Notification of Major Interest in Shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Aberdeen Private Equity Fund Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

X

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Hampshire County Council Pension Fund

4. Full name of shareholder(s)  (if different from 3.):iv

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

17 June 2011

6. Date on which issuer notified:

20 June 2011

7. Threshold(s) that is/are crossed orreached: vi, vii

From 19.95% to 23.08%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GG00B1XCHB94

25,000,000

25,000,000

25,000,000

25,000,000

n/a

23.08

n/a

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

n/a

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

n/a

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

25,000,000

23.08%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

n/a

Proxy Voting:

10. Name of the proxy holder:

n/a

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

Due to reduction in share capital announced by Aberdeen Private Equity Fund on 17 June 2011 and based upon 108,313,199 Sterling shares in issue

14. Contact name:

Ian Howell

15. Contact telephone number:

01962 847540

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Hampshire County Council Pension Fund

Contact address

(registered office for legal entities)

The Castle

Winchester

Hampshire

SO23 8UB

Phone number & email

01962 847540

[email protected]

Other useful information

(at least legal representative for legal persons)

-

B: Identity of the notifier, if applicable

Full name

Ian Howell

Contact address

County Treasurer's Department

Hampshire County Council

The Castle

Winchester

Hampshire

SO23 8UB

Phone number & email

01962 847540

[email protected]

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

-

C: Additional information

-

For notes on how to complete form TR-1 please see the FSA website.