Aberdeen Asset Management Australia – PHILADELPHIA, September 21, 2015 // –Aberdeen Australia Equity Fund, Inc. (the “Fund”) (NYSE MKT: IAF ), a closed-end equity fund, announced today, August 31, performance and portfolio composition information. , 2015.

The total returns of the Fund for the periods to 31 August 2015 are given below. (All figures are based on distributions reinvested at dividend reinvestment rates and are stated net of fees):

Aberdeen Asset Management Australia

The fund’s returns, which are expressed in US dollars, are affected by the performance of the US dollar against the Australian dollar.

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As of August 31, 2015, the fund’s net assets were US$144.7 million and the fund’s NAV per share was US$6.32.

Important information Aberdeen Asset Management Inc., the manager of the fund, has prepared this report based on sources believed to be accurate and reliable. However, such figures are unverified and neither the Fund, the Manager, Aberdeen Asset Management Asia Limited (Investment Manager), Aberdeen Asset Management Limited (Investment Adviser), nor any other person guarantees their accuracy. Investors should seek their own professional advice and should consider investment objectives, risks, fees and costs before acting on this information. Aberdeen is a US registered service mark of Aberdeen Asset Management PLC.

Closed-end funds are traded in the secondary market through one of the stock exchanges. The fund’s investment return and principal amount will fluctuate so that the investor’s shares are worth more or less than the original cost. The shares of a closed-end fund can trade above (premium) or below (discount) the fund’s net asset value (NAV). There is no guarantee that the Fund will achieve its investment objectives.

Total return figures with distributions reinvested at dividend reinvestment prices are stated net of fees and reflect past performance. Past performance is not indicative of future results, current performance may be higher or lower. Properties are subject to change and are provided for informational purposes only and should not be considered a recommendation to buy or sell the securities shown. Start date December 12, 1985.1 BRING YOUR TEAM AND SAVE 50% COST- REGISTER 2 AND GET 2 iparm Australia is a must for all performance practitioners and investment professionals International Business Review Presented by: iparm Australia th-12th GAIN PERFORMANCE INSIGHTS NOVEMBER NOVEMBER, GRACE THINK HOTEL SYDNEY LEADER & brainstorm best practices in performance measurement BE A SPONSOR AT THIS EVENT Ambika D Souza VP Global Head of GIPS, State Street Global Advisors (US) Michael Walsh CEO, UCA Funds Management Iain Perry CFA Head of Performance Analysis and Investment Risk at Morningstar Investment Management Ibbotson Associates Kyle Ringrose General Manager, QSuper Investment Operations David Spaulding MD, Spaulding Group USA Marc Rubenfeld CIPM, Head of Eagle Solutions EMEA/APAC Andrew Kophamel CFA, Head of Practice, Asia- Pacific, Aberdeen Asset Management Limited Raewyn Williams Director, Research and Post-Tax Solutions, Parametric Aus tralasia Sean McGin g Di principal, McGing Advisory & Actuarial Bruce Russell Director, Bridge Naresh Subramaniam Erasmus Consulting & Implementation Pty Ltd Formerly Head of Investment Services, Property Services, Products & Markets, National Australia Bank Kyle Kung Director, State Street Global Exchange Matthew Van Der Weide Vice President, Portfolio and Quantitative Analytics, FactSet Simon Cairns Senior Specialist, Risk & Performance Analytics, Sunsuper Dean McIntyre Director, Performance Strategy at FactSet Dan dibartolomeo President Northfield Information Services, Inc Simon Willcox Regional Senior Vice President IRAS, Asia Pacific, Northern Trust Aravinda Jayaram Senior Performance Analyst, Aberdeen Asset Management Limited Stephen Campbell Associate Director at KPMG Platinum Sponsor Gold Sponsor Lunch & Lanyard Sponsor Exhibitors Research and Development by: Media Partners REGISTER NOW: PH: , FAX: ,

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2 PRE-CONFERENCE MASTERCLASS- TUESDAY November 10th Registration: 8:40am workshop time: 9:00am – 4:00pm (morning coffee, lunch, afternoon tea will be provided) Return & Risk: Generational Deep Dive Analysis This class will provide a detailed survey of key rates of return, risk and risk mitigation measures, but from a generational perspective. . This will make students understand the development of measures in all 3 aspects, and also be able to compare the meaning, accuracy and appropriateness of the results. It will also be a vehicle for self-evaluation of their company’s metrics. Outcome measures to be reviewed include Modified Dietz, Modified BAI, and Exact; While risk measures to be covered will include standard deviation, skewed deviation, tracking error and beta. Risk adjustment measures covered include Sharpe ratio, information ratio, Jensen’s alpha and M-squared. The rate of return section will also include a comparison with weighted returns, and a review of the calculation of multiple periods (ie, cumulative and annual returns). We will also take a different approach to dealing with cash flow, touching on each person’s strengths and weaknesses. We will use the same example throughout the class so that students can see how data can be turned into meaningful and comparable statistics. The session will include exercises so that students will have the opportunity to learn Know for themselves how the measures work. As with the information that will be used for the proof, the exercises will use the same information, so students will build on what they learn. We will explore the various measures of return and risk that have been used, from the perspective of generations, to see how we have progressed in their evolution. The good and bad of each will be highlighted. Participants will have a greater understanding of these techniques, such as ranking and comparing, and will be able to assess how their own organization stands in an audit such as: Conference Leader: David D. Spaulding DPS, CIPM, MD, The Spaulding Group The Spaulding, is an internationally recognized organization on the measurement of investment efficiency. He is the founder and CEO of The Spaulding Group, Inc., and the founder and publisher of Performance Measurement Journal. He consults with clients around the world on investment practices and risk issues. In addition, he teaches classes on performance measurement and attribution, and conducts regular GIPS audits. Dave is a prolific writer, having written many articles for various publications. He is also the author of four books: Measuring Investment Performance (McGraw-Hill, 1997), Investing Performance (McGraw-Hill, 2003), The Investment Practice Handbook (TSG Publishing, 2005), and The Second Edition of The Handbook (2011) ). ); Co-author of The Spaulding Group’s Handbook of Practice Presentation Standards: Second Edition (TSG Publishing, 2012); Author’s contribution to measuring financial performance (Butterworth-Heinemann, 2002); and co-editor and contributing author of Readings in Fixed Income Attribution (TSG Publishing, 2007) and Classics in Investment Performance Measurement (TSG Publishing, 2009). Limited places only

3 PANEL DISCUSSION Conference Day-1: Wednesday 11 November 8:20 Delegate Registration & Coffee 8:55 Opening Statement Address 12:40 Lunch Marc Rubenfeld, CIPM, Head of Eagle Solutions EMEA/APAC, 9:00 TREND: BEFILTS: Action Book (PBOR) What is a practice book? Why is data the foundation of a successful PBOR? How can performance and risk be combined? What’s next? Marc Rubenfeld, CIPM, Head of Eagle Solutions EMEA/APAC, 9:30 Returns & Risk: General Analysis What are they? Why is it important? where do you stand David D. Spaulding, DPS, CIPM, MD, The Spaulding Group (USA) 10:10 Morning Coffee 10:40 GIPS Compliance Why & How? What are the benefits of applying for compliance with the Global Investment Practice Standards (GIPS)? GIPS at a large global investment manager How to prepare to become GIPS compliant Ambika D Souza, VP Global Head of GIPS, State Street Global Advisors (USA) 11:30 “Measuring tax returns. Is the industry fully aware of the true tax costs?” Where are the real tax costs? Are these costs measured? And if not measured, how are they managed? The fact and fiction of pre or post liquidation methodologies Kyle Ringrose, General Manager, Investment Operations, QSuper 12:10 EMPLEMENTING A PERFORMANCE ANALYTICS SYSTEM DO S & DON TS Project considerations Technology considerations Operational considerations Data consideration Panel Chair: Kyle Ringrose, Head of Investment Operations, Qsuper Chris Parfitt, Senior Performance Analyst, Qsuper Board Member: Ambika D Souza, VP Global Head of GIPS, State Street Global Advisors (US) Chris Parfitt, Senior Performance Analyst, Qsuper Dean McIntyre, Director, Performance Strategy at FactSet Luncheon Sponsor 1 :40 ESG impact on investment performance and risk The first principle is greed right? Ethical investment, ESG, SRI not important when measuring results? What are the appropriate standards for measuring ESG? Sources of alpha versus risk management tools Survey of ESG factors in performance analysis Michael Walsh, Chief Executive Officer, UCA Funds Management PANEL DISCUSSION 2:30 Consumer Investment Risk Management “A different and broader view of consumer investment risk Identify risk, understand , deal; take chances, reduce risk Advice, active vs passive, cost vs profit Loss aversion vs risk aversion Ethical risk and sustainable investing Sean McGing , Director, McGing Advisory & Actuarial 3:00 Afternoon Tea 3:30 RISK MANAGEMENT PRIORITIES FOR ASSET OWNER: What senior managers and trusts need to know Distinguish the nature of risk management from practice Prioritize risk management steps at board level that are appropriate for asset owners, whether DB, DC, SWF, fund, family office or investment fund.