shares2,500,000 warrants expire June 15, 20124,000,000 10,869,500 22.5%

Crowflight Minerals Inc.(iii)5,941,224 common shares1,470,612 warrants expire April 30, 20112,574,047 1,576,485 3.3%

Dacha Capital Inc. ***(i,ii,iii)2,501,551 common shares2,501,551 common shares expire June 16, 2014825,512 2,597,360 5.4%

Franc-Or Resources Corp.(i,ii,iii)8,743,000 common shares2,000,000 warrants expire June 6, 20116,750,000 warrants expire July 9, 2011874,5232,867,8705.9%

Kria Resources Inc.(iii)2,750,000 common shares375,000 warrants expire November 19, 20091,000,000 warrants expire June 9, 201050,000 warrants expire June 16, 20102,750,000317,4100.7%

Largo Resources Inc.(iii)3,983,333 common shares551,000 736,917 1.5%

Longford Energy Inc.(iii)3,659,869 common shares3,296,296 warrants expire February 28, 20101,000,000 warrants expire June 5, 20111,941,0902,175,0754.5%

Scandinavian Metals Inc**(ii,iii)2,000,000 common shares1,000,000 warrants expire Sept 12, 20101,000,000500,0001.0%

Stetson Oil & Gas Ltd.(i,ii,iii)10,000,000 common shares10,000,000 preferred shares10,000,000 warrants expire Sept 17, 20102,000,0001,064,0002.2%

Sulliden Exploration Inc.(iii)11,141,303 common shares769,231 warrants expire April 23, 2011625,000 warrants expire October 6, 20125,244,2358,180,11416.9%

Vast Exploration Inc.(iii)2,000,000 common shares2,050,000 warrants expire June 12, 20101,000,000 warrants expire June 5, 20111,062,6861,453,2353.0%Total of 11 other investments(iv)8,419,5766,396,16513.2%Total investments43,865,021$ 48,329,425$ 100.0%*

Formerly named Central Sun Mining Inc.** Private company*** Exercise

3. INVESTMENTS

(a) At October 31, 2009, the Company’s investments consisted of the following:

(i) The Company has issued a Section 101 report under the Ontario Securities Act for this investment.

(ii) The Company owns, on a partially diluted basis, at least a 10% interest in the investee as at October 31, 2009.

(iii) A director and/or officer of the Company is a director and/or officer of the investee corporation.

(iv) Total other investments held by the Company, which are not individually listed as at October 31, 2009. Directors and officers may hold investments personally.