Aberdeen Australia Equity Fund, Inc. Announces Performance Data and Portfolio Composition NEW YORK, Aug. 4 /PRNewswire-FirstCall/ -- Aberdeen Australia Equity Fund, Inc. (AMEX:IAF)(PSE:IAF), a closed-end equity fund, announced today its performance and portfolio composition data as of June 30, 2004. The Fund's total returns for various periods through June 30, 2004 are provided below. (All figures are based on distributions reinvested at the dividend reinvestment price and are stated net-of-fees): Period NAV Total Return % Market Price Total Return % Awaiting returns Await Cumulative Annualized Cumulative Annualized Since inception 248.3 7.0 206.2 6.2 (December 1985) 10-years 93.0 6.8 80.9 6.1 5-years 49.2 8.3 54.7 9.1 3-years 64.5 18.0 58.7 16.7 1-year 23.6 25.0 The Fund's returns, which are denominated in U.S. dollars, are affected by the performance of the U.S. dollar against the Australian dollar. On June 30, 2004, 91.0% of the Fund's portfolio was held in industrial equities, which includes the financial sector, 8.0% was held in resource equities and 1.0% was held in cash. The quality of the portfolio remains high, with 72.0% of the Fund's stocks by value being included in the Australian Stock Exchange's Fifty Leaders Index. As of June 30, 2004, the Fund's net assets amounted to US$159.7 million and the Fund's NAV per share was $9.52 per share. The Fund's ten largest equity holdings as of June 30, 2004, representing 56.5% of total assets, were: Stock Percent of Total Assets Australia & New Zealand Banking Group Limited 7.9 QBE Insurance Group Limited 7.9 Westpac Banking Corporation Limited 6.7 Telecom Corporation of New Zealand Limited 6.3 Foster's Group Limited 5.9 TABCORP Holdings Limited 4.9 Rio Tinto Limited 4.4 Leighton Holdings Limited 4.3 Telstra Corporation Limited 4.2 Commonwealth Bank of Australia 4.0 Aberdeen Australia Equity Fund, Inc. is managed by Aberdeen Asset Management Asia Limited ("Investment Manager") and advised by Aberdeen Asset Management Limited ("Investment Adviser"). The Investment Manager has prepared this report based on information sources believed to be accurate and reliable. However, the figures are unaudited and neither the Fund, the Investment Manager, the Investment Adviser, nor any other person, guarantees their accuracy. Investors should seek their own professional advice before acting on this information. Past performance does not guarantee future results. If you wish to receive this information electronically, please contact: DATASOURCE: Aberdeen Australia Equity Fund, Inc. CONTACT: Aberdeen Asset Management - Investor Relations, 1-800-522-5465, Web site: http://www.aberdeen-asset.com/

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