First Australia Fund Announces Election of Directors At the Annual Meeting of Shareholders

Apr 20, 2001, 01:00 ET from First Australia Fund, Inc.

    NEW YORK, April 20 /PRNewswire Interactive News Release/ -- The First
 Australia Fund, Inc., a closed-end equity fund (Amex:   IAF; PSE:) today
 announced the results of its Annual Meeting of Shareholders, held on Thursday
 April 19, 2001.
     Anthony Aaronson, Neville Miles, Peter Sacks and John Sheehy were elected
 by the holders of the Fund's common stock as Class I Directors to serve a
 three-year term.
     Following the acquisition of the Fund's investment manager and investment
 adviser by Aberdeen Asset Management, PLC the Board has approved a change to
 the Fund's name to Aberdeen Australia Equity Fund, Inc.  The fund is managed
 by Aberdeen Asset Managers (C.I.) Limited and advised by Aberdeen Asset
 Management Limited.  The Fund's shares will continue to trade on the American
 Stock Exchange under the symbol "IAF".  Worldwide, the Aberdeen Group manages
 funds in excess of US $45 billion, with offices in the UK, US, Europe, Hong
 Kong, Australia and Singapore. With an extensive global coverage and depth of
 experience, Aberdeen brings invaluable skills and expertise to the management
 of the Fund.
 
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SOURCE First Australia Fund, Inc.
    NEW YORK, April 20 /PRNewswire Interactive News Release/ -- The First
 Australia Fund, Inc., a closed-end equity fund (Amex:   IAF; PSE:) today
 announced the results of its Annual Meeting of Shareholders, held on Thursday
 April 19, 2001.
     Anthony Aaronson, Neville Miles, Peter Sacks and John Sheehy were elected
 by the holders of the Fund's common stock as Class I Directors to serve a
 three-year term.
     Following the acquisition of the Fund's investment manager and investment
 adviser by Aberdeen Asset Management, PLC the Board has approved a change to
 the Fund's name to Aberdeen Australia Equity Fund, Inc.  The fund is managed
 by Aberdeen Asset Managers (C.I.) Limited and advised by Aberdeen Asset
 Management Limited.  The Fund's shares will continue to trade on the American
 Stock Exchange under the symbol "IAF".  Worldwide, the Aberdeen Group manages
 funds in excess of US $45 billion, with offices in the UK, US, Europe, Hong
 Kong, Australia and Singapore. With an extensive global coverage and depth of
 experience, Aberdeen brings invaluable skills and expertise to the management
 of the Fund.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X65821232
 
 SOURCE  First Australia Fund, Inc.