1. Aberdeen Private Equity Fund Limited Annual Financial Report for the Year Ended 31 March 14 July 2014 Alex Barr, Head of Private Equity Investments Aberdeen Asset Management

2. 1 Objective The investment objective of the Company is to generate long-term capital gains through investment in a diversified portfolio of private equity funds Benchmark The Company invests with the aim of maximising absolute returns and does not have a benchmark Investment Process The Manager’s key objective is to select fund managers which it believes will, over time, produce superior risk- adjusted returns in their chosen investment strategy and which can demonstrate significant competitive advantages compared with other funds in their peer group. The focus is on the individual merits of investments, but the industry and economic environment in which that manager is operating is also taken into consideration Aberdeen Private Equity Fund Limited

3. 2 Financial highlights and performance 1. Total assets less current liabilities (before deducting prior charges as defined above) 2. Measures the relevant earnings for the year divided by the weighted average number of shares in issue 3. Ongoing charges ratio calculated in accordance with guidance issued by the AIC as the total of the investment management fee and administrative expenses divided by the average cum income net asset value throughout the year Past performance is not a guide to future results Source: Aberdeen Private Equity Fund, Annual Report to 31 Mar 14 20142013 Net asset value total return-0.2%+7.8% Share price total return-10.0%+64.9% 31 Mar 1431 Mar 13% change Total assets 1 (US$’000)199,174184,623+7.9 Total equity shareholders’ funds (net assets) (US$’000)199,174184,623+7.9 Share price (mid market) (pence)78.2589.00-12.1 Net asset value per share (pence)109.73111.93 Discount to net asset value28.7%20.5% Dividend and earnings Return per share 2 (pence)9.881.99 Dividend per share (pence)2.00 Ongoing charges 3 Excluding performance fee1.92%1.99% Including performance fee1.92%2.82% Aberdeen Private Equity Fund Limited

4. 3 Private Equity Investments Performance¹Portfolio total return of 12.3% for the period in local currency terms NAV total return of -0.2% in GBP terms for the12 months period to 31 Mar 14. This was impacted by USD weakness vs Sterling and the DFJ Athena write down in Sep 13 Strong performance from certain large listed holdings such as Nielsen (+25%) and Flagstar (+60%) A number of IPOs took place at increased valuations followed by strong performance: Essent (+32% since IPO in Oct 13), Qunar (+104% since IPO in Nov 13) Portfolio cashflows and key events Over the 12 month period the Fund paid calls of $21.5m (12 months to 31 Mar 13: $28.9m) whilst receiving distributions of $36.7m (12 months to 31 Mar 13: $36.4m). We expect distributions to continue to outpace calls Strong exit activity: First exit from Northzone VI (Energy Micro), and further realisations exits from Thoma Bravo (Entrust, Roadnet Technologies). Double digit multiple realised by Tenaya V from Palo Alto Networks Three new primary commitments: APAX VIII (€10m), CVC Asia IV ($10m ) and Jordan Resolute Fund III ($15m, post year-end) Two new co-investments: Dell ($1.3m, Silver Lake Partners III) and Hitachi Via Mechanic ($1.5m, Longreach 2) Liquidity and commitment cover Total unfunded commitments of $71.5m at 31 Mar 14 Commitment cover: 50.3% cash only, 96.5% including the credit facility Source: Aberdeen Private Equity Fund, Annual Report to 31 Mar 14 Aberdeen Private Equity Fund Limited

5. 4 Private Equity Funds’ underlying companies sector exposure (%) Source: Aberdeen Asset Management Aberdeen Private Equity Fund Limited

6. 5 Geographic breakdown (%) Source: Aberdeen Asset Management Aberdeen Private Equity Fund Limited

7. 6 Top ten holdings ​ Company SectorBook cost US$m Fair value US$m NAV weighting % Online classified businessTechnology850,8015,816,4994.68 Online travel information businessTechnology66,6574,528,8622.65 Commercial BankFinancials3,108,1663,690,1172.16 Us Homebuilding companyConsumer Goods1,270,8003,560,2002.08 Chinese ecommerce businessTechnology716,6993,067,6741.79 North American E&P businessOil & Gas437,3882,703,8531.58 Enterprise Software businessTechnology11,6722,632,0181.54 Food facilities businessIndustrials779,7212,434,0971.42 IT security businessTechnology1,155,0152,429,1791.42 Clinical diagnosis businessHealthcare260,0672,294,0211.34 Top ten holdings ​ Source: Aberdeen Private Equity Fund, Annual Report to 31 Mar 14 Aberdeen Private Equity Fund Limited

8. 7 Outlook Aberdeen Private Equity Fund Limited Supportive global macro environment for Private Equity –Strong cash flow generation from major public companies Should benefit exit environment for private companies –Increase in value of unrealised value held in Private Equity funds driven by earnings and multiple expansion –Average holding periods for Private Equity likely to trend downwards APEF in a strong position to make new investments –Supportive cash commitment cover –Next 12 months’ focus will be on progressing Buyout and Growth strategies, with continued emphasis on high quality managers US mid market buyout sector continues to demonstrate low loss ratios UK market looking increasingly more attractive and we are in process of shortlisting managers Early 2014 Asia commitment already made Continue to develop co-investment portfolio from existing and future fund investments

9. 8 Should you require further information please do not hesitate to contact us: Contact details Private investors: 0500 00 00 40 Institutional investors: Colin Edge +44 (0)207 463 5881 or Andrew Leigh +44 (0)207 463 6312 Aberdeen Private Equity Fund Limited

10. 9 Issued by Aberdeen Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority in the United Kingdom. A member of the Aberdeen Asset Management group of companies. Registered Office: 10 Queen’s Terrace, Aberdeen, AB10 1YG. Viewers should remember that the price of shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the shares. Past performance is no guarantee of future performance. The use of gearing is likely to lead to a volatility in the Net Asset Value (NAV), meaning that a relatively small movement either down or up in value of the trusts total assets, will result in a magnified movement in the same direction, of that NAV. There is no guarantee that the market price of shares in investment trusts will fully reflect their underlying NAV. Investment trusts should be considered only as part of a balanced portfolio, of which they should not form a disproportionate part. Under no circumstances should this information be considered as an offer, or solicitation, to deal in investments. This information does not constitute advice or a personal recommendation for which the duty of suitability would be owed by us, and you should seek your own advice as to the suitability of any investment matter mentioned here. The information contained herein, including any expressions of opinion or forecast, has been obtained from or is based upon, sources believed by us to be reliable but is not guaranteed as to the accuracy or completeness. No part of this presentation may be reproduced in any manner without prior approval. Disclaimer Aberdeen Private Equity Fund Limited