# Aberdeen Australia Equity Fund, Inc. (NYSE MKT: IAF)
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Daily Data

At close Apr 16, 2014

Market Price$9.00
Unadjusted NAV**$8.96

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 Australia Equity Fund, Inc. (NYSE MKT: IAF)*

Investment Objective

The Fund’s principal investment objective is long-term capital appreciation through investment primarily in equity securities of Australian companies listed on the Australian Stock Exchange Limited (“ASX”). The Fund’s secondary investment objective is current income.

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

Investing in Asia Pacific

Aberdeen Australia Equity Fund, Inc. Webcast Replay

In this webcast, Aberdeen's Mark Daniels gives an update on the Aberdeen Australia Equity Fund, Inc. Mark covers fund performance, recent portfolio positioning and provides some macro commentary and outlook for Australian equities.

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Investing in the Asia-Pacific Region

As the West grapples with its debt issues, we believe that the structural soundness of the Asia-Pacific region will help deliver long-term opportunities for investors.

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Fund Managers’ Monthly Report

February 2014

  • Australian equities rebounded in February along with global markets. Investors were encouraged by the U.S. Federal Reserve’s commitment to maintaining loose monetary policy. In late February and early March, Russia’s intervention in Ukraine substantially increased geopolitical risks, affecting global financial markets.
  • Local economic data released during the month were soft. Business confidence edged higher in January but consumer sentiment deteriorated. Meanwhile, the unemployment rate in January reached a decade high.
  • The Reserve Bank of Australia kept its benchmark interest rate on hold for the seventh consecutive month.
  • In Fund-related company news, two miners slashed capital investments amid rising overcapacity and weaker commodity prices. BHP Billiton posted positive free cash flow for the first time since 2011, and we think that additional capital expenditure reductions should bolster cash earnings and support dividend payments. Rio Tinto returned to profitability on the back of record aluminum ore, iron ore and thermal coal output, but write-downs continued at its aluminum division.
  • In February, we reduced the Fund’s exposure to Worley Parsons, given the tough outlook for the energy sector. The energy and resources services provider is directly affected by the ongoing global cutback on capital spending, which means there are fewer projects to go around. Furthermore, we believe that the company may not have been rigorous enough in trimming costs to compensate for the margin pressure.
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Full investment objective, investment policies and investment restrictions 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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