Share Conversion Update

Bramdean Alternatives Limited (the "Company")

On 9 March 2010 the Company announced restructuring proposals including, among others, a proposal to convert all of the Company's US Dollar Shares into Sterling shares, thereby simplifying the Company's capital structure (the "Proposal").

A circular will be published shortly, containing full details of the Proposal and convening an extraordinary general meeting at which shareholders will be able to vote on the proposals. The extraordinary general meeting is expected to be held approximately four weeks after publication of the circular.

Shareholders in the Company are entitled, at the Board's discretion, to elect to convert their shares of one class into another class on the last business day of April and October in each year. The Board has resolved, pursuant to its discretion that, because the Proposal is likely to be voted on and, if approved, implemented shortly after the end of April, it is appropriate to delay the conversion mechanism on this occasion pending the outcome of the extraordinary general meeting.

If the Proposal is not approved at the extraordinary general meeting, the Board intends to make proposals to enable shareholders to elect for a share conversion as soon as practicable following the extraordinary general meeting.

ENDS

Contacts:

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