The Chile Fund, Inc. Sub-Advisory Fee Waiver Agreement

Exhibit 99.(g)(4)

The Chile Fund, Inc.

Sub-Advisory Fee Waiver Agreement

This SUB-ADVISORY FEE WAIVER AGREEMENT (this “Agreement”), is made effective as of the 1st day of July, 2009, by and among Celfin Capital Servicios Financieros S.A. (the “Sub-Adviser”), Aberdeen Asset Management Investment Services Limited (the “Adviser”) and The Chile Fund, Inc. (the “Fund”).

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed-end investment management company, and is organized as a corporation under the laws of the State of Maryland;

WHEREAS, the Sub-Adviser, the Adviser and the Fund are parties to a sub-advisory agreement (the “Sub-Advisory Agreement”), pursuant to which the Sub-Adviser provides certain sub-advisory services to the Fund in consideration of compensation, payable by the Adviser, based on the average net assets of the Fund less the “Discount Adjustment Amount” (as such term is defined in the Sub-Advisory Agreement) (the “Sub-Advisory Fee”); and

WHEREAS, the Sub-Adviser has voluntarily determined that it is appropriate and in the best interests of the Fund and its shareholders to waive part of the Sub-Advisory Fee as set forth in Schedule A attached hereto (the “Fee Waiver”).  The Fund, the Sub-Adviser and the Adviser, therefore, have entered into this Agreement in order to effect the Fee Waiver for the Fund at the level specified in Schedule A attached hereto on the terms and conditions set forth in this Agreement;

NOW THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1. Contractual Fee Waiver.  During the Term (as defined in Section 2(a) below), the Sub-Adviser shall waive a portion of its Sub-Advisory Fee, as set forth in Schedule A attached hereto, such that the net Sub-Advisory Fee after Fee Waiver is 0.17% of the Fund’s average monthly net assets, less the “Discount Adjustment Amount.”

2. Term; Termination.

(a)  Term.  The term (“Term”) of the Fee Waiver shall begin on the date hereof and end after one year, unless the Fee Waiver is earlier terminated in accordance with Section 2(b).  The Term of the Fee Waiver may be continued for any period of time thereafter provided that each such continuance is specifically approved by the Sub-Adviser, the Adviser and the Fund (including, with respect to the Fund, a majority of the Directors of the Fund who are not “interested persons,” as defined in the 1940 Act, of the Sub-Adviser).  None of the Sub-Adviser, the Adviser or the Fund shall be obligated to extend the Fee Waiver.

(b)  Termination.  The Fee Waiver shall terminate upon the termination of the Sub-Advisory Agreement, unless otherwise agreed by the Sub-Adviser, the Adviser and the Fund; or a writing duly executed by the Sub-Adviser, the Adviser and the Fund terminating the Fee Waiver.

3. Miscellaneous.

(a)  Captions.  The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

(b)  Interpretation.  Nothing herein contained shall be deemed to require the Fund to take any action contrary to the Fund’s Articles or Bylaws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Fund’s Board of Directors of its responsibility for and control of the conduct of the affairs of the Fund.

(c)  Limitation of Liability.  The obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund shall be enforced against the assets of the Fund.  It is understood and expressly stipulated that neither the shareholders of the Fund nor the Directors of the Fund shall be personally liable hereunder.

(d)  Definitions.  Any question of interpretation of any term or provision of this Agreement, including but not limited to the computations of average monthly net assets or of the Sub-Advisory Fee, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Sub-Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to the Sub-Advisory Agreement or the 1940 Act and to interpretations thereof, if any, by the United States Courts or in the absence of any controlling decision of any such Court, by rules, regulations or orders of the Securities and Exchange Commission (“SEC”) issued pursuant to the 1940 Act.  In addition, if the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is revised by rule, regulation or order of the SEC, that provision will be deemed to incorporate the effect of that rule, regulation or order.  Otherwise the provisions of this Agreement will be interpreted in accordance with the substantive laws of the State of New York.

(e)  Counterparts.  This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same original.

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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers as of the day and year first above written.

	THE CHILE FUND, INC.
	By:	/s/ Xxxx X. Xxxxxxx
	Name:	Xxxx X. Xxxxxxx
	Title:	Vice President
	ABERDEEN ASSET MANAGEMENT INVESTMENT SERVICES LIMITED
	By:	/s/ Xxxxxx Xxxxx
	Name:	Xxxxxx Xxxxx
	Title:	Director
	CELFIN CAPITAL SERVICIOS FINANCIEROS S.A.
	By:	/s/ Xxxx Xxxxxx Xxxxx
	Name:	Xxxx Xxxxxx Xxxxx
	Title:	President

[Signature page to Sub-Advisory Fee Waiver Agreement]

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SCHEDULE A

(all percentages are expressed as a percentage of average monthly net assets less the “Discount Adjustment Amount” as defined in the Sub-Advisory Agreement):

Contractual Sub-Advisory Fee		Sub-Advisory Fee Waiver		Net Sub-Advisory Fee After Waiver
0.20	%	0.03	%	0.17	%