Director/PDMR Shareholding

Aberdeen Private Equity Fund Limited (the "Company")

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

1. Name of company

Aberdeen Private Equity Fund Limited

2. State whether notification is in respect of a transaction notified in accordance with DTR3.1.4R(1)(a), DTR3.1.4R(1)(c) or DTR3.1.4R(1)(d)

DTR3.1.4R (1) (a)

3. Name of director

Philip Hebson

4. State whether notification relates to a person(s) connected with a person discharging managerial responsibilities/director named in 3 above and identify the connected person(s)

N/A

5. Indicate whether notification is in respect of a holding of the person named in 3 or 4 above or in respect of a non-beneficial interest

As in 3

6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares

Sterling shares

7. Name of the registered shareholder(s) and, if more than one holder, the number of shares held by each of them (if notified)

As in 3

8. State the nature of the transaction.

Purchase

9. Number of shares, debentures or financial instruments relating to shares acquired

149 Sterling shares

10. Percentage of issued class acquired (any treasury shares of class should not be taken into account when calculating percentage)

0.00014%

11. Number of shares, debentures or financial instruments relating to shares disposed

N/A

12. Percentage of issued class disposed (any treasury shares of class should not be taken into account when calculating percentage)

N/A

13. Price per share or value of transaction

68.0p

14. Date of transaction

21 September 2012

15. Total holding and total percentage holding of issued class following this notification (any treasury shares of class should not be taken into account when calculating percentage)

5,228 Sterling shares/0.005%

16. Date Company informed

20 November 2012

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17. Date of grant

N/A

18. Period during which or date on which exercisable

N/A

19. Total amount paid (if any) for grant of the option

N/A

20. Description of shares or debentures involved (class and number)

N/A

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

N/A

22. Total number of shares or debentures over which options held following notification

N/A

23. Any additional information

N/A

24. Name of contact and telephone number for queries

John Ellman-Brown: +44 (0) 1481 713843

Name and signature of authorised company official responsible for making this notification

John Ellman-Brown, for and on behalf of Ipes (Guernsey) Limited, Secretary

Date of Notification

26 November 2012