Acquisition of Investment Manager by Aberdeen

ADVANCE FRONTIER MARKETS FUND LIMITED:

Acquisition of Investment Manager by Aberdeen

15 September 2015The Board of Advance Frontier Markets Fund Limited ("AFMF") announces that it has been informed by Advance Emerging Capital Limited ("AEC"), the investment manager of AFMF, that an agreement has been reached with Aberdeen Asset Management PLC ("Aberdeen") whereby Aberdeen will acquire 100% ownership of AEC.

The transaction is subject, inter alia, to regulatory approval from the UK Financial Conduct Authority and is expected to complete during the fourth quarter of 2015.

The Board of AFMF is supportive of the transaction. The investment management team of AEC will remain unchanged and AEC is expected to benefit from the significant additional resources available from within Aberdeen.

Further details of the transaction can be found on Advance Emerging Capital's website:

www.advance-emerging.com

Enquiries:

Advance Emerging Capital Limited (investment manager to Advance Frontier Markets Fund Limited)

Andrew Lister / Bernard Moody Tel: +44 (0)20 7016 0030

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett Tel: +44 (0)20 7383 5100

Numis Securities Limited (Nominated Broker)

David Benda Tel: +44 (0) 20 7260 1275

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