Aberdeen Asset Management
New York, October 17, 2005 -- Aberdeen Asia-Pacific Income Fund, Inc. (AMEX: FAX / PSE: FAX), a closed-end bond fund, announced today that it will pay a monthly distribution of US 3.5 cents per share on November 14, 2005 to all shareholders of record as of October 31, 2005 (ex-dividend date October 27, 2005).
The Board's policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid -in capital. It is the Board's intention that the monthly distribution of US 3.5 cents per share be maintained for 12 months, beginning
with the July 15, 2005 distribution payment. This policy is subject to regular review at the Board's quarterly meetings. The next review is scheduled to take place in December 2005.
For the 12 months to September 30, 2005, the Fund has paid total distributions amounting to US 42 cents per share.
The Fund is subject to U.S. corporate, tax and securities laws. Under U.S. tax accounting rules, the amount of distributable income for each fiscal period depends on the actual exchange rates during the entire year between the U.S. dollar and the currencies in which Fund assets are denominated and on the
aggregate gains and losses realized by the Fund during the entire year. Therefore, the exact amount of distributable income for each fiscal year can only be determined as of the end of the Fund's fiscal year, October 31. However, under the U.S. Investment Company Act of 1940, the Fund is required to indicate the source of each distribution to shareholders.
The Fund estimates that distributions for the fiscal year commencing November 1, 2004, including the distribution paid on October 14, 2005, are comprised of 88% net investment income and 12% return of paid-in capital. This estimated distribution composition may vary from month to month because it may be materially impacted by future realized gains and losses on securities and fluctuations in the value of the currencies in which Fund assets are denominated.
In January 2006, a Form 1099 DIV will be sent to shareholders, which will state the amount and composition of distributions paid during 2005, and provide information with respect to their appropriate tax treatment. Qualifying U.S. taxpayers are generally entitled to a foreign withholding tax credit on
distributions received. Shareholders will be informed as to the exact amount of the tax credit shortly after the end of the tax year.
The Fund is managed by Aberdeen Asset Management Asia Limited and advised by Aberdeen Asset Management Limited. The Fund's shares trade on the American Stock Exchange and the Pacific Stock Exchange under the symbol "FAX".
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