Aberdeen Australia Equity Fund, Inc. (the “Fund”) (NYSE AMEX: IAF), a closed-end equity fund, announced today its performance data and portfolio composition as of November 30, 2010.

The Fund’s total returns for various periods through November 30, 2010 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)
  704.9   8.7   766.4   9.0
10-years   289.3   14.6   422.6   18.0
5-years   61.3   10.0   64.3   10.4
3-years   -10.4   -3.6   -1.6   -0.5
1-year   5.1   3.9

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, 2010, the Fund’s net assets amounted to US$214.4 million and the Fund’s NAV per share was $11.12.

As of November 30, 2010, the portfolio was invested as follows:
Portfolio Composition  

Percent of

Net Assets
Consumer Discretionary   7.0
Consumer Staples   10.1
Energy   4.0
Finance   29.6
Health Care   3.6
Industrials   1.7
Information Technology   1.5
Materials   23.8
Other   3.6
Property Trusts   4.7
Telecommunications   3.5
Utilities   6.9

The Fund's ten largest equity holdings as of November 30, 2010, representing 64.3% of total assets, were:
Stock   Percent of

Total Assets
BHP Billiton Limited   13.6
QBE Insurance Group Limited   7.5
Rio Tinto Limited   7.0
Commonwealth Bank of Australia Limited   6.8
Woolworths Limited   5.9
Westpac Banking Corporation Limited   5.4
Australia & New Zealand Banking Group Limited   4.8
AGL Energy Limited   4.6
Westfield Group   4.6
Woodside Petroleum Limited   4.1

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. Aberdeen is a U.S. registered service mark of Aberdeen Asset Management PLC.

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. Holdings are subject to change and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities shown. Inception date December 12, 1985.

If you wish to receive this information electronically, please contact: InvestorRelations@aberdeen-asset.com

Copyright Business Wire 2010