Aberdeen Asia-Pacific Income Fund, Inc. Announces Monthly Distribution

    NEW YORK, Dec. 12 /PRNewswire/ --
 Aberdeen Asia-Pacific Income Fund, Inc. (Amex:   FAX; PSE: FAX), a closed-end
 bond fund, announced today that it will pay a monthly distribution of
 US 4.5 cents per share on January 11, 2002 to all shareholders of record as of
 December 31, 2001 (ex-dividend date December 27, 2001).  The Fund also
 announced that the Board intends to reduce the monthly distribution from
 US 4.5 cents per share to US 3.5 cents per share, beginning with the
 distribution payable on February 8, 2002 to all shareholders of record as of
 January 31, 2002 (ex-dividend date January 29, 2002).
     The Board's policy is to provide investors with a stable monthly
 distribution out of current income, supplemented by realized capital gains
 and, to the extent necessary, paid-in capital. It is the Board's intention
 that the monthly distribution of US 3.5 cents per share be maintained for
 12 months, subject to regular review at the Board's quarterly meetings.  The
 next review is scheduled to take place in March 2002.
     For the 12 months to November 30, 2001 the Fund has paid total
 distributions amounting to US 54 cents per share.  Based on the share price of
 US$4.12 on November 30, 2001, this represents an annual cash distribution rate
 of 13.1%.
     The Fund is subject to U.S. corporate, tax and securities laws. Under U.S.
 tax accounting rules, the amount of distributable income for each fiscal
 period depends on the actual exchange rates during the entire year between the
 U.S. dollar and the currencies in which Fund assets are denominated, and on
 the aggregate gains and losses realized by the Fund during the entire year.
 Therefore, the exact amount of distributable income for each fiscal year can
 only be determined as of the end of the Fund's fiscal year, October 31.
 However, under the U.S. Investment Company Act of 1940, the Fund is required
 to indicate the source of each distribution to shareholders.
     The Fund estimates that distributions for the fiscal year commencing
 November 1, 2001, including the distribution to be paid on December 14, 2001,
 are comprised of 39% net investment income, 2% realized capital gains and
 59% return of paid-in capital.  This estimated distribution composition may
 vary from month to month because it may be materially impacted by future
 realized gains and losses on securities and fluctuations in the value of the
 currencies in which Fund assets are denominated.
     In January 2002, a Form 1099 DIV will be sent to shareholders, which will
 state the amount and composition of distributions and provide information with
 respect to their appropriate tax treatment. Qualifying U.S. taxpayers are
 generally entitled to a foreign withholding tax credit on distributions
 received. Shareholders will be informed as to the exact amount of the tax
 credit shortly after the end of the tax year.
     The Fund has participated in the buy-back program that was approved by the
 Fund's Board of Directors in March 2001.  Details are provided in the Fund's
 quarterly reports.
     The Fund is managed by Aberdeen Asset Managers (C.I.) Limited and advised
 by Aberdeen Asset Management Limited.  The Fund's shares trade on the American
 Stock Exchange and the Pacific Stock Exchange under the symbol "FAX".
     QUALITY OF PORTFOLIO: As of November 30, 2001 approximately 71.0% of the
 Fund's assets were invested in securities rated "AAA/AA" by Standard & Poor's
 Corporation or "Aaa/Aa" by Moody's Investors Service Inc. or, if unrated,
 judged by the Investment Manager to be of equivalent quality.
 
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SOURCE Aberdeen Asset Management

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