# Aberdeen Greater China Fund, Inc. (NYSE: GCH)
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Daily Data

At close Dec 19, 2014

Market Price$10.09
Unadjusted NAV**$11.30

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 Greater China Fund, Inc. (NYSE: GCH)***

Investment Objective

The Fund’s investment objective is to seek long-term capital appreciation through investment in listed equity securities of China companies that (i) are organized under the laws of, and have their principal place of business in, China and/or Hong Kong and/or Taiwan; or (ii) during their most recent fiscal year derived at least 50% of their revenues or profits from goods produced or sold, investments made or services performed in China and/or Hong Kong and/or Taiwan or have at least 50% of their assets in China and/or Hong Kong and/or Taiwan.

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

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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Nicholas Yeo

Aberdeen Greater China Fund, Inc. Webcast Update

Nicholas Yeo gives an update on the Aberdeen Greater China Fund, Inc. (GCH). Nicholas speaks to recent Fund positioning, what companies he and the team hold in highest regard and what macro trends are affecting the region the most.

Nicholas Yeo

Fund Manager Interview with Nicholas Yeo

Nicholas Yeo, Aberdeen’s Director and Head of Equities – China/Hong Kong, discusses recent volatility in Chinese equity markets, the possibility of China’s economy growing at a slower pace as the focus shifts towards quality growth, and the challenge for investors is to find a way to gain access to quality companies.

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Fund Managers’ Monthly Report

November 2014

  • The MSCI Zhong Hua Index1 rose in October, amid heightened volatility. The delay in approval for the stock-connect program between Shanghai and Hong Kong sent Chinese shares tumbling initially, but markets rebounded on the back of healthier third-quarter growth data. Hong Kong equities gained despite the disruption from the pro-democracy protests.
  • The Shanghai - Hong Kong Stock Connect officially commenced at the time of writing. As expected, there was more buying interest in mainland shares as compared to Hong Kong stocks.
  • Although China’s manufacturing activity strengthened in October, it missed consensus expectations.
  • In politics, China’s fourth plenum meeting focused on the rule of law as part of the government’s ongoing reforms, though details were lacking. In Hong Kong, talks between the government and the student leaders did not result in constructive resolutions.
  • A fundamental restructuring of China’s economy lies ahead and we believe this means a prolonged period of slower growth. Poor economic data arising from this would continue to sway market sentiment. In spite of market movements, we feel that policymakers are unlikely to implement aggressive fiscal or credit policies. Monetary policy should continue to accommodate economic transition, while averting liquidity crises. Recently, the Chinese central bank raised the reference rate for the yuan, while the Hong Kong Monetary Authority scrapped the yuanconversion limit, both of which could strengthen the currency and boost its global standing.
  • Upcoming developments that will be keenly watched include the commencement of the earlier mentioned Shanghai-Hong Kong Stock Connect program, which marks the first step towards the internationalization of the mainland’s capital markets – it expands investment choices for investors on both sides of the border and paves the way for the further opening up of the renminbi and China’s capital account. For Hong Kong, it enhances its position as the world’s primary offshore renminbi center and reinforces it as the gateway between China and international markets. However, questions remain over issues such as settlement, capital gains tax, voting rights, and arbitrage opportunities. More clarity is needed before investors can trade securities on the new system with confidence. Despite the ensuing euphoria, it will not change the way we identify investment opportunities. We have always followed a tried-and-tested bottom-up, long-term investment strategy based on the thorough assessment of a company’s merits.

¹Source; Supply Chain 24/7, June 2014

²The Qualified Foreign Institutional Investor (QFII) program permits certain licensed international investors to participate in China's mainland stock exchanges.

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Section 16 Filings
***** As of 12/02/2013, Fund name changed from The Greater China Fund, Inc.


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.