Aberdeen Australia Equity Fund, Inc. Announces Performance Data and Portfolio Composition NEW YORK, Dec. 19 /PRNewswire-FirstCall/ -- Aberdeen Australia Equity Fund, Inc. , a closed-end equity fund, announced today its performance and portfolio composition data as of November 28, 2003. The Fund's total returns for various periods through November 28, 2003 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% Cumulative Annualized Cumulative Annualized Since inception (December 1985) 226.7 6.8 188.1 6.1 10-years 88.1 6.5 77.8 5.9 5-years 60.3 9.9 84.7 13.1 3-years 58.0 16.5 73.8 20.2 1-year 42.3 44.0 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 November 28, 2003, 84.9% of the Fund's portfolio was held in industrial equities, which includes the financial sector, 9.1% was held in resource equities and 6.0% was held in cash. The quality of the portfolio remains high, with 72.2% of the Fund's stocks by value being included in the Australian Stock Exchange's Fifty Leaders Index. As of November 28, 2003, the Fund's net assets amounted to US$158.8 million and the Fund's NAV per share was $9.47 per share. The Fund's ten largest equity holdings as of November 28, 2003, representing 53.7% of total assets, were: Stock Percent of Total Assets QBE Insurance Group Limited 7.4 Telecom Corporation of New Zealand Limited 6.1 Australia & New Zealand Banking Group Limited 6.0 Westpac Banking Corporation Limited 5.6 Foster's Group Limited 5.3 Leighton Holdings Limited 5.2 Rio Tinto Limited 5.0 TABCORP Holdings Limited 4.6 Telstra Corporation Limited 4.3 National Australia Bank Limited 4.2 Aberdeen Australia Equity Fund, Inc. is managed by Aberdeen Asset Managers (C.I.) 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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