Appointment of Administrator and Secretary

20 April 2011

Aberdeen Private Equity Fund Limited (the "Company")

Appointment of Designated Manager, Administrator and Secretary

The Company is pleased to announce that, subject to regulatory approval, with effect from 1 May 2011, Ipes (Guernsey) Limited, has been appointed as Designated Manager, Administrator and Secretary to the Company. Also with effect from 1 May 2011, the registered office of the Company will be 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, GY1 2HL.

In addition, the Company has considered the engagement of an ongoing custodian in light of its investment strategy and has concluded that these custodial services are no longer required, assuming all holdings are transferrable into the Company's own name. Accordingly, the custodial services of Royal Bank of Canada (Channel Islands) Limited are expected to end as of 1 July 2011.

Contacts:

Michel Davy, Ipes (Guernsey) Limited, Tel: +44 (0) 1481 735850

William Hemmings, Aberdeen Asset Managers Limited, Tel +44 (0) 207 463 6000

Charles Mearns, Aberdeen Asset Managers Limited, Tel +44 (0) 131 528 4000