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THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DISTRIBUTION

 NEW YORK, Jan. 17 /PRNewswire/ -- The First Australia Prime Income Fund, Inc., a closed-end bond fund (AMEX: FAX) today declared a monthly distribution of US$0.09 per share, payable on Feb. 11, 1994 to all shareholders of record on Jan. 31, 1994, (Ex-dividend Date: Jan. 25, 1994)
 In order to maintain its policy of paying a stable monthly distribution, the current distribution level may be supplemented with long or short-term capital gains. In accordance with its policy, the Board reviews the level of monthly distributions at its quarterly Board meetings, with the next review to take place in March 1994.
 The Fund's cumulative total return from inception to Dec. 31, 1993 was 155.6%, with an annualized total return of 13.7%. As of Dec. 31, 1993, the average maturity of the Fund's portfolio was 6.89 years.
 The Fund's policy is to invest at least 65% of its portfolio in Australian issuers or debt securities rated AA or better, with no securities rated lower than A. The credit quality breakdown of the portfolio as of Dec. 31, 1993 is as follows: 62.16% AAA; 28.36% AA and 9.48% A.
 At the time of its offering in April 1986, The First Australia Prime Income Fund was the largest-ever initial public offering on The American Stock Exchange. The Fund has net assets of almost US$1.4 billion and its primary listing is on the American Stock Exchange. The Fund is managed by EquitiLink International Management Limited and is advised by EquitiLink Australia Limited.
 -0- 1/17/94
 /CONTACT: Brian Sherman of First Australia Prime Income Fund, 011- 612-258-8222; Richard Strickler of EquitiLink U.S.A., 800-522-5465; Marissa Moretti or Doug Myers, 800-323-9995, or 212-688-6840 both of Dewe Rogerson/
 (FAX)


CO: The First Australia Prime Income Fund, Inc. ST: New York IN: FIN SU: DIV

LG-SP -- NY071 -- 1384 01/17/94 14:30 EST
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Publication:PR Newswire
Date:Jan 17, 1994
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