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

At close Aug 29, 2014

Market Price$10.06
Unadjusted NAV**$11.21

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

Aberdeen Indonesia Fund, Inc. Fund Manager Interview

Investment Manager Bharat Joshi discusses Indonesian market performance, how the fund is positioned given the recent selloff, and the increase in Indonesia infrastructure spending.

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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

June 2014

  • The Indonesian stock market declined in U.S. dollar terms in June as uncertainty over the upcoming presidential elections unnerved investors.
  • Indonesia’s presidential election, which was scheduled for July 9, had been shaping up to be the tightest and most fiercely contested in its history, between Joko Widodo and ex-General Prabowo Subianto. Although Widodo emerged as the clear front-runner at the start of the year, his support had subsequently waned. As long-term investors, we remain neutral on both candidates, as we view the implementation of reforms as more important than the election outcome alone.
  • On the economic front, the April trade deficit was largely caused by a one-off collapse in palm oil yields due to abnormal weather conditions. However, palm oil exports have since recovered in May. Inflation eased to about 7%, and is expected to soften further as the effects of the fuel hike in June last year levels off. Measured electricity hikes from July onwards may also help to temper inflation expectations.
  • In Fund-related news, gas distributor Perusahaan Gas Negara signed liquefied natural gas (LNG) supply contracts with 14 industrial customers. Astra Otoparts (a subsidiary of Astra International) and Pirelli will build a US$120 million tire factory this year to help boost Astra’s position as a leading manufacturer in the country. Unilever Oleochemical Indonesia, a sister company of Unilever Indonesia, will begin operation of its palm-oil processing plant this year, producing chemicals such as fatty acids and glycerol, which are commonly used in soaps and detergents. We believe that this should bring long-term cost savings to Unilever Indonesia.
  • During the month, we took some profits from the Fund’s position in miner Vale Indonesia after its share price rallied on the back of rising nickel prices.
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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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