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 The First Australia Prime Income Fund sent to shareholders of record March 5,
   2001 a Proxy Statement dated March 19, 2001. The Board of Directors is
    seeking shareholder approval to amend the Fund's investment objective,
    investment policies and restrictions. Please contact Innisfree M and A,
     the Proxy Solicitor at 800-750-5834 for registered and beneficial
                        shareholder voting procedures.

            THE ANNUAL MEETING HAS BEEN ADJOURNED UNTIL MAY 10, 2001
               TO PROVIDE SHAREHOLDERS ADDITIONAL TIME TO VOTE ON
                                 CERTAIN ITEMS.
                        PLEASE VOTE YOUR SHARES TODAY!

                                    ****

This briefing is to provide a review of the March 19, 2001 Proxy Statement for
the First Australia Prime Income Fund, soon to be named Aberdeen Asia-Pacific
Income Fund, Inc. (The symbol, however, will remain FAX.) The proxy statement
has been sent to FAX shareholders of record as at March 5, 2001, requesting
their affirmative vote for various proposals which would enable FAX to increase
its investment in Asian debt markets. The FAX Annual Shareholder Meeting held
on April 19, 2001 was adjourned to permit the further solicitation of proxies
with respect to these proposals. The proposals will be considered when the
Annual Meeting is reconvened on May 10, 2001 at 1:00 p.m. at the offices of
Dechert, 30 Rockefeller Plaza, 23 rd floor, New York, New York.

For background on these proposals, over the past few years Australia has
experienced a structural change lowering government bond yields down to now be
only modestly above those yields available on U.S. Treasuries. First Australia
Prime Income Fund's Manager and Adviser expect this to continue for the
foreseeable future.

The Fund, with shareholder approval, began adding Asian bonds in 1998, subject
to a maximum of 35% of the Fund's total assets. This has contributed
significantly to yield, currency, and capital gains. Both U.S. dollar
denominated Asian Bonds (known as Yankees) and Asian currency denominated
bonds, have partly shielded the portfolio from the negative impact of the
Australian dollar depreciation versus the U.S. dollar over the past
year.

With First Australia Prime Income Fund's Asian bonds now totaling 30% of total
assets, there is limited scope to increase earnings and currency diversification
without increasing the 35% limit. Currently there are many yield opportunities
in Asia, such as Korean domestic 10-year bonds trading around 7%, and
lesser-grade corporate bonds trading between 10% and 12%. The Philippines
domestic 10-year bond market is yielding around 15% currently. The US Dollar
Yankee market yields as a whole between 8% and 9%, with certain issuers offering
double-digit yields.

First Australia Prime Income Fund is asking shareholder approval for policies to
be able to do the following:

Firstly, increase Asian debt to a maximum of 80% of investments. (Currently,
this is limited to 35% of investments.)

Secondly, reduce the minimum investment in Australian debt to 20% of
investments. (Currently, the minimum is 65% of investments.)

Third, increase to a maximum of 35% the Fund's investment in Asian debt
securities rated, or considered by the investment manager to be, below
investment grade. (Currently, this maximum is 15%.)

Fourth, allow a maximum of 10% of investments to be rated below B-.
(Currently, these investments are not allowed.)

Fifth, expand the categories of derivatives which may be utilized by the fund,
such as for adjusting Asian debt exposure and duration, and minimizing
transaction costs. Derivatives would also be used to be able to hedge Australian
currency risk, and in general would not be used to leverage First Australia
Prime Income Fund, Inc.

For future flexibility in dealing with changing markets and other conditions,
and to reduce delays and costs, First Australia Prime Income Fund asks
shareholders to approve that any subsequent changes to the Fund's investment
policies be subject only to approval by the Board.

First Australia Prime Income Fund's Investment Manager and Investment Adviser
propose to implement the increased investment in Asian debt securities
gradually, with an initial target of a 50% investment in Asia (from the
approximate 30% currently held) over the next 18 months. The Investment Manager
and Investment Adviser expect that the Fund's average credit quality with these
changes will move from AA- to BBB+, both of which remain within the S and P
investment grade guidelines.

This is an important time in the development of Australian and Asian economies,
bond and currency markets. "FOR" votes on the proxy are required to approve the
proposals. In fact, because of the vote requirements to approve the proposals,
shareholders who do not vote will effectively be voting against the proposals.

Overall, approval of the proposals would afford the Fund more investment
management flexibility in the Australian and Asian currency and bond markets,
noting added risk factors, and enable the Fund to try to create higher yields
and greater diversification as to credits, currencies, countries and hedging
activities.

For a more complete explanation of the proposals, and information such as
regarding officers and directors, and discussions of risks involved in Asian
debt investment, management of credit risk, the risk of derivatives,
risks involved in leverage, and Australian and Asian outlook, please refer to
the proxy statement. Additional copies of the proxy statement are available
from the Proxy Solicitor, Innisfree M and A, 800-750-5834, who may also answer
questions on registered and beneficial shareholder voting procedures. Please
help save the fund from additional proxy solicitation expenses by voting your
shares today.