The First Australia Fund Inc. Announces Performance Data And Portfolio Composition

Apr 30, 2001, 01:00 ET from The First Australia Fund, Inc.

    NEW YORK, April 30 /PRNewswire/ -- The First Australia Fund, Inc.
 (Amex:   IAF; PSE), a closed-end equity fund, today announced performance data
 as of February 28, 2001 and portfolio composition data as of March 31, 2001.
     The Fund's total return for various periods through February 28, 2001 are
 provided below.  (All figures are based on distributions reinvested, including
 long-term capital gains):
 
     Period              NAV Total Return %       Market Price Total Return%
                    Cumulative     Annualized  Cumulative           Annualized
 
     Since
      inception
      (December 1985)    108.1            4.9        74.5                 3.7
     10-Years             49.0            4.1        36.5                 3.2
     5-years               0.9            0.2        -0.2                -0.1
     3-years               2.5            0.8         1.9                 0.6
     1-year                      -7.3                          -4.3
 
     The Fund's returns, which are denominated in US dollars, are affected by
 the performance of the US dollar against the Australian dollar.
     On March 31, 2001, 85.1% of the Fund's portfolio was held in industrial
 equities, which includes the financial sector, 14.5% was held in resource
 equities and 0.4% was held in cash.  The quality of the portfolio remains
 high, with 75.6% of the Fund's stocks by value being included in the
 Australian Stock Exchange's Fifty Leaders Index.  As of March 31, 2001, the
 Fund's total net assets amounted to US$102.5 million and the Fund's NAV was
 $5.96 per share.
 
     The Fund's ten largest equity holdings as of March 31, 2001, representing
 64.2% of total assets, were:
 
 
     Stock                                    Percent of
                                              Total Assets
     News Corporation Ltd                         10.3
     National Australia Bank Ltd                   8.3
     BHP Ltd                                       7.6
     ANZ Banking Group Ltd                         7.4
     Westpac Banking Corporation                   6.6
     Commonwealth Bank of Australia                6.4
     Telstra Corporation Ltd                       4.9
     Foster's Brewing Group Ltd                    4.8
     AMP Limited                                   4.8
     Aristocrat Leisure Limited                    3.1
 
     The First Australia Fund, Inc. is managed by Aberdeen Asset Managers
 (C.I.) Limited and advised by Aberdeen Asset Management Limited.
 
     Past performance does not guarantee future results.
 
     The 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 Manager, the Investment Adviser nor any other person guarantees
 their accuracy.  Investors should seek their own professional advice before
 acting on this information.
 
           Would you like to receive this information electronically?
                Contact:   InvestorRelations@aberdeen-asset.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X68524424
 
 

SOURCE The First Australia Fund, Inc.
    NEW YORK, April 30 /PRNewswire/ -- The First Australia Fund, Inc.
 (Amex:   IAF; PSE), a closed-end equity fund, today announced performance data
 as of February 28, 2001 and portfolio composition data as of March 31, 2001.
     The Fund's total return for various periods through February 28, 2001 are
 provided below.  (All figures are based on distributions reinvested, including
 long-term capital gains):
 
     Period              NAV Total Return %       Market Price Total Return%
                    Cumulative     Annualized  Cumulative           Annualized
 
     Since
      inception
      (December 1985)    108.1            4.9        74.5                 3.7
     10-Years             49.0            4.1        36.5                 3.2
     5-years               0.9            0.2        -0.2                -0.1
     3-years               2.5            0.8         1.9                 0.6
     1-year                      -7.3                          -4.3
 
     The Fund's returns, which are denominated in US dollars, are affected by
 the performance of the US dollar against the Australian dollar.
     On March 31, 2001, 85.1% of the Fund's portfolio was held in industrial
 equities, which includes the financial sector, 14.5% was held in resource
 equities and 0.4% was held in cash.  The quality of the portfolio remains
 high, with 75.6% of the Fund's stocks by value being included in the
 Australian Stock Exchange's Fifty Leaders Index.  As of March 31, 2001, the
 Fund's total net assets amounted to US$102.5 million and the Fund's NAV was
 $5.96 per share.
 
     The Fund's ten largest equity holdings as of March 31, 2001, representing
 64.2% of total assets, were:
 
 
     Stock                                    Percent of
                                              Total Assets
     News Corporation Ltd                         10.3
     National Australia Bank Ltd                   8.3
     BHP Ltd                                       7.6
     ANZ Banking Group Ltd                         7.4
     Westpac Banking Corporation                   6.6
     Commonwealth Bank of Australia                6.4
     Telstra Corporation Ltd                       4.9
     Foster's Brewing Group Ltd                    4.8
     AMP Limited                                   4.8
     Aristocrat Leisure Limited                    3.1
 
     The First Australia Fund, Inc. is managed by Aberdeen Asset Managers
 (C.I.) Limited and advised by Aberdeen Asset Management Limited.
 
     Past performance does not guarantee future results.
 
     The 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 Manager, the Investment Adviser nor any other person guarantees
 their accuracy.  Investors should seek their own professional advice before
 acting on this information.
 
           Would you like to receive this information electronically?
                Contact:   InvestorRelations@aberdeen-asset.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X68524424
 
 SOURCE  The First Australia Fund, Inc.