Page 1 of 2 | Morningstar Factsheets | All data as at 13 Oct 2014 unless stated otherwise Aberdeen Private Equity Fund Ltd APEF Morningstar Peer Group Classification Private Equity Total Return Performance (GBP) over 5 years (or since inception) Investment Objective To generate long-term capital gains through investment in a diversified portfolio of private equity funds. Valuation statistics (NAVs estimated1) GBX 13 Oct 2014 Price 84.88 Fair Cum NAV 114.59 Fair Ex NAV 114.59 Par Cum NAV 114.59 Par Ex NAV 114.59 Fair Cum Discount -25.93 Fair Ex Discount -25.93 Par Cum Discount -25.93 Par Ex Discount -25.93 Peer Group Discount -13.22 -0.58 Z-Statistic2 12 m High 88.00 Low 74.00 114.59 100.67 -20.13 -28.88 Last Actual NAVs (GBX) as at 29 Aug 2014 Fair Cum NAV 112.59 Fair Ex NAV Par Cum NAV 112.59 Par Ex NAV Key Data Domicile Launch Date Financial Year-end Exchange Next AGM NAV Frequency Dividend Frequency Total Assets (GBP) Net Assets (GBP) Shares Outstanding Gross Gearing3 Net Gearing4 Average Daily Shares Traded (1yr) Average Daily Value Traded (1yr) Total Expense Ratio5 (2014) Market Capitalisation (GBP) Net Dividend Yield6 Guernsey 09 Jul 2007 31 Mar London (LSE) Sep 2015 Monthly Annual 135.1m 125.1m 109,131,199 108 90 0.026m 0.036m 1.99% 92.6m 2.36% Performance (Total Return %)8 GBP 1 month 3 months Price -2.16 +6.78 NAV 0.00 +9.88 Peer Group (Price) -4.72 -4.08 Peer Group (NAV) -0.45 +1.49 Benchmark -8.61 -6.11 6 months +9.81 +6.34 -1.68 +6.48 -5.21 1 year +5.48 +12.60 +2.92 +9.98 -2.20 YTD +12.65 +15.88 -1.86 +8.49 -7.02 3 years +65.33 +20.56 +64.03 +26.26 +59.77 5 years +72.31 +40.45 +68.30 +49.94 +76.14 Peer Group: Morningstar IT Private Equity P Morningstar Benchmark: LPX Composite Index Fund distributions reinvested on ex-dividend date8 Dividend Yields over 5 years (or since inception) Dividend Policy The fund intends to pay annual dividends Year-on-Year Dividend Growth % (financial year 31 Mar) 2015 0.00 2014 0.00 2013 0.00 2012 - 2011 - Distributions (GBP) over 5 years (or since inception) Dividend Growth % (annualised on current financial year)7 1 year 0.00 2 years 0.00 3 years 0.00 4 years 0.00 5 years 0.00 Directors Howard Myles (Chairman), David Copperwaite, Philip Hebson, David Staples Fund Manager: Alex Barr (19 Nov 2009) / David Boyle (19 Nov 2009) Aberdeen SVG Bow Bells House, London, UK, EC4M 9HH Telephone: +44 (0)20 7463 6000 Website: www.aberdeenprivateequity.co.uk Stockbroker: N/A Management Fee Summary Management fee equal to 1.5% of the Net Asset Value per Share Class. Performance Fee will be 10% of the total increase in the Net Asset Value, subject to an 8% return and a high watermark. Latest Dividend History (GBp) Type Income Income Income Dividend Declared Date 2.000 24 Jun 14 2.000 04 Jul 13 2.000 20 Jun 12 Ex Div Date 20 Aug 14 14 Aug 13 15 Aug 12 Record Date 22 Aug 14 16 Aug 13 17 Aug 12 Payment Date 19 Sep 14 27 Sep 13 20 Sep 12 Financial Year 2014 2013 2012 Initial Public Offering 130,142,311 Ordinary shares at 1.00 GBP on 09 Jul 2007 raising 130.1m gross and 126.2m net of expenses The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of these factbook pages. Page 2 of 2 | Morningstar Factsheets | All data as at 13 Oct 2014 unless stated otherwise Aberdeen Private Equity Fund Ltd APEF Risk & Return9 Discrete Monthly Price & NAV Total Return % (GBP) Sector Breakdown (%) Discrete Yearly Price & NAV Total Return % (GBP) Geographic Breakdown (%) Risk & Correlation Alpha (NAV) 11 Beta (NAV)12 R-squared (NAV)13 Sharpe (NAV)14 Price Volatility15 NAV Volatility15 Benchmark Volatility15 Peer Group Price Volatility15 Peer Group NAV Volatility15 3 months 0.12 -0.50 0.14 3.17 14 11 11 9 3 6 months 0.04 -0.17 0.04 1.32 12 8 10 10 5 1 year 0.78 -0.26 0.05 0.58 12 8 11 10 4 3 years 0.55 -0.01 0.75 16 8 13 11 4 5 years 0.61 0.01 0.00 0.81 18 9 16 13 6 Additional Performance (Total Return%8) GBX Largest Holdings (% Portfolio10) as at 31 Jul 2014 Northzone VI LP Thomas H Lee Fund VI Lion Capital Fund III LP Tenaya Capital V LP Silver Lake Partners III LP Thoma Bravo Fund IX LP Rho Ventures VI LP Pine Brook Capital Partners LP HIG Bayside Debt & LBO StepStone International Investors III LP Total Capital Structure Number of Shares 109,131,199 Loan CCY GBP 10.8% 9.0% 7.0% 6.9% 6.3% 5.8% 5.4% 5.1% 4.6% 4.5% 65.1% Share Type Ord £m 10.0 Redemption Coupon - Price +12.65 +13.72 +37.08 -25.36 +34.62 +18.86 +117.18 -3.67 -2.64 NAV Peer Price +15.88 -1.86 +0.05 +38.60 +5.61 +24.46 +11.20 -18.52 +7.92 +24.53 -17.51 +29.06 +25.54 +218.00 +22.50 -21.85 +24.47 -23.31 Peer NAV Benchmark +8.49 -7.02 +12.94 +37.88 +3.03 +25.99 -3.53 -17.40 +17.98 +37.42 -20.52 +34.17 +26.68 +291.19 -11.86 +13.79 -12.11 +1.79 Wind-up Provisions/Buy Back Policy The Company has no fixed wind up date. A continuation resolution was passed at the 2013 AGM and will be proposed at every third AGM thereafter. As part of the discount control mechanisms, the Board may consider implementing a Share buy-back at each quarterly Board meeting should the Shares have been trading at a discount to NAV of 10% or greater for more than 90 days. The Company has the authority to purchase in the market up to 14.99% of its own issued Shares of each class. The Directors intend to seek annual renewal of this authority from Shareholders at each AGM. Any shares bought back may be cancelled by the Company or, subject to applicable laws, held in treasury for re-sale. Net Dividend Yield – This is calculated by dividing the current financial years dividends (this will include prospective dividends) by the current price. Dividend Growth – The annualised percentage growth in dividends. Based upon the current financial year, including any future estimates or forecasts. Performance – Calculated using start and end period Share Prices or NAV Dividends are reinvested on the ex-dividend date at the prevailing Share Price or NAV. Risk & Return – 1 Year ex income par NAV total return performance against 1 Year NAV volatility. Please see notes 8 and 15 for performance and volatility definitions respectively. 2 10 Portfolio – In order to calculate the portfolio value we deduct any holdings in cash only (Note that Fixed Interest is not included). 11 Alpha – The difference between the fund’s average excess total return and the benchmark’s average excess total return. 3 12 Beta – The sensitivity of the fund to broad market movements. A Beta of 0.5 would imply the fund will move by half as much as the index. 4 13 R-squared – A measure of correlation between the fund and index. A value of 0.8 means that 80% of the fund’s NAV changes can be explained by changes in the index. 14 Sharpe – A risk-adjusted return measure, calculated by dividing the fund’s average monthly excess total return over the risk-free rate by the standard deviation of those returns. 5 The figure shown is the annualized Sharpe Ratio. 15 Volatility – The annualized standard deviation of the logged daily returns, adjusting for distributions from capital. The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of these factbook pages. 1 NAV Estimation - Fair value of debt refers to the market price of the debt if it is traded or, if it is not traded, an estimation of its value calculated using points over gilt methodology. Cum Income NAVs include net revenue in the financial year to date. All estimates are fully diluted for the effects of warrants, convertibles or treasury shares. NAV estimations are created and maintained by Morningstar. For more detailed methodology document please contact [email protected] Z-Statistic 1y – Shows whether the fund’s current discount is significantly higher or lower than the average over the past year, calculated as (Current Discount – Mean) / Std Dev Gross Gearing – The ratio of estimated gross Assets to the Net Assets, expressed as a percentage Net Gearing – The ratio of estimated Gross Assets minus cash and fixed interest to the Net Assets, expressed as a percentage. Cash and fixed interest represents not-equity exposure. Total Expense Ratio – (Total Expenses – Performance Fees – Cost of Leverage – Tax – Restructuring Costs) / Average Net Assets Period 2014 2013 2012 2011 2010 2009 Since FTSE 2009 Low (13 Mar 09) Since Sub-Prime (20 Nov 07) Since FTSE 2007 Peak (13 Oct 07) 6 7 8 9