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

At close Sep 18, 2014

NAV$10.99
Market Price$9.92
Premium/(Discount)-9.74%
Unadjusted NAV**$10.98

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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Indonesian and Indian election results: Emerging-market investors get carried away

In our view, this optimism has been premature, given the uncertainty over party manifestos, election results, the strengths of any likely coalitions and the macroeconomic implications.

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2014: An important year for Asia’s four largest economies

Following the rough ride of 2013, we believe four of Asia’s biggest economies now find themselves at a cross road of economic and financial reform. In our opinion, the outcome of these reforms could be critical for both the future growth path of these countries and the global economy.

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Asia-Pacific ex Japan Equities: Evaluating the risks and opportunities

Hugh Young covers some of the recent developments within the Asian economy. Hugh speaks to how the current global slowdown may be affecting the Asian region and touches on how China may be dealing with a slowdown of its own.

 
 

Fund Managers’ Monthly Report

July 2014

  • The Indonesian stock market and currency, the rupiah, rallied in July as Joko Widodo won the presidential election by a six-point margin. However, jubilation over his win was tempered by his rival’s legal challenge over the results.
  • The constitutional court is expected to rule on the election outcome by 22 August, and thus far Prabowo seems to lack any convincing evidence to support his claims of voting irregularities, in our opinion.
  • On the economic front, second-quarter gross domestic product growth slowed to an annualized rate of 5.1%, and inflation also eased to a five-year low as the effects of the 2013 fuel hike subsided. This gave the central bank room to hold rates steady at 7.5%. Indonesia’s trade balance swung to deficit in June as imports of food and fuel rose ahead of the Islamic religious festivities place. In corporate news, OCBC NISP and Bank Central Asia’s earnings were resilient due to higher interest income and disciplined cost management; however, loss provisions for non-performing loans rose.
  • Telecom XL Axiata will sell part of its tower portfolio to repay debt from its recent acquisition of rival Axis. We see this as positive because it will lower borrowing costs. Telkom Indonesia posted robust data and cellular revenue growth on the back of management’s well-executed expansion plans.
  • Astra International’s results were lifted by its commodities subsidiaries, namely United Tractors and Astra Agriculture. United Tractors saw margin improvement from its third-party mining contracts, which cushioned weaker contributions from its own coal mines, and lower equipment sales. Miner Vale Indonesia continued to benefit from elevated nickel prices. Wintermar Offshore Marine performed well as revenue from its vessels mitigated weaker results from its chartering division.
  • In July, we added to cement maker Holcim Indonesia as it has an attractive valuation, in our view.
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Section 16 Filings
 

**Disclaimer

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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