Compliance with Model Code

4 October 2011

Aberdeen Private Equity Fund Limited

(the "Company")

The Company announces that, by virtue of the points listed below, it is satisfied that all inside information which the Directors and the Company may have in the period leading up to the Announcement of the Half Yearly Report for the six months ended 30 September 2011, has been, and will be, notified to a Regulated Information Service ("RIS") and that the Company is thereby exempted from the provisions of the Model Code in relation to closed periods for any dealings by persons discharging managerial responsibilities in the Company and any purchases by the Company of its own securities.

In so stating the Company has regard to:

1. the announcement on 21 September 2011 of the unaudited Net Asset Value per share as at the close of business on 31 August 2011;

2. the Company's practice of calculating the Net Asset Value per share on a monthly basis and the announcement of these Net Asset Values to a RIS; and

3. there being no other unpublished information which constitutes price sensitive information in respect of the Company's securities.

This announcement is issued pursuant to paragraph 15.5.1 of the FSA Listing Rules.