The Chile Fund, Inc. Update Following Recent Earthquake

PHILADELPHIA, March 3 /PRNewswire/ -- Aberdeen Asset Management Investment Services Limited ("Aberdeen"), the investment adviser to The Chile Fund, Inc. ("the Fund") (NYSEAMEX: CH), believes the long-term investment case for the country remains unchanged despite the devastation and human tragedy caused by the recent earthquake.  However, Aberdeen will continue to monitor the developing situation closely.  

On February 27, at 3:35am, one of the strongest earthquakes ever recorded occurred in the south-central region of Chile.  This further resulted in a tsunami hitting the coastal areas of the country in the hours following the earthquake.  These natural disasters have left behind a significant, but still undetermined human cost in lives lost or tragically impacted.  The economic effects appear to be more limited with impact primarily to infrastructure and housing in the areas near the epicenter of the earthquake.  

Electricity, communications and water services are largely operating; however, transmission and distribution has been significantly impacted in the areas nearest the epicenter.  Santiago, the country's largest city, did not suffer extensive damage and services are operating, albeit with some minor disruptions.

Regarding the transportation sector, roads and port facilities suffered damage but are operating at lower than normal capacities. However, the Pan American highway, a main road in Chile, has extensive damage.  Santiago Airport is expected to return to normal operations by the end of this week and the metro underground rail system in Santiago was fully operational on March 1.  Banks and the stock market have been open and functioning normally.

Aberdeen is in contact with companies in which the Fund is invested and is monitoring the developing situation closely.  Aberdeen's long term outlook for Chile remains unchanged.  Further, Aberdeen believes that Chile, among all emerging market countries, is one of the best positioned to manage this type of disaster, having a strong government, a robust economy with healthy reserves and good access to international capital markets.

Aberdeen has prepared this release based on information sources believed to be accurate and reliable.  However, neither the Fund, Aberdeen, nor any other person guarantees their accuracy.  Past performance does not guarantee future results.

If you wish to receive this information electronically, please contact: [email protected]

SOURCE The Chile Fund, Inc.

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