<SEC-DOCUMENT>0001104659-20-023880.txt : 20200221
<SEC-HEADER>0001104659-20-023880.hdr.sgml : 20200221
<ACCEPTANCE-DATETIME>20200221160850
ACCESSION NUMBER:		0001104659-20-023880
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20200220
FILED AS OF DATE:		20200221
DATE AS OF CHANGE:		20200221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN ASIA-PACIFIC INCOME FUND INC
		CENTRAL INDEX KEY:			0000790500
		IRS NUMBER:				133334183
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04611
		FILM NUMBER:		20640085

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN ASIA PACIFIC INCOME FUND INC
		DATE OF NAME CHANGE:	20010531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEN ASIA-PACIFIC INCOME FUND INC
		DATE OF NAME CHANGE:	20010531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA PRIME INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>tm209619d1_pre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
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<P STYLE="text-align: justify; margin: 0">&nbsp;</P>

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<P STYLE="text-align: justify; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Proxy Statement Pursuant to Section 14(a)
of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Filed by the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Filed by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><B>Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</B></TD>
</TR></TABLE>

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<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting Material under &sect;240.14a-12</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Aberdeen
Asia-Pacific Income Fund, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Registrant as Specified In Its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: justify; margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="text-align: justify; font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of Filing Fee (Check the appropriate
box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">No fee required.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Title of each class of securities to which transaction applies:</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 6in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Aggregate number of securities to which transaction applies:</TD></TR>                                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 6in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule
0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR>                                                                                                            <TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Proposed maximum aggregate value of transaction:</TD></TR>                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 6in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(5)</TD><TD STYLE="text-align: justify">Total fee paid:</TD></TR>                                                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Check box if any part of the fee is offset as provided
by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Amount Previously Paid:</TD></TR>                                                                                                                                <TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 6in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Form, Schedule or Registration Statement No.:</TD></TR>                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 6in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Filing Party:</TD></TR>                                                                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 6in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Date Filed:</TD></TR>                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm209619d1_pre14aimg01.jpg" ALT="" STYLE="height: 57pt; width: 194.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Aberdeen
Asia-pacific income Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>March 9, 2020</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are cordially invited to attend the
annual meeting of shareholders (the &ldquo;Annual Meeting&rdquo;) and a special meeting of shareholders (the &ldquo;Special Meeting&rdquo;,
and together with the Annual Meeting, the &ldquo;Meetings&rdquo;) of Aberdeen Asia-Pacific Income Fund, Inc. (the &ldquo;Fund&rdquo;)
to be held on Friday, April 24, 2020 at the offices of Aberdeen Standard Investments Inc., 1900 Market Street, Suite 200, Philadelphia,
Pennsylvania 19103. The Annual Meeting will be held at 10:30 a.m. (Eastern time) and the Special Meeting will be held at 11:00
a.m. (Eastern time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purpose of the Meetings is to seek shareholder approval
of the proposals described in the enclosed proxy statement. At the Annual Meeting, shareholders of the Fund are being asked to
approve the following three proposals: to elect one Class II Director to serve for a three-year term; to elect one Preferred Share
Director to serve for a three-year term by the preferred shareholders voting as a separate class; and to consider the continuation
of the term of one Director under the Fund&rsquo;s Corporate Governance Policies (collectively, the &ldquo;Annual Meeting Proposals&rdquo;).
At the Special Meeting, shareholders of the Fund are being asked to approve the following proposal: to amend several of the Fund&rsquo;s
fundamental investment policies and to convert many of the Fund&rsquo;s investment policies that are fundamental investment policies
to non-fundamental investment policies (the &ldquo;Special Meeting Proposal&rdquo; and collectively with the &ldquo;Annual Meeting
Proposals,&rdquo; the &ldquo;Proposals&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If approved by shareholders at the Meetings,
the election of the nominee for Class II Director and the nominee for the Preferred Share Director and the continuation of the
term of one Director would take effect immediately, while the Special Meeting Proposal would take effect within ten (10) business
days of their approval by shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board has unanimously approved and
recommends that you vote &ldquo;FOR&rdquo; each of the Proposals. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I encourage you to carefully review the
enclosed materials, which explain the Proposals in more detail. <B>As a shareholder, your vote is important, and we hope that you
will respond today to ensure that your shares will be represented at the Meetings.</B> You may vote using one of the methods below
by following the instructions on your proxy cards:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="vertical-align: top; text-align: left; width: 0.25in"></TD><TD STYLE="vertical-align: top; text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">By signing, dating and returning the enclosed proxy card in the postage-paid envelope;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="vertical-align: top; text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">By telephone, using the toll free number on the enclosed proxy card;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="vertical-align: top; text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Through the Internet, using the website on the enclosed proxy card; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="vertical-align: top; text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">In person at the Meetings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you do not vote using one of these methods,
you may be called by AST Fund Solutions, LLC, the Fund&rsquo;s proxy solicitor, to vote your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have any questions regarding the
enclosed proxy materials or need assistance in voting your shares, please call the Fund at 1-800-522-5465 or call AST Fund Solutions
LLC, the Fund&rsquo;s proxy solicitor, at (800) 814-9324 (Monday to Friday, 9:00 a.m. to 10:00 p.m., Eastern time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ CHRISTIAN PITTARD</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">CHRISTIAN PITTARD</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PRESIDENT OF THE FUND</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>IMPORTANT INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FOR FUND SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>While we encourage you to read the full
text of the enclosed proxy statement for Aberdeen Asia-Pacific Income Fund, Inc. (the &ldquo;Fund&rdquo;), for your convenience
we have provided a brief overview, in a Question and Answers format, of the proposals to be voted on. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Questions and Answers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q. Why am I receiving this proxy statement?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A. The annual meeting of shareholders (the
 &ldquo;Annual Meeting&rdquo;) and a special meeting of shareholders (the &ldquo;Special Meeting&rdquo; and together with the Annual
Meeting, the &ldquo;Meetings&rdquo;) of the Fund each will be held on Friday, April 24, 2020 at the offices of Aberdeen Standard
Investments Inc., 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103. The Annual Meeting will be held at 10:30 a.m.
(Eastern time) and the Special Meeting will be held at 11:00 a.m. (Eastern time). The enclosed proxy statement describes proposals
that will be voted on at the Meetings, and which are being made in connection with the proposed Director elections and fundamental
investment policy changes. As a shareholder of the Fund as of the close of business on March 5, 2020 (the &ldquo;Record Date&rdquo;),
you are entitled to notice of and to vote at the Meetings with respect to the Proposals (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q. What am I being asked to vote &ldquo;FOR&rdquo;
in the proxy statement? </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A. The purpose of the Meetings is to seek
shareholder approval of proposals recently approved by the Fund&rsquo;s Board of Directors (the &ldquo;Board,&rdquo; the members
of which are referred to as &ldquo;Directors&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specifically, shareholders of the Fund
are being asked:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the Annual Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 94%; margin-left: 0.5in"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1:</TD><TD STYLE="text-align: justify">To elect one Class II Director to serve for a three-year
term.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 94%; margin-left: 0.5in"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2:</TD><TD STYLE="text-align: justify">To elect one Preferred Share Director to serve for a
three-year term by the preferred shareholders voting as a separate class.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 94%; margin-left: 0.5in"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3:</TD><TD STYLE="text-align: justify">To consider the continuation of the term of one Director
under the Fund&rsquo;s Corporate Governance Policies (Class I Director, three-year term ending 2022).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(Annual Meeting Proposals
1, 2 and 3 are collectively referred to as the &ldquo;Annual Meeting Proposals&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the Special Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -49.5pt">1: To
approve the amendments to, or the elimination of, the Fund&rsquo;s fundamental investment policies as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">To amend the fundamental policy regarding investment of up to 80% in Asian Debt securities so that
the Fund would normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in &ldquo;Asia-Pacific
debt&rdquo; securities and to define &ldquo;Asia-Pacific debt&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Eliminate Fundamental Investment Limitations regarding Certain Country Exposures</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure to
any one Asian Country (other than Korea) is limited to 20% of the Fund&rsquo;s total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that at least 20% of the Fund&rsquo;s
total assets will be invested in &ldquo;Australian debt securities.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure for
Korea is limited to 40% of the Fund&rsquo;s total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure for
New Zealand is limited to 35% of the Fund's total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Convert Certain Fundamental Investment Policies to Non-Fundamental Investment Policies as modified</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental temporary defensive investment policy with respect to temporarily
investing 100% of its assets in U.S. debt securities a non-fundamental policy but to include U.S. cash as well.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy to invest up to 35% of its total assets
in Asian debt securities rated below BBB- or Baa3 a non-fundamental policy &ndash; but with respect to Asia-Pacific debt securities
instead of Asian debt securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Convert Certain Fundamental Investment Policies to Non-Fundamental Investment Policies</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy with respect to entering into repurchase
agreements a non-fundamental investment policy.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy with respect to investing up to 10% of its
total assets in securities rated below B- at the time of investment a non-fundamental investment policy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -9pt">(Special Meeting
Proposal 1 is referred to as the &ldquo;Special Meeting Proposal&rdquo;, and collectively with the Annual Meeting Proposals, the
 &ldquo;Proposals&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Q.&nbsp;&nbsp;How do the Directors of the Fund recommend
that I vote?</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;The Directors of the Fund recommend that you vote
 &ldquo;FOR&rdquo; the Proposals.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Q.&nbsp;&nbsp;What is the required vote?</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A.&nbsp;&nbsp;With respect to Proposal
1 for the Annual Meeting, the affirmative vote of a majority of the votes cast at a meeting at which a quorum is present is necessary
for the election of a common share Director, provided that if the number of nominees for common share Director, as determined by
the Secretary of the Fund, exceeds the number of common share Directors to be elected, the common share Directors shall be elected
by the vote of a plurality of the shares represented in person or by proxy. Approval of Proposal 2 for the Annual Meeting will
require the affirmative vote of a majority of the shares of preferred stock cast at a meeting at which a quorum is present to elect
the preferred share Director, provided that if the number of nominees for preferred share Director, as determined by the Secretary
of the Fund, exceeds the number of preferred share Directors to be elected, the preferred share Directors shall be elected by the
vote of a plurality of the preferred shares represented in person or by proxy. With respect to Proposal 3 for the Annual Meeting,
the vote of a majority of the votes cast at a meeting at which a quorum is present is required. For purposes of the Annual Meeting
Proposals, withheld votes and broker &lsquo;non-votes&rsquo; will not be counted as votes cast and will have no effect on the result
of the vote.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Special Meeting Proposal must be approved by the affirmative
vote of the lesser of (1) more than 50% of the outstanding voting securities of the Fund, or (2) 67% or more of the voting securities
of the Fund present at the Special Meeting, if more than 50% of the outstanding voting securities of the Fund are represented at
the Special Meeting in person or by proxy. Additionally, the Special Meeting Proposal must also receive a vote of the majority
of the outstanding shares of preferred stock, voting separately as a single class. Therefore, if the Special Meeting Proposal receives
the required vote from all of the outstanding voting securities, but does not receive the required vote by the shares of preferred
stock voting separately as a single class, or vice versa, the Special Meeting Proposal will not have been approved. For purposes
of determining the presence of a quorum for transacting business at the Special Meeting, abstentions and broker &ldquo;non-votes&rdquo;
will be treated as shares that are present and will have the effect of votes &ldquo;against&rdquo; the Special Meeting Proposal.
Accordingly, shareholders are urged to forward their voting instructions promptly.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Q.&nbsp;&nbsp;What happens if shareholders do not approve
the Special Meeting Proposal?</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;In the event that the Special Meeting Proposal
is not approved by the shareholders of the Fund, the fundamental investment policy changes approved by the Board will not be implemented,
and the Fund will continue to be managed in accordance with its current stated fundamental investment policies. The Board may consider
other courses of action.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Q.&nbsp;&nbsp;Is the Fund paying for the preparation, printing
and mailing of the proxy materials?</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;The expense of preparation, printing and mailing
of the enclosed proxy cards and accompanying Notices and Proxy Statement will be borne by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q. How do I vote my shares? </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A. You can vote in one of the following
four ways:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>By Mail</B>: You may vote by completing the enclosed proxy card by dating, signing and returning
it in the postage-paid envelope. Please note that if you sign and date the proxy card but give no voting instructions, your shares
will be voted &ldquo;FOR&rdquo; each Proposal described above.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>In Person:</B> Attend the Meetings and vote as described in the proxy statement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>By Telephone:</B> You may vote by telephone by calling 1-[800-337-3503]</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>By Internet:</B> You may vote online by visiting [<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>www.proxy-direct.com]</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">To vote by telephone or Internet,
you will need the &ldquo;control number&rdquo; that appears on your proxy card(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q. Will anyone contact me? </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A. You may receive a call to verify that
you received your proxy materials, to answer any questions you may have about the Proposals and to encourage you to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Please vote. Your vote is important.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We urge you to indicate your voting instructions
on the proxy cards, if received by mail, date and sign them and return them promptly in the envelope provided, or record your voting
instructions by telephone or via the Internet, no matter how large or small your holdings may be. If you submit a properly executed
proxy but do not indicate how you wish your shares to be voted, your shares will be voted &ldquo;FOR&rdquo; each Proposal. If your
shares are held through a broker, you must provide voting instructions to your broker about how to vote your shares in order for
your broker to vote your shares as you instruct at Meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm209619d1_pre14aimg01.jpg" ALT="" STYLE="height: 57pt; width: 194.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Aberdeen
Asia-pacific income Fund, Inc.<BR>
<BR>
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>1900 Market Street, Suite 200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Philadelphia, PA 19103</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>To be held on April 24, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TO THE SHAREHOLDERS:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOTICE IS HEREBY GIVEN
that the annual meeting of shareholders of Aberdeen Asia-Pacific Income Fund, Inc. (NYSE MKT: &ldquo;FAX&rdquo;) (the &ldquo;Fund&rdquo;)
(the &ldquo;Annual Meeting&rdquo;) will be held at the offices of Aberdeen Standard Investments Inc. located at 1900 Market Street,
Suite 200, Philadelphia, PA 19103, on April 24, 2020 at 10:30 a.m., Eastern time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of the
Annual Meeting is to consider and act upon the following proposals (each a &ldquo;Proposal&rdquo;) for the Fund and to consider
and act upon such other matters as may properly come before the Annual Meeting or any adjournments or postponements thereof:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Proposal 1: To elect one Class II Director to serve
for a three-year term.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Proposal 2: To elect one Preferred
Share Director to serve for a three-year term by the preferred shareholders voting as a separate class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Proposal 3: To consider the continuation of the term of one Director under the Fund&rsquo;s Corporate Governance Policies (Class
I Director, three-year term ending 2022).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Proposal is discussed
in greater detail in the enclosed Proxy Statement. You are entitled to notice of, and to vote at, the Annual Meeting if you owned
shares of the Fund at the close of business on March 5, 2020 (the &ldquo;Record Date&rdquo;). If you attend the Annual Meeting,
you may vote your shares in person. Even if you expect to attend the Annual Meeting, please complete, date, sign and return the
enclosed proxy card in the enclosed postage-paid envelope or authorize your proxy by telephone or through the Internet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will admit to the
Annual Meeting (1) all shareholders of record on the Record Date, (2) persons holding proof of beneficial ownership at the Record
Date, such as a letter or account statement from the person&rsquo;s broker, (3) persons who have been granted proxies, and (4)
such other persons that we, in our sole discretion, may elect to admit. All persons wishing to be admitted to the Annual Meeting
must present photo identification. If you plan to attend an Annual Meeting, we ask that you call us in advance at 1-800-522-5465.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This notice and related
proxy materials are first being mailed to shareholders on or about March 9, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Important Notice Regarding the Availability
of Proxy Materials for the Annual Meeting of Shareholders to Be Held on April 24, 2020: This Notice, the Proxy Statement and the
form of proxy card are available on the Internet at <U>http://www.aberdeenfax.com</U>. On this website, you will be able to access
the Notice, the Proxy Statement, the form of proxy card and any amendments or supplements to the foregoing materials that are required
to be furnished to shareholders. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By order of the Board of Directors,</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Megan Kennedy</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Megan Kennedy, Vice President
    and Secretary</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Aberdeen Asia-Pacific Income
    Fund, Inc.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHETHER
OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING IN PERSON, IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AND VOTED AT THE ANNUAL
MEETING. ACCORDINGLY, YOU ARE REQUESTED TO PLEASE DATE, SIGN AND RETURN THE ENCLOSED PROXY CARD FOR THE ANNUAL MEETING PROMPTLY,
OR TO AUTHORIZE THE PROXY VOTE BY TELEPHONE OR THROUGH THE INTERNET PURSUANT TO THE INSTRUCTIONS ON THE ENCLOSED PROXY CARD. NO
POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES. IT IS IMPORTANT THAT YOUR PROXY CARD BE RETURNED PROMPTLY IN ORDER TO AVOID
THE ADDITIONAL EXPENSE OF FURTHER SOLICITATION.</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 9, 2020</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, Pennsylvania</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm209619d1_pre14aimg01.jpg" ALT="" STYLE="height: 57pt; width: 194.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Aberdeen
Asia-pacific income Fund, Inc.<BR>
<BR>
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>1900 Market Street, Suite 200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Philadelphia, PA 19103</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTICE OF SPECIAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>To be held on April 24, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TO THE SHAREHOLDERS:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOTICE IS HEREBY GIVEN
that a special meeting of shareholders of Aberdeen Asia-Pacific Income Fund, Inc. (NYSE MKT: &ldquo;FAX&rdquo;) (the &ldquo;Fund&rdquo;)
(a &ldquo;Special Meeting&rdquo;) will be held at the offices of Aberdeen Standard Investments Inc. (formerly Aberdeen Asset Management
Inc.) located at 1900 Market Street, Suite 200, Philadelphia, PA 19103, on April 24, 2020 at 11:00 a.m., Eastern time.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of the
Special Meeting is to consider and act upon the following proposal (the &ldquo;Special Meeting Proposal&rdquo;) for the Fund and
to consider and act upon such other matters as may properly come before the Special Meeting or any adjournments or postponements
thereof:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -13.5pt">1. To
approve the amendments to, or the elimination of, the Fund&rsquo;s fundamental investment policies as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">To amend the fundamental policy regarding investment of up to 80% in Asian Debt securities so that
the Fund would normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in &ldquo;Asia-Pacific
debt&rdquo; securities and to define &ldquo;Asia-Pacific debt&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Eliminate Fundamental Investment Limitations regarding Certain Country Exposures</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure to
any one Asian Country (other than Korea) is limited to 20% of the Fund&rsquo;s total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that at least 20% of the Fund&rsquo;s
total assets will be invested in &ldquo;Australian debt securities.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure for
Korea is limited to 40% of the Fund&rsquo;s total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure for
New Zealand is limited to 35% of the Fund's total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Convert Certain Fundamental Investment Policies to Non-Fundamental Investment Policies as modified</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental temporary defensive investment policy with respect to temporarily
investing 100% of its assets in U.S. debt securities a non-fundamental policy but to include U.S. cash as well.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy to invest up to 35% of its total assets
in Asian debt securities rated below BBB- or Baa3 a non-fundamental policy &ndash; but with respect to Asia-Pacific debt securities
instead of Asian debt securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Convert Certain Fundamental Investment Policies to Non-Fundamental Investment Policies</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy with respect to entering into repurchase
agreements a non-fundamental investment policy.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy with respect to investing up to 10% of its
total assets in securities rated below B- at the time of investment a non-fundamental investment policy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Special Meeting
Proposal is discussed in greater detail in the enclosed Proxy Statement. You are entitled to notice of, and to vote at, the Special
Meeting of the Fund if you owned shares of the Fund at the close of business on March 5, 2020 (the &ldquo;Record Date&rdquo;).
If you attend the Special Meeting, you may vote your shares in person. Even if you expect to attend the Special Meeting, please
complete, date, sign and return the enclosed proxy card in the enclosed postage-paid envelope or authorize your proxy by telephone
or through the Internet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will admit to the
Special Meeting (1) all shareholders of record on the Record Date, (2) persons holding proof of beneficial ownership at the Record
Date, such as a letter or account statement from the person&rsquo;s broker, (3) persons who have been granted proxies, and (4)
such other persons that we, in our sole discretion, may elect to admit. All persons wishing to be admitted to the Special Meeting
must present photo identification. If you plan to attend an Special Meeting, we ask that you call us in advance at 1-800-522-5465.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This notice and related
proxy materials are first being mailed to shareholders on or about March 9, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Important Notice Regarding the Availability
of Proxy Materials for the Special Meeting of Shareholders to Be Held on April 24, 2020: This Notice, the Proxy Statement and the
form of proxy card are available on the Internet at <U>http://www.aberdeenfax.com</U>. On this website, you will be able to access
the Notice, the Proxy Statement, the form of proxy card and any amendments or supplements to the foregoing materials that are required
to be furnished to shareholders. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By order of the Board of Directors,</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm209619d1_pre14aimg02.jpg" ALT="" STYLE="height: 50.25pt; width: 151.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Megan Kennedy, Vice President and Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHETHER OR NOT YOU PLAN TO ATTEND THE
MEETING IN PERSON, IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AND VOTED AT THE MEETING. ACCORDINGLY, YOU ARE REQUESTED TO
PLEASE DATE, SIGN AND RETURN THE ENCLOSED PROXY CARD FOR THE MEETING PROMPTLY, OR TO AUTHORIZE THE PROXY VOTE BY TELEPHONE OR THROUGH
THE INTERNET PURSUANT TO THE INSTRUCTIONS ON THE ENCLOSED PROXY CARD. NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES. IT
IS IMPORTANT THAT YOUR PROXY CARD BE RETURNED PROMPTLY IN ORDER TO AVOID THE ADDITIONAL EXPENSE OF FURTHER SOLICITATION.</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[March 9], 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Aberdeen
asia-pacific income Fund, Inc. (&ldquo;FAX&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: normal"><B>(the &ldquo;Fund&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">1900 Market Street, Suite 200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Philadelphia, PA
19103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the Annual and Special Meetings of Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">each to be held on April 24, 2020</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Proxy Statement
is furnished in connection with the solicitation of proxies by the Fund&rsquo;s Board of Directors (the &ldquo;Board&rdquo; with
members of the Board being referred to as &ldquo;Directors&rdquo;) to be voted at the annual meeting of shareholders (the &ldquo;Annual
Meeting&rdquo;) and a special meeting of shareholders (the &ldquo;Special Meeting&rdquo; and together with the Annual Meeting,
the &ldquo;Meetings&rdquo;) to be held at the offices of Aberdeen Standard Investments Inc. (&ldquo;ASI&rdquo;) located at 1900
Market Street, Suite 200, Philadelphia, PA 19103, on Friday, April 24, 2020 and at any adjournments or postponements thereof. A
Notice of Annual Meeting of Shareholders, a Notice of Special Meeting of Shareholders and proxy cards (each a &ldquo;Proxy Card&rdquo;)
accompany this Proxy Statement. This Proxy Statement is first being mailed to shareholders on or about March 9, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The purpose of the
Meetings is to seek shareholder approval of the following proposals:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At the Annual Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">To elect one Class II Director to serve for another
three-year term.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -11.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">To elect one Preferred Share Director to serve for
a three-year term by the preferred shareholders voting as a separate class.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -11.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">To consider the continuation of the term of one Director
under the Corporate Governance Policies (Class I Director, three-year term ending 2022).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Annual Meeting Proposals 1, 2 and 3 are
collectively referred to as the &ldquo;Annual Meeting Proposals&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At the Special Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">1. To approve
the amendments to, or the elimination of, the Fund&rsquo;s fundamental investment policies as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">To amend the fundamental policy regarding investment of up to 80% in Asian Debt securities so that
the Fund would normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in &ldquo;Asia-Pacific
debt&rdquo; securities and to define &ldquo;Asia-Pacific debt&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Eliminate Fundamental Investment Limitations regarding Certain Country Exposures</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure to
any one Asian Country (other than Korea) is limited to 20% of the Fund&rsquo;s total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that at least 20% of the Fund&rsquo;s
total assets will be invested in &ldquo;Australian debt securities.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure for
Korea is limited to 40% of the Fund&rsquo;s total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure for
New Zealand is limited to 35% of the Fund's total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Convert Certain Fundamental Investment Policies to Non-Fundamental Investment Policies as modified</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental temporary defensive investment policy with respect to temporarily
investing 100% of its assets in U.S. debt securities a non-fundamental policy but to include U.S. cash as well.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy to invest up to 35% of its total assets
in Asian debt securities rated below BBB- or Baa3 a non-fundamental policy &ndash; but with respect to Asia-Pacific debt securities
instead of Asian debt securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 40.5pt"></TD><TD STYLE="text-align: justify; width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Convert Certain Fundamental Investment Policies to Non-Fundamental Investment Policies</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy with respect to entering into repurchase
agreements a non-fundamental investment policy.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy with respect to investing up to 10% of its
total assets in securities rated below B- at the time of investment a non-fundamental investment policy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">(Special Meeting Proposal 1 is referred
to as the &ldquo;Special Meeting Proposal&rdquo;, and collectively with the Annual Meeting Proposals, the &ldquo;Proposals&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All properly executed
proxies received prior to the Meetings will be voted at the Meetings, or at any adjournments or postponements thereof, in accordance
with the instructions marked on the Proxy Card. Unless instructions to the contrary are marked on the Proxy Card, proxies received
will be voted <B>&ldquo;FOR&rdquo;</B> each Proposal. The persons named as proxy holders on the Proxy Card will vote in their discretion
on any other matters that may properly come before the Meetings or any adjournments or postponements thereof. Any proxy may be
revoked at any time prior to its exercise by submitting a properly executed, subsequently dated Proxy Card, giving written notice
to Megan Kennedy, Secretary of the Fund, 1900 Market Street, Suite 200, Philadelphia, PA 19103, or by attending the Meetings and
voting in person. Shareholders may authorize proxy voting by using the enclosed Proxy Card along with the enclosed envelope with
pre-paid postage. Shareholders may also authorize proxy voting by telephone or through the internet by following the instructions
contained on their Proxy Card. Shareholders do not have dissenter&rsquo;s rights of appraisal in connection with any of the matters
to be voted on by the shareholders at the Meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The presence at the
Meetings, in person or by proxy, of the shareholders entitled to cast a majority of all the votes entitled to be cast at the Meetings
on any matter shall be necessary and sufficient to constitute a quorum for the transaction of business. For purposes of determining
the presence of a quorum at the Meetings, withheld votes and broker &lsquo;non-votes&rsquo; (that is, proxies from brokers or nominees
indicating that such persons have not received instructions from the beneficial owner or other persons entitled to vote shares
on a particular Proposal with respect to which the brokers or nominees do not have discretionary power) will be treated as shares
that are present at the Meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With respect to Proposal
1 for the Annual Meeting, the affirmative vote of a majority of the votes cast at a meeting at which a quorum is present is necessary
for the election of a common share Director, provided that, if the number of nominees for common share Director, as determined
by the Secretary of the Fund, exceeds the number of common share Directors to be elected, the common share Directors shall be elected
by the vote of a plurality of the shares represented in person or by proxy. Approval of Proposal 2 for the Annual Meeting will
require the affirmative vote of a majority of the shares of preferred stock cast at a meeting at which a quorum is present to elect
the preferred share Director, provided that if the number of nominees for preferred share Director, as determined by the Secretary
of the Fund, exceeds the number of preferred share Directors to be elected, the preferred share Directors shall be elected by the
vote of a plurality of the preferred shares represented in person or by proxy. With respect to Proposal 3 for the Annual Meeting,
the vote of a majority of the votes cast at a meeting at which a quorum is present is required. For purposes of the Annual Meeting
Proposals, withheld votes and broker &lsquo;non-votes&rsquo; will not be counted as votes cast and will have no effect on the result
of the vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Special Meeting
Proposal must be approved by the affirmative vote of the lesser of (1) more than 50% of the outstanding voting securities of the
Fund, or (2) 67% or more of the voting securities of the Fund present at the Special Meeting, if more than 50% of the outstanding
voting securities of the Fund are represented at the Special Meeting in person or by proxy. Additionally, the Special Meeting Proposal
must receive a vote of the majority of the outstanding shares of preferred stock, voting separately as a single class. Therefore,
if the Special Meeting Proposal receives the required vote from all of the outstanding voting securities, but does not receive
the required vote by the shares of preferred stock voting separately as a single class, or vice versa, the Special Meeting Proposal
will not have been approved. For purposes of determining the presence of a quorum for transacting business at the Special Meeting,
abstentions and broker &ldquo;non-votes&rdquo; will be treated as shares that are present and will have the effect of votes &ldquo;against&rdquo;
the Special Meeting Proposal. Accordingly, shareholders are urged to forward their voting instructions promptly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board has adopted
certain corporate governance policies for the Fund which include (i) a resignation policy which generally provides that an Independent
Director, in an uncontested election, who does not receive a majority of votes &ldquo;FOR&rdquo; his or her election at a meeting
of shareholders shall be deemed to have tendered his or her resignation, subject to the Board&rsquo;s acceptance or rejection of
such resignation, which Board determination will be disclosed publicly to Fund shareholders; (ii) a policy requiring that after
an Independent Director has served on the Board for three consecutive terms of three years following the later of (a) engagement
of the existing investment manager of the Fund, (b) the Independent Director&rsquo;s election to the Board or (c) the Board&rsquo;s
initial approval of the corporate governance policies, the Independent Director will be put forth for consideration by shareholders
annually; and (iii) a policy whereby newly appointed directors will be submitted for consideration at the next regular shareholder
meeting. With respect to clause (ii) above, Independent Directors currently serving on the Boards will be submitted to shareholders
for consideration of continuation as a director on an annual basis beginning at the first annual meeting following the end of each
such Board member&rsquo;s three-year term in office after the end of such Independent Director&rsquo;s current term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a quorum is not
present in person or by proxy at the time a Meeting is called to order, the chairman of the Meeting will have the power to adjourn
the Meeting, without notice other than an announcement at the Meeting, until the requisite number of shares entitled to vote at
the Meeting is present. Absent the establishment of a subsequent record date and the giving of notice to the holders of record
thereon, the adjourned Meeting must take place not more than 120 days after the record date. At such adjourned Meeting, any business
may be transacted which might have been transacted at the original Meeting. If a quorum is present but there are not sufficient
votes to approve a Proposal, the chairman of the Meeting or the shareholders entitled to vote at such Meeting present in person,
by a majority of the votes validly cast, may adjourn the Meeting to permit further solicitation of proxies on that Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will admit to the
Meetings (1) all shareholders of record on March 5, 2020 (the &ldquo;Record Date&rdquo;), (2) persons holding proof of beneficial
ownership at the Record Date, such as a letter or account statement from the person&rsquo;s broker, (3) persons who have been granted
proxies, and (4) such other persons that we, in our sole discretion, may elect to admit. To gain admittance, if you are a shareholder
of record or a proxy holder of a shareholder of record, you must bring a form of personal identification to the Meetings, where
your name will be verified against our shareholder list. If a broker or other nominee holds your shares and you plan to attend
the Meetings, you should bring a recent brokerage statement showing your ownership of the shares, as well as a form of personal
identification. If you are a beneficial owner and plan to vote at the Meetings, you should also bring a proxy card from your broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board has fixed
the close of business on March 5, 2020 as the Record Date for the determination of shareholders entitled to notice of, and to vote
at, the Meetings and at any adjournment or postponement thereof. Shareholders on the Record Date for the Fund will be entitled
to one vote for each share held for the Meetings. As of the Record Date, the Fund had 247,695,769 shares of common stock, par value
$0.01 per share, and 2,000,000 shares of preferred stock, par value $25.00 per share, issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Important Notice Regarding the Availability
of Proxy Materials for the Meetings to Be Held on Friday, April 24, 2020 at 1900 Market Street, Suite 200, Philadelphia, PA 19103.
The Proxy Materials and Fund&rsquo;s most recent annual report are available on the Internet at <U>http://www.aberdeenfax.com</U>.
The Fund will furnish, without charge, a copy of its annual report for the fiscal year ended October 31, 2019, and any more recent
reports, to any Fund shareholder upon request. To request a copy, please write to the Fund c/o Aberdeen Standard Investments Inc.,
1900 Market Street, Suite 200, Philadelphia, PA 19103, or call 1-800-522-5465. You may also call for information on how to obtain
directions to be able to attend the Meetings and vote in person. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNUAL MEETING PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Annual Meeting Proposal 1: Election
of Class II Director</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund&rsquo;s bylaws
provide that the Fund&rsquo;s Board be elected by holders of the Fund&rsquo;s common stock divided into three classes, as nearly
equal in number as possible, each of which will serve for three years, with one class being elected each year. Each year the term
of office of one class expires. Directors who are deemed &ldquo;interested persons&rdquo; (as that term is defined in Section 2(a)(19)
of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)), of the Fund, the Fund&rsquo;s investment manager,
Aberdeen Standard Investments (Asia) Limited (the &ldquo;Investment Manager&rdquo; or &ldquo;ASIAL&rdquo;), the Fund&rsquo;s investment
adviser, Aberdeen Standard Investments Australia Limited (the &ldquo;Investment Adviser&rdquo; or &ldquo;ASI Aus&rdquo;) or, the
Fund&rsquo;s investment sub-adviser, Aberdeen Asset Managers Limited (the &ldquo;Sub-Adviser&rdquo; or &ldquo;AAML&rdquo;), are
referred to in this Proxy Statement as &ldquo;Interested Directors.&rdquo; Directors who are not interested persons, as described
above, are referred to in this Proxy Statement as &ldquo;Independent Directors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board, including
the Independent Directors, upon the recommendation of the Board&rsquo;s Nominating and Corporate Governance Committee, which is
composed entirely of Independent Directors, has nominated the following individual for election as a common share Director to its
Board as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">P. Gerald Malone (Class
II Director, three-year term ending 2023)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The nominee has indicated
an intention to serve as Director if elected and has consented to be named in this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is the intention
of the persons named as proxies on the enclosed Proxy Card(s) to vote &ldquo;<B>FOR</B>&rdquo; the election of Mr. Malone as a
Class II Director to serve for a three-year term. The Board knows of no reason why the nominee will be unable to serve, but in
the event of any such inability, the proxies received will be voted for such substituted nominee as the Fund&rsquo;s Board may
recommend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>The Directors,
including the Independent Directors, unanimously recommend that shareholders vote &ldquo;FOR&rdquo; Mr. Malone for Class II Director.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Annual Meeting Proposal 2: Election
of Preferred Share Director</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund&rsquo;s Articles
Supplementary provide that the Fund&rsquo;s preferred share Directors be elected by holders of the Fund&rsquo;s preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board, including
the Independent Directors, upon the recommendation of the Board&rsquo;s Nominating and Corporate Governance Committee, which is
composed entirely of Independent Directors, has nominated the following individual for election as preferred share Director to
its Board:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Peter D. Sacks (Preferred
Share Director, three-year term ending 2023)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is the intention
of the persons named as proxies on the enclosed Proxy Card(s) to vote &ldquo;<B>FOR</B>&rdquo; the election of Mr. Sacks to serve
as a preferred share Director for a three-year term. The Board knows of no reason why Mr. Sacks will be unable to serve, but in
the event of any such inability, the proxies received will be voted for such substituted nominee as the Fund&rsquo;s Board may
recommend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>The Directors,
including the Independent Directors, unanimously recommend that shareholders vote &ldquo;FOR&rdquo; Mr. Sacks for preferred share
Director.</I></B></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify"><B>Annual Meeting Proposal 3: Consideration
of Continuation of Term for Director under the Corporate Governance Policies (Class I Director, three-year term ending 2022)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As stated above, the
Board has adopted the Corporate Governance Policies for the Fund which include a policy requiring that after an Independent Director
has served on the Board for three consecutive terms of three years following the later of (a) engagement of the existing Investment
Manager of the Fund or (b) the Independent Director&rsquo;s election to the Board or (c) the Board&rsquo;s initial approval of
the Corporate Governance Policies, the Independent Director will be put forth for consideration by shareholders annually. Under
the Corporate Governance Policies, Independent Directors serving on the Boards at the time of the adoption of the Corporate Governance
Policies will be submitted to shareholders for consideration of continuation as a director on an annual basis beginning at the
first annual meeting following the end of each such Board member&rsquo;s three-year term in office after the end of such Independent
Director&rsquo;s term during which the Corporate Governance Policies were approved. Neville J. Miles, an Independent Director,
served out his term of office during which the Corporate Governance Policies were approved as well as a three-year term of office
following that term. He therefore must be put forth for consideration by shareholders annually pursuant to the Corporate Governance
Policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board, including
the Independent Directors, upon the recommendation of the Board&rsquo;s Nominating and Corporate Governance Committee, which is
composed entirely of Independent Directors, recommends the continuation of the term of following individual put forth for consideration
under the Corporate Governance Policies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Neville J. Miles (Class
I Director, three-year term ending 2022)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If this Proposal 3
does not receive a majority of the votes cast on the terms set forth in the Fund&rsquo;s bylaws, Mr. Miles will be deemed to have
tendered his resignation for consideration by the Board. In such instance, the Nominating and Corporate Governance Committee would
make a recommendation to the Board on whether to accept or reject the resignation, or whether other action shall be taken. The
Board would then act on the resignation, taking into account the Nominating and Corporate Governance Committee&rsquo;s recommendation,
and publicly disclose its decision and the rationale behind it within 90 days from the date of the certification of the voting
results. Mr. Miles would not participate in the Nominating and Corporate Governance Committee&rsquo;s recommendation or the Board&rsquo;s
decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is the intention
of the persons named as proxies on the enclosed proxy card(s) to vote &ldquo;<B>FOR</B>&rdquo; the continuation of the term of
Mr. Miles as common share Director. The Board knows of no reason why Mr. Miles will be unable to continue to serve, but in the
event of any such inability, the proxies received will be voted for such substituted nominee as the Fund&rsquo;s Board may recommend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>The Directors,
including the Independent Directors, unanimously recommend that shareholders vote &ldquo;FOR&rdquo; the continuation of the term
of Mr. Miles as a Director under the Corporate Governance Policies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following tables
set forth certain information regarding the nominees for election to the Board of the Fund, the Director under consideration of
continuation of term under the Corporate Governance Policies, Directors whose terms of office continue beyond the Meetings, and
the principal officers of the Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" ALIGN="CENTER" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left; width: 20%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Name,
Address and<BR>
Year of Birth</B></P></TD>
    <TD STYLE="text-align: left; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left; width: 13%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Position(s)<BR>
Held<BR>
with Fund</B></P></TD>
    <TD STYLE="text-align: left; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left; width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Term of
Office <BR>
and<BR>
Length of Time<BR>
Served</B></P></TD>
    <TD STYLE="text-align: left; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left; width: 26%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Principal<BR>
Occupation(s)<BR>
During the<BR>
Past Five Years</B></P></TD>
    <TD STYLE="text-align: left; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; width: 10%"><FONT STYLE="font-size: 10pt"><B>Number of <BR>
Portfolios <BR>
in Fund <BR>
Complex* <BR>
Overseen <BR>
by Director </B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left; width: 12%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Other
Directorships<BR>
Held by <BR>
Director<BR>
 During the <BR>
Past Five Years</B></P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Independent Nominees for Director:</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; vertical-align: top; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; vertical-align: top; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>P.
        Gerald Malone** </B>&dagger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">c/o Aberdeen Standard
        Investments&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">1900 Market Street, Suite 200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">Philadelphia, PA 19103</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 12pt; text-indent: -12pt">Year of Birth: 1950</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: left; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Chairman of the Board; Class II Director </FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Term&nbsp;expires 2020.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Director since 2001</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: left; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Currently, Mr. Malone is a non-executive director of a number of U.S. companies and funds. Formerly Chairman of UK companies, Crescent OTC Ltd (pharmaceutical services) until February 2018; and fluidOil Ltd. (oil services) until June 2018; U.S. company Rejuvenan llc (wellbeing services) until September; Chairman of UK company, Ultrasis plc (healthcare software services company) until October 2014</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">29</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; vertical-align: top; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Director of Medality Medical since 2019 and Bionik Laboratories Corporation since 2018. Director of Reguvenan LLC (wellbeing) from 2015-2017.</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: left; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: left; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; vertical-align: top; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: justify; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0"><B>Peter
D. Sacks</B>&dagger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">c/o Aberdeen Standard
Investments&nbsp;Inc.<BR>
1900 Market Street, Suite 200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Philadelphia, PA 19103</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">Year of Birth: 1945</P></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Preferred Share Director</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt"></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: justify; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Preferred Share Term expires 2020.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Director since 1993</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Mr. Sacks served as a Founder and Investment Counsellor at Citadel Asset Management Inc. (investment management) from 2015 to 2017. Previously he was a Director and Founding Partner of Toron AMI International Asset Management (investment management) from 1988 to 2015. </FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: justify; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">25</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; vertical-align: top; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: left; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: left; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Independent Director under consideration of continuation of term under the Corporate Governance Policies</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="11" STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; vertical-align: top; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: justify; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0"><B>Neville&nbsp;J.&nbsp;Miles**
</B>&dagger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">142 Martins Lane</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">Knockrow NSW 2479</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">Australia</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: -12pt">Year of Birth:
        1946</P></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Class I Director</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Terms expires 2022.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director since 1996</P></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Mr. Miles is a non-executive director of a number of Australian and overseas companies.</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: justify; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">25</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; vertical-align: top; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Ballyshaw Pty. Ltd. (share trading, real estate development and investment) Director and Chairman &nbsp;since 1994 </FONT></TD>
    </TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" ALIGN="CENTER" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Independent Directors whose terms of office continue beyond the Annual Meeting:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="11" STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 20%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>William&nbsp;J.&nbsp;Potter** </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">c/o Aberdeen Standard
        Investments&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">1900 Market Street, Suite 200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Philadelphia, PA 19103</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Year of Birth: 1948</P></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 13%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred Share Director</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Preferred Share Term expires 2021.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Director&nbsp;since 1986</P></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 26%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Potter has been the Chairman of Arrow Robotics Ltd (technology) since 2017 and is the non-executive Chairman of Howell Biopharma Ltd (health care) beginning in 2018. He was president of Meredith Financial Group from 2004 to 2016 and an officer of Ridgewood Group International Ltd. from 2012 to 2015.</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 10%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of Arrow Robotic Ltd. (Chairman) and Alexandria Bancorp (international banking and trustee services) (since March 2017). Director of Howell Biopharma Ltd (since 2018); Director of Meredith Financial Group Inc. (Chairman) (investment management) from 2004 to 2016, Meredith Portfolio Management Inc. from 2004 to 2016 and Robert R. Meredith &amp; Co, Inc. (broker dealer) from 2006 to 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Moritz&nbsp;Sell** </B>&dagger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">c/o Aberdeen Standard
        Investments&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">1900 Market Street, Suite 200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Philadelphia, PA 19103</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Year of Birth: 1967</P></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;I Director</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Term&nbsp;expires 2022.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Director since 2018.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Sell has been a Principal at Edison Holdings 3 GmbH (commercial real estate and venture capital) since 2015. In addition, Mr. Sell currently serves as Senior Advisor to Markston International LLC (an independent asset manager) since 2014. </FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Director of and Swiss Helvetia Fund, Inc.
        since 2017. Director/Trustee of High Income Securities Fund since 2018.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director of Aberdeen Greater China Fund, Inc. from 2012 to 2018
        and Aberdeen Singapore Fund, Inc. from 2011 to 2018.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="11" STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interested Director whose term of office continues beyond the Annual Meeting:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="11" STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Martin&nbsp;J.&nbsp;Gilbert</B>&dagger;&dagger;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Aberdeen&nbsp;Asset Management PLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10&nbsp;Queen&rsquo;s&nbsp;Terrace</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Aberdeen, Scotland</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">AB10 1YG</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Year of Birth: 1955</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;III&nbsp;Director; Vice President</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Term expires 2021.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Director since 2001</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Gilbert has been Vice Chairman of Standard Life Aberdeen PLC and Chairman of Aberdeen Standard Investments Inc. since March 2019. He is Co-Founder (and former Chief Executive) of Aberdeen Asset Management PLC, having been a Director since 1983. Mr. Gilbert is Senior Independent Director of Glencore plc and Chairman of the Prudential Regulation Authority&rsquo;s Practitioner Panel, as well as a member of the International Advisory Panel of the Monetary Authority of Singapore and the International Advisory Board of British American Business. He serves as officer and/or director of various Standard Life Aberdeen plc subsidiary companies, Aberdeen- managed investment trusts and funds.</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 3pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of The Asia Tigers Fund, Inc. from 2012 to 2018.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">*Aberdeen Australia Equity Fund, Inc., Aberdeen Asia-Pacific Income Fund, Inc., Aberdeen Emerging Markets Equity Income Fund, Inc., the Aberdeen Funds (which currently consists of 22 portfolios), Aberdeen Investment Funds (which currently consists of 4 portfolios), Aberdeen Standard Investments ETFs (which currently consists of 2 portfolios), Aberdeen Japan Equity Fund, Inc., The India Fund Inc., Aberdeen Global Dynamic Dividend Fund, Aberdeen Total Dynamic Dividend Fund, Aberdeen Global Premier Properties Fund and Aberdeen Income Credit Strategies Fund have the same Investment Manager or Investment Adviser as the Fund, or an investment adviser that is affiliated with the Investment Manager and Investment Adviser of the Fund and may thus be deemed to be part of the same &ldquo;Fund Complex&rdquo; as the Fund. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">** Member of the Nominating and Corporate Governance Committee. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&dagger; Member of the Audit and Valuation Committee. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&dagger;&dagger; Deemed to be an Interested Director of the Fund because of his affiliation with the Fund&rsquo;s Investment Manager and Investment Adviser. &nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDITIONAL INFORMATION ABOUT THE DIRECTORS</B>&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes
that each Director&rsquo;s experience, qualifications, attributes and skills on an individual basis and in combination with those
of the other Directors lead to the conclusion that the Directors possess the requisite experience, qualifications, attributes and
skills to serve on the Board. The Board believes that the Directors&rsquo; ability to review critically, evaluate, question and
discuss information provided to them; to interact effectively with ASIAL, ASI Aus and AAML, other service providers, counsel and
independent auditors; and to exercise effective business judgment in the performance of their duties, support this conclusion.
The Board has also considered the contributions that each Director can make to the Board on which he serves and to the Fund. A
Director&rsquo;s ability to perform his duties effectively may have been attained through the Director&rsquo;s executive, business,
consulting, and/or legal positions; experience from service as a Director of the Fund and other funds/portfolios in the Aberdeen
complex, other investment funds, public companies, or non-profit entities or other organizations; educational background or professional
training or practice; and/or other life experiences. In this regard, the following specific experience, qualifications, attributes
and/or skills apply as to each Director in addition to the information set forth in the table above: Mr. Gilbert, Chairman, Vice-Chairman
and director roles within the Aberdeen complex, board experience with other public companies and investment trusts; Mr. Malone,
legal background and public service leadership experience, board experience with other public and private companies, and executive
and business consulting experience; Mr. Miles, financial services, investment management and executive experience and board experience
with various Australian public and private companies; Mr. Potter, financial services, investment management and merchant banking
experience, executive and consulting experience, and board experience with public companies and non-profit organizations; Mr. Sacks,
accounting background (chartered accountant in Canada and South Africa), treasury experience in banking organizations, investment
management and executive experience; and Mr. Sell, director and executive experience at an investment banking and trading firm
and board experience with another closed-end fund outside of the Aberdeen complex.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes
that the significance of each Director&rsquo;s experience, qualifications, attributes or skills is an individual matter (meaning
that experience important for one Director may not have the same value for another) and that these factors are best evaluated at
the Board level, with no single Director, or particular factor, being indicative of Board effectiveness. In its periodic self-assessment
of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Directors
in the broader context of the Board&rsquo;s overall composition so that the Board, as a body, possesses the appropriate (and appropriately
diverse) skills and experience to oversee the business of the Fund. References to the qualifications, attributes and skills of
Directors are presented pursuant to disclosure requirements of the Securities and Exchange Commission (&ldquo;SEC&rdquo;), do not
constitute holding out a Board or any Director as having any special expertise or experience, and shall not impose any greater
responsibility or liability on any such person or on a Board by reason thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>OFFICERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" ALIGN="CENTER" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-top: 2pt; width: 30%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name, Address and <BR>
Year of Birth</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-top: 2pt; padding-bottom: 1pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-top: 2pt; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Positions(s) Held <BR>
With Fund</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-top: 2pt; padding-bottom: 1pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-top: 2pt; white-space: nowrap; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term of Office and<BR>
 Length of Time<BR>
 Served*</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-top: 2pt; padding-bottom: 1pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-top: 2pt; width: 42%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Occupation(s)<BR>
During the Past Five Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: left; text-indent: -12pt"><B>Joseph
        Andolina**</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Aberdeen&nbsp;Standard Investments&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">1900 Market Street, Suite 200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Philadelphia, PA 19103</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: left; text-indent: -12pt">Year
of Birth: 1978</P></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer and Vice President - Compliance</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2017</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently, Chief Risk Officer &ndash; Americas for ASI. Prior to joining the compliance department, he was a member of ASI&rsquo;s legal department where he served as US Counsel and worked primarily on matters relating to ASI&rsquo;s registered funds. Mr. Andolina joined Aberdeen in 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: left; text-indent: -12pt"><B>Mark Baker</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Aberdeen&nbsp;Standard Investments (Asia)
        Limited</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">21 Church Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">#01-01 Capital Square Two</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Singapore 049480</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: left; text-indent: -12pt"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: left; text-indent: -12pt">Year
of Birth: 1981</P></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2019</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently, an Investment Director within the Emerging Markets Debt team at ASI. Mr. Baker joined ASI in 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: left; text-indent: -12pt"><B>Jeffrey
        Cotton**</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Aberdeen&nbsp;Standard Investments&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">1900 Market Street, Suite 200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Philadelphia, PA 19103</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Year of Birth: 1977</P></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, Compliance</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since&nbsp;2011</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently, Chief Risk Officer &ndash; Europe, the Middle East and Africa. Mr. Cotton joined ASI in 2010 as Head of Compliance &ndash; Americas.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-bottom: 0; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: left; text-indent: -12pt"><B>Sharon
        Ferrari**</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Aberdeen&nbsp;Standard Investments&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">1900 Market Street, Suite 200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Philadelphia, PA 19103</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Year of
        Birth: 1977</P></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assistant Treasurer</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2009</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently, Senior Fund Administration Manager &ndash; US for ASI. Ms. Ferrari joined ASI as a Senior Fund Administrator in 2008. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" ALIGN="CENTER" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0; width: 30%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: -12pt"><B>Martin&nbsp;J.&nbsp;Gilbert**</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Standard Life Aberdeen PLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Bow Bells House, 1 Bread Street</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">London</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Year of Birth: 1955</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; width: 1%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0; width: 15%"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; width: 1%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0; width: 10%"><FONT STYLE="font-size: 10pt">Since 2008</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; width: 1%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0; width: 42%"><FONT STYLE="font-size: 10pt">Please see information in the Directors&rsquo; chart above.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B>Alan
        Goodson**</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aberdeen&nbsp;Standard Investments&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">1900 Market Street, Suite 200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Philadelphia, PA 19103</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year of Birth: 1974</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Vice President </FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Since 2009</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Currently, Director, Vice President and Head of Product &amp; Client Solutions &ndash; Americas for ASI overseeing Product Management and Product Development for ASI&rsquo;s registered and unregistered investment companies in the US and Canada. Mr. Goodson is Vice President of ASI and joined ASI in 2000.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Bev Hendry**</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aberdeen&nbsp;Standard Investments&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">1900 Market Street, Suite 200</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">Year of Birth: 1953</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Since 2015</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Currently, Chairman - Americas of Standard Life Aberdeen plc (since 2018). Mr. Hendry was Chief Executive Officer &ndash; Americas for Aberdeen Asset Management PLC (2014-2018) and Chief Operating Officer for Hansberger Global Investors (2008-2014).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Matthew Keener**</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aberdeen Standard Investments Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1900 Market Street, Suite 200</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year of Birth: 1976</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Assistant&nbsp;Secretary</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Since 2008</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Currently, Senior Product Manager for ASI. Mr. Keener joined ASI in 2006 as a Fund Administrator. </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Megan Kennedy**</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aberdeen Standard Investments Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1900 Market Street, Suite 200</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year of Birth: 1974</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Vice President, Secretary </FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Since 2008</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Currently, Head of Product Management for ASI (since 2009). Ms. Kennedy joined ASI in 2005.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: -12pt"><B>Lin-Jing
        Leong**</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Aberdeen&nbsp;Standard Investments (Asia) Limited</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">21 Church Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">#01-01 Capital Square Two</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Singapore 049480</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: -12pt">Year of Birth:
        1987</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Since 2017</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Currently, Investment Manager for Aberdeen Standard Investments (Asia) Limited. Ms. Leong joined Aberdeen in 2013 from the Reserve Management section of the Central Bank of Malaysia.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: -12pt"><B>Adam McCabe**</B></P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen&nbsp;Standard Investments (Asia) Limited</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">21 Church Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">#01-01 Capital Square Two</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Singapore 049480</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">Year of Birth: 1979</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Since 2011</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Currently, Head of Asian Fixed Income for Aberdeen Standard Investments (Asia) Limited. Mr. McCabe joined Aberdeen in 2009 following the acquisition of certain asset management businesses from Credit Suisse. Mr. McCabe worked for Credit Suisse since 2001, where he was an investment manager responsible for the development and implementation of its Asian currency and interest rate strategies.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Andrea Melia**</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aberdeen Standard Investments Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1900 Market Street, Suite 200</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year of Birth: 1969</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Treasurer </FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Since 2009</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Currently, Vice President and Head of Fund Operations, Traditional Assets &ndash; Americas for ASI. Ms. Melia joined ASI in 2009. </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Christian Pittard**</B></P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Asset Managers Limited</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Bow Bells House, 1 Bread Street</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">London</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">Year of Birth: 1973</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: justify; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-size: 10pt">President</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: justify; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Since 2009</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Currently, Group Head of Product Opportunities. From 2005 to 2007 he was Head of North American funds based in the U.S. Mr. Pittard is qualified as a Chartered Accountant and a fellow of the Securities Institute by Diploma. He has experience in launching and servicing both closed and open ended funds in Europe and the U.S. Mr. Pittard joined Aberdeen in 1998.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: justify; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: justify; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: justify; padding-bottom: 0">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Lucia Sitar**</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Aberdeen Standard Investments Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1900 Market Street, Suite 200</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">Year of Birth: 1971</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: justify; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Vice President </FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: justify; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Since 2008</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; text-align: left; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Currently, Vice President and Managing U.S. Counsel for ASI. Ms. Sitar joined ASI in 2007. </FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">* Officers hold their positions with the Fund until a successor has been duly elected and qualifies. Officers are elected annually by the Board.</P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><B>**</B> Messrs. Akintewe, Andolina, Baker, Cotton, Gilbert, Goodson, Hendry, Keener, McCabe and Pittard and Mses. Ferrari, Kennedy, Leong, Melia and Sitar hold officer position(s) in one or more of the following: Aberdeen Asia-Pacific Income Fund, Inc., Aberdeen Global Income Fund, Inc., Aberdeen Australia Equity Fund, Inc., Aberdeen Emerging Markets Equity Income Fund, Inc., Aberdeen Japan Equity Fund, Inc., The India Fund, Inc., Aberdeen Income Credit Strategies Fund, Aberdeen Global Dynamic Dividend Fund, Aberdeen Total Dynamic Dividend Fund, Aberdeen Global Premier Properties Fund, Aberdeen Investment Funds (which currently consists of 4 portfolios), Aberdeen Funds (which currently consists of 22 portfolios) and Aberdeen Standard Investments ETFs (which currently consists of 2 portfolios) each of which may also be deemed to be a part of the same &ldquo;Fund Complex.&rdquo; &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Ownership of Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Set forth in the table
below is the dollar range of equity securities in the Fund and the aggregate dollar range of equity securities in the Aberdeen
Family of Investment Companies (as defined below) beneficially owned by each Director or nominee. The following key relates to
the dollar ranges in the chart:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD STYLE="text-align: justify">None</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD STYLE="text-align: justify">$1 - $10,000</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">C.</TD><TD STYLE="text-align: justify">$10,001 - $50,000</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">D.</TD><TD STYLE="text-align: justify">$50,001 - $100,000</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">E.</TD><TD STYLE="text-align: justify">over $100,000</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font-size: 10pt; font-weight: bold; text-align: center">Name of Director or Nominee</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font-size: 10pt; font-weight: bold; text-align: center">Dollar Range of Equity Securities Owned<BR> (1)</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font-size: 10pt; font-weight: bold; text-align: center">Aggregate Dollar Range of Equity<BR> Securities in All Funds Overseen by <BR>Director or Nominee in the Family of <BR>Investment Companies (2)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Independent Directors:</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">P. Gerald Malone</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">B</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">D</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Neville J. Miles</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">B</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">C</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">William J. Potter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">B</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">C</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Peter D. Sacks</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">C</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">C</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Moritz Sell</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">C</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">E</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Interested Director:</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Martin Gilbert</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">B</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">C</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This information has been
furnished by each Director as of October 31, 2019.&nbsp;&nbsp;&ldquo;Beneficial ownership&rdquo; is determined in accordance with
Rule 16a-1(a)(2) promulgated under the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;).</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Family of Investment
Companies&rdquo; means those registered investment companies that are advised by the Investment Manager or an affiliate and that
hold themselves out to investors as related companies for purposes of investment and investor services.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of February 18,
2020, the Fund&rsquo;s Directors and officers, in the aggregate, owned less than 1% of the Fund&rsquo;s outstanding equity securities.
As of February 18, 2020, none of the Independent Directors or their immediate family members owned any shares of the Investment
Manager, Investment Adviser or Sub-Adviser or of any person (other than a registered investment company) directly or indirectly
controlling, controlled by, or under common control with the Investment Manager, Investment Adviser or Sub-Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Mr. Pittard and Ms.
Melia serve as executive officers of the Fund. As of October 31, 2019, Mr. Pittard and Ms. Melia did not own shares of the Fund&rsquo;s
common stock nor did they own any of the Fund&rsquo;s preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BOARD AND COMMITTEE STRUCTURE</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board of Directors
is currently composed of five Independent Directors and one Interested Director, Martin J. Gilbert. The Fund&rsquo;s bylaws provide
that the Board of Directors to be elected by holders of a Fund&rsquo;s common stock shall be divided into three classes, as nearly
equal in number as possible, each of which will serve for three years, with one class being elected each year. The Fund&rsquo;s
Articles Supplementary for the Preferred Shares provide for the election of two Directors by holders of the Fund&rsquo;s preferred
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board has appointed
Mr. Malone, an Independent Director, as Chairman. The Chairman presides at meetings of the Directors, participates in the preparation
of the agenda for meetings of the Board, and acts as a liaison between the Directors and management between Board meetings. Except
for any duties specified herein, the designation of the Chairman does not impose on such Director any duties, obligations or liability
that is greater than the duties, obligations or liability imposed on such person as a member of the Board, generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board holds regular
quarterly meetings each year to consider and address matters involving the Fund. The Board also may hold special meetings to address
matters arising between regular meetings. The Independent Directors also meet outside the presence of management in executive session
at least quarterly and have engaged separate, independent legal counsel to assist them in performing their oversight responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board has established
a committee structure that includes an Audit and Valuation Committee, a Contract Review Committee, a Nominating and Corporate Governance
Committee, a Cost Review Committee and a Leverage Committee (each discussed in more detail below) to assist the Board in the oversight
and direction of the business affairs of the Fund, and from time to time may establish informal ad hoc committees or working groups
to review and address the practices of the Fund with respect to specific matters. The Committee system facilitates the timely and
efficient consideration of matters by the Directors, and facilitates effective oversight of compliance with legal and regulatory
requirements and of the Fund&rsquo;s activities and associated risks. The standing Committees currently conduct an annual review
of their charters, which includes a review of their responsibilities and operations. The Nominating and Corporate Governance Committee
and the Board as a whole also conduct an annual self-assessment of the performance of the Board, including consideration of the
effectiveness of the Board&rsquo;s Committee structure. Each Committee is comprised entirely of Independent Directors. Each Committee
member is also &ldquo;independent&rdquo; within the meaning of the NYSE MKT listing standards. The Board reviews its structure
regularly and believes that its leadership structure, including having a super-majority of Independent Directors, coupled with
an Independent Director as Chairman, is appropriate because it allows the Board to exercise informed and independent judgment over
the matters under its purview and it allocates areas of responsibility among the Committees and the full Board in a manner that
enhances efficient and effective oversight.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Audit and Valuation Committee</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund&rsquo;s
Audit and Valuation Committee, established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended
(the &ldquo;1934 Act&rdquo;), is responsible for the selection and engagement of the Fund&rsquo;s independent registered public
accounting firm (subject to ratification by the Fund&rsquo;s Independent Directors), pre-approves and reviews both the audit and
non&ndash;audit work of the Fund&rsquo;s independent registered public accounting firm, and reviews compliance of the Fund with
regulations of the SEC and the Internal Revenue Service, and other related matters. The members of the Fund&rsquo;s Audit and
Valuation Committee are Messrs. P. Gerald Malone, Neville J. Miles, Peter D. Sacks and Moritz Sell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board has adopted
an Audit and Valuation Committee Charter for its Audit and Valuation Committee, the current copy of which is available on the
Fund&rsquo;s website at <U>http://aberdeenfax.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Audit and Valuation
Committee oversees the activities of the Fund&rsquo;s Pricing Committee and performs the responsibilities assigned to the Audit
and Valuation Committee in the Fund&rsquo;s Valuation and Liquidity Procedures, such as overseeing the implementation of the Valuation
and Liquidity Procedures. The Board has delegated to its Audit and Valuation Committee the responsibility of determining the fair
value of the Fund&rsquo;s securities or other assets in situations set forth in the Valuation and Liquidity Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Contract Review Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Contract Review
Committee reviews and makes recommendations to the Board of Directors with respect to entering into, reviewing or amending the
Fund&rsquo;s management agreement, advisory agreement, sub-advisory agreement, administration agreement, investor relations services
agreement and other agreements. The members of the Fund&rsquo;s Contract Review Committee are Messrs. P. Gerald Malone, Neville
J. Miles, William J. Potter, Peter D. Sacks and Moritz Sell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Nominating and Corporate Governance
Committee; Consideration of Potential Director Nominees </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund&rsquo;s
Nominating and Corporate Governance Committee recommends nominations for membership on the Board and reviews and evaluates the
effectiveness of the Board in its role in governing the Fund and overseeing the management of the Fund. It evaluates candidates&rsquo;
qualifications for Board membership and, with respect to nominees for positions as Independent Directors, their independence from
the Fund&rsquo;s Investment Manager, Investment Adviser and Sub-Adviser, and other principal service providers. The Nominating
and Corporate Governance Committee generally meets annually to identify and evaluate nominees for director and makes its recommendations
to its Board at the time of the Board&rsquo;s December meeting. The Nominating and Corporate Governance Committee also periodically
reviews director compensation and will recommend any appropriate changes to the Boards as a group. The Nominating and Corporate
Governance Committee also reviews and may make recommendations to its the Board relating to the effectiveness of the Board in
carrying out its responsibilities in governing the Fund and overseeing the management of the Fund. The Board has adopted a Nominating
and Corporate Governance Committee Charter, a copy of which is on the Fund&rsquo;s website at <U>http://aberdeenfax.com</U>. The
members of the Fund&rsquo;s Nominating and Corporate Governance Committee are Messrs. P. Gerald Malone, Neville J. Miles, William
J. Potter and Moritz Sell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Nominating and
Corporate Governance Committee may take into account a wide variety of factors in considering prospective director candidates,
including (but not limited to): (i)&nbsp;availability (including availability to attend to Board business on short notice) and
commitment of a candidate to attend meetings and perform his or her responsibilities on the Board; (ii)&nbsp;relevant industry
and related experience; (iii)&nbsp;educational background; (iv)&nbsp;reputation; (v) financial expertise; (vi)&nbsp;the candidate&rsquo;s
ability, judgment and expertise; (vii)&nbsp;overall diversity of the Board&rsquo;s composition; and (viii) commitment to the representation
of the interests of the Fund and its shareholders. The Nominating and Corporate Governance Committee also considers the effect
of any relationships beyond those delineated in the 1940 Act that might impair independence, such as business, financial or family
relationships with the Investment Manager, Investment Adviser or Sub-Adviser or their affiliates, as appropriate. The Nominating
and Corporate Governance Committee will consider potential director candidates, if any, recommended by its Fund shareholders provided
that&nbsp;the proposed candidates: (i) satisfy any minimum qualifications of the Fund for its directors, and (ii)&nbsp;are not
 &ldquo;interested persons&rdquo; of the Fund, as that term is defined in the 1940 Act; and (iii) are &ldquo;independent&rdquo;
as defined in the listing standards of any exchange on which the Fund&rsquo;s shares are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While the Nominating
and Corporate Governance Committee has not adopted a particular definition of diversity or a particular policy with regard to the
consideration of diversity in identifying candidates, when considering a candidate&rsquo;s and a Board&rsquo;s diversity, the Committees
generally consider the manner in which each candidate&rsquo;s leadership, independence, interpersonal skills, financial acumen,
integrity and professional ethics, educational and professional background, prior director or executive experience, industry knowledge,
business judgment and specific experiences or expertise would complement or benefit the Board and, as a whole, contribute to the
ability of the Board to oversee the Fund. The Committee may also consider other factors or attributes as they may determine appropriate
in their judgment. The Committee believes that the significance of each candidate&rsquo;s background, experience, qualifications,
attributes or skills must be considered in the context of the Board as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund&rsquo;s bylaws
contain provisions regarding minimum qualifications for directors. These include a requirement that, to qualify as a nominee for
a directorship, each candidate, at the time of nomination, other than persons who were directors at the time of the adoption of
the minimum qualifications, must possess at least the following specific minimum qualifications: (i)&nbsp;a nominee shall have
at least five years&rsquo; experience in any of investment management, economics, public accounting or Australian business; (ii)&nbsp;a
nominee shall have a college undergraduate or graduate degree in economics, finance, business administration, accounting or engineering,
or a professional degree in law, engineering, or medicine, from an accredited university or college in the United States, Australia,
the United Kingdom, Canada or New Zealand, or the equivalent degree from an equivalent institution of higher learning in another
country; and (iii)&nbsp;a nominee shall not have violated any provision of the U.S. federal or state securities laws, or comparable
laws of another country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund&rsquo;s bylaws
also contain advance notice provisions and general procedures with respect to the submission of proposals, including the nomination
of directors. Shareholders who intend to propose potential director candidates must substantiate compliance with these requirements.
Notice of shareholder proposals must be provided to the Fund&rsquo;s Secretary not earlier than the 150<SUP>th</SUP> day and not
later than 5:00 p.m., Eastern Time, on the 120<SUP>th</SUP> day prior to the first anniversary of the date of the preceding year&rsquo;s
proxy statement. Any shareholder may obtain a copy of the Fund&rsquo;s bylaws by calling the Investor Relations department of Aberdeen
Standard Investments Inc., the Fund&rsquo;s investor relations services provider, toll-free at 1-800-522-5465, or by sending an
e-mail to Aberdeen Standard Investments Inc. at <U>InvestorRelations@aberdeenstandard.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><I>Cost Review Committee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Cost Review Committee
reviews on an ongoing basis the fees and expenses incurred by the Fund, to ensure that such expenses are commensurate with the
services provided. The members of the Fund&rsquo;s Cost Review Committee are Messrs. Neville J. Miles, William J. Potter, Peter
D. Sacks and Moritz Sell.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><I>Leverage Committee</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Leverage Committee monitors the Fund&rsquo;s
leverage and reviews leverage options for the Fund. The members of the Fund&rsquo;s Leverage Committee are Messrs. P. Gerald Malone,
William J. Potter and Peter D. Sacks.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><I>Board Oversight
of Risk Management</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund is subject
to a number of risks, including, among others, investment, compliance, operational and valuation risks. &nbsp;Risk oversight forms
part of the Board&rsquo;s general oversight of the Fund and is addressed as part of various Board and Committee activities. &nbsp;The
Board has adopted, and periodically reviews, policies and procedures designed to address these risks. &nbsp;Different processes,
procedures and controls are employed with respect to different types of risks. &nbsp;Day-to-day risk management functions are subsumed
within the responsibilities of ASIAL, who carries out the Fund&rsquo;s investment management and business affairs, and also by
ASI Aus and AAML, and other service providers in connection with the services they provide to the Fund. Each of ASIAL, ASI Aus
and AAML, as applicable, and other service providers have their own, independent interest in risk management, and their policies
and methods of risk management will depend on their functions and business models. &nbsp;As part of its regular oversight of the
Fund, the Board, directly and/or through the Committee, interacts with and reviews reports from, among others, ASIAL, ASI Aus and
AAML, as applicable, and the Fund&rsquo;s other service providers (including the Fund&rsquo;s transfer agent), the Fund&rsquo;s
Chief Compliance Officer, and the Fund&rsquo;s independent registered public accounting firm, legal counsel to the Fund, as appropriate,
relating to the operations of the Fund. The Board also requires ASIAL to report to the Board on other matters relating to risk
management on a regular and as-needed basis. &nbsp;The Board recognizes that it may not be possible to identify all of the risks
that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. &nbsp;The Board
may, at any time and in its discretion, change the manner in which it conducts risk oversight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Board and Committee Meetings in Fiscal
Year 2019 </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the Fund&rsquo;s
fiscal year ended October 31, 2019, the Board held five regular meetings, the Audit and Valuation Committee held three meetings;
the Nominating and Corporate Governance Committee held one meeting; the Contract Review Committee held one meeting; the Cost Review
Committee held one meeting; and the Leverage Committee held five meetings. During the fiscal year ended October 31, 2019, each
incumbent Director attended at least 75% of the aggregate number of meetings of the Board and of Committees of the Board on which
they served.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Communications with the Board of Directors</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Shareholders who
wish to communicate with Board members with respect to matters relating to the Fund may address their written correspondence to
the Board as a whole or to individual Board members c/o Aberdeen Standard Investments Inc., the Funds&rsquo; investor relations
service provider, at 1900 Market Street, Suite 200, Philadelphia, PA 19103, or via e-mail to the Director(s) c/o Aberdeen Standard
Investments Inc. at <U>InvestorRelations@aberdeenstandard.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director Attendance at Annual Meetings
of Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Generally, in the event
that the Fund&rsquo;s Directors are geographically close to the site of an annual meeting of shareholders at the time of such meeting,
one or more of such Directors may attend the meeting. However, since a majority of the Fund&rsquo;s Directors reside outside of
the United States, the Fund recognizes that it would be impractical for most Directors to attend such meeting and would create
a significant expense for the Fund to require the Directors to attend such meeting. In light of the fact that the residences of
most Directors are substantial distances from the location of the annual meeting of shareholders and that, historically, few shareholders
have attended the annual meetings in person, the Fund has not established a policy with respect to Director attendance at annual
meetings of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B>&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REPORT OF THE AUDIT AND VALUATION COMMITTEE; INFORMATION
REGARDING THE FUND&rsquo;S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Audit and Valuation
Committee has selected, and the Fund&rsquo;s Independent Directors have ratified the selection of, KPMG LLP (&ldquo;KPMG&rdquo;),
1601 Market Street, Philadelphia, PA 19103, an independent registered public accounting firm, to audit the financial statements
of the Fund for the fiscal year ending October 31, 2020. Representatives from KPMG are not expected to be present at the Meeting
to make a statement or respond to questions from shareholders. However, such representatives are expected to be available by telephone
to respond to questions raised by shareholders, if any, during the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Audit and Valuation
Committee has received from KPMG the written disclosures and the letter required by the Public Company Accounting Oversight Board
(&ldquo;PCAOB&rdquo;) regarding KPMG&rsquo;s communications with the Audit and Valuation Committee concerning independence, and
have discussed with KPMG its independence. The Audit and Valuation Committee has also reviewed and discussed the audited financial
statements with Fund management and KPMG, and discussed matters with KPMG required to be discussed by the applicable requirements
of the PCAOB and the SEC. Based on the foregoing, the Audit and Valuation Committee recommended to the Board that the Fund&rsquo;s
audited financial statements be included in the Fund&rsquo;s Annual Report to Shareholders for the fiscal year ended October 31,
2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table
sets forth the aggregate fees billed for professional services rendered by KPMG during the Fund&rsquo;s two most recent fiscal
years ended October 31:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Audit Fees</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">82,723</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">82,723</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Audit-Related Fees</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Tax Fees<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">7,610</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">7,610</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">All Other Fees</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">None</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">None</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">The Tax Fees are for the completion of the Fund&rsquo;s federal and state tax returns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the fiscal year
ended October 31, 2019, KPMG billed $620,047 for aggregate non-audit fees for services to the Investment Manager, Investment Adviser
and Sub-Adviser. For the fiscal year ended October 31, 2018, KPMG billed $745,960 for aggregate non-audit fees for services to
the Investment Manager, Investment Adviser and Sub-Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All of the services
described in the table above were pre-approved by the Audit and Valuation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Audit and Valuation
Committee has adopted an Audit and Valuation Committee Charter that provides that the Audit and Valuation Committee shall annually
select, retain or terminate, and recommend to the Audit and Valuation Committee members of the Board and ratified by the entire
Board, who are not &ldquo;interested persons&rdquo; (as that term is defined in Section 2(a)(19) of the Investment Company Act
of 1940, as amended), of the Fund for their ratification, the selection, retention or termination, the Fund&rsquo;s independent
auditor and, in connection therewith, evaluate the terms of the engagement (including compensation of the auditor) and the qualifications
and independence of the independent auditor, including whether the independent auditor provides any consulting, auditing or tax
services to the Investment Manager, Investment Adviser or Sub-Adviser, and receive the independent auditor&rsquo;s specific representations
as to its independence, delineating all relationships between the independent auditor and the Fund, consistent with the Independent
Standards Board (&ldquo;ISB&rdquo;) Standard No. 1. The Audit and Valuation Committee Charter also provides that the Committee
shall review in advance, and consider approval of, any and all proposals by Fund management or the Investment Manager that the
Fund, Investment Manager or their affiliated persons, employ the independent auditor to render &ldquo;permissible non-audit services&rdquo;
to the Fund and to consider whether such services are consistent with the independent auditor&rsquo;s independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Audit and Valuation
Committee has considered whether the provision of non-audit services that were rendered to the Investment Manager, Investment Adviser,
or Sub-Adviser, and any entity controlling, controlled by, or under common control with these entities that provides ongoing services
to the Fund that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining
the principal accountant&rsquo;s independence and has concluded that it is independent.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>COMPENSATION </B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth information
regarding compensation of Directors by the Fund and by the Fund Complex of which the Fund is part for the fiscal year ended October
31, 2019. Officers of the Fund and Directors who are interested persons of the Fund do not receive any compensation directly from
the Fund or any other fund in the Fund Complex for performing their duties as officers or Directors, respectively.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Director</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate Compensation from Fund <BR>
Fiscal Year Ended October 31, 2019</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total Compensation From<BR>
        Fund and Fund Complex</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Paid To Directors*</B></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Independent Directors:</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P. Gerald Malone</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$69,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$400,000 (29)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neville J. Miles</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$49,167</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$241,500 (25)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William J. Potter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$49,167</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$132,500 (3)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter D. Sacks</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$55,833</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$244,500 (25)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moritz Sell</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$40,381</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$111,264 (3)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interested Director:</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Martin J. Gilbert</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A (28)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">*The number in parentheses indicates the total number of funds
in the Fund Complex on which the Director serves or served at any time during the fiscal year ended October 31, 2019.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify; text-indent: -30.6pt"><B>Section&nbsp;16(a)
Beneficial Ownership Reporting Compliance </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Section&nbsp;16(a)
of the 1934 Act and Section&nbsp;30(h) of the 1940 Act, as applied to the Fund, require the Fund&rsquo;s officers, Directors, the
Investment Manager and Investment Adviser, affiliates of the Investment Manager or Investment Adviser, and persons who beneficially
own more than 10% of a registered class of the Fund&rsquo;s outstanding securities (&ldquo;Reporting Persons&rdquo;) to electronically
file reports of ownership of the Fund&rsquo;s securities and changes in such ownership with the SEC and the NYSE MKT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based solely on its
review of such reports filed on EDGAR and written representations from certain Reporting Persons that no year-end reports were
required for those persons, the Fund believes that during the fiscal year ended October 31, 2019, its Reporting Persons complied
with all applicable filing requirements in a timely manner.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Relationship of Directors or Nominees
with the Investment Manager, Investment Adviser, Sub-Adviser and Administrator </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Aberdeen Standard
Investments (Asia) Limited serves as the Investment Manager to the Fund pursuant to a management agreement dated as of April 3,
2009 The Investment Manager is a Singapore corporation with its registered office located at 21 Church Street, #01-01 Capital Square
Two, Singapore 049480. Aberdeen Standard Investments Australia Limited serves as the Investment Adviser to the Fund pursuant to
an advisory agreements dated as of April 3, 2009. The Investment Adviser is an Australian corporation with its registered offices
located at Level 10, 255 George Street, Sydney, NSW 2000, Australia. Aberdeen Asset Managers Limited serves as the Sub-Adviser
to the Fund pursuant to a sub-advisory agreement dated November 1, 2015. The Sub-Adviser is a Scottish company with its registered
offices located at 10 Queen's Terrace, Aberdeen, Scotland AB10 1YG. The Investment Manager, Investment Adviser and Sub-Adviser
are each wholly-owned subsidiaries of Aberdeen Asset Management PLC (&ldquo;Aberdeen PLC&rdquo;), a Scottish company. The registered
offices of Aberdeen PLC are located at 10 Queen&rsquo;s Terrace, Aberdeen, Scotland AB10 1YG. The merger of Standard Life plc and
Aberdeen PLC, announced on March 6, 2017 (the &ldquo;Merger&rdquo;) closed on August 14, 2017. Aberdeen PLC became a direct subsidiary
of Standard Life plc as a result of the Merger and the combined company changed its name to Standard Life Aberdeen plc. Following
the Merger, the Fund&rsquo;s Investment Manager, Investment Adviser, Sub-Adviser and Administrator each became an indirect subsidiary
of Standard Life Aberdeen plc, but otherwise did not change. Mr. Martin Gilbert, a Director and Vice President of the Funds, also
serves as Vice Chairman of Standard Life Aberdeen plc and Chairman of ASI (defined below). Mr. Gilbert is also a shareholder of
Standard Life Aberdeen plc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Aberdeen Standard
Investments Inc. (&ldquo;ASI&rdquo;), an affiliate of the Investment Manager, Investment Adviser and Sub-Adviser, serves as the
Fund&rsquo;s administrator. ASI is a Delaware corporation with its principal business office located at 1900 Market Street, Suite
200, Philadelphia, Pennsylvania 19103. ASI also provides investor relations services to the Fund under an investor relations services
agreement. Messrs. Andolina, Cotton, Goodson, Hendry and Mmes. Melia and Sitar, who serve as officers of the Fund, are also directors
and/or officers of ASI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE FUND&rsquo;S BOARD, INCLUDING THE
INDEPENDENT DIRECTORS, RECOMMENDS THAT THE SHAREHOLDERS VOTE &ldquo;FOR&rdquo; ANNUAL MEETING PROPOSALS 1, 2 AND 3.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SPECIAL MEETING PROPOSAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As described below, the Board is recommending
a proposal to amend several of the Fund&rsquo;s fundamental investment policies and to convert many of the fundamental investment
policies to non-fundamental policies (&ldquo;Special Meeting Proposal&rdquo;). A &ldquo;fundamental policy&rdquo; is an investment
objective, policy or restriction that can be changed only by a vote of both the Directors and the shareholders. Management believes,
and the Board of Directors concurs, that it would be in the best interest of shareholders to make the proposed changes in order
to provide the Fund with more investment flexibility. Such flexibility will allow the Fund to create a more diversified portfolio
of securities and take advantage of the higher yielding opportunities of the Asia-Pacific market.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board also approved several changes
to certain of the Fund&rsquo;s investment policies that do not require approval by shareholders because these policies are &ldquo;non-fundamental&rdquo;;
however, these changes will only be implemented if the Special Meeting Proposal is approved. These changes include: (i) eliminating
the Fund&rsquo;s non-fundamental &ldquo;80% Policy&rdquo; (as defined and described below) given that the Fund will have a revised
fundamental policy with respect to the investment of 80% of the Fund&rsquo;s net assets that will govern, and (ii) eliminations
of or amendments to the Fund&rsquo;s other non-fundamental investment policies. The fundamental policy changes being voted on by
shareholders under the Special Meeting Proposal, the 80% Policy elimination and other non-fundamental policy changes (collectively
referred to as the &ldquo;Fund Policy Changes&rdquo;) would be implemented within ten (10) business days of their approval by shareholders
and the changes to the portfolio as part of the Fund Realignment implementation would occur over time thereafter (the &ldquo;Fund
Realignment&rdquo;). There are no proposed changes to the investment objective of the Fund (which will remain a fundamental investment
objective), to the Fund&rsquo;s name, to the investment team which oversees the management of the Fund&rsquo;s assets or to the
Fund&rsquo;s fundamental investment restrictions. The Fund Policy Changes are described herein and each proposed amended policy
is compared to its current version. Additionally, Annexure A to this Proxy Statement provides an overview of the Fund&rsquo;s investment
objective, fundamental investment restrictions and proposed fundamental and non-fundamental investment policies and assuming the
Special Meeting Proposal is approved and the Fund Policy Changes are implemented.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Investment Manager expects that the
Special Meeting Proposal would allow the Fund to diversify away from Australian debt investments and currency exposure in favor
of higher yielding opportunities throughout the Asia-Pacific region. In the event that the Special Meeting Proposal is approved,
it is currently anticipated that there would be a reduction in the exposure to Australian dollar denominated bonds in favor of
a more diversified exposure in terms of country, currency and sector allocations. While it is expected that the average credit
rating of the bonds in the underlying portfolio will be marginally lower following the Fund Realignment, the Investment Manager
anticipates, based on current market conditions, that the average credit rating of the underlying portfolio will remain investment
grade.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Changes to Fundamental Investment Policies</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A &ldquo;fundamental policy&rdquo; is an
investment objective, policy or restriction that can be changed only by a vote of shareholders of the Fund. The Fund has several
investment policies and investment restrictions that were adopted as a fundamental policies and, therefore, may be changed only
by a vote of Fund shareholders. There are certain policies required to be adopted and maintained as fundamental investment restrictions
pursuant to the 1940 Act. There is, however, no requirement that each of the Fund&rsquo;s investment policies (outside of those
prescribed in Section 8 of the 1940 Act) be fundamental policies. In order to respond more quickly to market or regulatory changes,
without the costs, expense and time delay associated with a special shareholder meeting, it is proposed that the Fund convert many
of its fundamental investment policies to non-fundamental policies. If the Special Meeting Proposal is approved, the Directors
will have the authority to approve any future change to the Fund&rsquo;s investment policies that are converted to non-fundamental
policies. If the Special Meeting Proposal is approved, however, the Fund&rsquo;s fundamental investment restrictions, including
the Fund&rsquo;s revised 80% Policy and the related definitions of &ldquo;Asia-Pacific debt securities&rdquo; and &ldquo;Asia-Pacific
Countries&rdquo; would not be able to be changed without shareholder approval. Shareholders would receive notice of any future
changes to current fundamental policies that are converted to non-fundamental policies by this shareholder vote. The Fund has no
present intention to change its investment policies except as set forth in this Proxy Statement.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The below chart shows the proposal with
respect to each of the Fund&rsquo;s current fundamental investment policies under the Special Meeting Proposal.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 11%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Proposal</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Asian/ Asia-Pacific debt securities</FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Fundamental</I></FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Policy to remain as Fundamental, but be modified as set out below:</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">To achieve its investment objective, the Fund may invest up
        to 80% of its total assets, plus the amount of any borrowings for investment purposes, in &ldquo;Asian debt securities,&rdquo;
        which include: (1) debt securities of Asian Country issuers, including securities issued by Asian Country governmental entities,
        as well as by banks, companies and other entities which are located in Asian Countries, whether or not denominated in an Asian
        Country currency; (2) debt securities of other issuers, denominated in, or linked to, the currency of an Asian Country, including
        securities issued by supranational issuers, such as The World Bank and derivative debt securities that replicate, or substitute
        for, the currency of an Asian Country; (3) debt securities issued by entities which, although not located in an Asian Country,
        derive at least 50% of their revenues from Asian Countries or have at least 50% of their assets located in Asian Countries; and
        (4) debt securities issued by a wholly-owned subsidiary of an entity located in an Asian Country, provided that the debt securities
        are guaranteed by the parent entity located in the Asian Country. With reference to items (3) and (4) above, Asian debt securities
        may be denominated in an Asian Country currency or in Australian, New Zealand or U.S. dollars.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&ldquo;Asian Countries&rdquo; (each, an &ldquo;Asian Country&rdquo;)
        include China, Bangladesh, Hong Kong, India, Indonesia, Japan, Malaysia, Pakistan, the Philippines, Singapore, South Korea, Taiwan,
        Thailand, Sri Lanka, Kazakhstan and Mongolia and Vietnam, and such other countries on the Asian continent approved for investment
        by the Board of Directors upon the recommendation of the Investment Manager.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">To achieve its investment objective, the Fund normally invests
        at least 80% of its net assets, plus the amount of any borrowings for investment purposes in &ldquo;Asia-Pacific debt securities,&rdquo;
        which include: (1) debt securities of Asia-Pacific Country issuers, including securities issued by Asia-Pacific Country governmental
        entities, as well as by banks, companies and other entities which are located in Asia-Pacific Countries, whether or not denominated
        in an Asia-Pacific Country currency; (2) debt securities of other issuers, denominated in, or linked to, the currency of an Asia-Pacific
        Country, including securities issued by supranational issuers, such as The World Bank and derivative debt securities that replicate,
        or substitute for, the currency of an Asia-Pacific Country; (3) debt securities issued by entities which, although not located
        in an Asia-Pacific Country, derive at least 50% of their revenues from Asia-Pacific Countries or have at least 50% of their assets
        located in Asia-Pacific Countries; and (4) debt securities issued by a wholly-owned subsidiary of an entity located in an Asia-Pacific
        Country, provided that the debt securities are guaranteed by the parent entity located in the Asia-Pacific Country. With reference
        to items (3) and (4) above, Asia-Pacific debt securities may be denominated in an Asia-Pacific Country currency or U.S. dollars.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&ldquo;Asia-Pacific Countries&rdquo; (each, an &ldquo;Asia-Pacific
        Country&rdquo;) means countries included in &ldquo;Asia&rdquo; and &ldquo;Oceania&rdquo; in the United Nations (&ldquo;UN&rdquo;)
        geographic regions used by the UN Statistics Division.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Asian/ Asia- Pacific Country Exposure</FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Fundamental</I></FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Policy to be eliminated</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The maximum country exposure to any one Asian Country (other than Korea) is limited to 20% of the Fund&rsquo;s total assets. </FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No specific policy with respect single Asian Country exposure.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will adopt the following non-fundamental policy:</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The maximum exposure to any one &ldquo;Investment Grade Country&rdquo;
        (other than the U.S.) is limited to 25% of the Fund&rsquo;s total assets and the maximum exposure to any one &ldquo;Non-Investment
        Grade Country&rdquo; is limited to 15% of the Fund&rsquo;s total assets. Investment Grade Countries are those countries whose sovereign
        debt is rated not less than Baa3 by Moody&rsquo;s Investors Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;), BBB- by S&amp;P Global
        Ratings (&ldquo;S&amp;P&rdquo;) or BBB- by Fitch or comparably rated by another appropriate nationally or internationally recognized
        ratings agency. Non-Investment Grade Countries are those that are not Investment Grade Countries.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt; width: 11%"><FONT STYLE="font-size: 10pt">Australian Country Exposure</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; width: 42%"><FONT STYLE="font-size: 10pt"><I>Fundamental</I></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; width: 47%"><FONT STYLE="font-size: 10pt"><I>Policy to be eliminated</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">At least 20% of the Fund&rsquo;s total assets will be invested in &ldquo;Australian debt securities,&rdquo; which include: (1) debt securities of Australian issuers, including securities issued by Australian governmental entities, as well as by banks, companies and other entities which are located in Australia, whether or not denominated in the Australian dollar; (2) debt securities of other issuers, denominated in, or linked to, the Australian dollar, including securities issued by supranational issuers, such as The World Bank and derivative debt securities that replicate, or substitute for, the Australian dollar; (3) debt securities issued by entities which, although not located in Australia, derive at least 50% of their revenues from Australia or have at least 50% of their assets located in Australia; and (4) debt securities issued by a wholly-owned subsidiary of an entity located in Australia, provided that the debt securities are guaranteed by the parent entity located in Australia. With reference to items (3) and (4) above, Australian debt securities may be denominated in Australian, New Zealand or U.S. dollars.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No specific policy with respect to Australian debt securities.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">As noted above, the Fund will adopt a non-fundamental policy
        with respect to single Investment Grade Country and Non-Investment Grade Country exposure.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Korea Country Exposure</FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Fundamental</I></FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Policy to be eliminated</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The maximum country exposure for Korea is limited to 40% of the Fund&rsquo;s total assets. </FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No specific policy with respect to Korea exposure.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">As noted above, the Fund will adopt a non-fundamental policy
        with respect to single Investment Grade Country and Non-Investment Grade Country exposure.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">New Zealand Country Exposure</FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Fundamental</I></FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Policy to be eliminated</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">The maximum country exposure for New Zealand is limited to 35% of the Fund's total assets. &quot;New Zealand debt securities,&quot; which include: (1) debt securities of New Zealand issuers, including securities issued by New Zealand governmental entities, as well as by banks, companies and other entities which are located in New Zealand, whether or not denominated in the New Zealand dollar; (2) debt securities of other issuers, denominated in, or linked to, the New Zealand dollar, including securities issued by supranational issuers, such as The World Bank and derivative debt securities that replicate, or substitute for, the New Zealand dollar; (3) debt securities issued by entities which, although not located in New Zealand, derive at least 50% of their revenues from New Zealand or have at least 50% of their assets located in Zealand; and (4) debt securities issued by a wholly-owned subsidiary of an entity located in New Zealand, provided that the debt securities are guaranteed by the parent entity located in New Zealand. With reference to items (3) and (4) above, New Zealand debt securities may be denominated in Australian, New Zealand or U.S. dollars.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No specific policy with respect to New Zealand exposure.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">As noted above, the Fund will adopt a non-fundamental policy
        with respect to single Investment Grade Country and Non-Investment Grade Country exposure.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; width: 11%"><FONT STYLE="font-size: 10pt">Per Country Currency Exposure </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; width: 42%"><FONT STYLE="font-size: 10pt"><I>Fundamental</I></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; width: 47%"><FONT STYLE="font-size: 10pt"><I>Policies to be eliminated</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The maximum currency exposure to any one Asian Country currency
        (other than Korea) is limited to 10% of the Fund's total assets.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The maximum currency exposure for Korea is limited to 25% of
        the Fund's total assets.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The maximum currency exposure for New Zealand is limited to
        35% of the Fund's total assets.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">No policies with respect to Asian Country, Korean or New Zealand
        currency exposure.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will adopt the following non-fundamental policy:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The maximum exposure to any one country other than the U.S.
        or an Asia-Pacific Country (&ldquo;Other Country&rdquo;) currency (excluding U.S. dollars) is limited to 10% of the Fund&rsquo;s
        total assets. The maximum currency exposure to any one Investment Grade Country currency (other than U.S. currency) is limited
        to 25% of the Fund&rsquo;s total assets, the maximum currency exposure to any one Non-Investment Grade Country currency is limited
        to 15% of the Fund&rsquo;s total assets.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Temporary Defensive Investments</FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Fundamental</I></FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Policy to be made Non-Fundamental and modified as set out below:</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">During periods when, in the Investment Manager's judgment, economic
        conditions warrant a temporary defensive investment policy, the Fund may temporarily invest up to 100% of its assets in U.S. debt
        securities.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">During periods when, in the Investment Manager's judgment, economic
        conditions warrant a temporary defensive investment policy, the Fund may temporarily invest up to 100% of its assets in U.S. cash
        and debt securities.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Junk Bonds</FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Fundamental</I></FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Policy to be made Non-Fundamental and modified as set out below:</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">In order to accommodate investment in Asian markets, the Fund
        may invest up to 35% of its total assets in Asian debt securities rated below BBB- by S&amp;P or Baa3 by Moody's (&ldquo;also known
        as junk bonds&rdquo;), or judged by the Investment Manager to be, below investment grade at the time of investment, provided that,
        with the approval of the Fund's Board of Directors, the ratings of other recognized rating services may be used. The Fund may invest
        up to 35% of its total assets in Asian debt securities which may be deemed to be illiquid.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">In order to accommodate investment in Asia-Pacific markets,
        the Fund may invest up to 35% of its total assets in Asia-Pacific Country debt securities rated below BBB- by S&amp;P, Baa3 by
        Moody's or BBB- by Fitch (also known as &ldquo;junk bonds&rdquo;), or judged by the Investment Manager to be below investment grade
        at the time of investment, provided that, with the approval of the Fund's Board of Directors, the ratings of other recognized rating
        services may be used. The Fund may invest up to 35% of its total assets in Asia-Pacific Country debt securities which may be deemed
        to be illiquid.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Speculative or defaulted bonds</FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Fundamental</I></FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Policy to be made Non-Fundamental</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The Fund may invest up to 10% of its total assets in securities
        rated by S&amp;P or Moody's, or judged by the Investment Manager to be, below B- at the time of investment, provided that, with
        the approval of the Fund's Board of Directors, the ratings of other recognized ratings services may be used.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The Fund may invest up to 10% of its total assets in securities
        rated by S&amp;P, Moody's, Fitch, or judged by the Investment Manager to be, below B- at the time of investment, provided that,
        with the approval of the Fund's Board of Directors, the ratings of other recognized ratings services may be used.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Repurchase Agreements</FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Fundamental</I></FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Policy to be made Non-Fundamental</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Fund may enter into repurchase agreements with banks and broker-dealers pursuant to which the Fund may acquire a security for a relatively short period (usually no more than a week) subject to the obligations of the seller to repurchase and the Fund to resell such security at a fixed time and price. The Fund will enter into repurchase agreements only with parties who meet creditworthiness standards approved by the Fund&rsquo;s Board of Directors, i.e., banks or broker-dealers which have been determined by the Fund&rsquo;s Investment Manager to present no serious risk of becoming involved in bankruptcy proceedings within the period contemplated by the repurchase transaction.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Fund may enter into repurchase agreements with banks and broker-dealers pursuant to which the Fund may acquire a security for a relatively short period (usually no more than a week) subject to the obligations of the seller to repurchase and the Fund to resell such security at a fixed time and price. The Fund will enter into repurchase agreements only with parties who meet creditworthiness standards approved by the Fund&rsquo;s Board of Directors, i.e., banks or broker-dealers which have been determined by the Fund&rsquo;s Investment Manager to present no serious risk of becoming involved in bankruptcy proceedings within the period contemplated by the repurchase transaction.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The above proposed investment policies are
shown collectively with the Fund&rsquo;s investment objective, 80% Policy and fundamental investment restrictions and other investment
policies in Annexure A to this Proxy Statement.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>proposed changes
to Fund policies that do not require approval by Shareholders</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As part of the Fund Realignment, and contingent
upon shareholder approval of the Special Meeting Proposal, the Board approved additional investment policy changes that do not
require approval by shareholders. These changes include modifications of some of the Fund&rsquo;s non-fundamental investment policies.
These non-fundamental policy changes are also intended to provide the Fund with the ability to create a more diversified portfolio
of securities and to take advantage of the higher yielding opportunities of the Asia-Pacific market. If the Special Meeting Proposal
is approved, all of the changes relating to the Fund Realignment as described in this Proxy Statement will be implemented concurrently.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Changes to the Fund&rsquo;s Non-Fundamental 80% Policy</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund currently has two policies with
respect to investing 80% of its assets: (i) a fundamental policy setting a maximum of 80% investment threshold and (ii) a non-fundamental
policy setting a minimum 80% investment threshold. The first policy, as noted in the above charts, is fundamental and relates to
the Fund&rsquo;s investment of up to 80% of its total assets, plus the amount of any borrowings for investment purposes, in Asian
debt securities. The second policy, which is non-fundamental, is for the Fund to normally invest at least 80% of its net assets,
plus the amount of any borrowings for investment purposes, in Asian debt securities, Australian debt securities and New Zealand
debt securities (the &ldquo;80% Policy&rdquo;). The Fund is proposing to replace both policies with a single, fundamental 80% Policy
as noted in the chart above and repeated again in the chart below.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 13%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Current 80% Policy</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 53%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>New 80% Policy</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Description of 80% Policy</FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Non-Fundamental</I></FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Policy to be modified as set out below and made Fundamental </I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Asian debt securities, Australian debt securities and New Zealand debt securities.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The Fund normally invests at least 80% of its net assets, plus
        the amount of any borrowings for investment purposes, in Asia-Pacific debt securities,&rdquo; which include: (1) debt securities
        of Asia-Pacific Country issuers, including securities issued by Asia-Pacific Country governmental entities, as well as by banks,
        companies and other entities which are located in Asia-Pacific Countries, whether or not denominated in an Asia-Pacific Country
        currency; (2) debt securities of other issuers, denominated in, or linked to, the currency of an Asia-Pacific Country, including
        securities issued by supranational issuers, such as The World Bank and derivative debt securities that replicate, or substitute
        for, the currency of an Asia-Pacific Country; (3) debt securities issued by entities which, although not located in an Asia-Pacific
        Country, derive at least 50% of their revenues from Asia-Pacific Countries or have at least 50% of their assets located in Asia-Pacific
        Countries; and (4) debt securities issued by a wholly-owned subsidiary of an entity located in an Asia-Pacific Country, provided
        that the debt securities are guaranteed by the parent entity located in the Asia-Pacific Country. With reference to items (3) and
        (4) above, Asia-Pacific debt securities may be denominated in an Asia-Pacific Country currency or U.S. dollars.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&ldquo;Asia-Pacific Countries&rdquo; (each, an &ldquo;Asia-Pacific
        Country&rdquo;) means countries included in &ldquo;Asia&rdquo; and &ldquo;Oceania&rdquo; in the United Nations (&ldquo;UN&rdquo;)
        geographic regions used by the UN Statistics Division.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.25in">Shareholder approval is not required to
make the above changes to the Fund&rsquo;s 80% Policy, however, the new 80% Policy will only be implemented if the Special Meeting
Proposal is approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Changes to Other Non-Fundamental Investment Policies</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund Policy Changes also include some
changes to the Fund&rsquo;s non-fundamental investment policies. Although no shareholder approval of these changes is required,
they will not be implemented unless shareholders approve the Special Meeting Proposal. The non-fundamental policy changes are described
below, and are also included in Annexure A to this Proxy Statement, which provides a description of the Fund&rsquo;s 80% Policy
and fundamental and non-fundamental investment policies as if all of the Fund Policy Changes were implemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 14%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Current Non-Fundamental Policy</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Board Approved Non-Fundamental Policy</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Counterparty minimum rating</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Fund will only use counterparty institutions rated A&ndash; or better by recognized international rating agencies, except with respect to Korean futures. In Korea, brokerage houses with Korean futures exchanges require deposits into margin accounts, and in many cases, these accounts are with unrated entities.</FONT></TD>
    <TD STYLE="text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The Fund will only use counterparty
institutions rated A&ndash; or better by recognized international rating agencies for all over-the-counter derivatives transactions.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Counterparty exposure limit</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">A maximum of 7.5% of the Fund&rsquo;s total assets may be invested in a derivative transaction with any single counterparty.</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Terminate such policy.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Sydney exchange exposure</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The Fund&rsquo;s maximum gross exposure
(long plus short positions) to derivatives traded on the Sydney Futures Exchange is 20% of its total assets and the maximum net
exposure (long positions minus short positions) to derivatives traded on the Sydney Futures Exchange is 15% of the Fund&rsquo;s
total assets.</P></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Terminate such policy.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Asian Futures exchange exposure</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">A maximum of 7% of the Fund&rsquo;s
total assets may have exposure to derivatives traded on any one Asian Futures Exchanges.</P></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Terminate such policy.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Single position exposure</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Fund intends to limit its investments in the securities of any issuer, except for securities issued or guaranteed as to payment of principal and interest by Australian, New Zealand or Asian Country governmental entities, to 5% of its total assets at the time of purchase</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Fund intends to limit its investments in the securities of any issuer, except for securities issued or guaranteed as to payment of principal and interest by Asia-Pacific Country or Other Country governmental entities, to 5% of its total assets at the time of purchase.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Other Country Exposure</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Fund may invest up to 10% of its total assets in the debt securities of any Other Country.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Australian government entities</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Fund may invest without limitation in securities of Australian governmental entities and intends to invest at least 25% of its assets in securities of Australian governmental entities. </FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Terminate such policy.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>New Zealand government entities</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Fund may, at the time of purchase, invest up to 24.9% of its total assets in New Zealand governmental securities and Korea governmental securities.</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Terminate such policy.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Asian government entities</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Fund also may, at the time of purchase,&nbsp;&nbsp;invest up to 15% of its total assets in Asian Country (other than Korea) governmental securities.</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Terminate such policy.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Yen, Euro and British pound exposure</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">A maximum of 20% of the Fund&rsquo;s total assets in Asian debt securities can be denominated in any combination of Yen, Euro and British pound. </FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">A maximum of 20% of the Fund&rsquo;s total assets in Asia-Pacific Country debt securities can be denominated in any combination of Yen, Euro and British pound.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>Other Country currency exposure</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The maximum exposure to any one Other Country currency (excluding U.S. dollars) is limited to 10% of the Fund&rsquo;s total assets.&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>IMPACT OF the Fund
Realignment </B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Consequences</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is anticipated that the Fund Policy Changes
would be implemented within ten business days of shareholder approval of the Special Meeting Proposal, and the changes to the portfolio
as part of the Fund Realignment would occur over time thereafter. Because the Fund realignment will involve turning over portions
of the Fund&rsquo;s portfolio, there is expected to be a tax impact. The tax impact of the Fund Realignment will depend on the
difference between the price at which portfolio securities are sold and the Fund's basis in such securities, offset by capital
loss carry forwards. Any net capital gains realized will be distributed prior to the end of 2020, and such distribution will be
taxable to tax-paying shareholders. The amount of net capital gains realized and distributed can fluctuate widely and will depend
on, among other things, market conditions at the time of the sales. If the portfolio restructuring had occurred on October 31,
2019 and the distribution made on that date, the Fund would have generated approximately $XX ($XX per share), in currency gains/losses
and [$XX ($XX per share)] in capital gains/losses. The amount noted in the preceding sentences are estimates based on current market
conditions and there can be no guarantee that the dividends actually paid will not be materially higher or lower than the estimates.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to an exemptive order granted by
the SEC on March 30, 2010, the Fund may distribute any long-term capital gains more frequently than the limits provided in Section
19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Fund during the year may include net income,
short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain
dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned
by the Fund, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions
made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends
to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares
held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with
a holding period based on the period the shares have been held at the date such amount is received. Shareholders should not draw
any conclusions about the Fund&rsquo;s investment performance from the terms of the distribution policy. The final determination
of the source of all distributions will be made after year-end. The actual amounts and sources of the amounts for tax reporting
purposes will depend upon the Fund&rsquo;s investment experience during the fiscal year and may be subject to change based on tax
regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal
income tax purposes.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For U.S. federal income purposes, the Fund
includes a separately identifiable unit called a Qualified Business Unit (&ldquo;QBU&rdquo;) (see Internal Revenue Code of 1986,
as amended (&ldquo;IRC&rdquo;), section 987). The Fund has operated with a QBU for U.S. federal income purposes since 1990. The
home office of the Fund is designated as the United States and of the QBU is Australia with a functional currency of Australian
dollar. The securities held within the Fund reside within either the QBU or the home office. Australian dollar denominated securities
within the Australian QBU generate capital gain/loss (which are translated for U.S. federal income tax purposes into U.S. Dollars
based on the weighted average exchange rate for the period) but not currency gain/loss. It is expected that the Fund would greatly
reduce the proportion of Australian securities in its portfolio as part of the Fund Realignment, which would necessitate the closing
of the Australian QBU in a reasonable timeframe.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transaction Costs</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the Fund Realignment,
the Fund expects to experience approximately XX% portfolio turnover, which will result in higher than normal transaction costs
to shareholders. The transaction costs are currently estimated to be approximately $XX and will be borne by the Fund.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Impact on Fund Leverage Arrangements</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund has various
agreements in place relating to loan facilities and its use of leverage which include a Credit Agreement for the revolving credit
facility, Note Purchase Agreements for the Series A-E Senior Secured Notes (the &ldquo;Senior Notes&rdquo;). Under these agreements,
amendments to fundamental investment policies are an event of default or breach of provisions, and therefore, the Fund has sought
waivers and/or consents from the respective relevant parties in order to proceed with the Fund Policy Changes and Fund Realignment
without impacting the Fund&rsquo;s current leverage arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Vote
Required to Approve the Special Meeting Proposal</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Special Meeting
Proposal must be approved by the affirmative vote of the lesser of (1) more than 50% of the outstanding voting securities of the
Fund, or (2) 67% or more of the voting securities of the Fund present at the Special Meeting, if more than 50% of the outstanding
voting securities of the Fund are represented at the Special Meeting in person or by proxy. Additionally, the Special Meeting Proposal
must receive a vote of the majority of the outstanding shares of preferred stock, voting separately as a single class. Therefore,
if the Special Meeting Proposal receives the required vote from all of the outstanding voting securities, but does not receive
the required vote by the shares preferred stock voting separately as a single class, or vice versa, the Special Meeting Proposal
will not have been approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE FUND&rsquo;S BOARD, INCLUDING THE
INDEPENDENT DIRECTORS, RECOMMENDS THAT THE SHAREHOLDERS VOTE &ldquo;FOR&rdquo; THE SPECIAL MEETING PROPOSAL</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Expenses.</B> The expense of preparation,
printing and mailing of the enclosed proxy card and accompanying Notices and Proxy Statement will be borne by the Fund. The Fund
will reimburse banks, brokers and others for their reasonable expenses in forwarding proxy solicitation material to the beneficial
owners of the shares of the Fund. The expense of preparing the proxy statement is estimated to be $[ ].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to obtain
the necessary quorum at each Meeting, supplementary solicitation may be made by mail, telephone, telegraph or personal interview.
Such solicitation may be conducted by, among others, officers, Directors and employees of the Fund, the Investment Manager, the
Investment Adviser, the Sub-Adviser or the Fund&rsquo;s administrator. AST Fund Solutions, LLC (&ldquo;AST&rdquo;) has been retained
to assist in the solicitation of proxies and will receive an estimated fee of $6,500 and be reimbursed for its reasonable expenses.
Total payments to AST are expected to be between $239,588 and $304,771.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Solicitation and Voting of Proxies.</B>
Solicitation of proxies is being made primarily by the mailing of this Proxy Statement with its enclosures on or about March 9,
2020. As mentioned above, AST has been engaged to assist in the solicitation of proxies. As the date of the Meetings approaches,
certain shareholders of the Fund may receive a call from a representative of AST, if the Fund has not yet received their vote.
Authorization to permit AST to execute proxies may be obtained by telephonic instructions from shareholders of the Fund. Proxies
that are obtained telephonically will be recorded in accordance with procedures that management of each of the Fund believes are
reasonably designed to ensure that the identity of the shareholder casting the vote is accurately determined and that the voting
instructions of the shareholder are accurately determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Beneficial Owners. </B>Based upon filings
made with the SEC, as of February 18, 2020, the following table shows certain information concerning persons who may be deemed
beneficial owners of 5% or more of a class of shares of the Fund because they possessed or shared voting or investment power with
respect to the Fund&rsquo;s shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: justify">Fund</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Class</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Name and Address</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Number of Shares Beneficially Owned</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Percentage of Shares</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 17%; font-size: 10pt; text-align: left; padding-bottom: 1pt">FAX</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; font-size: 10pt; text-align: center; padding-bottom: 1pt">Preferred</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: justify; padding-bottom: 1pt">Voya Financial Inc. <BR>230 Park Avenue <BR>New York, NY 10169</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 12%; font-size: 10pt; text-align: center">600,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 12%; font-size: 10pt; text-align: right">30.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Shareholder Proposals.</B> If a shareholder
intends to present a proposal, including the nomination of a director, at the Annual Meeting of Shareholders of the Fund to be
held in 2021 and desires to have the proposal included in the Fund&rsquo;s proxy statement and form of proxy for that meeting,
the shareholder must deliver the proposal to the Secretary of the Fund at the office of the Fund, 1900 Market Street, Suite 200,
Philadelphia, Pennsylvania 19103, and such proposal must be received by the Secretary no later than November 9, 2020.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders wishing to present proposals,
including the nomination of a director, at the Annual Meeting of Shareholders of the Fund to be held in 2021 which they do not
wish to be included in the Fund&rsquo;s proxy materials must send written notice of such proposals to the Secretary of the Fund
at the office of the Fund, 1900 Market Street Suite 200, Philadelphia, Pennsylvania 19103, and such notice must be received by
the Secretary no sooner than October 10, 2020 and no later than 5:00 p.m., Eastern Time, on November 9, 2020 in the form prescribed
from time to time in the Fund&rsquo;s bylaws; provided, however, that in the event that the date of the annual meeting is advanced
or delayed by more than 30 days from the first anniversary of the date of the preceding year&rsquo;s annual meeting, notice by
the shareholder to be timely must be so delivered not earlier than the 150<SUP>th</SUP> day prior to the date of such annual meeting
and not later than the close of business on the later of the 120<SUP>th</SUP> day prior to the date of such annual meeting or the
tenth day following the day on which public announcement of the date of such meeting is first made.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SHAREHOLDERS WHO DO NOT EXPECT TO BE
PRESENT AT THE MEETINGS AND WHO WISH TO HAVE THEIR SHARES VOTED ARE REQUESTED TO DATE AND SIGN THE ENCLOSED PROXY CARD(S) AND RETURN
THEM IN THE ENCLOSED ENVELOPE. NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Delivery of Proxy Statement</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless the Fund has
received contrary instructions from shareholders, only one copy of this Proxy Statement may be mailed to households, even if more
than one person in a household is a shareholder of record. If a shareholder needs an additional copy of this Proxy Statement, please
contact the Fund at 1-800-522-5465. If any shareholder does not want the mailing of this Proxy Statement to be combined with those
for other members of its household, please contact the Fund in writing at: 1900 Market Street, Suite 200, Philadelphia, PA 19103
or call the Funds at 1-800-522-5465.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Business</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Management knows of
no business to be presented at the Meetings, other than the Proposals set forth in this Proxy Statement, but should any other matter
requiring the vote of shareholders arise, the proxies will vote thereon according to their discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By order of the Board of Directors,</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Megan Kennedy</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Megan Kennedy, Secretary</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Aberdeen Asia-Pacific Income
    Fund, Inc.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>ANNEXURE A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INVESTMENT OBJECTIVE</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The Fund's investment objective is to seek current income. The
Fund may also achieve incidental capital appreciation. The Fund's investment objective may not be changed without the approval
of the holders of a majority of the outstanding shares of the Common Stock and the Preferred Stock, voting together as a single
class, as well as by the holders of a majority of the outstanding shares of the Fund's Preferred Stock voting as a separate class
without regard to series. A majority vote, as defined by the 1940 Act, means the affirmative vote of the lesser of (i) 67% of the
relevant shares represented at a meeting at which more than 50% of such shares are represented, or (ii) more than 50% of the relevant
shares.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INVESTMENT POLICIES</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fundamental Investment Policies</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To achieve its investment objective, the Fund normally invests
at least 80% of its net assets, plus the amount of any borrowings for investment purposes in &ldquo;Asia-Pacific debt securities,&rdquo;
which include: (1) debt securities of Asia-Pacific Country issuers, including securities issued by Asia-Pacific Country governmental
entities, as well as by banks, companies and other entities which are located in Asia-Pacific Countries, whether or not denominated
in an Asia-Pacific Country currency; (2) debt securities of other issuers, denominated in, or linked to, the currency of an Asia-Pacific
Country, including securities issued by supranational issuers, such as The World Bank and derivative debt securities that replicate,
or substitute for, the currency of an Asia-Pacific Country; (3) debt securities issued by entities which, although not located
in an Asia--Pacific Country, derive at least 50% of their revenues from Asia-Pacific Countries or have at least 50% of their assets
located in Asia-Pacific Countries; and (4) debt securities issued by a wholly-owned subsidiary of an entity located in an Asia-Pacific
Country, provided that the debt securities are guaranteed by the parent entity located in the Asia-Pacific Country. With reference
to items (3) and (4) above, Asia-Pacific debt securities may be denominated in an Asia-Pacific Country currency or U.S. dollars.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Asia-Pacific Countries&rdquo; (each, an &ldquo;Asia-Pacific
Country&rdquo;) means countries included in &ldquo;Asia&rdquo; and &ldquo;Oceania&rdquo; in the United Nations (&ldquo;UN&rdquo;)
geographic regions used by the UN Statistics Division.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-Fundamental Investment Policies</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest up to 10% of its total assets in the debt
securities of any one country other than the U.S. or an Asia-Pacific Country (&ldquo;Other Country&rdquo; debt securities). The
maximum exposure to any one Other Country currency (excluding U.S. dollars) is limited to 10% of the Fund&rsquo;s total assets.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The maximum exposure to any one &ldquo;Investment Grade Country&rdquo;
(other than the U.S.) is limited to 25% of the Fund&rsquo;s total assets and the maximum exposure to any one &ldquo;Non-Investment
Grade Country&rdquo; is limited to 15% of total assets. Investment Grade Countries are those countries whose sovereign debt is
rated not less than Baa3 by Moody&rsquo;s Investors Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;), BBB- by S&amp;P Global Ratings
(&ldquo;S&amp;P&rdquo;) or BBB- by Fitch or comparably rated by another appropriate nationally or internationally recognized ratings
agency. Non-Investment Grade Countries are those countries that are not Investment Grade Countries.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The maximum currency exposure to any one Investment Grade Country
currency (other than U.S. currency) is limited to 25% of the Fund&rsquo;s total assets, the maximum currency exposure to any one
Non-Investment Grade Country currency is limited to 15% of the Fund&rsquo;s total assets.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During periods when, in the Investment Manager&rsquo;s judgment,
economic conditions warrant a temporary defensive investment policy, the Fund may temporarily invest up to 100% of its assets in
U.S. cash and debt securities.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to accommodate investment in Asia-Pacific markets,
the Fund may invest up to 35% of its total assets in Asia-Pacific Country debt securities rated below BBB- by S&amp;P, Baa3 by
Moody&rsquo;s or BBB- by Fitch (also known as &ldquo;junk bonds&rdquo;), or judged by the Investment Manager to be below investment
grade at the time of investment, provided that, with the approval of the Fund&rsquo;s Board of Directors, the ratings of other
recognized rating services may be used. The Fund may invest up to 35% of its total assets in Asia-Pacific Country debt securities
which may be deemed to be illiquid.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest up to 10% of its total assets in securities
rated by S&amp;P, Moody&rsquo;s, Fitch, or judged by the Investment Manager to be, below B- at the time of investment, provided
that, with the approval of the Fund&rsquo;s Board of Directors, the ratings of other recognized ratings services may be used.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may enter into repurchase agreements with banks and
broker-dealers pursuant to which the Fund may acquire a security for a relatively short period (usually no more than a week) subject
to the obligations of the seller to repurchase and the Fund to resell such security at a fixed time and price. The Fund will enter
into repurchase agreements only with parties who meet creditworthiness standards approved by the Fund&rsquo;s Board of Directors,
i.e., banks or broker-dealers which have been determined by the Fund&rsquo;s Investment Manager to present no serious risk of becoming
involved in bankruptcy proceedings within the period contemplated by the repurchase transaction.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A maximum of 20% of the Fund&rsquo;s total assets in Asia-Pacific
Country debt securities can be denominated in any combination of Yen, Euro and British pound.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest up to 10% of its total assets in secondary
market bank loans, up to an additional 10% of its total assets in convertible securities and other hybrid securities, and up to
an additional 10% of its total assets in asset-backed securities.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund currently utilizes and in the future expects to continue
to utilize leverage through borrowings or through other transactions, such as reverse repurchase agreements, which have the effect
of leverage.&nbsp; The Fund may also utilize leverage through the issuance of debt securities or preferred stock. The Fund may
use leverage up to 33<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #3C4043">&#8531;</FONT>% of its total assets
(including the amount obtained through leverage).&nbsp; The Fund generally will not utilize leverage if it anticipates that the
Fund&rsquo;s leveraged capital structure would result in a lower return to shareholders than that obtainable over time with an
unleveraged capital structure.&nbsp; Use of leverage creates an opportunity for increased income and capital appreciation for shareholders
but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during
any period in which it is employed.&nbsp; See &ldquo;Use of Leverage.&rdquo;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Consistent with its investment objective
the Fund may invest in a broad array of financial instruments and securities in which the value of the instrument or security is
 &ldquo;derived&rdquo; from the performance of an underlying asset or a &ldquo;benchmark&rdquo; such as a security index, an interest
rate or a foreign currency (&ldquo;derivatives&rdquo;). The Fund may use derivatives to manage currency, interest rate and credit
risk and as a substitute for physical securities. The Fund may use interest rate swaps to hedge the Fund&rsquo;s liability with
respect to its leverage. There is no limit on the amount of interest rate swap transactions that may be entered into by the Fund.&nbsp;
Derivative debt securities that replicate, or substitute for, the currency of a particular country will be counted toward the limitations
applicable with respect to issuers in that country. The Fund may invest in over-the-counter or exchange traded derivatives. The
Fund may invest in derivatives up to the limits allowed under the 1940 Act. The following guidelines apply with respect to the
Fund&rsquo;s derivative investments:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 45pt"></TD><TD STYLE="text-align: justify; width: 27pt">(a)</TD><TD STYLE="text-align: justify">The Fund will only use counterparty institutions rated A&ndash; or better by recognized international rating agencies for all
OTC derivatives transactions.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 45pt"></TD><TD STYLE="text-align: justify; width: 27pt">(b)</TD><TD STYLE="text-align: justify">A maximum of 20% of the Fund&rsquo;s total assets may have exposure to currency-linked notes.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 45pt"></TD><TD STYLE="text-align: justify; width: 27pt">(c)</TD><TD STYLE="text-align: justify">A maximum of 10% of the Fund&rsquo;s total assets may be at risk to any single counterparty (aggregate interest rate, currency
and credit derivatives).</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 45pt"></TD><TD STYLE="text-align: justify; width: 27pt">(d)</TD><TD STYLE="text-align: justify">Exchange-traded derivatives may only be traded on regulated derivative exchanges and a maximum of 35% of the Fund&rsquo;s total
assets may have exposure to exchange-traded derivatives.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 45pt"></TD><TD STYLE="text-align: justify; width: 27pt">(e)</TD><TD STYLE="text-align: justify">A maximum of 20% of the Fund&rsquo;s total assets may have exposure to derivatives traded on the Chicago Board of Trade.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund may invest in securities issued
by investment companies registered as such under the 1940 Act and unregistered, private funds (each, an &ldquo;acquired company&rdquo;),
subject to the limitations below (which are to be applied immediately after the acquisition of such securities).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund may not acquire securities issued
by an acquired company:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">if the value of such securities exceeds 3% of the total
outstanding voting stock of the acquired company;</TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">if the aggregate value of such securities would exceed
5% of the value of the total assets of the Fund; or</TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">if the aggregate value of such securities, together with
all other acquired company securities in the Fund&rsquo;s portfolio, would exceed 10% of the value of the total assets of the
Fund.</TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a non-diversified company, there is no investment restriction
on the percentage of the Fund&rsquo;s assets that may be invested at any time in the securities of any issuer. However, the Fund
intends to limit its investments in the securities of any issuer, except for securities issued or guaranteed as to payment of principal
and interest by Asia-Pacific Country or Other Country governmental entities, to 5% of its total assets at the time of purchase.
The Fund intends to invest in a variety of debt securities, with differing issuers, maturities and interest rates, and to comply
with the diversification and other requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment
companies so that the Fund will not be subject to U.S. federal income taxes on its net investment income. The average U.S. dollar
weighted maturity of the Fund&rsquo;s portfolio is not expected to exceed 10 years.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FUNDAMENTAL INVESTMENT RESTRICTIONS</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has elected
to be classified as a non-diversified closed-end management investment company and will invest its assets only in a manner consistent
with this classification under applicable law.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(1) issue senior securities, except (a) insofar as
the Fund may be deemed to have issued a senior security in connection with any repurchase or securities lending agreement or any
borrowing agreement permitted by these investment restrictions and (b) that the Fund may issue one or more series of its preferred
stock, if permitted by its Articles of Incorporation, including Articles of Amendment and Articles Supplementary thereto;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(2) borrow money, except as permitted under, or to
the extent not prohibited by, the Investment Company Act of 1940, as amended, and as interpreted or modified by regulatory authority
having jurisdiction,</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">from time to time;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(3) engage in the business of underwriting securities
issued by others, except to the extent that the Fund may be deemed to be an underwriter in connection with the disposition of portfolio
securities;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(4) purchase or sell real estate, which term does
not include securities of companies that deal in real estate or mortgages or investments secured by real estate or interests therein,
except that the Fund reserves freedom of action to hold and to sell real estate acquired as a result of the Fund&rsquo;s ownership
of securities;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(5) purchase physical commodities or contracts relating
to physical commodities;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(6) make loans to other persons, except as permitted
under, or to the extent not prohibited by, the Investment Company Act of 1940, as amended, and as interpreted or modified by regulatory
authority having jurisdiction, from time to time;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(7) concentrate its investments in a particular industry
or group of industries, as those terms are used in the Investment Company Act of 1940, as amended or modified by regulatory authority
having jurisdiction from time to time, except that at any time the Fund has invested more than 25% of its total assets in securities
of issuers of a particular country, the Fund may invest more than 25% of its assets, and up to the amount of its total assets invested
in securities of issuers of that country, in securities issued or guaranteed, as to payment of principal and interest, by the government
(including governmental subdivisions) or governmental entities or instrumentalities of that country.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of Restriction 7, above, &ldquo;securities of issuers
of a particular country&rdquo; shall include: (a) securities of issuers located in that country; (b) securities that are denominated
in, or linked to, the currency of that country, including securities of supranational issuers and derivative securities that replicate,
or substitute for, the currency of that country; (c) securities of issuers that derive at least 50% of their revenues from that
country or have at least 50% of their assets located in that country; (d) securities issued by a parent or subsidiary of, and guaranteed
by, an entity located in that country; (e) securities issued by the government (including governmental subdivisions) or governmental
entities or instrumentalities of that country; and (f) repurchase agreements with respect to any of the foregoing securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Form of Proxy
Card for Common Shareholders for Annual Meeting</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EVERY SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</P>

<DIV ALIGN="RIGHT">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="45%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt">


<TR>
<TD STYLE="width: 12%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
<TD STYLE="width: 8%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 69%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:14pt">
<TD STYLE="vertical-align: top"></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">EASY VOTING OPTIONS:</TD></TR>
<TR STYLE="font-size:1pt">
<TD STYLE="height: 8px"></TD>
<TD COLSPAN="3" STYLE="height: 8px"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD STYLE="vertical-align: top"></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: middle; text-align: center">


<IMG SRC="tm209619d1_pre14aimg03.jpg" ALT="LOGO">
</TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE&nbsp;ON&nbsp;THE&nbsp;INTERNET</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Log on to:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"><B><U>www.proxy-direct.com</U></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>or scan the QR code</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Follow the <FONT
STYLE="white-space:nowrap">on-screen</FONT> instructions</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B><I>available 24 hours</I></B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD STYLE="vertical-align: top"></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: middle; text-align: center">


<IMG SRC="tm209619d1_pre14aimg04.jpg" ALT="LOGO" STYLE="width: 58px">
</TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: middle"> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>VOTE BY PHONE</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Call <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-337-3503</FONT></FONT></FONT></B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Follow the
recorded instructions</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B><I>available 24 hours</I></B></P>
<P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD STYLE="vertical-align: top"></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: middle; text-align: center">


<IMG SRC="tm209619d1_pre14aimg05.jpg" ALT="LOGO" STYLE="width: 77px">
</TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: middle"> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>VOTE BY MAIL</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Vote, sign and
date this Proxy</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Card and return in the</B></P>
<P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>postage-paid envelope</B></P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD STYLE="vertical-align: top"></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: middle; text-align: center">


<IMG SRC="tm209619d1_pre14aimg06.jpg" ALT="LOGO" STYLE="width: 77px">
</TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: middle; text-align: center"> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>VOTE IN PERSON</B></P>
<P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Attend Shareholder Meeting</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>1900
                                         Market Street,</B> <B>Suite 200</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Philadelphia, PA 19103</B></P>
<P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 1pt"><B>on April&nbsp;24, 2020</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Please detach at perforation
before mailing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="font: 10pt ARIAL; border-collapse: collapse">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="BOTTOM" WIDTH="2%"></TD>
<TD WIDTH="84%"></TD>
<TD VALIGN="BOTTOM" WIDTH="2%"></TD>
<TD WIDTH="6%"></TD></TR>


<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD VALIGN="TOP"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PROXY</B></FONT></TD>
<TD VALIGN="BOTTOM"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP"><P ALIGN="CENTER" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ABERDEEN&nbsp;ASIA-PACIFIC&nbsp;INCOME&nbsp;FUND,&nbsp;INC.</B></FONT></P>
<P ALIGN="CENTER" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ANNUAL
MEETING OF SHAREHOLDERS</B></FONT></P> <P ALIGN="CENTER" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TO
                                         BE HELD ON APRIL&nbsp;24, 2020</B></FONT></P></TD>
<TD VALIGN="BOTTOM"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="TOP"></TD></TR>
</TABLE> <P STYLE="text-align: justify; text-indent: 1in; font: 9pt ARIAL; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B>THIS PROXY IS BEING SOLICITED
BY THE BOARD OF DIRECTORS</B>. The undersigned shareholder(s) of Aberdeen Asia-Pacific Income Fund, Inc., revoking previous proxies,
hereby appoints Alan Goodson, Megan Kennedy and Matthew Keener, or any one of them true and lawful attorneys with power of substitution
of each, to vote all shares of Aberdeen Asia-Pacific Income Fund, Inc. which the undersigned is entitled to vote, at the Annual
Meeting of Shareholders to be held on Friday, April 24, 2020, at 10:30 a.m. Eastern Time, at the offices of Aberdeen Standard
Investments Inc., 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, and at any adjournment thereof as indicated
on the reverse side.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B>In their discretion, the proxy holders named above are authorized to vote upon such other matters as may properly come before the meeting or any
adjournment thereof. </B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B>Receipt of the Notice
of the Annual Meeting and the accompanying Proxy Statement is hereby acknowledged. If this Proxy is executed but no instructions
are given, the votes entitled to be cast by the undersigned will be cast &ldquo;FOR&rdquo; the nominees for director.</B></P>

<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<DIV ALIGN="RIGHT">

<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B></B></P>

<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="45%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VOTE
                             VIA THE INTERNET: www.proxy-direct.com</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VOTE
VIA THE TELEPHONE: 1-800-337-3503</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt" BGCOLOR="#e5e5e5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt" BGCOLOR="#e5e5e5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B></B></P>

</DIV>

<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B></B></P>

<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"></P>
<P STYLE="text-align: center; font: 9pt ARIAL; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0pt"><B>FAX_31185_021320_A </b></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0pt"><B>PLEASE SIGN, DATE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </B></P>
<P ALIGN="CENTER" STYLE="font: 8pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center">EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT </P>
<P ALIGN="CENTER" STYLE="font: 12pt ARIAL; margin-top: 60pt; margin-bottom: 0pt"><B>Important Notice Regarding the Availability of Proxy Materials for the </B></P>
<P ALIGN="CENTER" STYLE="font: 12pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Aberdeen Asia-Pacific Income Fund, Inc. </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting of Shareholders to Be
Held on Friday, April 24, 2020, at 10:30 a.m. (Eastern Time)</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">The Notice of the Annual Meeting, Proxy
Statement and Proxy card for this meeting are available at:</P>

<P STYLE="color: Blue; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><U>http://www.aberdeenFAX.com</U></P>
<P ALIGN="CENTER" STYLE="font: 12pt ARIAL; margin-top: 60pt; margin-bottom: 0pt">IF YOU VOTE ON THE INTERNET OR BY TELEPHONE,
</P>
<P ALIGN="CENTER" STYLE="font: 12pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">YOU NEED NOT RETURN THIS PROXY CARD</P> <P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 60pt; margin-bottom: 0pt">Please
                                         detach at perforation before mailing. </P> <P ALIGN="JUSTIFY" STYLE="font: 9pt ARIAL; margin-top: 12pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">In their discretion, the proxy holders are
authorized to vote upon the matters set forth in the Notice of the Annual Meeting and Proxy Statement dated [&#9679;], 2020
and upon all other such matters as may properly come before the meeting or any adjournment thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS
A VOTE &#147;FOR&#148; THE NOMINEES FOR DIRECTOR IN THE PROPOSALS.</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0pt">TO
                                         VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:&nbsp;<B>&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></B></P> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" ALIGN="CENTER" STYLE="width: 100%; font: 9pt ARIAL; border-collapse: collapse">


<TR>
<TD STYLE="width: 3%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 96%"></TD></TR>


<TR STYLE="font: 9pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top"><FONT STYLE="color: #FFFFFF"></FONT></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"> <P ALIGN="JUSTIFY" STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">Proposals</P></TD></TR>
</TABLE> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="font: 10pt ARIAL; border-collapse: collapse">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD>
<TD VALIGN="BOTTOM" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="font: 8pt ARIAL; page-break-inside: avoid">
<TD VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">1.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" COLSPAN="3"> <P ALIGN="JUSTIFY" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B></B>To elect one Class&nbsp;II Director
                              to the Board of Directors to serve until the 2023 Annual Meeting of Shareholders.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER">&nbsp;&nbsp;FOR&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER">&nbsp;&nbsp;AGAINST&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER">&nbsp;&nbsp;ABSTAIN</TD></TR>
<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">01.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">P. Gerald Malone</P></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD></TR>
<TR STYLE="font-size: 1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">3.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP" COLSPAN="3"> <P ALIGN="JUSTIFY" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"> To consider the continuation of the term of one Director under the Fund&rsquo;s Corporate Governance Policies.</P>
                              <P STYLE="text-align: justify; font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">(Class I Director, three-year term ending 2022)</P>



<P STYLE="font: 10pt ARIAL; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;&nbsp;FOR&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;&nbsp;AGAINST&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">ABSTAIN</TD></TR>
<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">01.</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">Neville J. Miles</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
</TABLE> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" ALIGN="CENTER" STYLE="width: 100%; font: 9pt ARIAL; border-collapse: collapse">


<TR>
<TD STYLE="width: 3%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 96%"></TD></TR>


<TR STYLE="font: 9pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top"><FONT STYLE="color: #FFFFFF"></FONT></TD>
<TD STYLE="vertical-align: bottom"></TD>
<TD STYLE="vertical-align: top"><B>Authorized Signatures</B> &#151; <B>This section must be completed
for your vote to be counted.&#151; Sign and Date Below</B></TD></TR>
</TABLE> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt ARIAL; border-collapse: collapse">
<TR STYLE="page-break-inside: avoid">
<TD WIDTH="3%" VALIGN="TOP" ALIGN="LEFT"><B>Note</B>:&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 8pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">Please sign exactly as your name(s) appear(s) on this Proxy Card, and date it. When shares are held jointly, each
holder should sign. When signing as attorney, executor, guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature. </P></TD></TR></TABLE>
<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="font: 6.5pt ARIAL; border-collapse: collapse">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font: 6.5pt ARIAL; page-break-inside: avoid">
<TD VALIGN="TOP"><B>Date (mm/dd/yyyy) &#151; Please print date below</B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"><B>Signature 1 &#151; Please keep signature within the box</B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"><B>Signature 2 &#151; Please keep signature within the</B><B> box</B></TD></TR>
</TABLE> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="font: 10pt ARIAL; border-collapse: collapse">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD VALIGN="MIDDLE" ALIGN="CENTER" STYLE="border: #000000 1px solid; padding-left: 8pt; padding-right: 2pt">Scanner bar code</TD></TR>
</TABLE> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" ALIGN="CENTER" STYLE="width: 100%; font: 14pt ARIAL; border-collapse: collapse">


<TR>
<TD STYLE="width: 33%"></TD>
<TD STYLE="width: 34%"></TD>
<TD STYLE="width: 33%"></TD>
</TR>


<TR STYLE="font: 18pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top"> <P STYLE="text-align: center; font: 14pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B></B>xxxxxxxxxxxxxx</P></TD>
<TD STYLE="vertical-align: top"> <P STYLE="text-align: center; font: 14pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">FAX1 31185</P></TD>
<TD STYLE="vertical-align: top"> <P STYLE="text-align: center; font: 14pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">M&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxx</P></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Form of Proxy
Card for Preferred Shareholders for Annual Meeting</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EVERY SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</P>

<DIV ALIGN="RIGHT">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="45%" BORDER="0" STYLE="font: 9pt ARIAL; border-collapse: collapse">


<TR>
<TD STYLE="width: 12%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
<TD STYLE="width: 8%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 69%"></TD></TR>


<TR STYLE="font: 14pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top"></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD VALIGN="TOP" COLSPAN="3">EASY VOTING OPTIONS:</TD></TR>
<TR STYLE="font-size: 1pt">
<TD STYLE="height: 8px"></TD>
<TD COLSPAN="3" STYLE="height: 8px"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font: 9pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top"></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: middle; text-align: center">


<IMG SRC="tm209619d1_pre14aimg03.jpg" ALT="LOGO">
</TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>VOTE ON THE INTERNET</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Log on to:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>www.proxy-direct.com</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>or scan the QR code</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Follow the on-screen instructions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>available 24 hours</I></B></P>
<P ALIGN="LEFT" STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
<TR STYLE="font: 9pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top"></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: middle; text-align: center">


<IMG SRC="tm209619d1_pre14aimg04.jpg" ALT="LOGO" STYLE="width: 58px">
</TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: middle"> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>VOTE BY PHONE</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Call <FONT STYLE="white-space: nowrap"><FONT STYLE="white-space: nowrap"><FONT STYLE="white-space: nowrap">1-800-337-3503</FONT></FONT></FONT></B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Follow the
recorded instructions</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B><I>available 24 hours</I></B></P>
<P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
<TR STYLE="font: 9pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top"></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: middle; text-align: center">


<IMG SRC="tm209619d1_pre14aimg05.jpg" ALT="LOGO" STYLE="width: 77px">
</TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: middle"> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>VOTE BY MAIL</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Vote, sign and
date this Proxy</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Card and return in the</B></P>
<P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>postage-paid envelope</B></P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
<TR STYLE="font: 9pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top"></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: middle; text-align: center">


<IMG SRC="tm209619d1_pre14aimg06.jpg" ALT="LOGO" STYLE="width: 77px">
</TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: middle; text-align: center"> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>VOTE IN PERSON</B></P>
<P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Attend Shareholder Meeting</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>1900 Market Street, Suite 200</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Philadelphia, PA 19103</B></P>
<P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 1pt"><B>on April&nbsp;24, 2020</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Please detach at perforation
before mailing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" ALIGN="CENTER" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">


<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 6%; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 84%; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 6%; font: 10pt Arial, Helvetica, Sans-Serif"></TD></TR>


<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; page-break-inside: avoid">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><B>PROXY</B></TD>
<TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"> <P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B><FONT STYLE="white-space: nowrap">ABERDEEN&nbsp;ASIA-PACIFIC&nbsp;INCOME&nbsp;FUND,&nbsp;INC.</FONT></B></P>
<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ANNUAL MEETING OF SHAREHOLDERS</B></P> <P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 1pt"><B>TO BE HELD ON
APRIL&nbsp;24, 2020</B></P></TD>
<TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"></TD></TR>
</TABLE> <P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B>THIS PROXY IS BEING
SOLICITED BY THE BOARD OF DIRECTORS</B>. The undersigned shareholder(s) of Aberdeen Asia-Pacific Income Fund, Inc., revoking
previous proxies, hereby appoints Alan Goodson, Megan Kennedy and Matthew Keener, or any one of them true and lawful
attorneys with power of substitution of each, to vote all shares of Aberdeen Asia-Pacific Income Fund, Inc. which the
undersigned is entitled to vote, at the Annual Meeting of Shareholders to be held on Friday, April 24, 2020, at 10:30 a.m.
Eastern Time, at the offices of Aberdeen Standard Investments Inc., 1900 Market Street, Suite 200, Philadelphia,
Philadelphia, Pennsylvania 19103, and at any adjournment thereof as indicated on the reverse side.</P>



<P STYLE="font: 10pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B>In their discretion, the proxy holders named above are authorized to vote upon such other matters as may properly come before the meeting or any
adjournment thereof. </B></P> <P STYLE="font: 10pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B>Receipt of the Notice
of the Annual Meeting and the accompanying Proxy Statement is hereby acknowledged. If this Proxy is executed but no instructions
are given, the votes entitled to be cast by the undersigned will be cast &#147;FOR&#148; the nominees for director.</B></P>

<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<DIV ALIGN="RIGHT">

<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B></B></P>

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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VOTE
                              VIA THE INTERNET: www.proxy-direct.com</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VOTE
VIA THE TELEPHONE: 1-800-337-3503</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt" BGCOLOR="#e5e5e5">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt" BGCOLOR="#e5e5e5">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
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<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"></P>
<P STYLE="font: 9pt ARIAL; text-align: center; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt ARIAL; text-align: center; margin-top: 0; margin-bottom: 0pt"><B>FAX_31185_021920-Pref </b></P>

<P STYLE="font: 10pt ARIAL; text-align: center; margin-top: 0; margin-bottom: 0pt"><B>PLEASE SIGN, DATE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </B></P>
<P ALIGN="CENTER" STYLE="font: 8pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="text-align: center; font: 14pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT
</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 60pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Important
Notice Regarding the Availability of Proxy Materials for the </B></FONT></P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Aberdeen
Asia-Pacific Income Fund, Inc. </B></FONT></P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Annual</B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Meeting
of Shareholders to Be Held on Friday, April&nbsp;24, 2020, at 10:30 a.m. (Eastern Time) </B></FONT></P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;The Notice of
the Annual Meeting, Proxy Statement and Proxy card for this meeting are available at:</P>

<P STYLE="color: Blue; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><U>http://www.aberdeenFAX.com</U></P>
<P ALIGN="CENTER" STYLE="font: 12pt ARIAL; margin-top: 60pt; margin-bottom: 0pt">IF YOU VOTE ON THE INTERNET OR BY TELEPHONE,
</P>
<P ALIGN="CENTER" STYLE="font: 12pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">YOU NEED NOT RETURN THIS PROXY CARD </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 60pt; margin-bottom: 0pt">Please
                                         detach at perforation before mailing. </P> <P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
their discretion, the proxy holders are authorized to vote upon the matters set forth in the Notice of the Annual Meeting and
Proxy Statement dated March 9, 2020 and upon all other such matters as may properly come before the meeting or any
adjournment thereof.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0pt">THE
                                         BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE &#147;FOR&#148; THE NOMINEES FOR DIRECTOR
                                         IN THE PROPOSALS. </P> <P STYLE="font: 8pt ARIAL; margin-top: 12pt; margin-bottom: 0pt"><B>TO
VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></B></P> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"></P>




<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"></P>




<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TR>
<TD STYLE="width: 3%"></TD>
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<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 96%"></TD></TR>


<TR STYLE="font: 9pt ARIAL; page-break-inside: avoid">
<TD STYLE="text-align: center; background-color: Black; vertical-align: top"><FONT STYLE="color: #FFFFFF">A</FONT></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Proposals</P></TD></TR>
</TABLE> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="font: 10pt ARIAL; border-collapse: collapse">


<TR>
<TD WIDTH="3%"></TD>
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<TD WIDTH="2%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD>
<TD VALIGN="BOTTOM" WIDTH="2%"></TD>
<TD></TD>
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<TD></TD>
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<TD></TD></TR>


<TR STYLE="font: 8pt ARIAL; page-break-inside: avoid">
<TD VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">2.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"> <P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B>To elect one Class II Director to the Board of Directors to serve until
the 2023 Annual Meeting of Shareholders.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER">&nbsp;&nbsp;FOR&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER">&nbsp;&nbsp;AGAINST&nbsp;<B>&nbsp;</B></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER">&nbsp;&nbsp;ABSTAIN</TD></TR>
<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">01.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">P. Gerald Malone</P></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" ALIGN="CENTER"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD></TR>
<TR STYLE="font-size: 1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">3.</P></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> To elect one Preferred Share Director to the Board of Directors to serve
until the 2023 Annual Meeting of Shareholders.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center">&nbsp;&nbsp;FOR&nbsp;<FONT STYLE="font-family: Wingdings"></FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center">&nbsp;&nbsp;AGAINST<FONT STYLE="font-family: Wingdings"></FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center">&nbsp;&nbsp;ABSTAIN<FONT STYLE="font-family: Wingdings"></FONT></TD></TR>
<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">01.</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Peter D. Sacks</P>


</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top">4.</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">To consider the continuation of the term of one Director under the Fund&rsquo;s Corporate Governance Policies.</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">(Class I Director, three-year term ending 2022)</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-size: 8pt; vertical-align: bottom; text-align: center">&nbsp;&nbsp;FOR&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-size: 8pt; vertical-align: bottom; text-align: center">&nbsp;&nbsp;AGAINST</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-size: 8pt; vertical-align: bottom; text-align: center">&nbsp;&nbsp;ABSTAIN</TD></TR>
<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">01.</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Neville J. Miles&#9;</P>


</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
</TABLE> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TR>
<TD STYLE="width: 3%"></TD>
<TD STYLE="vertical-align: bottom; width: 1%"></TD>
<TD STYLE="width: 96%"></TD></TR>


<TR STYLE="font: 9pt ARIAL; page-break-inside: avoid">
<TD STYLE="text-align: center; color: White; background-color: Black; vertical-align: top">B<FONT STYLE="color: #FFFFFF"></FONT></TD>
<TD STYLE="vertical-align: bottom"></TD>
<TD STYLE="vertical-align: top"><B>Authorized Signatures</B> &#151; <B>This section must be completed for your vote to be counted.&#151; Sign and Date Below</B></TD></TR>
</TABLE> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"></P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt ARIAL; border-collapse: collapse">
<TR STYLE="page-break-inside: avoid">
<TD WIDTH="3%" VALIGN="TOP" ALIGN="LEFT"><B>Note</B>:&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 8pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">Please sign exactly as your name(s) appear(s) on this Proxy Card, and date it. When shares are held jointly, each
holder should sign. When signing as attorney, executor, guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature. </P></TD></TR></TABLE>
<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"></P>
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<TD WIDTH="30%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="BOTTOM" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font: 6.5pt ARIAL; page-break-inside: avoid">
<TD VALIGN="TOP"><B>Date (mm/dd/yyyy) &#151; Please print date below</B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" COLSPAN="2"><B>Signature 1 &#151; Please keep signature within the box</B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" COLSPAN="2"><B>Signature 2 &#151; Please keep signature within the</B><B> box</B></TD></TR>
<TR STYLE="font: 22pt ARIAL; page-break-inside: avoid">
<TD VALIGN="TOP" ALIGN="CENTER" STYLE="border: #000000 1px solid; padding-left: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; border-left: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP"></TD>
<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; border-left: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding-right: 2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="font: 10pt ARIAL; border-collapse: collapse">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font: 10pt ARIAL; page-break-inside: avoid">
<TD STYLE="vertical-align: middle; text-align: center; padding-left: 8pt; padding-right: 2pt">Scanner bar code</TD></TR>
</TABLE> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TD STYLE="width: 30%"></TD>
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<TD STYLE="width: 28%"></TD>
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<TD STYLE="width: 3%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:18pt">
<TD STYLE="vertical-align: top; background-color: #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:14pt"><B></B>xxxxxxxxxxxxxx</P></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: top"> <P STYLE="text-align: center; font: 14pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">FAX3 31185</P></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="padding-left: 5pt; vertical-align: top"> <P STYLE="font: 14pt ARIAL; text-align: left; margin-top: 0pt; margin-bottom: 0pt">M&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxx</P></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: right"><B>+</B></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Form of Proxy
Card for Special Meeting</U></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EVERY SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</P>

<DIV ALIGN="RIGHT">

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<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD VALIGN="TOP" COLSPAN="3">EASY VOTING OPTIONS:</TD></TR>
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<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
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</TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>VOTE ON THE INTERNET</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Log on to:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>www.proxy-direct.com</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>or scan the QR code</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Follow the on-screen instructions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>available 24 hours</I></B></P>
<P ALIGN="LEFT" STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
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<TD STYLE="text-align: center; vertical-align: middle"> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>VOTE BY PHONE</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Call <FONT STYLE="white-space: nowrap"><FONT STYLE="white-space: nowrap"><FONT STYLE="white-space: nowrap">1-800-337-3503</FONT></FONT></FONT></B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Follow the
recorded instructions</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B><I>available 24 hours</I></B></P>
<P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
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<TD STYLE="text-align: center; vertical-align: middle"> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>VOTE BY MAIL</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Vote, sign and
date this Proxy</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Card and return in the</B></P>
<P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>postage-paid envelope</B></P> <P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt">&nbsp;</P></TD></TR>
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</TD>
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<TD STYLE="vertical-align: middle; text-align: center"> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>VOTE IN PERSON</B></P>
<P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Attend Shareholder Meeting</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>1900 Market Street, Suite 200</B></P> <P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Philadelphia, PA 19103</B></P>
<P STYLE="font: 9pt ARIAL; margin-top: 0pt; margin-bottom: 1pt"><B>on April &nbsp;24, 2020</B></P></TD></TR>
</TABLE>
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</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Please detach at perforation before mailing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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<TD VALIGN="TOP"><B>PROXY</B></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="TOP"> <P ALIGN="CENTER" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B><FONT STYLE="white-space: nowrap">ABERDEEN&nbsp;ASIA-PACIFIC&nbsp;INCOME&nbsp;FUND,&nbsp;INC.</FONT></B></P>
<P STYLE="text-align: center; font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>SPECIAL</B>  <B>MEETING OF SHAREHOLDERS</B></P> <P ALIGN="CENTER" STYLE="font: 10pt ARIAL; margin-top: 0pt; margin-bottom: 1pt"><B>TO BE HELD ON
APRIL&nbsp;24, 2020</B></P></TD>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</TD>
<TD VALIGN="TOP"></TD></TR>
</TABLE> <P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B>THIS PROXY IS BEING
SOLICITED BY THE BOARD OF DIRECTORS</B>. The undersigned shareholder(s) of Aberdeen Asia-Pacific Income Fund, Inc., revoking
previous proxies, hereby appoints Alan Goodson, Megan Kennedy and Matthew Keener, or any one of them true and lawful
attorneys with power of substitution of each, to vote all shares of Aberdeen Asia-Pacific Income Fund, Inc. which the
undersigned is entitled to vote, at the Special Meeting of Shareholders to be held on Friday, April 24, 2020, at 11:00 a.m.
Eastern Time, at the offices of Aberdeen Standard Investments Inc., 1900 Market Street, Suite 200, Philadelphia, Pennsylvania
19103, and at any adjournment thereof as indicated on the reverse side.</P>
<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B>In their discretion, the proxy holders named above are authorized to vote upon such other matters as may properly come before the meeting or any
adjournment thereof. </B></P> <P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B>Receipt of the Notice
of the Special Meeting and the accompanying Proxy Statement is hereby acknowledged. If this Proxy is executed but no
instructions are given, the votes entitled to be cast by the undersigned will be cast &#147;FOR&#148; the Proposal.</B></P>

<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<DIV ALIGN="RIGHT">

<P STYLE="font: 9pt ARIAL; text-align: justify; text-indent: 1in; margin-top: 0; margin-bottom: 0pt"><B></B></P>

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<TD VALIGN="TOP" COLSPAN="5"> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">VOTE VIA
                              THE INTERNET: www.proxy-direct.com</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 1pt">VOTE VIA THE TELEPHONE: 1-800-337-3503</P></TD></TR>
<TR STYLE="font-size: 1pt">
<TD HEIGHT="16" BGCOLOR="#e5e5e5" STYLE="border-top: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; padding-left: 8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="border-top: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid">&nbsp;</TD></TR>
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<TD VALIGN="TOP" BGCOLOR="#e5e5e5" STYLE="border-right: #000000 1px solid; border-left: #000000 1px solid; border-bottom: #000000 1px solid; padding-left: 8pt">&nbsp;</TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
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<P STYLE="font: 9pt ARIAL; text-align: center; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt ARIAL; text-align: center; margin-top: 0; margin-bottom: 0pt"><B>FAX_31185_021320_S </B></P>

<P STYLE="font: 9pt ARIAL; text-align: center; margin-top: 0; margin-bottom: 0pt"><B>PLEASE SIGN, DATE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </B></P>
<P ALIGN="CENTER" STYLE="font: 8pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P ALIGN="CENTER" STYLE="font: 14pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT </P>
<P ALIGN="CENTER" STYLE="font: 12pt ARIAL; margin-top: 60pt; margin-bottom: 0pt"><B>Important Notice Regarding the Availability of Proxy Materials for the </B></P>
<P ALIGN="CENTER" STYLE="font: 12pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Aberdeen Asia-Pacific Income Fund, Inc. </B></P>
<P ALIGN="CENTER" STYLE="font: 12pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B>Special Meeting of Shareholders to Be Held
on Friday, April 24, 2020, at 11:00 a.m. (Eastern Time)</B></P>

<P STYLE="text-align: center; font: 12pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">The Notice of the Special Meeting, Proxy
Statement and Proxy card for this meeting are available at:</P>

<P STYLE="color: Blue; font: 12pt ARIAL; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><U>http://www.aberdeenFAX.com</U></P>
<P ALIGN="CENTER" STYLE="font: 12pt ARIAL; margin-top: 60pt; margin-bottom: 0pt">IF YOU VOTE ON THE INTERNET OR BY TELEPHONE,
</P>
<P ALIGN="CENTER" STYLE="font: 12pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">YOU NEED NOT RETURN THIS PROXY CARD </P> <P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 60pt; margin-bottom: 0pt">Please
                                         detach at perforation before mailing. </P> <P ALIGN="JUSTIFY" STYLE="font: 9pt ARIAL; margin-top: 12pt; margin-bottom: 0pt">In their discretion, the proxy holders are
                                                                                    authorized to vote upon the matters set forth in the Notice of the Special  Meeting and Proxy Statement dated [&bull;],
                                                                                    2020 and upon all other such matters as may properly come before the meeting or any adjournment thereof. </P> <P STYLE="font: 9pt ARIAL; margin-top: 12pt; margin-bottom: 0pt">THE
                                         BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE &#147;FOR&#148; THE PROPOSAL. </P> <P STYLE="font: 8pt ARIAL; margin-top: 12pt; margin-bottom: 0pt"><B>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS
SHOWN IN THIS EXAMPLE:&nbsp;&nbsp;<FONT STYLE="font: 12pt ARIAL"><FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT><FONT STYLE="font-family: ARIAL"><B></B></FONT><B><FONT STYLE="font: 8pt ARIAL">
</FONT></B></FONT></B></P> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TD STYLE="text-align: center; background-color: Black; vertical-align: top"><FONT STYLE="color: #FFFFFF">A</FONT></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"> <P STYLE="font: 9pt ARIAL; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Proposal</P></TD></TR>
</TABLE> <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify">To approve the amendments to, or the elimination of, the Fund&rsquo;s fundamental investment policies
as follows:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">To amend the fundamental policy regarding investment of up to 80% in Asian Debt securities so that
the Fund would normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in &ldquo;Asia-Pacific
debt&rdquo; securities and to define &ldquo;Asia-Pacific debt&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Eliminate Fundamental Investment Limitations regarding Certain Country Exposures</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure to
any one Asian Country (other than Korea) is limited to 20% of the Fund&rsquo;s total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that at least 20% of the Fund&rsquo;s
total assets will be invested in &ldquo;Australian debt securities.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure for
Korea is limited to 40% of the Fund&rsquo;s total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure for
New Zealand is limited to 35% of the Fund's total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Convert Certain Fundamental Investment Policies to Non-Fundamental Investment Policies as modified</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental temporary defensive investment policy with respect to temporarily
investing 100% of its assets in U.S. debt securities a non-fundamental policy but to include U.S. cash as well.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy to invest up to 35% of its total assets
in Asian debt securities rated below BBB- or Baa3 a non-fundamental policy &ndash; but with respect to Asia-Pacific debt securities
instead of Asian debt securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Convert Certain Fundamental Investment Policies to Non-Fundamental Investment Policies</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy with respect to entering into repurchase
agreements a non-fundamental investment policy.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy with respect to investing up to 10% of its
total assets in securities rated below B- at the time of investment a non-fundamental investment policy.</TD></TR></TABLE>



<P STYLE="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TD VALIGN="top"><P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"></P></TD>
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<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;FOR&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="center"><B>&nbsp;&nbsp;</B>AGAINST&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="center"><B>&nbsp;&nbsp;</B>ABSTAIN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt"></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT></TD></TR>
</TABLE>
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<TD STYLE="text-align: center; color: White; background-color: Black; vertical-align: top">B<FONT STYLE="color: #FFFFFF"></FONT></TD>
<TD STYLE="vertical-align: bottom"></TD>
<TD STYLE="vertical-align: top"><B>Authorized Signatures</B> &#151; <B>This section must be completed for your vote to be counted.&#151; Sign and Date Below</B></TD></TR>
</TABLE> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"></P>
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<TR STYLE="page-break-inside: avoid">
<TD WIDTH="3%" VALIGN="TOP" ALIGN="LEFT"><B>Note</B>:&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="TOP"> <P ALIGN="JUSTIFY" STYLE="font: 8pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">Please sign exactly as your name(s) appear(s) on this Proxy Card, and date it. When shares are held jointly, each
holder should sign. When signing as attorney, executor, guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature. </P></TD></TR></TABLE>
<P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<TD VALIGN="TOP"><B>Date (mm/dd/yyyy) &#151; Please print date below</B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" COLSPAN="2"><B>Signature 1 &#151; Please keep signature within the box</B></TD>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD VALIGN="TOP">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" COLSPAN="2"><B>Signature 2 &#151; Please keep signature within the</B><B> box</B></TD></TR>
<TR STYLE="font: 22pt ARIAL; page-break-inside: avoid">
<TD VALIGN="TOP" ALIGN="CENTER" STYLE="border: #000000 1px solid; padding-left: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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<TD VALIGN="BOTTOM" STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; border-left: #000000 1px solid">&nbsp;</TD>
<TD VALIGN="TOP" STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="MIDDLE" ALIGN="CENTER" STYLE="border: #000000 1px solid; padding-left: 8pt; padding-right: 2pt">Scanner bar code</TD></TR>
</TABLE> <P STYLE="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TD STYLE="vertical-align: top; background-color: #000000"> <P ALIGN="JUSTIFY" STYLE="font: 14pt ARIAL; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
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<TD STYLE="vertical-align: top"> <P ALIGN="JUSTIFY" STYLE="font: 14pt ARIAL; margin-top: 0pt; margin-bottom: 0pt"><B></B>xxxxxxxxxxxxxx</P></TD>
<TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
<TD STYLE="vertical-align: top"> <P STYLE="font: 14pt ARIAL; text-align: center; margin-top: 0pt; margin-bottom: 0pt">FAX2 31185</P></TD>
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<TD STYLE="padding-left: 5pt; vertical-align: top"> <P STYLE="font: 14pt ARIAL; text-align: left; margin-top: 0pt; margin-bottom: 0pt">M&nbsp;&nbsp;&nbsp;&nbsp; xxxxxxxx</P></TD>
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<TD STYLE="vertical-align: top; text-align: right"><B>+</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>VIA EDGAR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 21, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="padding-right: 0.5in"><U>Preliminary Proxy Materials on Schedule 14A for Aberdeen Asia-Pacific Income Fund, Inc. (Investment
Company Act File No. 811-04611)</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt">On behalf of Aberdeen
Asia-Pacific Income Fund, Inc. (the &ldquo;Fund&rdquo;), pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;1934
Act&rdquo;), filed herewith are the preliminary proxy materials consisting of a Letter to Stockholders, Notice of Annual Meeting
of Stockholders, Notice of Special Meeting of Stockholders, Proxy Statement and Forms of Proxy Card to be used in connection with
the Annual Meeting and Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As set forth in more
detail in the accompanying preliminary proxy materials, the Annual Meeting is being held:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1: To elect one Class
II Director to serve for a three-year term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2: To elect one Preferred
Share Director to serve for a three-year term by the preferred shareholders voting as a separate class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3: To consider the
continuation of the term of one Director under the Fund&rsquo;s Corporate Governance Policies (Class I Director, three-year term
ending 2022).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also as set forth in
more detail in the accompanying preliminary proxy materials, the Special Meeting is being held to consider the following proposal:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -49.5pt">1: To
approve the amendments to, or the elimination of, the Fund&rsquo;s fundamental investment policies as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">To amend the fundamental policy regarding investment of up to 80% in Asian Debt securities so that
the Fund would normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in &ldquo;Asia-Pacific
debt&rdquo; securities and to define &ldquo;Asia-Pacific debt&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Eliminate Fundamental Investment Limitations regarding Certain Country Exposures</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure to
any one Asian Country (other than Korea) is limited to 20% of the Fund&rsquo;s total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that at least 20% of the Fund&rsquo;s
total assets will be invested in &ldquo;Australian debt securities.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure for
Korea is limited to 40% of the Fund&rsquo;s total assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To eliminate the Fund&rsquo;s fundamental investment policy that the maximum country exposure for
New Zealand is limited to 35% of the Fund's total assets.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 21, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Convert Certain Fundamental Investment Policies to Non-Fundamental Investment Policies as modified</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental temporary defensive investment policy with respect to temporarily
investing 100% of its assets in U.S. debt securities a non-fundamental policy but to include U.S. cash as well.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy to invest up to 35% of its total assets
in Asian debt securities rated below BBB- or Baa3 a non-fundamental policy &ndash; but with respect to Asia-Pacific debt securities
instead of Asian debt securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Convert Certain Fundamental Investment Policies to Non-Fundamental Investment Policies</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy with respect to entering into repurchase
agreements a non-fundamental investment policy.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">To make the Fund&rsquo;s fundamental investment policy with respect to investing up to 10% of its
total assets in securities rated below B- at the time of investment a non-fundamental investment policy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please be advised,
in accordance with the requirements of Rule 14a-6(d) under the 1934 Act, that we propose to prepare definitive materials and mail
those materials to stockholders of the Fund on the earliest date practicable. We would therefore appreciate receiving any comments
of the Commission&rsquo;s staff on the enclosed preliminary proxy materials as soon as possible so as to facilitate these arrangements.&nbsp;I can be reached at (215) 405 - 5757</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Jennifer Rogers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jennifer Rogers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt">cc:</TD><TD>Lucia Sitar, Aberdeen Standard Investments Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">Margery Neale, Willkie Farr &amp; Gallagher LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">Elliot Gluck, Willkie Farr &amp; Gallagher LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">Neesa Sood, Willkie Farr &amp; Gallagher LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">&nbsp;<BR>
</P>

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