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FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND
 NEW YORK, Dec. 11 /PRNewswire/ -- The First Australia Prime Income


Fund, Inc., a closed-end bond fund (AMEX: FAX), today declared a special dividend and distribution of $0.306 per share, comprised of $0.15 in net investment income, $0.076 in short-term capital gains and $0.08 in long- term capital gains, payable on Jan. 31, 1992, to all shareholders of record on Dec. 30, 1991. The special dividend will be paid in shares of the Fund's common stock unless a shareholder elects to receive cash. The special dividend will be in addition to the regular monthly cash dividend of $0.09 per share.
 Qualifying U.S. taxpayers are entitled to a foreign withholding tax credit on a portion of this dividend.
 For the 12-month period ended Dec. 31, 1991, total dividends and distributions declared amounted to $1.386 per share.
 As of the close of the Fund's most recent fiscal year, the Fund was invested in high quality debt securities with approximately 96 percent of its assets invested in securities rated "AA" (or equivalent) or better.
 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 current assets in excess of $1 billion. The Fund's policy is to invest at least 65 percent of its portfolio in Australian issuers or debt securities rated "AA" or better. The Fund is managed by EquitiLink International Management Limited and advised by EquitiLink Australia Limited.
 -0- 12/11/91
 /CONTACT: Brian Sherman of the First Australia Prime Income Fund, in Australia, 011-612-258-8222; or Marissa Moretti or George Arvantides of Dewe Rogerson, 212-688-6840, for the Fund/
 (FAX) CO: The First Australia Prime Income Fund, Inc. ST: New York IN: FIN SU: DIV


SH-GK -- NY058 -- 1535 12/11/91 14:26 EST
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Publication:PR Newswire
Date:Dec 11, 1991
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