# The Asia Tigers Fund, Inc. (NYSE: GRR)
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Daily Data

At close Jan 29, 2015

Market Price$11.48
Unadjusted NAV**$12.88

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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The Asia Tigers Fund, Inc. (NYSE: GRR)

Investment Objective

The Fund’s investment objective is long-term capital appreciation, which it seeks to achieve by investing primarily in equity securities of Asian companies.

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

Hugh Young

Fund Manager Interview

Aberdeen’s Head of Asian Equities, Hugh Young, discusses third quarter performance, why market volatility has returned and a regional outlook.

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Fund Managers’ Monthly Report

November 2014

  • Asian stock markets performed well in local currency terms but fell in U.S. dollar terms in November. China’s unexpected interest rate cut buoyed regional share prices, while Chinese Ashares were further bolstered by the commencement of the stock connect trading link between Shanghai and Hong Kong. Japan’s expanded stimulus program also continued to provide momentum. Conversely, lower oil and commodity prices weighed on Malaysia.
  • During Standard Chartered’s investor day, management re-emphasized the bank’s peerless emerging-markets franchise and long-term customer relationships, despite recent problems due partly to the cyclical downturn. The lender also reiterated its cost-savings target of US$400 million for 2015, through measures such as consolidating retail branches, while targeting up to 10% growth in assets under management.
  • Samsung Electronics will buy back US$2 billion of its shares, the first repurchase in seven years. From our perspective, the shares appear attractively valued and, hence, we can understand the rationale behind the buyback. We are pleased to see the inclusion of both ordinary and preferred shares. There has been market interest generated by the company’s recent disclosures on asset sales, annual management reshuffles and corporate activity in the wider Samsung Group. However, our views on Samsung Electronics are based on the strength of its balance sheet, its global brand power and the extent of its ownership of the technology value chain.
  • In Fund-related third-quarter results, Singapore’s City Developments saw earnings boosted by the completion of a local condominium project, while its hotel business was buoyed by new acquisitions. Conversely, HSBC’s profits were hampered by higher compliance costs and provisions for various fines. However, increased spending on compliance may help reduce the likelihood of future misconduct, in our opinion.
  • 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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