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In Asian and emerging markets, we make sure we get there in person. Aberdeens Closed-End Funds
Before we make any investment, we always meet with the management of prospective companies for our portfolios. Most companies we see do not pass our rigorous due diligence process, on grounds of quality or price. Today, Aberdeen manages eight closed-end funds listed on the New York Stock Exchange. These funds investment strategies range from regional to country-specific investments. If you would like to know more about our closed-end funds, visit Aberdeens Closed-End Fund Investor Center at: Our closed-end funds listed in the U.S. include: Aberdeen Asia-Pacific Income Fund, Inc. (FAX) Aberdeen Australia Equity Fund, Inc. (IAF) Aberdeen Chile Fund, Inc. (CH) Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc. (ETF) Aberdeen Global Income Fund, Inc. (FCO) Aberdeen Indonesia Fund, Inc. (IF) Aberdeen Israel Fund, Inc. (ISL) Aberdeen Latin America Equity Fund, Inc. (LAQ)
www.aberdeen-asset.us/cef
Or, receive updates on our funds directly to your computer by registering for our e-mail services through our website or by e-mailing InvestorRelations@aberdeen-asset.com
Closed-end funds have a one-time initial public offering and then are subsequently traded on the secondary market through one of the stock exchanges. The investment return and principal value will fluctuate so that an investors shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the funds portfolio. Past performance does not guarantee future results. Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks may be enhanced in emerging market countries. Concentrating investments in a single country, region or industry may subject a fund to greater price volatility and risk of loss than more diverse funds. Aberdeen Asset Management Inc., 1735 Market Street, 32nd Floor, Philadelphia, PA 19103. NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Letter to Shareholders
February 10, 2011
Dear Shareholder, We present this Annual Report which covers the activities of Aberdeen Chile Fund, Inc. (the Fund) for the twelve-month period ended December 31, 2010. The Funds principal investment objective is to seek total return, consisting of capital appreciation and income, by investing primarily in Chilean securities. For the year ended December 31, 2010, the total return to shareholders of the Fund based on the net asset value (NAV) of the Fund was 38.6% versus a return of 44.2% for the Funds benchmark, the MSCI Chile Index. Based on market price, the Funds shares gained 49.5% during the period, assuming reinvestment of dividends and distributions. into the region, a factor that was amplified in the later stages of the year as the U.S. embarked on a second phase of quantitative easing. However, notwithstanding the external factors that impacted the market, there were several encouraging developments within Chile that had a positive influence during the year. Early in 2010, Chile saw an orderly election that resulted in a transition of power to the wellregarded businessman, Sebastian Pinera, who stood on a center-right platform. Following the election, he immediately announced several reforms that aim to increase growth in Chile over the coming years, with the goal of Chile becoming a developed economy by 2020. Following the major earthquake that hit at the end of the first quarter, confidence in Chile was briefly weakened. Immediate disruption to the economy was considerable; however, in the following months, significant boosts to the economy were achieved as the government poured money from the well-capitalized sovereign wealth fund into the reconstruction effort. As the economy rebounded strongly Chile saw particular strength in the domestic economy, driven by robust consumer spending and the continued low interest rate environment. During the year, the central bank took steps to normalize interest rates, increasing the interest rates several months in a row. As the local currency continued to strengthen versus the U.S. dollar, the pace of the increases was somewhat moderated. To date, there is little inflation in the economy so the moderate increases have been enough to keep inflation well under control. Aberdeen believes that managing the balance between currency appreciation and inflation will be a key challenge for the central bank in 2011. Following the transition of investment adviser from Credit Suisse Asset Management in July 2009, Aberdeen completed several transactions in an effort to align the Fund with Aberdeens investment philosophy. During the period, the Fund sold positions in the utility companies, Endesa and Colbun. Against this, the Fund added to positions in some of the more consumer-oriented companies in the region including Embotelladora Andina, La Polar, and Parque Arauco. The Fund also initiated a position in the IT services company, Sonda.
Outlook
In the short term, Aberdeen believes Chilean equities may rally further, driven by strong fundamentals and continued flush liquidity. However, uncertainty and volatility is likely to persist and it should be noted that today the valuation of Chilean equities is one of the highest in the region. Whilst the economy in Chile remains extremely robust, the economy will suffer if the developed world recovery falters. Continued currency appreciation also brings the risk that the central bank will introduce
Market Review
In 2010, Chilean equities continued to perform well with the market return being one of the highest of the region. Strength in the market was driven by several factors, including the continued flow of capital
Portfolio Summary
December 31, 2010 (unaudited)
Sector Allocation
December 31, 2010 December 31, 2009
20.7% 13.8% 11.8% 6.5% 7.3% 4.1% 10.0% 6.1% 7.7% 4.0% 3.0% 0.0% 0.0% 0.00% 2.6% 2.5% 0.0% 0.0% 9.4% 8.1% 6.2%
Aberdeen Asset Management Investment Services Limited has agreed to voluntarily waive fees and/or reimburse expenses. This waiver may be discontinued in the future. Without such waivers and/or reimbursed expenses, performance would be lower. Waivers and/or reimbursements are subject to change and may be discontinued at any time. Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any. Total investment return at market value is based on changes in the market price at which the Funds shares traded on the stock exchange during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the Funds dividend reinvestment program. Because the Funds shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on share price and NAV. Past performance is no guarantee of future results. The current performance of the Fund may be lower or higher than the figures shown. The Funds yield, return and market price and NAV will fluctuate. Performance information current to the most recent month-end is available by calling 866-839-5205. The annualized gross expense ratio is 2.20%. The annualized net expense ratio after fee waivers and/or expense reimbursements is 2.07%.
Aberdeen Chile Fund, Inc. 3
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Portfolio of Investments
December 31, 2010
No. of Shares EQUITY SECURITIES105.3% AIRLINES6.5% 348,500 Lan Airlines S.A. BEVERAGES11.8% 544,283 Cia Cerveceras Unidas S.A. 848,521 Coca-Cola Embonor S.A., PNA(a) 1,249,000 Embotelladora Andina S.A., PNB 2,148,000 Via Concha y Toro S.A. CHEMICALS10.0% 119,650 Sociedad Qumica y Minera de Chile S.A., Class B, ADR 172,500 Sociedad Qumica y Minera de Chile S.A., PNB COMMERCIAL BANKS13.8% 74,820 Banco de Crdito e Inversiones 198,886,987 Banco Santander Chile ELECTRIC UTILITIES9.4% 34,000,000 Enersis S.A. INDUSTRIAL CONGLOMERATES16.2% 1,403,889 Empresas COPEC S.A. IT SERVICES2.6% 1,771,000 Sonda S.A. MULTILINE RETAIL14.2% 811,421 Empresas La Polar S.A. 1,604,083 S.A.C.I. Falabella PAPER & FOREST PRODUCTS13.8% 435,713 Empresas CMPC S.A. REAL ESTATE MANAGEMENT & DEVELOPMENT3.8% 2,657,000 Parque Arauco S.A. WATER UTILITIES3.2% 3,253,500 Inversiones Aguas Metropolitanas S.A. Total Investments105.3% (cost $64,330,043) Liabilities in excess of cash and other assets(5.3)% Net Assets100.0% (a) ADR PNA PNB Illiquid security. American Depositary Receipts. Preferred Shares, Class A. Preferred Shares, Class B.
Description
Value
$ 10,872,009 6,803,538 1,613,640 6,322,395 5,172,641 19,912,214 6,989,953 9,780,898 16,770,851 5,245,393 17,976,324 23,221,717 15,794,017 27,266,644 4,435,068 5,877,601 17,960,245 23,837,846 23,228,717 6,472,180 5,318,221 177,129,484 (8,976,832) $168,152,652
$168,152,652 $
Statement of Operations
For the Year Ended December 31, 2010
Investment Income Income: Dividends and other income Less: Foreign taxes withheld Total investment income Expenses: Investment advisory fees (Note 2) Legal fees and expenses Administration fees (Note 2) Custodians fees and expenses Independent auditors fees and expenses Directors fees and expenses Reports to shareholders and proxy solicitation Investor relations fees and expenses Insurance expense Transfer agents fees and expenses Miscellaneous Chilean taxes (Note 1) Total expenses Less: Fee waivers (Note 2) Net expenses Net investment income Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Related Transactions Net realized gain/(loss) on: Investment transactions Foreign currency transactions Net change in unrealized appreciation of investments and foreign currency translation (includes $241,316 of Chilean repatriation taxes on unrealized gains) (Note 1) Net realized and unrealized gain on investments and foreign currency transactions Net Increase in Net Assets Resulting from Operations 45,990,176 1,420,166 2,233,914 49,644,256 $ 50,021,876
1,922,135 526,635 215,763 262,547 146,823 141,928 90,380 61,988 50,470 45,308 19,992 399,628 3,883,597 (233,227) 3,650,370 377,620
For the Year Ended December 31, 2010 Increase/(Decrease) in Net Assets Operations: Net investment income Net realized gain on investments and foreign currency related transactions Net change in unrealized appreciation on investments and foreign currency translations Net increase in net assets resulting from operations Dividends and distributions to shareholders from: Net investment income Net realized gain on investments Total dividends and distributions to shareholders Capital share transactions: Cost of 2,542,026 and 0 shares purchased through a tender offer (Note 5) Issuance of 0 and 1,045 shares through the directors compensation plan (Note 2) Total capital share transactions Total increase/(decrease) in net assets resulting from operations Net Assets Beginning of year End of year* * Includes accumulated net investment loss of $(0) and $(796,785), respectively. $ 377,620 47,410,342 2,233,914 50,021,876
190,851,280 $168,152,652
112,361,973 $190,851,280
Financial Highlights
For the Fiscal Years Ended December 31, 2010 PER SHARE OPERATING PERFORMANCE Net asset value, beginning of year Net investment income Net realized and unrealized gain/(loss) on investments and foreign currency related transactions Net increase/(decrease) in net assets resulting from operations Dividends and distributions to shareholders: Net investment income Net realized gain Total dividends and distributions to shareholders Anti-dilutive impact due to capital shares tendered Net asset value, end of year Market value, end of year Total Investment Return Based on: Market value(b) Net asset value Ratio/Supplementary Data Net assets, end of year (000 omitted) Average net assets (000 omitted) Ratio of expenses to average net assets(c) Ratio of expenses to average net assets, excluding fee waivers(c) Ratio of expenses to average net assets, excluding taxes Ratio of net investment income to average net assets Portfolio turnover rate
(a)
2009 $11.05 0.11 8.68 8.79 (0.33) (0.74) (1.07) $18.77 $17.90 93.78% 80.58%
2008 $18.78 0.20 (7.01) (6.81) (0.16) (0.76) (0.92) $11.05 $9.82 (51.78%) (36.43%)
2007 $17.33 0.11 3.85 3.96 (0.12) (2.39) (2.51) $18.78 $22.00 49.56% 24.65%
2006 $14.16 0.01 4.28 4.29 (0.03) (1.09) (1.12) $17.33 $16.92 2.35% 30.66%
$18.77 0.04 6.64 6.68 (0.01) (3.45) (3.46) 0.06 $22.05 $22.67 49.48% 38.65%
(a) Based on average shares outstanding. (b) Total investment return is calculated assuming a purchase of common stock on the first day and a sale on the last day of each reporting period. Dividends and distributions, if any, are assumed, for purposes of this calculation to be reinvested at prices obtained under the Funds dividend reinvestment plan. Total investment return does not reflect brokerage commissions. (c) Ratios include the effect of Chilean taxes.
The following is a summary of the inputs used as of December 31, 2010 in valuing the Funds investments carried at value: Investments, at value Airlines Beverages Chemicals Commercial Banks Electric Utilities Industrial Conglomerates IT Services Multiline Retail Paper & Forest Products Real Estate Management & Development Water Utilities Total * Level 1* $10,872,009 19,912,214 16,770,851 23,221,717 15,794,017 27,266,644 4,435,068 23,837,846 23,228,717 6,472,180 5,318,221 $177,129,484 Level 2* $ $ Level 3* $ $ Balance as of 12/31/2010 $10,872,009 19,912,214 16,770,851 23,221,717 15,794,017 27,266,644 4,435,068 23,837,846 23,228,717 6,472,180 5,318,221 $177,129,484
For the year ended December 31, 2010, there have been no significant changes to the fair valuation methodologies. For the year ended December 31, 2010, there were no significant transfers in or out of Level 1, Level 2 and Level 3 fair value measurements.
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2. Agreements
Aberdeen Asset Management Investment Services Limited (AAMISL) serves as the Funds investment adviser with respect to all investments. The adviser is a direct wholly-owned subsidiary of Aberdeen Asset Management PLC. AAMISL receives as compensation for its advisory services from the Fund, an annual fee, calculated weekly and paid quarterly, equal to 1.20% of the first $50 million of the Funds average weekly market value or net assets (whichever is lower), 1.15% of amounts from $50-100 million, 1.10% of amounts from $100-150 million, 1.05% of amounts from $150-200 million and 1.00% of amounts over $200 million. AAMISL has voluntarily agreed to waive a portion of its advisory fee, calculated weekly and paid quarterly, equal to 0.20% of the first $50 million of the Funds average weekly market value or net assets (whichever is lower), 0.15% of amounts from $50-100 million, 0.10% of amounts from $100-150 million, 0.05% of amounts from $150-$200 million. For the year ended December 31, 2010, AAMISL earned $1,922,135 for advisory services to the Fund, of which AAMISL waived $233,227.
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4. Tax Information
Income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. For the year ended December 31, 2010 the Fund paid $74,745 in distributions classified as ordinary income and $27,346,856 in distributions classified as long-term capital gains. For the year ended December 31, 2009 the Fund paid $3,391,348 in distributions classified as ordinary income and $7,488,148 in distributions classified as long-term capital gains. The tax basis of components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences. These differences are primarily due to timing differences due to losses deferred on wash sales. At December 31, 2010, the components of distributable earnings on a tax basis for the Fund were as follows: Undistributed long-term capital gains Unrealized appreciation Total distributable earnings $19,643,278 112,301,193 $131,944,471
At December 31, 2010, the identified cost for U.S. federal income tax purposes, the gross unrealized appreciation from investments for those securities having an excess of value over cost, the gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $64,605,024, $113,090,937, $(566,477) and $112,524,460, respectively. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, during the year ended December 31, 2010, $493,910 had been reclassified from accumulated net realized gain on investments and foreign currency related transactions to accumulated net investment loss as a result of permanent differences primarily attributable to foreign currency transactions. These reclassifications had no effect on net assets or net asset values per share.
6. Credit Facility
On November 12, 2010, the Fund entered into a joint credit facility along with certain other Funds. The Funds agreed to a $10 million committed revolving credit facility with BBH & Co. for temporary or emergency purposes. Under the terms of the joint credit facility, the Funds pay an aggregate commitment fee on the average unused amount of the credit facility. In addition, the Funds will pay interest on borrowings at the Overnight LIBOR rate plus a spread. For the year ended December 31, 2010, the Fund had no borrowings under the joint credit facility.
5. Capital
The authorized capital stock of the Fund is 100,000,000 shares of common stock, $0.001 par value. As of December 31, 2010 there were 7,626,079 shares issued and outstanding. On April 21, 2010, the Funds Board approved a tender offer for shares of the Funds common stock. The tender offer authorized the Fund to
7. Contingencies
In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
Aberdeen Chile Fund, Inc. 13
9. Subsequent Events
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the Financial Statements as of December 31, 2010.
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The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds Forms N-Q are available on the SECs website at www.sec.gov and may be reviewed and copied at the SECs Public Reference Room in Washington, DC. Information on the operation of the SECs Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund makes the information on Form N-Q available to shareholders on the Funds website or upon request and without charge by calling Investor Relations toll-free at 1-866-839-5205.
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Name, Address and Age Independent Directors Enrique R. Arzac c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 69
Chairman of the Board of Directors, Nominating Committee Chairman and Audit and Valuation Committee Member Director, Nominating Committee Member and Audit and Valuation Committee Chairman Director, Nominating and Audit and Valuation Committee Member
Since 1996; Chairman since 2005; current term ends at the 2012 annual meeting
Professor of Finance and Economics, Graduate School of Business, Columbia University (1971-Present.)
Director of Epoch Holding Corporation; Director of The Adams Express Company; Director of Petroleum and Resources Corporation; Director of Mirae Asset Management Funds (6 funds); Director of Credit Suisse Funds (13)
James J. Cattano c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 67 Lawrence J. Fox c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 67 Steven N. Rappaport c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 62 Martin M. Torino c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 61
President, Primary Resources Inc. (agricultural and raw materials) (October 1996-Present)
Director of Credit Suisse Asset Management Income Fund, Inc.; Director of Credit Suisse High Yield Bond Fund
Partner, Drinker Biddle & Reath (law firm) (1972-Present) Lecturer at Yale Law School (2009-Present); Lecturer at Harvard Law School (2007-Present)
Director of Credit Suisse Asset Management Income Fund, Inc. and Director of Credit Suisse High Yield Bond Fund
Partner of Lehigh Court, LLC (private investment firm) and RZ Capital LLC (private investment firm) (January 2004-Present)
Director of iCAD, Inc.; Director of Presstek, Inc.; Director of Credit Suisse Funds (13)
President of TA USA (agriculture sector) (May 1991-Present) President of Rio Chalchoqui SA (food and beverage) (June 2007-Present) and President of Expreso Morell SA (manufacturing) (December 2009-Present)
Aberdeen Asia-Pacific Income Fund, Inc., Aberdeen Australia Equity Fund, Inc., Aberdeen Global Income Fund, Inc., Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc., Aberdeen Israel Fund, Inc., Aberdeen Indonesia Fund, Inc., Aberdeen Latin America Equity Fund, Inc. and the Aberdeen Funds have a common Investment Manager and/or Investment Adviser with the Fund, or an investment adviser that is affiliated with the Investment Manager and Investment Adviser with the Fund, and may thus be deemed to be part of the same Fund Complex as the Fund.
Aberdeen Chile Fund, Inc. 19
Name, Address and Age Officers Christian Pittard* c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 37
President
Currently, Group Head of Product Development, Collective Funds for Aberdeen Asset Management Investment Services Limited (AAMISL) (since 2008). Previously, Director and Vice President (from 2006 to 2008), Chief Executive Officer (from October 2005 to September 2006) and employee (since June 2005) of Aberdeen Asset Management Inc. (AAMI); Member of Executive Management Committee of Aberdeen Asset Management PLC (since August 2005); Managing Director of Aberdeen Asset Managers (C.I.) Limited (from 2000 to June 2005); Managing Director of Aberdeen Private Wealth Management Limited (affiliate of the Funds investment adviser) (from 2000 to May 2005). Currently, Director, Vice President and Head of Legal Americas for AAMI (since 2010). Ms. Nichols joined AAMI in October 2006. Previously was an associate attorney in the Financial Services Group of Pepper Hamilton LLP (law firm) (from 2003 to 2006).
Jennifer Nichols* c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 32 Andrea Melia* c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 41 Megan Kennedy* c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 36 William Baltrus* c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 43 Alan Goodson* c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 36 Joanne Irvine c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 42
Since July 2009 (Vice President); Since September 2010 (Chief Compliance Officer) Since November 2009
Currently, Vice President and Head of Fund Accounting for AAMI (since 2009). Prior to joining Aberdeen, Ms. Melia was Director of Fund Administration and accounting oversight for Princeton Administrators LLC, a division of BlackRock Inc. and had worked with Princeton Administrators since 1992.
Currently, Head of Product Management for AAMI (since 2009.) Ms. Kennedy joined AAMI in 2005 as a Senior Fund Administrator. Ms. Kennedy was promoted to Assistant Treasurer Collective Funds/North American Mutual Funds in February 2008 and promoted to Treasurer Collective Funds/North American Mutual Funds in July 2008.
Vice President
Currently, Head of Investor Services for AAMI (since 2009). Prior to joining AAMI in November 2007, he was Vice President of Administration for Nationwide Funds Group (from 2000 to 2007.)
Vice President
Currently, Head of Product and Vice President of AAMI (since 2005.) Head of Finance (from 2000 to May 2005) and Company Secretary (from 2001 to May 2005) of Aberdeen Private Wealth Management Limited; Finance Director and Company Secretary of Aberdeen Asset Managers Jersey Limited (from 2002 to November 2005); Company Secretary of Aberdeen Asset Managers (C.I.) Limited (from 2001 to June 2005).
Vice President
Currently, Head of Emerging Markets Ex. Asia on the global emerging markets equities team in London (since 1997.) Ms. Irvine joined Aberdeen in 1996 in a group development role.
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Name, Address and Age Devan Kaloo c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 38 Lucia Sitar* c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 39 Tim Sullivan* c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 49 Hugh Young** c/o Aberdeen Asset Management Inc. Attn: US Legal 1735 Market Street, 32nd Floor, Philadelphia, PA 19103 Age: 52
Principal Occupation(s) During Past Five Years Currently, serves as Head of Global Emerging Markets (since 2005.) Mr. Kaloo joined Aberdeen in 2000 on the Asian portfolio team before becoming responsible for the Asian ex Japan region as well as regional portfolios within emerging market mandates and technology stocks.
Vice President
Currently, U.S. Counsel for AAMI (since 2007.) Ms. Sitar joined AAMI in July 2007. Prior to that, Ms. Sitar was an associate attorney in the Investment Management Group of Stradley Ronon Stevens & Young LLP (law firm) (2000-2007).
Vice President
Currently, Head of Product Development for AAMI (since 2009.) Mr. Sullivan joined Aberdeen Asset Management Inc. in 2000.
Vice President
Currently, a member of the Executive Management Committee of Aberdeen Asset Management PLC (since 1991.) He has been Managing Director of Aberdeen Asset Management Asia Limited (AAMAL), since 1991. Mr. Young also served as a Director of Aberdeen Asset Managers (C.I.) Limited from 2000 to June 2005 and a Director of AAMAL since 2000.
Messrs. Pittard, Baltrus, Goodson and Sullivan and Mses. Nichols, Melia, Kennedy and Sitar hold officer position(s) in one or more of the following: Aberdeen Asia-Pacific Income Fund, Inc., Aberdeen Global Income Fund, Inc., Aberdeen Australia Equity Fund, Inc., Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc., Aberdeen Israel Fund, Inc., Aberdeen Indonesia Fund, Inc., Aberdeen Latin America Equity Fund, Inc. and the Aberdeen Funds, each of which may also be deemed to be a part of the same Fund Complex. ** Mr. Young serves as an Interested Director on the Aberdeen Australia Equity Fund, Inc. which has an investment adviser that is affiliated with the Investment Adviser, and may thus be deemed to be part of the same Fund Complex as the Fund. *** Officers of the Fund serve at the pleasure of the Board.
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Corporate Information
Directors Enrique R. Arzac, Chairman James J. Cattano Lawrence J. Fox Steven N. Rappaport Martin M. Torino Officers Christian Pittard, President Jennifer Nichols, Vice President and Chief Compliance Officer Andrea Melia, Treasurer and Chief Financial Officer Megan Kennedy, Vice President and Secretary William Baltrus, Vice President Alan Goodson, Vice President Joanne Irvine, Vice President Devan Kaloo, Vice President Lucia Sitar, Vice President Tim Sullivan, Vice President Hugh Young, Vice President Investment Adviser Aberdeen Asset Management Investment Services Limited Bow Bells House 1 Bread Street London, United Kingdom EC4M 9HH Investment Sub-Adviser Celfin Capital Servicios Financieros S.A. Apoquindo 3721, Piso 19 Santiago, Chile Administrator & Custodian Brown Brothers Harriman & Co. 40 Water Street Boston, MA 02109 Shareholder Servicing Agent Computershare Trust Company, N.A. P.O. Box 43078 Providence, RI 02940 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP 125 High Street Boston, MA 02110 Legal Counsel Willkie Farr & Gallagher LLP 787 Seventh Avenue New York, NY 10019 Investor Relations Aberdeen Asset Management Inc. 1735 Market Street, 32nd Floor Philadelphia, PA 19103 1-866-839-5205 InvestorRelations@aberdeen-asset.com