NEW YORK, May 17 /PRNewswire-FirstCall/ -- 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 June 11, 2004
to all shareholders of record as of May 28, 2004 (ex-dividend date May 26,
2004).
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 11, 2003 distribution payment. This policy is
subject to regular review at the Board's quarterly meetings. The next review
is scheduled to take place in June 2004.
For the 12 months to April 30, 2004, 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.
The Fund estimates that distributions for the fiscal year commencing
November 1, 2003, including the distribution paid on May 14, 2004, are
comprised entirely of net investment income. 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 2005, a Form 1099 DIV will be sent to shareholders, which will
state the amount and composition of distributions, 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".
If you wish to receive this information electronically, please contact
InvestorRelations@aberdeen-asset.com
SOURCE Aberdeen Asia-Pacific Income Fund, Inc.
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CONTACT:
Aberdeen Asset Management, Investor
Relations, 1-800-522-5465, InvestorRelations@aberdeen-asset.com
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