Acquisition of Investment Manager by Aberdeen

ADVANCE DEVELOPING MARKETS FUND LIMITED:

Acquisition of Investment Manager by Aberdeen

15 September 2015The Board of Advance Developing Markets Fund Limited ("ADMF") announces that it has been informed by Advance Emerging Capital Limited ("AEC"), the investment manager of ADMF, 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 ADMF 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 (investment manager to ADMF)Andrew Lister or Bernard Moody +44 (0)20 7016 0030Email: [email protected]

[email protected]

Westhouse Securities (Financial adviser and broker to ADMF )Alastair Moreton +44 (0)20 7601 6118

Email: [email protected]