# Aberdeen Indonesia Fund, Inc. (NYSE MKT: IF)
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Daily Data

At close Jan 29, 2015

Market Price$8.20
Unadjusted NAV**$9.11

The NAV information is provided by the Fund's accounting agent. The price is as reported by the exchange on which the Fund trades. This information is unaudited and neither Aberdeen Asset Management PLC, its wholly owned subsidiaries, the Funds, nor any other person guarantees their accuracy.


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Aberdeen Indonesia Fund, Inc. (NYSE MKT: IF)

Investment Objective

The Fund seeks long-term capital appreciation as a primary objective and income as a secondary objective, by investing primarily in Indonesian securities.

For more detailed information on the specific risks associated with this fund, please view the Important Risk Considerations tab.

Investment Policies

It is the policy of the Fund to invest its assets in Indonesian equity and debt securities. For these purposes, “Indonesian securities” means securities traded principally on stock exchanges in Indonesia.

The information contained above provides only a brief summary description of the Fund's investment objective and investment policies.

Hugh Young

Asian Equities Fund Manager Interview

The Association of South East Asian Nations (ASEAN) region has been a major part of Aberdeen’s Asian equity portfolios for quite some time. Aberdeen’s Head of Asian Equities, Hugh Young, speaks to the equity performance of ASEAN countries and explains why he believes the ASEAN region presents compelling investment opportunities.

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Bharat Joshi

Fund Manager Interview

Investment Manager Bharat Joshi discusses Indonesia’s incoming president, economy performance, investment opportunities and Fund performance.

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Fund Managers’ Monthly Report

November 2014

  • The Indonesian stock market rose in November on the back of central bank action in Japan and China, and the government’s cuts to fuel subsidies. As a result, fuel prices rose by more than 30%, in line with government plans to lower the fiscal deficit and expand infrastructure spending. In a bid to counteract the inflationary pressure of higher energy costs, the central bank hiked its benchmark interest rate by 0.25% to 7.75%. We believe that this may have a positive impact on the interest margins of the Fund’s bank holdings.
  • Third-quarter gross domestic product (GDP) growth slipped to a five-year low of 5%, owing to sluggish exports, despite an increase in investment and domestic consumption. In our view, this highlighted the urgency for reforms by newly-elected president Joko Widodo to boost the manufacturing sector.
  • In corporate news, the Fund’s coal-related holdings, ITMG and United Tractors, potentially stand to benefit from the Indonesian government’s plans to build large coal and gas power plants across the country in a bid to diversify from more expensive diesel generation. Elsewhere, fuel distributor AKR Corporindo will build power plants in its industrial estate in East Java to broaden its income streams. Conglomerate Astra International entered the life insurance business via a joint-venture with UK-based Aviva Life. Astra’s subsidiary, Bank Permata (which the Fund also owns), may benefit from fee income in distributing the new insurance products. Regarding Fund-related quarterly results, Petra Foods slightly missed expectations mainly due to adverse currency movements and seasonal effects. Nonetheless, we believe that the firm is well placed to capture domestic and regional consumption growth.
  • There were no major changes to the Fund in November.
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Section 16 Filings


Pursuant to valuation policies adopted by the Board of Directors of the Fund, the Fund values foreign equity securities that primarily trade in certain markets that close ahead of the Fund’s daily 4:00 pm Eastern net asset value (“NAV”) calculation time at their fair values using prices provided by third-party independent pricing services. The fair value of each such security generally is calculated by applying a valuation factor provided by the independent pricing service to the last sales price for that security, or, if, the pricing service is unable to provide a fair value for a security, at the price at the close of the exchange on which it is principally traded, subject to adjustment by the Fund’s Pricing Committee. These daily fair valuations seek to reflect information available after the local market close that may affect the value of the foreign equity securities held by the Fund. As a result, this official NAV calculation reflects adjustments that may cause it to vary from a calculation based solely on closing prices. In contrast, the “Unadjusted NAV” of the Fund (shown above) is for informational purposes only and is computed using the closing prices on the relevant exchange. It does not reflect any daily fair valuation adjustments of the Fund’s foreign securities. The Unadjusted NAV does not represent the official NAV of the Fund, nor is the Unadjusted NAV used for Fund accounting or performance purposes. Investors should not rely upon the Unadjusted NAV when making their investment decisions.

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