Restructure Proposals

Bramdean Alternatives Limited

The Board of Bramdean Alternatives Limited is pleased to announce the following proposals:

(a) to change the name of the Company to Aberdeen Private Equity Fund Limited, consistent with the appointment of Aberdeen Asset Managers Limited as the Company's investment manager in November last year;

(b) to refine the investment objective and policy of the Company, reflecting the Company's primary focus on private equity funds, moving away from the current hybrid objective;

(c) to convert all of the Company's US Dollar shares into Sterling shares, thereby simplifying the Company's capital structure; and

(d) to approve the waiver, subject to this being granted by the Panel on Takeovers and Mergers, of the obligation that would otherwise arise on Elsina Limited (the Company's largest shareholder) to make a general offer to shareholders pursuant to Rule 9 of the City Code as a result of the share conversion proposal in (c) or in consequence of the Company repurchasing its own shares.

A circular containing full details of these proposals is in the process of being finalised and will be published shortly, convening an extraordinary general meeting of the Company at which shareholders will be able to vote on the proposals.

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Contacts:

Bramdean Alternatives Limited

Jonathan Carr, Chairman, 01242 890287

Aberdeen Asset Management

James Thorneley, Aberdeen Asset Management, 020 7463 6323

Neil Bennett/Charlotte Walsh, Maitland, 020 7379 5151

Matrix Corporate Capital LLP

Paul Fincham/Rob Naylor, 020 3206 7175