THE FIRST AUSTRALIA PRIME INCOME FUND, INC.



                            ADMINISTRATION AGREEMENT



         ADMINISTRATION AGREEMENT, made this 9th day of December, 1988, between

THE FIRST AUSTRALIA PRIME INCOME FUND, INC., a Maryland corporation (the

"Fund"), and PRUDENTIAL MUTUAL FUND MANAGEMENT, INC., a Delaware corporation

(the "Administrator").



         WHEREAS, the Fund is a non-diversified closed-end management investment

company registered under the Investment Company Act of 1940, as amended (the

"Investment Company Act"); and



         WHEREAS, the Fund has retained an investment manager and investment

adviser for the purpose of investing its assets in securities and desires to

retain the Administrator for certain administrative services, and the

Administrator is willing to furnish such administrative services on the terms

and conditions hereinafter set forth;



         NOW, THEREFORE, the parties agree as follows:



         1. The Fund hereby appoints the Administrator to provide the services

set forth below, subject to the overall supervision of the Board of Directors of

the Fund, for the period and on the terms set forth in this Agreement. The

Administrator hereby accepts such appointment and agrees during such period to

render the services herein described and to assume the obligations set forth

herein, for the compensation herein provided.



         2. Subject to the supervision of the Board of Directors of the Fund,

the Administrator shall provide office facilities and personnel adequate to

perform the following services for the Fund:



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              (a) oversee the determination and publication of the Fund's net

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