NEW YORK, Dec 01, 2009 (BUSINESS WIRE) ----The Asia Tigers Fund, Inc. (NYSE:GRR; the "Fund"), a non-diversified, closed-end management investment company that seeks long-term capital appreciation by investing primarily in Asian equity securities, today announced unaudited results for the twelve months ended October 31, 2009.

For the twelve months ended October 31, 2009, the Fund's net investment loss totaled $164,082. Net realized gain and net change in unrealized gain for the twelve months ended October 31, 2009, were $1,600,563 and $29,651,464, respectively. For the twelve months ended October 31, 2008, the Fund's net investment income totaled $14,695. Net realized gain and net change in unrealized loss for the twelve months ended October 31, 2008, were $7,232,503 and $104,415,147, respectively.

On October 31, 2009, total net assets of the Fund were $72,797,835 and the net asset value ("NAV") per share was $19.10, based on 3,811,393 shares outstanding. The Fund's common stock closed at $18.00 per share on the New York Stock Exchange on October 30, 2009, representing a discount of 5.76 % to the Fund's October 31, 2009 NAV. On October 31, 2008 total net assets of the Fund were $55,832,628 and the NAV per share was $13.22, based on 4,223,151 shares outstanding. The Fund's common stock closed at $11.97 per share on the New York Stock Exchange on October 31, 2008, representing a discount of 9.46 % to the Fund's October 31, 2008 NAV.

For the twelve months ended October 31, 2009, the Fund conducted two periodic repurchase offers. The first repurchase offer commenced on December 26, 2008 and expired on January 16, 2009. In connection with the repurchase offer, the Fund purchased 211,158 shares of capital stock at an approximate cost of $2,256,710, net of a 2% repurchase fee of $44,597. The second repurchase offer commenced on June 26, 2009 and expired on July 17, 2009. In connection with the second repurchase offer, the Fund purchased 200,600 shares at an approximate cost of $3,504,190, net of a 2% repurchase fee of $70,090.

On October 31, 2009, investments in common stocks of Asian companies totaled $70,203,817 (or 96.44% of the Fund's net assets) and investments in exchange traded funds totaled $1,251,294 (or 1.72% of the Fund's net assets). Cash and cash equivalents (including foreign currency and repurchase agreements) totaled $1,441,450 (or 1.98% of the Fund's net assets), and liabilities in excess of other assets totaled $98,726 (or 0.14% of the Fund's net assets), resulting in net assets of $72,797,835. Key holdings and country allocations as of October 31, 2009, are set forth below.

   Key Holdings and Country Allocations
   Top Ten Holdings at October 31, 2009                               % of Net Assets
   1.     Samsung Electronics - (South Korea - Electronic Components)        4.4%
   2.     Taiwan Semiconductor - (Taiwan - Semiconductor Components)         3.2%
   3.     Hon Hai Precision Industry Co. - (Taiwan - Electronic Components)  2.2%
   4.     China Construction Bank Corp. - (China - Banks)                    2.1%
   5.     China Life Insurance Co., Ltd. - (China - Insurance)               2.1%
   6.     China Mobile, Ltd. - (Hong Kong - Cellular Telecommunications)     1.9%
   7.     Hutchinson Whampoa, Ltd. - (Hong Kong - Diversified Operations)    1.7%
   8.     POSCO - (South Korea - Steel Producers)                            1.6%
   9.     Infosys Technologies, Ltd. - (India - Application Software)        1.5%
   10.    Ezra Holdings, Ltd. - (Singapore -Transportation - Marine)         1.5%
   Portfolio Composition by Country at October 31, 2009               % of Net Assets
   1.     Hong Kong                                                          21.1 %
   2.     South Korea                                                        19.2 %
   3.     Taiwan                                                             13.5%
   4.     China                                                              13.4 %
   5.     India                                                              11.3 %
   6.     Singapore                                                          9.8 %
   7.     Indonesia                                                          3.3 %
   8.     Malaysia                                                           3.0 %
   9.     Thailand                                                           2.0 %
   10.    United Kingdom                                                     0.7 %
   11.    United States                                                      0.6 %
   12.    Sri Lanka                                                          0.2 %
   

The holdings and allocations listed were accurate as of the date shown and are subject to change without notice. Any securities discussed should not be a recommendation to buy or sell and there is no guarantee that these securities will be held nor should it be assumed that they were or will be profitable. Past performance does not guarantee future results.

The Fund is a non-diversified, closed-end management investment company that seeks long-term capital appreciation by investing primarily in Asian equity securities. The Fund conducts semi-annual repurchase offers and is traded on the New York Stock Exchange under the trading symbol "GRR".

Blackstone Asia Advisors L.L.C. serves as the Investment Manager to the Fund. The Investment Manager is an affiliate of The Blackstone Group L.P.

Information on the Fund can be obtained on the Blackstone website (www.blackstone.com) or by calling the Fund's toll-free phone number at 1-866-800-8933.

This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as "may," "will," "expect," "anticipate," "estimate," "believe," "continue," or other similar words. Such forward-looking statements are based on the Fund's current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund's filings with the Securities and Exchange Commission.

SOURCE: The Asia Tigers Fund, Inc.

   Blackstone Asia Advisors L.L.C. 
   1-866-800-8933
   

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