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Aberdeen Australia Equity Fund, Inc. Announces Pricing For Public Offering Of Common Stock

Aberdeen Australia Equity Fund, Inc. (NYSE AMEX: IAF) (the “Fund”) announced today the pricing of a public offering of its shares of common stock. The Fund agreed to sell a total of 2,500,000 shares of common stock (exclusive of 375,000 shares of common stock that the underwriters may purchase pursuant to a 45-day option to cover over-allotments) at a price of $12.50 per share. Net proceeds of the offering of approximately $30 million will be used to make additional portfolio investments that are consistent with the Fund’s investment objectives and policies. The offering is scheduled to close on December 14, 2010.

Citigroup Global Markets Inc. and Morgan Stanley & Co. Incorporated are acting as co-lead book running managers for the offering. The offering of these securities will be made only by means of a prospectus. A copy of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the following addresses:

 
Citigroup Global Markets Inc.
Attn: Prospectus Department
Brooklyn Army Terminal
140 58th Street, 8th Floor
Brooklyn, NY 11220
Telephone: 800-831-9146
 
Morgan Stanley & Co. Incorporated
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014
Telephone: 866-718-1649
 

Investors may also obtain these documents free of charge from the Fund’s website at www.aberdeeniaf.com or the Securities and Exchange Commission’s website at www.sec.gov.

An investor should read the Fund’s prospectus supplement and accompanying base prospectus carefully before investing. The prospectus supplement and accompanying base prospectus contain important information about the Fund and its investment objectives and policies, risks, charges and expenses.

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