PHILADELPHIA, Jan. 5 /PRNewswire-FirstCall/ -- Aberdeen Australia Equity Fund, Inc. (the "Fund") (NYSE Alternext US: IAF), a closed-end equity fund, announced today its performance data and portfolio composition as of November 30, 2008. The Fund's total returns for various periods through November 30, 2008 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) 338.8 6.7 269.9 6.2 10-years 115.3 8.0 154.4 9.8 5-years 34.3 6.1 37.8 6.6 3-years -12.1 -4.2 -24.8 -9.1 1-year -51.1 -54.9 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 30, 2008, the Fund's net assets amounted to US$144.7 million and the Fund's NAV per share was $7.53. As of November 30, 2008, the portfolio was invested as follows: Percent of Portfolio Composition Net Assets Consumer Discretionary 9.0 Consumer Staples 17.4 Energy 3.6 Finance 27.0 HealthCare 1.5 Industrials 4.6 Information Technology 1.3 Materials 19.5 Other 4.2 Property 4.3 Telecommunications 1.8 Utilities 5.8 The Fund's ten largest equity holdings as of November 30, 2008, representing 56.9% of net assets, were: Percent of Stock Net Assets BHP Billiton Limited 12.2 QBE Insurance Group Limited 7.6 Woolworths Limited 5.8 Westpac Banking Corporation Limited 5.4 Rio Tinto Limited 4.9 Australia & New Zealand Banking Group Limited 4.6 Westfield Group Limited 4.3 Commonwealth Bank of Australia 4.2 AGL Energy Limited 4.1 Lion Nathan Limited 3.8 Important Information Aberdeen Asset Management Inc., the Fund's Administrator, has prepared this report based on information sources believed to be accurate and reliable. However, the figures are unaudited and neither the Fund, the Administrator, Aberdeen Asset Management Asia Limited (the Investment Manager), Aberdeen Asset Management Limited (the Investment Adviser), nor any other person guarantees their accuracy. Investors should seek their own professional advice and should consider the investment objectives, risks, charges and expenses before acting on this information. Total return figures with distributions reinvested at the dividend reinvestment price are stated net-of-fees and represents past performance. Past performance is not indicative of future results, current performance may be higher or lower. Inception date December 12, 1985. If you wish to receive this information electronically, please contact: DATASOURCE: Aberdeen Australia Equity Fund, Inc. CONTACT: Investor Relations of Aberdeen Asset Management Inc., +1-866-839-5205,

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