<SEC-DOCUMENT>0001104659-25-081881.txt : 20250822
<SEC-HEADER>0001104659-25-081881.hdr.sgml : 20250822
<ACCEPTANCE-DATETIME>20250822161032
ACCESSION NUMBER:		0001104659-25-081881
CONFORMED SUBMISSION TYPE:	N-2
PUBLIC DOCUMENT COUNT:		27
FILED AS OF DATE:		20250822
DATE AS OF CHANGE:		20250822

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Global Dynamic Dividend Fund
		CENTRAL INDEX KEY:			0001362481
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21901
		FILM NUMBER:		251246356

	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 GLOBAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20180508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPINE GLOBAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20060511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Global Dynamic Dividend Fund
		CENTRAL INDEX KEY:			0001362481
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-289796
		FILM NUMBER:		251246355

	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 GLOBAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20180508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPINE GLOBAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20060511
<IS-FILER-A-NEW-REGISTRANT>N
<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>Y
<IS-FUND-24F2-ELIGIBLE>N
</SEC-HEADER>
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<TYPE>N-2
<SEQUENCE>1
<FILENAME>tm2523786d1_n2.htm
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<body><div style="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d1_regcover.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1" -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>As filed with the Securities and Exchange Commission
on August 22, 2025</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Securities Act File No. [&#xa0; ]</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Investment Company Act File No. 811-21901</b></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>


<!-- Field: Rule-Page --><div style="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>


<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#xa0;</b></p>


<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM N-2</b></p>


<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt">&#xa0;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT UNDER <font style="font-family: Times New Roman, Times, Serif">THE
SECURITIES ACT OF 1933 </font><font>&#x2612;</font></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Pre-Effective
Amendment No. <font>&#x2610;</font></b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Post-Effective
Amendment No. </b></font><b><font>&#x2610;</font></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>and/or</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT UNDER <font style="font-family: Times New Roman, Times, Serif">THE
INVESTMENT COMPANY ACT OF 1940 </font><font>&#x2612;</font></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Amendment No. 7</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#xa0;</b></p>


<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>abrdn Global Dynamic Dividend Fund</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>1900 Market Street, Suite 200<br>
Philadelphia, PA 19103</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>215-405-5700</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&#x2019;s Telephone Number, Including
Area Code)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Lucia Sitar, Esq.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>c/o abrdn Inc.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>1900 Market Street, Suite 200</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Philadelphia, PA 19103</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>215-405-5700</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and Address of Agent for Service)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copies to:</p>


<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Thomas C. Bogle, Esq.</b></font></p>


<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>William J. Bielefeld, Esq.</b></font></p>


<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dechert LLP</b></font></p>


<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1900 K Street, NW</b></font></p>


<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Washington, DC 20006</b></font></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b>Approximate
Date of Commencement of Proposed Public Offering:</b></font> From time to time after the effective date of this Registration Statement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.35in; padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2612;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (&#x201c;Securities Act&#x201d;), other than securities offered in connection with a dividend reinvestment plan. </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2612;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt"><font>&#x2610;</font></font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is proposed that this filing will become effective (check appropriate
box):</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.35in; padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">when declared effective pursuant to section 8(c) of the Securities Act </font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If appropriate, check the following box:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.35in; padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement]. </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: . </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: . </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: . </font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check each box that appropriately characterizes the Registrant: </font></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.35in; padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2612;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (the &#x201c;Investment Company Act&#x201d;)). </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act. </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act). </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2612;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth Company (as defined by Rule 12b-2 under the Securities and Exchange Act of 1934). </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. </font></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style=" font-size: 10pt">&#x2610;</font></td>
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). </font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b>&#xa0;</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><b>The registrant hereby
amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file
a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section
8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date as the Securities and Exchange
Commission, acting pursuant to Section 8(a), may determine.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2523786d1_prospectus.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1" -->

<p style="margin: 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><b>The information in this Prospectus
is not complete and may be changed. We may not sell these securities until the Registration Statement filed with the Securities and Exchange
Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities
in any state where the offer or sale is not permitted.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><b>Subject To Completion Preliminary
Prospectus dated August&#xa0;22, 2025</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>BASE PROSPECTUS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>$</b>[ ]</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>abrdn Global Dynamic Dividend Fund</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Common Shares</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Preferred Shares</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Subscription Rights for Common Shares</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>The Fund. </i>abrdn Global Dynamic Dividend Fund (the &#x201c;Fund&#x201d;)
is a diversified, closed-end management investment company.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investment Objectives.</i>&#xa0;The Fund&#x2019;s
primary investment objective is to seek high current dividend income, more than 50% of which qualifies for the reduced federal income
tax rate, as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund also focuses on long-term growth of capital
as a secondary investment objective. The Fund&#x2019;s investment objectives and some of its investment policies are considered fundamental
policies and may not be changed without shareholder approval.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investment Strategies</i>. Under normal circumstances,
the Fund invests at least 80% of its net assets in the equity securities of domestic and foreign corporations that pay dividends. The
Board of Trustees may change this 80% policy on not less than 60 days&#x2019; notice to shareholders. Under normal circumstances, the Fund
expects to invest in securities of issuers located in the United States and in approximately 10 to 30 foreign countries.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may borrow for investment purposes. abrdn
Investments Limited (the &#x201c;Adviser&#x201d;) currently intends to limit leverage through borrowing to 10% of the Fund&#x2019;s total
assets (calculated at the time of borrowing) and to borrow for investment purposes only when the Adviser believes that the potential return
on additional investments acquired with the proceeds of leverage is likely to exceed the costs incurred in connection with the borrowings.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &#x201c;Investment Objectives and Policies&#x201d;
and &#x201c;Leverage&#x201d; below and &#x201c;Investment Restrictions&#x201d; in the Statement of Additional Information, dated [<font>&#x25cf;</font>],
2025 (the &#x201c;SAI&#x201d;). <b>There is no assurance that the Fund&#x2019;s leveraging strategy will be successful. Leverage involves
special risks. See &#x201c;Investment Objectives and Policies &#x2014; Use of Leverage and Related Risks.&#x201d;</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Offering.</i>&#xa0;The Fund may offer, from
time to time, up to $[ ] aggregate initial offering price of common shares of beneficial interest with no par value (&#x201c;Common Shares&#x201d;),
preferred shares (&#x201c;Preferred Shares&#x201d;), promissory notes (&#x201c;Notes&#x201d;), subscription rights to purchase Common Shares
(&#x201c;Rights&#x201d; and collectively with the Common Shares and Preferred Shares, &#x201c;Securities&#x201d;) in one or more offerings
in amounts, at prices and on terms set forth in one or more supplements to this Prospectus (each a &#x201c;Prospectus Supplement&#x201d;).
You should read this Prospectus and any related Prospectus Supplement carefully before you decide to invest in the Securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may offer Securities (1)&#xa0;directly
to one or more purchasers, (2)&#xa0;through agents that the Fund may designate from time to time or (3)&#xa0;to or through underwriters
or dealers. The Prospectus Supplement relating to a particular offering of Securities will identify any agents or underwriters involved
in the sale of Securities, and will set forth any applicable purchase price, fee, commission or discount arrangement between the Fund
and agents or underwriters or among underwriters or the basis upon which such amount may be calculated. The Fund may not sell Securities
through agents, underwriters or dealers without delivery of this Prospectus and a Prospectus Supplement. See &#x201c;Plan of Distribution.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investing in Securities involves risks,
including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. Before
buying any Securities, you should read the discussion of the principal risks of investing in the Fund. The principal risks of investing
in the Fund are summarized in &#x201c;The Fund at a Glance &#x2014; Risk Factors&#x201d; beginning on page&#xa0;26 of this Prospectus and
further described in &#x201c;Risk Factors&#x201d; beginning on page&#xa0;26 of this Prospectus.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Neither the Securities and Exchange Commission
(the &#x201c;SEC&#x201d;) nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Prospectus dated [ ], 2025</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Adviser.</i> abrdn Investments Limited serves
as investment adviser to the Fund pursuant to an investment advisory agreement. The Adviser is an indirect wholly-owned subsidiary of
Aberdeen Group plc.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Common Shares.</i> The Fund&#x2019;s outstanding
Common Shares are, and the Common Shares offered by this Prospectus will be, subject to notice of issuance, listed on the New York Stock
Exchange (&#x201c;NYSE&#x201d;) under the symbol &#x201c;AGD.&#x201d; As of [ ], the net asset value of the Fund&#x2019;s Common Shares was
$[ ] per Common Share and the last reported sale price for the Fund&#x2019;s Common Shares on the NYSE was $[ ] per Common Share, representing
a [discount/premium] to net asset value of [ ]%.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Distributions. </i>The Fund&#x2019;s policy
is to provide investors with a stable monthly distribution out of current income, and, to the extent necessary, paid-in capital, which
is a nontaxable return of capital. This policy is subject to an annual review as well as regular review at the Board of Trustee&#x2019;s
(the &#x201c;Board&#x201d;) quarterly meetings, unless market conditions require an earlier evaluation.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus sets forth concisely information
about the Fund you should know before investing. Please read this Prospectus carefully before deciding whether to invest and retain it
for future reference. The SAI has been filed with the SEC. This Prospectus <a href="#sai_001">incorporates by reference the entire SAI</a>. The SAI is available
along with other Fund-related materials on the EDGAR database on the SEC&#x2019;s internet site (http://www.sec.gov) or upon payment of
copying fees by electronic request to publicinfo@sec.gov.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">You
may also request a free copy of the SAI, annual and semi-annual reports to shareholders, and additional information about the Fund, and
may make other shareholder inquiries, by calling&#xa0;Investor Relations toll-free at 1-800-522-5465, by writing to the Fund or visiting
the Fund&#x2019;s website (</font><font style="text-decoration:underline">https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</font>).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Fund&#x2019;s Securities do not represent
a deposit or obligation of, and are not guaranteed by or endorsed by, any bank or other insured depositary institution, and are not federally
insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 92%"><a href="#a_001"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">About this Prospectus</font></a></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 7%; text-align: right"><a href="#a_001">4</a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_002"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where you can find more information</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_002"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_003"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation by reference</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_003">5<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_004"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Fund expenses</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_004"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_005"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund at a glance</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_005"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_006"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial highlights</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_006"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_007"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior securities</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_007"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_008"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_008"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_009"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of proceeds</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_009"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_010"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Common Shares</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_010"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_011"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment objectives and policies</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_011"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_012"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk factors</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_012"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_013"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management of the Fund</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_013"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_014"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal proceedings</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_014"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_015"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net asset value of Common Shares</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_015"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_016"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_016"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_017"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax matters</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_017"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_018"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed-end fund structure</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_018"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_019"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend reinvestment and optional cash purchase plan</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_019">31</a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_020"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of capital structure</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_020"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_021"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of distribution</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_021"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_022"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian, dividend paying agent, transfer agent and registrar</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_022"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_023"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal opinions</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_023"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_024"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent registered public accounting firm</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_024"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</font></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#a_025"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional information</font></a></td>
    <td>&#xa0;</td>
    <td style="text-align: right"><a href="#a_025"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></a></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_001"></a><font style="text-transform: uppercase"><b>About
this prospectus</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus is part of a Registration Statement
on Form&#xa0;N-2 that the Fund filed with the SEC using a &#x201c;shelf&#x201d; registration process. Under this process, the Fund may offer,
from time to time, up to $[ ] aggregate initial offering price of Securities in one or more offerings in amounts, at prices and on terms
set forth in one or more Prospectus Supplements. The Prospectus Supplement may also add, update or change information contained in this
Prospectus. You should carefully read this Prospectus and any accompanying Prospectus Supplement, together with the additional information
described under the heading &#x201c;Where You Can Find More Information.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>You should rely only on the information contained
or incorporated by reference in this Prospectus and any accompanying Prospectus Supplement. The Fund has not authorized any other person
to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it.
The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.</b>&#xa0;<b>You
should assume that the information contained or the representations made herein are accurate only as of the date on the cover page&#xa0;of
this Prospectus. The Fund&#x2019;s business, financial condition and prospects may have changed since that date. The Fund will amend this
Prospectus and any accompanying Prospectus Supplement if, during the period that this Prospectus and any accompanying Prospectus Supplement
is required to be delivered, there are any subsequent material changes.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Cautionary notice regarding forward-looking
statements</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus, any accompanying Prospectus Supplement
and the SAI, contain (or will contain) or incorporate (or will incorporate) by reference &#x201c;forward-looking statements.&#x201d; Forward-looking
statements can be identified by the words &#x201c;may,&#x201d; &#x201c;will,&#x201d; &#x201c;intend,&#x201d; &#x201c;expect,&#x201d; &#x201c;estimate,&#x201d;
 &#x201c;continue,&#x201d; &#x201c;plan,&#x201d; &#x201c;anticipate,&#x201d; and similar terms with the negative of such terms. By their nature,
all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by
the forward-looking statements. Several factors that could materially affect the Fund&#x2019;s actual results are the performance of the
portfolio of securities the Fund holds, the price at which the Fund&#x2019;s Securities will trade in the public markets and other factors
discussed in the Fund&#x2019;s periodic filings with the SEC.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Fund believes that the expectations
expressed in the forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in
the Fund&#x2019;s forward-looking statements. Future financial condition and results of operations, as well as any forward-looking statements,
are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in the &#x201c;Risk Factors&#x201d; section
of this Prospectus. All forward-looking statements contained in this Prospectus or in the SAI are made as of the date of this Prospectus
or SAI, as the case may be. Except for ongoing obligations under the federal securities laws, the Fund does not intend and is not obligated,
to update any forward-looking statement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_002"></a><b>WHERE YOU CAN FIND MORE INFORMATION</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is subject to the informational requirements
of the Securities Exchange Act of 1934 (the &#x201c;Exchange Act&#x201d;) and the Investment Company Act of 1940 (&#x201c;1940 Act&#x201d;)
and in accordance therewith files, or will file, reports and other information with the SEC. Reports, proxy statements and other information
filed by the Fund with the SEC pursuant to the informational requirements of the Exchange Act and the 1940 Act can be inspected and copied
at the public reference facilities maintained by the SEC, 100 F Street, N.E., Washington, D.C. 20549. The SEC maintains a web site at
www.sec.gov containing reports, proxy and information statements and other information regarding registrants, including the Fund, that
file electronically with the SEC.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus constitutes part of a Registration
Statement filed by the Fund with the SEC under the Securities Act of 1933 (&#x201c;Securities Act&#x201d;) and the 1940 Act. This Prospectus
omits certain of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement and
related exhibits for further information with respect to the Fund and the Common Shares offered hereby. Any statements contained herein
concerning the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such document
filed as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by
such reference. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules&#xa0;and
regulations or free of charge through the SEC&#x2019;s website (www.sec.gov).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; ">The
</font>Fund <font>will provide without charge to each person, including any beneficial owner, to whom
this Prospectus is delivered, upon written or oral request, a copy of any and all of the information that has been incorporated by reference
in this Prospectus or any accompanying Prospectus Supplement. You may request such information&#xa0;</font>by calling Investor Relations
toll-free at 1-800-522-5465 or you may obtain a copy (and other information regarding the Fund<b>)</b> from the SEC&#x2019;s website (www.sec.gov).
Free copies of the Fund&#x2019;s Prospectus, Statement of Additional Information and any incorporated information will also be available
from the Fund&#x2019;s website at <font style="text-decoration:underline">https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</font>.&#xa0;<font>Information
contained on the Fund&#x2019;s website is not incorporated by reference into this Prospectus or any Prospectus Supplement and should not
be considered to be part of this Prospectus or any Prospectus Supplement.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_003"></a><b>INCORPORATION BY REFERENCE</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font>This Prospectus
is part of a Registration Statement that the </font>Fund <font>has filed with the SEC. The </font>Fund
<font>is permitted to &#x201c;incorporate by reference&#x201d; the information that it files with the SEC,
which means that the </font>Fund <font>can disclose important information to you by referring you to those
documents. The information incorporated by reference is an important part of this Prospectus, and later information that the Fund files
with the SEC will automatically update and supersede this information.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font>The documents
listed below, and any reports and other documents subsequently filed with the SEC pursuant to Rule&#xa0;30(b)(2)&#xa0;under the 1940 Act
and Sections 13(a), 13(c), 14 or 15(d)&#xa0;of the Exchange Act, prior to the termination of the offering, are incorporated by reference
into this Prospectus and deemed to be part of this Prospectus from the date of the filing of such reports and documents:</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; font-size: 10pt"><font style=" font-size: 10pt">&#x25cf;</font></td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Fund&#x2019;s Statement of Additional Information, dated [&#xa0;&#xa0;], 2025, filed with this Prospectus (&#x201c;SAI&#x201d;);</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; font-size: 10pt"><font style=" font-size: 10pt">&#x25cf;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Fund&#x2019;s Annual Report on&#xa0;</font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm"><font style="font-size: 10pt">Form N-CSR&#xa0;</font></a><font style="font-size: 10pt">for the fiscal year ended October 31, 2024, filed with the SEC on January 10, 2025, as amended by the amendment thereto filed on </font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925009679/tm255509d1_ncsra.htm"><font style="font-size: 10pt">Form N-CSR/A</font></a><font style="font-size: 10pt">, filed with the SEC on February 5, 2025 (&#x201c;Annual Report&#x201d;)&#xa0;&#xa0;;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: top">
<td style="width: 24px; font-size: 10pt">&#xa0;</td>
<td style="width: 24px; font-size: 10pt"><font style=" font-size: 10pt">&#x25cf;</font></td>
<td><font style="font-family: Times New Roman, Times, Serif">The Fund&#x2019;s Semi-Annual Report on </font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925066106/tm2517609d5_ncsrs.htm">Form N-CSRS</a> for the period ended April 30, 2025, filed with the SEC on July 7, 2025 (&#x201c;Semi-Annual Report&#x201d;); &#xa0;</td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt">&#xa0;</td>
<td style="font-size: 10pt">&#xa0;</td>
<td>&#xa0;</td></tr>
<tr style="vertical-align: top">
<td>&#xa0;</td>
<td style="font-size: 10pt"><font style=" font-size: 10pt">&#x25cf;</font></td>
<td style="font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Fund&#x2019;s definitive proxy statement on&#xa0;</font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925034673/tm2512004d5_def14a.htm"><font style="font-size: 10pt">Schedule 14A</font></a><font style="font-size: 10pt">&#xa0;for the Fund&#x2019;s 2025 annual meeting of shareholders, filed with the SEC on April 14, 2025 (&#x201c;Proxy Statement&#x201d;); and</font></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; font-size: 10pt"><font style=" font-size: 10pt">&#x25cf;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">the </font><font style="font-size: 10pt">Fund&#x2019;s <font>description of common shares contained in the Fund&#x2019;s Registration Statement on&#xa0;Form</font></font> <a href="https://www.sec.gov/Archives/edgar/data/1362481/000114420406026032/v045913_8a12b.htm"><font style="font-size: 10pt; ">8-A</font></a><font style="font-size: 10pt; ">&#xa0;(File No. </font><font style="font-size: 10pt">001-32930<font>) filed with the SEC on June 26, 2006.</font></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>To obtain copies of these filings,
see &#x201c;Where You Can Find More Information.&#x201d;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_004"></a><font style="text-transform: uppercase"><b>Summary
of Fund expenses</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of the following table and the example
below is to help you understand the fees and expenses that holders of common shares of beneficial interest with no par value (&#x201c;Common
Shares&#x201d;) (the &#x201c;Common Shareholders&#x201d;) would bear directly or indirectly. The expenses shown in the table under &#x201c;Other
expenses&#x201d; are estimated for the Fund&#x2019;s current fiscal year ending October&#xa0;31, 2025. The expenses shown in the table under
 &#x201c;Interest expenses on bank borrowings&#x201d; and &#x201c;Total annual expenses&#x201d; are based on the Fund&#x2019;s capital structure
as of April&#xa0;30, 2025.&#xa0;The table reflects Fund expenses as a percentage of net assets attributable to Common Shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Common Shareholder transaction expenses</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 83%; font: 10pt Times New Roman, Times, Serif; text-align: left">Sales load (as a percentage of offering price)(1)</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Offering expenses Borne by the Fund (as a percentage of offering price)(2)</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Dividend reinvestment and optional cash purchase plan fees: (per share for open-market purchases of Common Shares)(3)</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Fee for Open Market Purchases of Common Shares</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.02 (per share)</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Fee for Optional Shares Purchases</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5.00 (max)</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Sales of Shares Held in a Dividend</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">$0.12 (per share)</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; font-size: 10pt; text-align: left">Reinvestment Account</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">and $25.00 (max)</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&#xa0;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Annual&#xa0;expenses<br> (as&#xa0;a&#xa0;percentage&#xa0;of&#xa0;net&#xa0;assets<br> attributable&#xa0;to</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&#xa0;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Common&#xa0;Shares)</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 83%; font: 10pt Times New Roman, Times, Serif">Advisory fee(4)</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">1.00</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest expenses on bank borrowings(5)</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.09</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.26</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total annual expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.35</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  </table>




















<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) &#x202f;If
Common Shares are sold to or through underwriters, a prospectus supplement will set forth any applicable sales load and the estimated
offering expenses borne by the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) &#x202f;Offering
expenses payable by the Fund will be deducted from the proceeds, before expenses, to the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) &#x202f;Shareholders
who participate in the Fund&#x2019;s Dividend Reinvestment and Optional Cash Purchase Plan (the &#x201c;Plan&#x201d;) may be subject to
fees on certain transactions. The Plan Agent's (as defined under &#x201c;Dividend Reinvestment and Optional Cash Purchase Plan&#x201d;
in this Prospectus) fees for the handling of the reinvestment of dividends will be paid by the Fund; however, participating shareholders
will pay a $0.02 per share fee incurred in connection with open-market purchases in connection with the reinvestment of dividends, capital
gains distributions and voluntary cash payments made by the participant, which will be deducted from the value of the dividend. For optional
share purchases, shareholders will also be charged a $2.50 fee for automatic debits from a checking/savings account, a $5.00 one-time
fee for online bank debit and/or $5.00 for check. Shareholders will be subject to $0.12 per share fee and either a $10.00 fee (for batch
orders) or $25.00 fee (for market orders) for sales of shares held in a dividend reinvestment account. Per share fees include any applicable
brokerage commissions the Plan agent is required to pay. For more details about the Plan, see &#x201c;Dividend Reinvestment and Optional
Cash Purchase Plan&#x201d; in this Prospectus.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) &#x202f;The
Adviser receives an annual investment advisory fee of 1.00% based on the Fund&#x2019;s average daily net assets, computed daily and payable
monthly.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) &#x202f;The
percentage in the table is based on average total borrowings of $4,899,941 (the balance outstanding under the Fund&#x2019;s secured, uncommitted
line of credit with BNP Paribas Prime Brokerage International Ltd. (the &#x201c;Credit Facility&#x201d;) as of April&#xa0;30, 2025, representing
approximately 1.8% of the Fund&#x2019;s total average assets, which includes the assets purchased through leverage) and an average interest
rate during the six-month period ended April&#xa0;30, 2025, of 5.39%. There can be no assurances that the Fund will be able to obtain
such level of borrowing (or to maintain its current level of borrowing), that the terms under which the Fund borrows will not change,
or that the Fund&#x2019;s use of leverage will be profitable. The Fund currently intends during the next twelve months to maintain a similar
proportionate amount of borrowings but may increase such amount to 33 1/3% of the average daily value of the Fund&#x2019;s total assets.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Example</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following example illustrates the expenses
you would pay on a $1,000 investment in Common Shares, assuming a 5% annual portfolio total return.*</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">1&#xa0;Year</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">3&#xa0;Years</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">5&#xa0;Years</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">10&#xa0;Years</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: right">14</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: right">43</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 21%; font: 10pt Times New Roman, Times, Serif; text-align: right">74</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 21%; font: 10pt Times New Roman, Times, Serif; text-align: right">162</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* The example does not include sales load or estimated
offering costs. The example should not be considered a representation of future expenses or rate of return and actual Fund expenses may
be greater or less than those shown. The example assumes that (i)&#xa0;all dividends and other distributions are reinvested at NAV, and
(ii)&#xa0;the percentage amounts listed under &#x201c;Total annual expenses&#x201d; above remain the same in the years shown. For more complete
descriptions of certain of the Fund&#x2019;s costs and expenses, see &#x201c;Management of the Fund &#x2014; Advisory Agreement.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_005"></a><b>THE FUND AT A GLANCE</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Information regarding the Fund</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a diversified, closed-end management
investment company registered under the 1940 Act. The Fund was organized as a statutory trust under the laws of the State of Delaware
on May&#xa0;11, 2006, and commenced operations on July&#xa0;26, 2006. As of August&#xa0;20, 2025, the Fund&#x2019;s net asset value (&#x201c;NAV&#x201d;)
per Common Share was $11.33. See &#x201c;The Fund.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NYSE listed</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of [ ], 2025, the Fund had [ ] Common Shares
outstanding. The Fund&#x2019;s Common Shares are traded on the NYSE under the symbol &#x201c;AGD.&#x201d; As of [ ], the last reported sale
price for the Fund&#x2019;s Common Shares on the NYSE was $[ ] per Common Share, representing a [discount/premium] to net asset value of
[ ]%.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Who may want to invest</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should consider their investment goals,
time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the
Fund is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment objectives and policies</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund's primary investment objective is to
seek high current dividend income, more than 50% of which qualifies for the reduced federal income tax rate, as created by the Jobs and
Growth Tax Relief Reconciliation Act of 2003. The Fund also focuses on long-term growth of capital as a secondary investment objective.
There is no assurance that the Fund will achieve its investment objectives.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund's investment objectives and some of its
investment policies are considered fundamental policies and may not be changed without shareholder approval. The Statement of Additional
Information contains a list of the fundamental and non-fundamental investment policies of the Fund under the heading &#x201c;Investment
Restrictions.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investment Strategies</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund combines three research-driven investment
strategies &#x2013; dividend capture, value and growth &#x2013; to maximize the amount of distributed dividend income that qualifies for
reduced federal income tax rate (currently capped at 20%) and to identify companies globally with the potential for dividend increases
and capital appreciation. The Fund uses a multi-cap, multi-sector, multi-style approach to invest in the securities of issuers of any
capitalization level (small, mid or large) and in any sector or industry. The Fund's dividend capture strategy has two facets. The first
facet is "rotation" strategy, in which the Fund would sell a stock on or shortly after the stock's ex-dividend date, provided
that holding requirements are met that would permit the Fund to take advantage of the reduced federal tax rate, and use the sale proceeds
to purchase one or more other stocks that are expected to pay dividends before the next dividend payment on the stock being sold. Through
this practice, the Fund may receive more dividend payments over a given period of time than if it held a single stock. The second facet
is to capture special dividends where a company decides to return large cash balances to shareholders as a one-time dividend payment,
for instance due to a restructuring or recent strong operating performance.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests at least 80% of its net assets
in equity securities, primarily common stocks, issued by U.S. companies and qualified foreign corporations whose equity securities are
readily traded on an established U.S. or foreign securities market, that pay dividends which qualify for federal tax rates similar to
the rates applied to long-term capital gains. Under normal circumstances, the Fund intends to, although it is not required to, invest
in the securities of issuers located in approximately 10 to 30 foreign countries, with foreign investments representing approximately
40% to 80% of the Fund's assets. The Fund screens the U.S. and foreign companies in which it considers investing using the same criteria,
including, generally, high dividend yield, sufficiently liquid trading in an established market, and also its judgment that the issuer
may have good prospects for earnings growth or may be undervalued. Although it is not the Fund's current intent, the Fund continues to
be able to invest up to 100% of its total assets in the securities of non-U.S. issuers and is not restricted as to how much may be invested
in the issuers of any single country, provided the Fund limits its investments in countries that are considered emerging markets to no
more than 25% of the Fund's total assets at any one time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund invests at
least 80% of its net assets in the equity securities of domestic and foreign corporations that pay dividends. The Board of Trustees may
change this 80% policy on not less than 60 days' notice to shareholders. The Adviser believes that dividend paying stocks have the potential
for superior total return performance, as compared to non-dividend paying stocks. Under normal circumstances, the Fund expects to invest
in securities of issuers located in the United States and in approximately 10 to 30 foreign countries. The Adviser believes that global
diversification may provide to investors in the Fund the benefit of generally higher dividend yields in some countries outside the United
States, especially for companies domiciled in countries that have a tax treaty with the United States.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests in equity securities issued by
U.S. corporations, and foreign issuers whose equity securities are readily traded on an established U.S. or foreign securities market,
that pay dividends, more than 50% of which qualify for reduced federal tax rates similar to the rates applied to long-term capital gains
(referred to herein as "qualified dividends" or "tax-advantage dividends"). The Fund screens the U.S. and foreign
companies in which it considers investing using the same criteria, including, generally, high dividend yield, sufficiently liquid trading
in an established market, and also its judgment that the issuer may have good prospects for earnings growth or may be undervalued. Qualified
dividends generally include dividends received during the taxable year from domestic and qualified foreign corporations. A qualified foreign
corporation is defined in the Internal Revenue Code of 1986 (the "Code") as any corporation that is incorporated in a possession
of the United States or that is eligible for the benefits of a comprehensive income tax treaty with the United States. The equity securities
in which the Fund invests include primarily common stocks. The Fund may, from time to time, also invest a portion of its assets in depositary
receipts, preferred stocks, REITs (real estate investment trusts), exchange-traded funds ("ETFs") and securities convertible
into or exchangeable for common stocks, such as convertible debt. Dividends paid by REITs generally will not be eligible to be treated
as qualified dividend income.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks dividend income that qualifies
for favorable federal income tax treatment. Under federal income tax law, tax-advantaged dividends received by individual shareholders
are taxed at rates similar to long-term capital gain tax rates, which reach a maximum of 20%. Tax-advantaged dividends generally include
dividends from domestic corporations and dividends from foreign corporations that meet certain specified criteria. The Fund generally
can pass the tax treatment of tax-advantaged dividends it receives through to shareholders. Corporate shareholders of the Fund are not
eligible for this favorable federal income tax treatment. In addition, a dividend will not be treated as a tax-advantaged dividend (whether
received by the Fund or paid by the Fund to a shareholder) (1)&#xa0;if the dividend is received with respect to any share held for fewer
than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend
with respect to such dividend (or fewer than 91 days during the associated 181-day period in the case of certain preferred stocks), (2)&#xa0;to
the extent that the recipient is under an obligation (whether as a short sale or otherwise) to make related payments with respect to positions
in substantially similar or related property or (3)&#xa0;if the recipient elects to have the dividend treated as investment income for
purposes of the limitation on deductibility of investment interest.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may borrow for investment purposes. The
Adviser currently intends to limit leverage through borrowing to 10% of the Fund's total assets (calculated at the time of borrowing)
and to borrow for investment purposes only when the Adviser believes that the potential return on additional investments acquired with
the proceeds of leverage is likely to exceed the costs incurred in connection with the borrowings.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent the Fund uses leverage, if any,
the Fund currently intends to use leverage through borrowing from a credit facility. The Fund is permitted to engage in other transactions,
such as the issuance of debt securities or preferred securities, which have the effect of leverage, but currently has no intention to
do so. The Fund's portfolio management team may use leverage opportunistically and seek to reduce the Fund's leverage usage during times
of heightened market volatility. Depending on market conditions, the portfolio management team may choose not to use any leverage or may
instead borrow up to 10% of the Fund's total assets for investment purposes. Additionally, the Fund is permitted to borrow up to the maximum
allowable amount under the 1940 Act of the Fund's total assets as a temporary measure for extraordinary or emergency purposes, including
the payment of dividends and the settlement of securities transactions, which otherwise might require untimely dispositions of Fund securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser considers and evaluates environmental,
social and governance (&#x201c;ESG&#x201d;) factors as part of the investment analysis process for most long-term investments. The Adviser
considers the most material potential ESG risks and opportunities impacting issuers, alongside other non-ESG factors. The relevance of
ESG factors to the investment process varies across issuers and strategies. For instance, ESG factors may not be considered for securities
that the Adviser intends to hold solely as part of the Fund's dividend capture strategy, which is discussed in more detail below. Not
every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as
a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. When ESG factors
are considered, ESG information is just one investment consideration and ESG considerations generally are not solely determinative in
any investment decision made by the Adviser.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dividend Capture Strategy</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund's dividend capture strategy seeks to
maximize the level of dividend income that the Fund receives by engaging in dividend capture trading and by identifying special dividend
situations.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Rotation Strategy (Dividend Capture Trading).</i>&#xa0;In
a dividend capture trade, the Fund sells a stock on or shortly after the stock's ex-dividend date, provided that holding requirements
are met that would permit the Fund to take advantage of the reduced federal tax rate, and uses the sale proceeds to purchase one or more
other stocks that are expected to pay dividends before the next dividend payment on the stock being sold. Through this rotation practice,
the Fund may receive more dividend payments over a given period of time than if it held a single stock. Receipt of a greater number of
dividend payments during a given time period could augment the total amount of dividend income the Fund receives over this period. For
example, during the course of a single year it may be possible through dividend capture trading for the Fund to receive five or more dividend
payments with respect to Fund assets attributable to dividend capture trading where it may only have received four quarterly payments
in a hold only strategy. In order for dividends received by the Fund to qualify as tax-advantaged dividends, the Fund must comply with
the holding period requirements described above. See "Risk Factors &#x2013; Dividend Strategy Risks." Dividend capture trading
by the Fund will take account of this consideration. The use of dividend capture strategies will expose the Fund to increased trading
costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to
dividend capture trading.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Special Dividends.</i>&#xa0;Special dividend
situations may include those where companies decide to return large cash balances to shareholders as one-time dividend payments, for instance
due to a restructuring or recent strong operating performance. Other special dividends may arise in a variety of situations.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Value Strategy</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In managing the assets of the Fund, the Adviser
generally pursues a value-oriented approach. The Adviser seeks to identify investment&#xa0; opportunities in equity securities of dividend
paying corporations that it believes are undervalued relative to the market and to the securities' historical valuations, including turnaround
opportunities with a catalyst, depressed earnings that may be poised to recover, or situations where a restructuring or major corporate
action may add value. The Fund invests in stocks among all capitalization levels (small, mid and large), using a multi-cap, multi-sector,
multi-style approach when selecting the stocks of companies in which the Fund invests. The average capitalization of issuers is not intended
to be static and varies over time. Factors that the Adviser considers include fundamental factors such as earnings growth, cash flow and
historical payment of dividends. The Fund's investments in common stocks will emphasize stocks that (at the time of purchase) pay dividends
and have capital appreciation potential.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Growth Strategy</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund's growth strategy seeks to identify issuers
with lower, but still attractive, current dividend yields, but that have the potential for higher earnings growth through capital appreciation
or increasing dividend payments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to investing in stocks that pay tax-advantaged
dividends, the Fund may also invest a portion of its assets in stocks and other securities that generate fully taxable ordinary income.
For any year, so long as the Fund's fully taxable ordinary income and net realized short-term gains are offset by expenses of the Fund,
all of the Fund's income distributions would be characterized as tax-advantaged dividends. There can be no assurance that a portion of
the Fund's income distributions will not be fully taxable as ordinary income. The Fund may, from time to time, take temporary defensive
positions that are inconsistent with the Fund's principal investment strategies in attempting to respond to adverse market, economic,
political or other conditions. During such times, the Fund may hold certain securities for less than the 61 days described above and,
as a result, shareholders may be unable to take advantage of the reduced federal tax rates applicable to any qualifying dividends otherwise
attributable to such securities. In addition, during such times, the Fund may temporarily invest up to 100% of its assets in cash or cash
equivalents, including money market instruments, prime commercial paper, repurchase agreements, Treasury bills and other short-term obligations
of the U.S. Government, its agencies or instrumentalities. In these and in other cases, the Fund may not achieve its investment objectives
and the Fund may not pay tax-advantaged dividends.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, securities are purchased or sold by
the Fund on national securities exchanges and in the over-the-counter market. From time to time, securities may be purchased or sold in
private transactions, including securities that are not publicly traded or that are otherwise illiquid. The Adviser does not expect investments
in illiquid securities to comprise more than 10% of the Fund's total assets (determined at the time the investment is made).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser may invest the Fund's cash balances
in any investments it deems appropriate, including, without limitation and as permitted under the 1940 Act, money market funds, repurchase
agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from such investments is ordinarily
reinvested by the Fund in accordance with its investment program. Many of the considerations entering into the Adviser's recommendations
and the portfolio managers' decisions are subjective.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For additional information, please see &#x201c;INVESTMENT
OBJECTIVES AND POLICIES.&#x201d;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Portfolio Investments</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Common Stocks</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests primarily in common stocks. Common
stocks represent an ownership interest in an issuer. While offering greater potential for long-term growth, common stocks are more volatile
and riskier than some other forms of investment. Common stock prices fluctuate for many reasons, including adverse events, such as an
unfavorable earnings report, changes in investors' perceptions of the financial condition of an issuer or the general condition of the
relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be sensitive
to rising interest rates as the costs of capital rise and borrowing costs increase.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Preferred Stocks</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred stock, like common stock, represents
an equity ownership in an issuer. Generally, preferred stock has a priority of claim over common stock in dividend payments and upon liquidation
of the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible
into common stock. Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like debt,
their promised income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings or collection
activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer's capital structure
and that their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific
assets or cash flows.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions on preferred stock must be declared
by the board of directors of the issuer and may be subject to deferral, and thus they may not be automatically payable. Income payments
on preferred stock may be cumulative, causing dividends and distributions to accrue even if not declared by the issuer's board of directors
or otherwise made payable, or they may be non-cumulative, so&#xa0;&#xa0;&#xa0;&#xa0; that skipped dividends and distributions do not continue
to accrue. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable.
The Fund may invest in non-cumulative preferred stock, although the Adviser would consider, among other factors, their non-cumulative
nature in making any decision to purchase or sell such securities.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of preferred stock have a liquidation value
that generally equals the original purchase price at the date of issuance. The market values of preferred stock may be affected by favorable
and unfavorable changes impacting the issuers' industries or sectors, including companies in the utilities and financial services sectors,
which are prominent issuers of preferred stock. They may also be affected by actual and anticipated changes or ambiguities in the tax
status of the security and by actual and anticipated changes or ambiguities in tax laws, such as changes in corporate and individual income
tax rates, and in the dividends received deduction for corporate taxpayers or the lower rates applicable to certain dividends.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the claim on an issuer's earnings represented
by preferred stock may become onerous when interest rates fall below the rate payable on the stock or for other reasons, the issuer may
redeem preferred stock, generally after an initial period of call protection in which the stock is not redeemable. Thus, in declining
interest rate environments in particular, the Fund's holdings of higher dividend-paying preferred stocks may be reduced and the Fund may
be unable to acquire securities paying comparable rates with the redemption proceeds.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign Securities</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although it is not required to, under normal circumstances,
the Fund invests a significant portion of its assets in securities of issuers located in approximately ten to thirty foreign countries
(in addition to the United States). The Fund invests in foreign securities, including direct investments in securities of foreign issuers
and investments in depositary receipts (such as American Depositary Receipts ("ADRs")) that represent indirect interests in
securities of foreign issuers. The Fund is not limited in the amount of assets it may invest in such foreign securities. These investments
involve risks not associated with investments in the United States, including the risk of fluctuations in foreign currency exchange rates,
unreliable and untimely information about the issuers and political and economic instability. These risks could result in the Adviser's
misjudging the value of certain securities or in a significant loss in the value of those securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of foreign securities is affected by
changes in currency rates, foreign tax laws (including withholding tax), government policies (in the United States or abroad), relations
between nations and trading, settlement, and custodial and other operational risks. In addition, the costs of investing abroad are generally
higher than in the United States, and foreign securities markets may be less liquid, more volatile and less subject to governmental supervision
than markets in the United States. As an alternative to holding foreign-traded securities, the Fund may invest in dollar-denominated securities
of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter market (including depositary receipts as described below,
which evidence ownership in underlying foreign securities, and ETFs as described above).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because foreign companies are not subject to uniform
accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies, there
may be less publicly available information about a foreign company than about a domestic company. Volume and liquidity in most foreign
debt markets are less than in the United States and securities of some foreign companies are less liquid and more volatile than securities
of comparable U.S. companies. There is generally less government supervision and regulation of securities exchanges, broker-dealers and
listed companies than in the United States. Mail service between the United States and foreign countries may be slower or less reliable
than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio
securities. Payment for securities before delivery may be required. In addition, with respect to certain foreign countries, there is the
possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments, which could affect
investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such
respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments
position. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United
States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile
than securities of comparable U.S. companies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may purchase ADRs, European Depositary
Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), which are certificates evidencing ownership of shares of
foreign issuers and are alternatives to purchasing directly the underlying foreign securities in their national markets and currencies.
However, such depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities.
These risks include foreign exchange risk as well as the political and economic risks associated with the underlying issuer's country.
ADRs, EDRs and GDRs may be sponsored or unsponsored. Unsponsored receipts are established without the participation of the issuer. Unsponsored
receipts may involve higher expenses, they may not pass-through voting or other shareholder rights, and they may be less liquid. Less
information is normally available on unsponsored receipts.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends paid on foreign securities may not qualify
for the reduced federal income tax rate applicable to qualified dividends under the Code. As a result, there can be no assurance as to
what portion of the Fund's distributions attributable to foreign securities will be designated as qualified dividend income.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Emerging Market Securities</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest up to 25% of its assets in
securities of issuers located in emerging markets. The Fund uses the MSCI Emerging Markets Index methodology to determine which countries
are considered emerging markets. The risks of foreign investments described above apply to an even greater extent to investments in emerging
markets. The securities markets of emerging countries are generally smaller, less developed, less liquid, and more volatile than the securities
markets of the United States and developed foreign markets. Disclosure and regulatory standards in many respects are less stringent than
in the United States and developed foreign markets. There also may be a lower level of monitoring and regulation of securities markets
in emerging market countries and the activities of investors in such markets and enforcement of existing regulations has been extremely
limited. Many emerging countries have experienced substantial, and in some periods extremely high, rates of inflation for many years.
Inflation and rapid fluctuations in inflation rates have had and may continue to have very negative effects on the economies and securities
markets of certain emerging countries. Economies in emerging markets generally are heavily dependent upon international trade and, accordingly,
have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values,
and other protectionist measures imposed or negotiated by the countries with which they trade. The economies of these countries also have
been and may continue to be adversely affected by economic conditions in the countries in which they trade. The economies of countries
with emerging markets may also be predominantly based on only a few industries or dependent on revenues from particular commodities. In
addition, custodial services and other costs relating to investment in foreign markets may be more expensive in emerging markets than
in many developed foreign markets, which could reduce the Fund's income from such securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In many cases, governments of emerging countries
continue to exercise significant control over their economies, and government actions relative to the economy, as well as economic developments
generally, may affect the Fund's investments in those countries. In addition, there is a heightened possibility of expropriation or confiscatory
taxation, imposition of withholding taxes on interest payments, or other similar developments that could affect investments in those countries.
There can be no assurance that adverse political changes will not cause the Fund to suffer a loss of any or all of its investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends paid by issuers in emerging market countries
will generally not qualify for the reduced federal income tax rate applicable to qualified dividends under the Code.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Real Estate Investment Trusts</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in REITs. REITs are financial
vehicles that pool investors' capital to purchase or finance real estate. The market value of REIT shares and the ability of REITs to
distribute income may be adversely affected by numerous factors, including rising interest rates, changes in the national, state and local
economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and attractiveness of the properties,
the ability of the owners to provide adequate management, maintenance and insurance, the cost of complying with the Americans with Disabilities
Act, increasing competition and compliance with environmental laws, changes in real estate taxes and other operating expenses, adverse
changes in governmental rules&#xa0;and fiscal policies, adverse changes in zoning laws, and other factors beyond the control of the issuers.
In addition, distributions received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. As REITs
generally pay a higher rate of dividends than most other operating companies, to the extent application of the Fund's investment strategy
results in the Fund investing in REIT shares, the percentage of the Fund's dividend income received from REIT shares will likely exceed
the percentage of the Fund's portfolio that is comprised of REIT shares. REIT income distributions received by the Fund generally will
not be treated as tax-advantaged dividends.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Exchange Traded Funds</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in ETFs, which are investment
companies that seek to track or replicate a desired index, such as a sector, market or global segment. ETF shares are traded on a national
exchange. ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as "creation
units." The investor purchasing a creation unit may sell the individual shares on a secondary market. Therefore, the liquidity of
ETFs depends on the adequacy of the secondary market. There can be no assurance that an ETF's investment objective will be achieved, as
ETFs based on an index may not replicate and maintain exactly the composition and relative weightings of securities in the index. ETFs
are subject to the risks of investing in the underlying securities. The Fund, as a holder of the securities of the ETF, will bear its
pro rata portion of the ETF's expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund's own
operations.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Convertible Securities</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in convertible securities.
Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the
issuer's underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible
preferred stock, convertible bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features
of several of these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities
to be employed for a variety of investment strategies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will exchange or convert convertible
securities into shares of underlying common stock when, in the opinion of the Adviser, the investment characteristics of the underlying
common shares will assist the Fund in achieving its investment objectives. The Fund may also elect to hold or trade convertible securities.
In selecting convertible securities, the Adviser evaluates the investment characteristics of the convertible security as a fixed income
instrument, and the investment potential of the underlying equity security for capital appreciation. In evaluating these matters with
respect to a particular convertible security, the Adviser considers numerous factors, including the economic and political outlook, the
value of the security relative to other investment alternatives, trends in the determinants of the issuer's profits, and the issuer's
management capability and practices.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Corporate Bonds, Government Debt Securities
and Other Debt Securities</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in corporate bonds, debentures
and other debt securities. Debt securities in which the Fund may invest may pay fixed or variable rates of interest. Bonds and other debt
securities generally are issued by corporations and other issuers to borrow money from investors. The issuer pays the investor a fixed
or variable rate of interest and normally must repay the amount borrowed on or before maturity. Certain debt securities are "perpetual"
in that they have no maturity date.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests in government debt securities,
including those of U.S. issuers, emerging market issuers and of other non-U.S. issuers. These securities may be U.S. dollar-denominated
or non-U.S. dollar-denominated and include: (i)&#xa0;debt obligations issued or guaranteed by foreign national, provincial, state, municipal
or other governments with taxing authority or by their agencies or instrumentalities; and (ii)&#xa0;debt obligations of supranational
entities. Government debt securities include: debt securities issued or guaranteed by governments, government agencies or instrumentalities
and political subdivisions; debt securities issued by government owned, controlled or sponsored entities; interests in entities organized
and operated for the purpose of restructuring the investment characteristics issued by the above-noted issuers; or debt securities issued
by supranational entities such as the World Bank or the European Union. The Fund may also invest in securities denominated in currencies
of emerging market countries. Emerging market debt securities generally are rated in the lower rating categories of recognized credit
rating agencies or are unrated and considered to be of comparable quality to lower rated debt securities. A non-U.S. issuer of debt or
the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest
when due, and the Fund may have limited resources in the event of a default. Some of these risks do not apply to issuers in large, more
developed countries. These risks are more pronounced in investments in issuers in emerging markets or if the Fund invests significantly
in one country.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will not invest more than 20% of its
total assets in debt securities rated below investment grade (i.e., securities rated lower than Baa by Moody's Investors Service,&#xa0;Inc.
("Moody's") or lower than BBB by Standard&#xa0;&amp; Poor's Rating Services, a division of The McGraw-Hill Companies,&#xa0;Inc.
("S&amp;P")), or their equivalent as determined by the Adviser. These securities are commonly referred to as "junk bonds."
The foregoing credit quality policy applies only at the time a security is purchased, and the Fund is not required to dispose of securities
already owned by the Fund in the event of a change in assessment of credit quality or the removal of a rating.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Illiquid Securities</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Illiquid securities are securities that are not
readily marketable. Illiquid securities include securities that have legal or contractual restrictions on resale, and repurchase agreements
maturing in more than seven days. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired
or at prices approximating the value at which the Fund is carrying the securities. Where registration is required to sell a security,
the Fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to
sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse
market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell. The Fund may invest
up to 10% of the value of its net assets in illiquid securities. Restricted securities for which no market exists and other illiquid investments
are valued at fair value as determined in accordance with procedures approved and periodically reviewed by the Board of Trustees.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Rule&#xa0;144A Securities</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in restricted securities that
are eligible for resale pursuant to Rule&#xa0;144A under the Securities Act of 1933, as amended, (the &#x201c;Securities Act&#x201d;). Generally,
Rule&#xa0;144A establishes a safe harbor from the registration requirements of the Securities Act for resale by large institutional investors
of securities that are not publicly traded. The Adviser determines the liquidity of the Rule&#xa0;144A securities according to guidelines
adopted by the Board of Trustees. The Board of Trustees monitors the application of those guidelines and procedures. Securities eligible
for resale pursuant to Rule&#xa0;144A, which are determined to be liquid, are not subject to the Fund's 10% limit on investments in illiquid
securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Warrants</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in equity and index warrants
of domestic and international issuers. Equity warrants are securities that give the holder the right, but not the obligation, to subscribe
for equity issues of the issuing company or a related company at a fixed price either on a certain date or during a set period. Changes
in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may
be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well
as capital loss.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants do not entitle a holder to dividends
or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant
ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other
types of investments. The sale of a warrant results in a long- or short-term capital gain or loss depending on the period for which the
warrant is held.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Other Investments</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may use a variety of other investment
instruments in pursuing its investment objectives. The investments of the Fund may include fixed income securities, sovereign debt, options
on foreign currencies and forward foreign currency contracts.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investment Techniques</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may, but is under no obligation to, from
time to time employ a variety of investment techniques, including those described below, to hedge against fluctuations in the price of
portfolio securities, to enhance total return or to provide a substitute for the purchase or sale of securities. Some of these techniques,
such as purchases of put and call options, options on stock indices and stock index futures and entry into certain credit derivative transactions,
may be used as hedges against or substitutes for investments in equity securities. Other techniques such as the purchase of interest rate
futures and entry into transactions involving interest rate swaps, options on interest rate swaps and certain credit derivatives are hedges
against or substitutes for investments in debt securities. The Fund's ability to utilize any of the techniques described below may be
limited by restrictions imposed on its operations in connection with obtaining and maintaining its qualification as a regulated investment
company under the Code. Additionally, other factors (such as cost) may make it impractical or undesirable to use any of these investment
techniques from time to time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Options on Securities</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to hedge against adverse market shifts,
the Fund may utilize up to 10% of its total assets (in addition to the 10% limit applicable to options on stock indices described below)
to purchase put and call options on securities. The Fund will also, in certain situations, augment its investment positions by purchasing
call options, both on specific equity securities, as well as securities representing exposure to equity sectors or indices and fixed income
indices. In addition, the Fund may seek to increase its income or may hedge a portion of its portfolio investments through writing (i.e.,
selling) covered put and call options.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A put option embodies the right of its purchaser
to compel the writer of the option to purchase from the option holder an underlying security or its equivalent at a specified price at
any time during the option period. In contrast, a call option gives the purchaser the right to buy the underlying security or its equivalent
covered by the option or its equivalent from the writer of the option at the stated exercise price. Under interpretations of the SEC currently
in effect, which may change from time to time, a "covered" call option means that so long as the Fund is obligated as the writer
of the option, it will own (1)&#xa0;the underlying instruments subject to the option, (2)&#xa0;instruments convertible or exchangeable
into the instruments subject to the option or (3)&#xa0;a call option on the relevant instruments with an exercise price no higher than
the exercise price on the call option written.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will receive a premium when it writes
put and call options, which increases the Fund's return on the underlying security in the event the option expires unexercised or is closed
out at a profit. By writing a call, the Fund will limit its opportunity to profit from an increase in the market value of the underlying
security above the exercise price of the option for as long as the Fund's obligation as the writer of the option continues. Upon the exercise
of a put option written by the Fund, the Fund may suffer an economic loss equal to the difference between the price at which the Fund
is required to purchase the underlying security and its market value at the time of the option exercise, less the premium received for
writing the option. Upon the exercise of a call option written by the Fund, the Fund may suffer an economic loss equal to the excess of
the security's market value at the time of the option exercise over the price at which the Fund is required to sell the underlying security
less the premium received for writing the option. Thus, in some periods the Fund might receive less total return and in other periods
greater total return from its hedged positions than it would have received from leaving its underlying securities unhedged.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may purchase and write options on securities
that are listed on national securities exchanges or are traded over the counter, although it expects, under normal circumstances, to effect
such transactions on national securities exchanges.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a holder of a put option, the Fund will have
the right to sell the securities underlying the option and as the holder of a call option, the Fund will have the right to purchase the
securities underlying the option, in each case at their exercise price at any time prior to the option's expiration date. The Fund may
choose to exercise the options it holds, permit them to expire or terminate them prior to their expiration by entering into closing sale
transactions. In entering into a closing sale transaction, the Fund would sell an option of the same series as the one it has purchased.
The ability of the Fund to enter into a closing sale transaction with respect to options purchased and to enter into a closing purchase
transaction with respect to options sold depends on the existence of a liquid secondary market. There can be no assurance that a closing
purchase or sale transaction can be effected when the Fund so desires. The Fund's ability to terminate option positions established in
the over-the-counter market may be more limited than in the case of exchange-traded options and may also involve the risk that securities
dealers participating in such transactions would fail to meet their obligations to the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In purchasing a put option, the Fund will seek
to benefit from a decline in the market price of the underlying security, while in purchasing a call option, the Fund will seek to benefit
from an increase in the market price of the underlying security. If an option purchased is not sold or exercised when it has remaining
value, or if the market price of the underlying security remains equal to or greater than the exercise price, in the case of a put, or
remains equal to or below the exercise price, in the case of a call, during the life of the option, the option will expire worthless.
For the purchase of an option to be profitable, the market price of the underlying security must decline sufficiently below the exercise
price, in the case of a put, and must increase sufficiently above the exercise price, in the case of a call, to cover the premium and
transaction costs. Because option premiums paid by the Fund are small in relation to the market value of the instruments underlying the
options, buying options can result in large amounts of leverage. The leverage offered by trading in options could cause the Fund's net
asset value (&#x201c;NAV&#x201d;) to be subject to more frequent and wider fluctuation than would be the case if the Fund did not invest
in options.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Options on Stock Indices</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may utilize up to 10% of its total assets
(in addition to the 10% limit applicable to options on securities) to purchase put and call options on domestic stock indices to hedge
against risks of market-wide price movements affecting its assets. The Fund will also, in certain situations, augment its investment positions
by purchasing call options, both on specific equity securities, as well as securities representing exposure to equity sectors or indices
and fixed income indices. In addition, the Fund may write covered put and call options on stock indices. A stock index measures the movement
of a certain group of stocks by assigning relative values to the common stocks included in the index. Options on stock indices are similar
to options on securities. Because no underlying security can be delivered, however, the option represents the holder's right to obtain
from the writer, in cash, a fixed multiple of the amount by which the exercise price exceeds (in the case of a put) or is less than (in
the case of a call) the closing value of the underlying index on the exercise date. The advisability of using stock index options to hedge
against the risk of market-wide movements will depend on the extent of diversification of the Fund's investments and the sensitivity of
its investments to factors influencing the underlying index. The effectiveness of purchasing or writing stock index options as a hedging
technique will depend upon the extent to which price movements in the Fund's securities investments correlate with price movements in
the stock index selected. In addition, successful use by the Fund of options on stock indices will be subject to the ability of the Adviser
to predict correctly changes in the relationship of the underlying index to the Fund's portfolio holdings. No assurance can be given that
the Adviser's judgment in this respect will be correct.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Portfolio Turnover</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may engage in short-term trading strategies,
and securities may be sold without regard to the length of time held when, in the opinion of the Adviser, investment considerations warrant
such action. These policies, together with the ability of the Fund to effect short sales of securities and to engage in transactions in
options and futures, may have the effect of increasing the Fund's annual rate of portfolio turnover.&#xa0;In certain years, the annual
portfolio turnover rate of the Fund may exceed 100%. A high turnover rate (100% or more) necessarily involves greater trading costs to
the Fund and may result in the realization of net short term capital gains. If securities are not held for the applicable holding periods,
dividends paid on them will not qualify for the advantageous federal tax rates.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign Currency Transactions</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may engage in foreign currency exchange
transactions in connection with its investments in foreign securities. The Fund will conduct its foreign currency exchange transactions
either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through forward contracts to
purchase or sell foreign currencies, including the payment of dividends and the settlement of securities transactions which otherwise
might require untimely dispositions of Fund securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Forward Foreign Currency Exchange Contracts</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into forward foreign currency
exchange contracts in order to protect against possible losses on foreign investments resulting from adverse changes in the relationship
between the U.S. dollar and foreign currencies. A forward foreign currency exchange contract involves an obligation to purchase or sell
a specific currency at a future date, which may be any fixed number of days (usually less than one year) from the date of the contract
agreed upon by the parties, at a price set at the time of the contract. These contracts are traded in the interbank market conducted directly
between currency traders (usually large commercial banks) and their customers. A forward contract generally has a deposit requirement,
and no commissions are charged at any stage for trades. Although foreign exchange dealers do not charge a fee for conversion, they do
realize a profit based on the difference (the spread) between the price at which they are buying and selling various currencies. However,
forward foreign currency exchange contracts may limit potential gains which could result from a positive change in such currency relationships.
The Fund does not speculate in foreign currency.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except for cross-hedges, the Fund will not enter
into forward foreign currency exchange contracts or maintain a net exposure in such contracts when it would be obligated to deliver an
amount of foreign currency in excess of the value of its portfolio securities or other assets denominated in that currency or, in the
case of a "cross-hedge," denominated in a currency or currencies that the Adviser believes will tend to be closely correlated
with that currency with regard to price movements. At the consummation of a forward contract, the Fund may either make delivery of the
foreign currency or terminate their contractual obligation to deliver the foreign currency by purchasing an offsetting contract obligating
it to purchase, at the same maturity date, the same amount of such foreign currency. If the Fund chooses to make delivery of the foreign
currency, it may be required to obtain such currency through the sale of portfolio securities denominated in such currency or through
conversion of other assets of the Fund into such currency. If the Fund engages in an offsetting transaction, the Fund will incur a gain
or loss to the extent that there has been a change in forward contract prices.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It should be realized that this method of protecting
the value of the Fund's portfolio securities against a decline in the value of a currency does not eliminate fluctuations in the underlying
prices of the securities. It simply establishes a rate of exchange which can be achieved at some future point in time. Additionally, although
such contracts tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time they tend to limit
any potential gain which might result should the value of such currency increase. Generally, the Fund will not enter into a forward foreign
currency exchange contract with a term longer than one year.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign Currency Options</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may purchase and write options on foreign
currencies to protect against declines in the U.S. dollar value of foreign securities or in the U.S. dollar value of dividends or interest
expected to be received on these securities. These transactions may also be used to protect against increases in the U.S. dollar cost
of foreign securities to be acquired by the Fund. Writing an option on foreign currency is only a partial hedge, up to the amount of the
premium received, and the Fund could be required to purchase or sell foreign currencies at disadvantageous exchange rates, thereby incurring
losses. The Fund may not purchase a foreign currency option if, as a result, premiums paid on foreign currency options then held by the
Fund would represent more than 10% of the Fund's total assets.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A foreign currency option provides the option
buyer with the right to buy or sell a stated amount of foreign currency at the exercise price on a specified date or during the option
period. The owner of a call option has the right, but not the obligation, to buy the currency. Conversely, the owner of a put option has
the right, but not the obligation, to sell the currency. When the option is exercised, the seller (i.e., writer) of the option is obligated
to fulfill the terms of the sold option. However, either the seller or the buyer may, in the secondary market, close its position during
the option period at any time prior to expiration.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A call option on a foreign currency generally
rises in value if the underlying currency appreciates in value, and a put option on a foreign currency generally rises in value if the
underlying currency depreciates in value. Although purchasing a foreign currency option can protect the Fund against an adverse movement
in the value of a foreign currency, the option will not limit the movement in the value of such currency. For example, if the Fund was
holding securities denominated in a foreign currency that was appreciating and had purchased a foreign currency put to hedge against a
decline in the value of the currency, the Fund would not have to exercise its put option. Likewise, if the Fund were to enter into a contract
to purchase a security denominated in foreign currency and, in conjunction with that purchase, were to purchase a foreign currency call
option to hedge against a rise in value of the currency, and if the value of the currency instead depreciated between the date of purchase
and the settlement date, the Fund would not have to exercise its call. Instead, the Fund could acquire in the spot market the amount of
foreign currency needed for settlement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Futures Contracts and Options on Futures
Contracts</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Futures contracts are standardized, exchange-traded
contracts that provide for the sale or purchase of a specified financial instrument or currency at a future time at a specified price.
An option on a futures contract gives the purchaser the right (and the writer of the option the obligation) to assume a position in a
futures contract at a specified exercise price within a specified period of time. A futures contract may be based on particular securities,
foreign currencies, securities indices and other financial instruments and indices. By using foreign currency futures contracts and options
on such contracts, the Fund may be able to achieve many of the same objectives as it would through the use of forward foreign currency
exchange contracts and may be able to achieve these objectives more effectively and at a lower cost by using futures transactions instead
of forward foreign currency exchange contracts. The Fund may engage in futures transactions on U.S. and foreign exchanges.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may purchase and sell futures contracts,
and purchase and write call and put options on futures contracts, to increase total return or to hedge against changes in interest rates,
securities prices, currency exchange rates, or to otherwise manage its term structure, sector selection and duration in accordance with
its investment objectives and policies. The Fund may also enter into closing purchase and sale transactions with respect to such contracts
and options. The Adviser has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity
Exchange Act (the "CEA") pursuant to Rule&#xa0;4.5 under the CEA with respect to the Fund. The Adviser, therefore, is not subject
to registration or regulation as a commodity pool operator under the CEA.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Defensive Positions</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During periods of adverse market or economic conditions,
the Fund may hold certain securities for less than the 61 days described above and, as a result, shareholders may be unable to take advantage
of the reduced federal tax rates applicable to any qualifying dividends otherwise attributable to such securities. In addition, during
such times, the Fund may temporarily invest all or a substantial portion of its assets in cash or cash equivalents. The Fund will not
be pursuing its investment objectives in these circumstances. Cash equivalents are highly liquid, short-term securities such as commercial
paper, time deposits, certificates of deposit, short-term notes and short-term U.S. government obligations. During such market circumstances,
the Fund may not pay tax-advantaged dividends. Cash equivalents are highly liquid, short-term securities such as commercial paper, time
deposits, certificates of deposit, short-term notes and short-term U.S. government obligations.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Equity-Linked Securities</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in equity-linked securities,
including, but not limited to, participation notes, certificates, and equity swaps. Equity-linked securities are privately issued securities
whose investment results are designed to correspond generally to the performance of a specified stock index or "basket" of stocks,
or a single stock. To the extent that the Fund invests in equity-linked securities whose return corresponds to the performance of a foreign
security index or one or more foreign stocks, investing in equity-linked securities will involve risks similar to the risks of investing
in foreign securities. See "Investment Objectives&#xa0;&amp; Policies &#x2013; Portfolio Investments &#x2013; Foreign Securities"
and "Risk Factors &#x2013; Foreign Securities Risk." In addition, the Fund bears the risk that the counterparty of an equity-linked
security may default on its obligations under the security. If the underlying security is determined to be illiquid, the equity-linked
security would also be considered illiquid and thus subject to the Fund's restrictions on investments in illiquid securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Participation notes, also known as participation
certificates, are issued by banks or broker-dealers and are designed to replicate the performance of foreign companies or foreign securities
markets and can be used by the Fund as an alternative means to access the securities market of a country. The performance results of participation
notes will not replicate exactly the performance of the foreign companies or foreign securities markets that they seek to replicate due
to transaction and other expenses. Investments in participation notes involve the same risks associated with a direct investment in the
underlying foreign companies or foreign securities markets that they seek to replicate. There can be no assurance that the trading price
of participation notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate.
Participation notes are generally traded over-the-counter. Participation notes are subject to counterparty risk, which is the risk that
the broker-dealer or bank that issues them will not fulfill its contractual obligation to complete the transaction with the Fund. Participation
notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them, the counterparty, and the Fund
is relying on the creditworthiness of such counterparty and has no rights under a participation note against the issuer of the underlying
security. Participation notes involve transaction cost. If the underlying security is determined to be illiquid, participation notes may
be illiquid and therefore subject to the Fund's percentage limitation for investments in illiquid securities. Participation notes offer
a return linked to a particular underlying equity, debt or currency.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity swaps allow the parties to a swap agreement
to exchange the dividend income or other components of return on an equity investment (for example, a group of equity securities or an
index) for a component of return on another non-equity or equity investment. An equity swap may be used by the Fund to invest in a market
without owning or taking physical custody of securities in circumstances in which direct investment may be restricted for legal reasons
or is otherwise deemed impractical or disadvantageous. Equity swaps may also be used for hedging purposes or to seek to increase total
return. The Fund's ability to enter into certain swap transactions may be limited by tax considerations. The counterparty to an equity
swap contract will typically be a bank, investment banking firm or broker/dealer.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity swap contracts may be structured in different
ways. For example, a counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap contract
would have increased in value had it been invested in particular stocks (or an index of stocks), plus the dividends that would have been
received on those stocks. In these cases, the Fund may agree to pay to the counterparty a floating rate of interest on the notional amount
of the equity swap contract plus the amount, if any, by which that notional amount would have decreased in value had it been invested
in such stocks. Therefore, the return to the Fund on the equity swap contract should be the gain or loss on the notional amount plus dividends
on the stocks less the interest paid by the Fund on the notional amount.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In other cases, the counterparty and the Fund
may each agree to pay the other the difference between the relative investment performances that would have been achieved if the notional
amount of the equity swap contract had been invested in different stocks (or indices of stocks). The Fund will generally enter into equity
swaps on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be,
only the net amount of the two payments. Payments may be made at the conclusion of an equity swap contract or periodically during its
term.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity swaps are derivatives and their value can
be very volatile. Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of
loss with respect to equity swaps is normally limited to the net amount of payments that the Fund is contractually obligated to make.
If the counterparty to an equity swap defaults, the Fund's risk of loss consists of the net amount of payments that the Fund is contractually
entitled to receive. Because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset,
reference rate, or index can result in a loss substantially greater than the amount invested in the underlying asset without the use of
leverage. In addition, the value of some components of an equity swap (such as the dividends on a common stock) may also be sensitive
to changes in interest rates. To the extent that the Adviser does not accurately analyze and predict the potential relative fluctuation
of the components swapped with another party, the Fund may suffer a loss. Because equity swaps are normally illiquid, the Fund may be
unable to terminate its obligations when desired.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Adviser</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">abrdn Investments Limited (&#x201c;aIL&#x201d;),
a Scottish Company, serves as the adviser to the Fund. aIL&#x2019;s registered address is 10 Queen's Terrace, Aberdeen, Aberdeenshire,
United Kingdom, AB10 1XL. aIL is an indirect wholly-owned subsidiary of Aberdeen Group plc, which manages approximately $504 billion in
assets as of June&#xa0;30, 2025. The Fund pays aIL an annual investment advisory fee of 1.00% based on the Fund&#x2019;s average daily
net assets, computed daily and payable monthly.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In rendering investment advisory services to the
Fund, aIL may use the resources of subsidiaries owned by Aberdeen Group plc. The Aberdeen Group plc affiliates have entered into a memorandum
of understanding/personnel sharing procedures pursuant to which investment professionals from the abrdn plc affiliates may render portfolio
management, research and/or trade services to US clients of aIL or abrdn Inc.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Administrator</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">abrdn Inc. serves as administrator to the Fund.
Under the administration agreement, abrdn Inc. is generally responsible for managing the administrative affairs of the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the administration agreement, abrdn
Inc. receives a fee, payable monthly by the Fund, at an annual fee rate of 0.08% of the Fund&#x2019;s average monthly net assets. See &#x201c;Management
of the Fund &#x2014; The Administrator.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">State Street Bank and Trust Company (&#x201c;State
Street&#x201d;) serves as sub-administrator of the Fund and is paid by abrdn Inc. out of the fees it receives as the Fund&#x2019;s administrator.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investor Relations</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of the Amended and Restated Investor Relations Services
Agreement approved by the Fund&#x2019;s Board, abrdn Inc. provides and pays third parties to provide investor relations services to the
Fund and certain other funds advised by the Adviser or its affiliates as part of an Investor Relations Program. Under the Amended and
Restated Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the &#x201c;Fund&#x2019;s
Portion&#x201d;). However, investor relations services fees are limited by abrdn Inc. so that the Fund will only pay up to an annual rate
of 0.05% of the Fund&#x2019;s average weekly net assets. Any difference between the capped rate of 0.05% of the Fund&#x2019;s average weekly
net assets and the Fund&#x2019;s Portion is paid for by abrdn Inc.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the terms of the Amended and Restated Investor Relations
Services Agreement, abrdn Inc. (or third parties engaged by abrdn Inc.), among other things, provides objective and timely information
to stockholders based on publicly available information; provides information efficiently through the use of technology while offering
stockholders immediate access to knowledgeable investor relations representatives; develops and maintains effective communications with
investment professionals from a wide variety of firms; creates and maintains investor relations communication materials such as fund manager
interviews, films and webcasts, publishes white papers, magazine articles and other relevant materials discussing the Fund&#x2019;s investment
results, portfolio positioning and outlook; develops and maintains effective communications with large institutional shareholders; responds
to specific shareholder questions; and reports activities and results to the Board and management detailing insight into general shareholder
sentiment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Distributions</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has authorized a managed distribution
policy (&#x201c;MDP&#x201d;) of paying monthly distributions equal to 12% on an annual basis of the average daily NAV as of month-end prior
to declaration. Under the MDP, distributions to shareholders may include net investment income, realized capital gains or, if necessary,
returns of capital. A return of capital may occur, for example, when some or all of the money that shareholders invested in the Fund is
paid back to them. A return of capital distribution does not necessarily reflect the Fund&#x2019;s investment performance and should not
be confused with &#x201c;income&#x201d; or &#x201c;yield.&#x201d; No conclusions should be drawn about the Fund&#x2019;s investment performance
from the amount of the Fund&#x2019;s distributions or from the terms of the MDP.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is covered under exemptive relief received
by the Fund&#x2019;s investment adviser from the SEC that allows the Fund to distribute long-term capital gains as frequently as monthly
in any one taxable year. With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which
will provide detailed information regarding the amount and composition of the distribution and other information as required by the exemptive
order. The Fund&#x2019;s Board may amend or terminate the MDP at any time without prior notice to shareholders; however, at this time,
there are no reasonably foreseeable circumstances that might cause the termination of the MDP. You should not draw any conclusions about
the Fund&#x2019;s investment performance from the amount of distributions or from the terms of the Fund&#x2019;s MDP.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under applicable U.S. tax rules, the amount and
character of distributable income for each fiscal year can only be determined as of the end of the Fund&#x2019;s fiscal year, October&#xa0;31.
Under Section&#xa0;19 of the 1940 Act, the Fund is required to indicate the sources of certain distributions to shareholders. The estimated
distribution composition may vary from month to month because it may be impacted by future income, expenses and realized gains and losses
on securities and fluctuations in the value of the currencies in which Fund assets are denominated.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Dividend reinvestment and optional cash purchase plan</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has established a dividend reinvestment
and optional cash purchase plan. A Common Shareholder will automatically have all dividends and distributions (net of applicable withholding)
reinvested in Common Shares newly issued by the Fund or Common Shares of the Fund purchased in the open market in accordance with the
Fund&#x2019;s dividend reinvestment and optional cash purchase plan unless the Common Shareholder specifically elects to receive cash.
Taxable distributions are subject to federal income tax whether received in cash or additional Common Shares. See &#x201c;Distributions&#x201d;
and &#x201c;Dividend Reinvestment and Optional Cash Purchase Plan.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Custodian, dividend paying agent, transfer agent and registrar</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">State Street Bank and Trust Company serves as
custodian (the &#x201c;Custodian&#x201d;) for the Fund. State Street also provides accounting services to the Fund. Computershare Trust
Company, N.A. serves as the Fund&#x2019;s dividend paying agent, transfer agent and registrar. See &#x201c;Custodian, Dividend Paying Agent,
Transfer Agent and Registrar.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Closed-end fund structure</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Closed-end funds differ from open-end management
investment companies (commonly referred to as mutual funds) in that closed-end funds generally list their shares for trading on a securities
exchange and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities redeemable at NAV
at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous
asset in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally can stay more fully invested
in securities consistent with the closed-end fund&#x2019;s investment objectives and policies. In addition, in comparison to open-end funds,
closed-end funds have greater flexibility in the employment of financial leverage and in the ability to make certain types of investments,
including investments in illiquid securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, shares of closed-end funds frequently
trade at a discount from their NAV. In recognition of the possibility that the Common Shares might trade at a discount to NAV and that
any such discount may not be in the interest of Common Shareholders, the Board, in consultation with the Adviser, from time to time may
review possible actions to reduce any such discount. The Board approved an open market share repurchase program (the &#x201c;Program&#x201d;)
for the Fund. The Program allows the Fund to purchase, in the open market, its outstanding Common Shares, with the amount and timing of
any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain
discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On a quarterly basis, the Fund&#x2019;s Board will
receive information on any transactions made pursuant to this policy during the prior quarter and if shares are repurchased management
will post the number of shares repurchased on the Fund's&#xa0;website on a monthly basis.&#xa0; Under the terms of the Program, the Fund
is permitted to repurchase up to 10% of its outstanding Common Shares in the open market during any 12 month period. There can be no assurance,
however, that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common
Shares trading at a price equal to or close to NAV.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board might also consider the conversion of
the Fund to an open-end mutual fund, which would also require a vote of the shareholders of the Fund. Conversion of the Fund to an open-end
mutual fund would require approval of such a proposal, together with the necessary amendments to the Agreement and Declaration of Trust
to permit such a conversion, by a majority of the Trustees then in office, by the holders of not less than 75% of the Trust&#x2019;s outstanding
Shares entitled to vote thereon and by such vote or votes of the holders of any class or classes or series of Shares as may be required
by the 1940 Act. Closed-end funds are not required to have any limitation or restrictions on investments in illiquid securities, whereas
open-end funds typically cannot have more than 15% of their net assets in illiquid securities in order to meet redemptions upon request
by shareholders. Thus, if the Fund were to convert to an open-end fund, it would have to adopt a limitation on illiquid securities and
may need to revise its investment objectives, strategies and policies. The composition of the Fund&#x2019;s portfolio and/or its investment
policies could prohibit the Fund from complying with regulations of the SEC applicable to open-end management investment funds absent
significant changes in portfolio holdings, including with respect to certain illiquid securities, and investment policies. The Board believes,
however, that the closed-end structure is desirable, given the Fund&#x2019;s investment objectives, strategies and policies. See &#x201c;Description
of Capital Structure.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risk factors</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information contained under the heading &#x201c;Additional
Information Regarding the Fund&#x2014;Risk Factors&#x201d; in the Fund&#x2019;s <a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm" style="-sec-extract: exhibit">Annual Report</a> is incorporated herein by reference. Each
of the risk factors contained thereunder is a principal risk of the Fund. Investors should consider the specific risk factors and special
considerations associated with investing in the Fund. An investment in the Fund is subject to investment risk, including the possible
loss of your entire investment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Prospectus Supplement relating to an offering
of the Fund&#x2019;s securities may identify additional risks associated with such offering.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_006"></a><font style="text-transform: uppercase"><b>Financial
highlights</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
financial highlights table is intended to help you understand the Fund&#x2019;s financial performance for the periods presented. Certain
information reflects financial results for a single Common Share of the Fund. The financial highlights as of and for the fiscal years
ended </font>October 31, 2024, October 31, 2023, October 31, 2022, October 31, 2021 and October 31, 2020 have been audited by [ ], independent
registered public accounting firm for the Fund.&#xa0; The financial highlights for the six-month period ended April&#xa0;30, 2025 are
unaudited and are included in the Fund&#x2019;s <a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925066106/tm2517609d5_ncsrs.htm">Semi-Annual
Report for the fiscal period ended April 30, 2025</a>, which is incorporated by reference.&#xa0; [ ]&#x2019;s report on the financial statements
and financial highlights, together with the financial statements and financial highlights of the Fund for such fiscal years, is included
in the Fund&#x2019;s <a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual Report for
the fiscal year ended October 31, 2024</a> and is incorporated by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt">&#xa0;</td>
    <td colspan="2" style="padding-bottom: 1pt; font-size: 10pt; text-align: center"><b>For the <br>
Six-Month<br> Period <br> Ended<br> April&#xa0;30,<br> 2025</b></td><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td>
    <td colspan="18" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">For the Fiscal Years Ended October&#xa0;31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&#xa0;</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(unaudited)</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><b>PER SHARE OPERATING PERFORMANCE<sup>(a)</sup>:</b> Net asset value, beginning of period</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11.15</td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9.90</td><td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10.05</td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12.95</td><td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10.16</td><td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11.14</td><td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net investment income</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.26</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.74</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.75</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.68</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.82</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.70</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Net realized and
    unrealized gains/(losses) on investments, forward foreign currency exchange contracts and foreign currency transactions</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.19</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.44</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.12</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2.80</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2.75</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.90</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Total from investment operations</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.07</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2.18</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.63</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2.12</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3.57</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.20</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Distributions to common shareholders from:</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net investment income</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.67</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.75</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.75</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.73</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.78</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.76</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">Return of capital</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.18</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.03</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.05</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.02</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Total distributions</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.67</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.93</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.78</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.78</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.78</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.78</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">Net asset value, end of period</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10.55</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">11.15</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">9.90</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10.05</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">12.95</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10.16</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">Market price, end of period</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">9.99</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10.16</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">8.40</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">8.92</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">12.01</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">8.58</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><b>Total Investment Return Based on<sup>(b)</sup>:</b></font></td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20">Market price</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">5.04</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">32.91</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2.29</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(19.88</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">49.84</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(4.43</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20">Net asset value</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.08</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">23.76</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">7.00</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(16.28</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">36.44</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.65</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Ratio
    to Average Net Assets Applicable to Common Shareholders/Supplementary Data:</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="white-space: nowrap; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20">Net assets
    applicable to common shareholders, end of period (000 omitted)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">262,442</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">277,336</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">246,218</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">126,094</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">162,528</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">127,512</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20">Average net
    assets applicable to common shareholders (000 omitted)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">271,494</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">276,663</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">219,791</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">146,601</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">157,694</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">132,667</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Gross operating expenses, excluding fee waivers</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.35</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%(c)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.32</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.34</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.37</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.31</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.36</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net operating expenses, net of fee waivers</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.25</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%(c)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.21</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.19</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.18</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.18</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.18</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net
    operating expenses, net of fee waivers and excluding interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.16</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%(c)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.16</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.19</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.16</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.17</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.17</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net Investment income</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4.79</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%(c)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6.62</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6.97</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">5.86</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6.56</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6.59</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Portfolio turnover</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">28</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%(d)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">99</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">78</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%(e)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">81</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">71</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">105</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Line of credit payable outstanding (000 omitted)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">18,356</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">8,312</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,537</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">311</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20">Asset coverage
    ratio on revolving credit facility at period end(f)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,530</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3,437</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">16,121</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">52,338</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; color: #231f20">Asset
    coverage per $1,000 on line of credit payable at period end</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">15,297</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">34,368</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">161,213</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">523,384</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  </table>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(a)</td><td>Based on average shares outstanding.</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(b)</td><td style="text-align: justify">Total investment return is calculated assuming a purchase of common stock on the first day and a sale on the last day of each reporting
period. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under
the Fund&#x2019;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions.</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(c)</td><td>Annualized.</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(d)</td><td>Not annualized.</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(e)</td><td style="text-align: justify">The portfolio turnover calculation excludes $100,050,254 and $90,865,012 of proceeds received and cost of investments related to rebalancing
the portfolio after the fund reorganization which occurred on March&#xa0;10, 2023.</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(f)</td><td style="text-align: justify">Asset coverage ratio is calculated by dividing net assets plus the amount of any borrowings for investment purposes by the amount
of the Line of Credit.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Amounts listed as &#x201c;&#x2013;&#x201d; are $0
or round to $0.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>




<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&#xa0;</td><td style="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="18" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; border-bottom: Black 1pt solid">For the Fiscal Years Ended October&#xa0;31,</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: center; font-size: 10pt">&#xa0;</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">2019</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><b>2018<sup>(a)</sup></b></font></td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">2017</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">2016</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">2015</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">PER SHARE OPERATING PERFORMANCE: Net asset value per common share, beginning of year</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 7%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10.80</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 7%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11.43</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 7%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9.96</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 7%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10.79</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 7%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11.16</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net investment income</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.76</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">(b)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.61</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">(b)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.75</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.70</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.80</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Net realized and unrealized gains/(losses) on investments, forward foreign currency exchange contracts and foreign currency transactions</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.36</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.46</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1.50</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.75</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.41</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Total from investment operations applicable to common shareholders</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.12</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.15</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2.25</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.05</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.39</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Distributions to common shareholders from:</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net investment income</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.78</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.77</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.77</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.75</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.77</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Tax return of capital</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.01</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.01</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.03</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Total distributions</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.78</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.78</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.78</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.78</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.77</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Capital Share Transactions:</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.01</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Anti-Dilutive effect of share repurchase program</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">Net asset value per common share, end of year</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">11.14</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10.80</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">11.43</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">9.96</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10.79</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">Market price, end of year</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">9.78</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">9.25</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10.64</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">8.42</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">9.07</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><b>Total Investment Return Based on<sup>(c)</sup>:</b></font></td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20">Market price</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">14.71</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(6.37</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">36.68</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.61</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">0.35</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20">Net asset value</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">11.91</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.76</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">24.13</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.04</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4.62</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ratio to Average Net Assets Applicable to Common <font style="color: #231f20">Shareholders/Supplementary Data:</font></b></font></td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net assets applicable to common shareholders, end of year (000 omitted)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">139,776</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">135,582</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">143,431</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">124,996</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">135,417</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net operating expenses, net of fee waivers</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.21</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.19</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.21</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.14</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.19</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net operating expenses, excluding fee waivers</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.34</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.27</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">(d)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">(d)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">(d)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net
    operating expenses, net of fee waivers and excluding interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.16</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.16</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.17</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.14</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1.15</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net investment income</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">7.06</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">5.20</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6.87</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6.90</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">7.05</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Portfolio turnover</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">119</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">80</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">89</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">97</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">120</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Line of credit payable outstanding (000 omitted)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">211</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,920</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Asset coverage ratio on revolving credit facility at year end</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">66,335</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">(e)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">(e)</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">(e)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Asset coverage per $1,000 on line of credit payable at year end</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">663,350</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">48,124</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&#x2013;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in; vertical-align: top">(a)</td><td style="vertical-align: top; text-align: justify">Beginning with year ended October&#xa0;31, 2018, the Fund has been audited by KPMG LLP. Previous years
were audited by different independent registered public accounting firms.</td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify; vertical-align: top">(b)</td><td style="vertical-align: top; text-align: justify">Net investment income is based on average shares outstanding during the period.</td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify; vertical-align: top">(c)</td><td style="vertical-align: top; text-align: justify">Total investment return is calculated assuming a purchase of common stock on the first day and a sale
on the last day of each reporting period. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested
at prices obtained under the Fund&#x2019;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions.</td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify; vertical-align: top">(d)</td><td style="vertical-align: top; text-align: justify">Effective to May&#xa0;4, 2018, the Fund entered into an expense limitation agreement with Aberdeen Asset
Managers Limited, the Fund&#x2019;s Investment Adviser. Prior to this, there was no such agreement in place.</td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify; vertical-align: top">(e)</td><td style="vertical-align: top; text-align: justify">The Fund did not disclose asset coverage ratio on line of credit payable in prior years.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231f20">Amounts listed as &#x201c;&#x2013;&#x201d;
are $0 or round to $0.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><a name="a_007"></a><font style="text-transform: uppercase"><b>Senior
Securities</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><font style="font-family: Times New Roman, Times, Serif">The
following table sets forth information about the Fund&#x2019;s outstanding senior securities as of the semi-annual period ended April 30,
2025 and each of the Fund&#x2019;s last ten fiscal years. The Fund&#x2019;s senior securities during this time period are comprised of borrowings
which constitutes a &#x201c;senior security&#x201d; as defined in the 1940 Act. The information in this table for the period ended April
30, 2025 is unaudited. The information in this table for the fiscal years ended 2024, 2023, 2022, 2021 and 2020 has been audited by [
], independent registered public accounting firm. The report of [ ] thereon, </font>is included in the Fund&#x2019;s <a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual
Report for the fiscal year ended October 31, 2024</a> and is incorporated by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Fiscal <br>
Year/Period<br> Ended</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Title of Security</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Amount<br> Outstanding<br>
 (000 omitted)<sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&#xa0;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Asset <br>
Coverage Per<br>
 Unit<sup>(2)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&#xa0;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Involuntary<br>
 Liquidating<br> Preference<br> Per Unit</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&#xa0;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Asset
<br>
Coverage Per<br>
$1000<sup>(3)</sup>&#x202f;</b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 29%">April&#xa0;30, 2025</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: left">Credit Facility</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">18,356</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1,530</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">15,297</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">October&#xa0;31, 2024</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Facility</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,312</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,437</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34,368</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">October&#xa0;31, 2023</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Facility</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,537</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16,121</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">161,213</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">October&#xa0;31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Facility</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">October&#xa0;31, 2021</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Facility</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">311</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">52,338</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">523,384</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">October&#xa0;31, 2020</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Facility</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">October&#xa0;31, 2019</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Facility</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">211</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">66,335</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">663,350</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">October&#xa0;31, 2018</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Facility</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">October&#xa0;31, 2017</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Facility</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,920</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(4)</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">48,124</td><td style="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">October&#xa0;31, 2016</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Facility</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(4)</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">October&#xa0;31, 2015</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Facility</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(4)</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2013;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">(1)</td><td>Principal amount outstanding represents the principal amount owed by the Fund to lenders under the line of credit in place at the
time.</td></tr>
<tr style="vertical-align: top">
<td>(2)</td><td style="text-align: justify">Asset coverage ratio is calculated by dividing net assets plus the amount of any borrowings for investment purposes by the amount
of the line of credit.</td></tr>
<tr style="vertical-align: top">
<td>(3)</td><td style="text-align: justify">Represents the average managed asset coverage per every $1,000 of the total loan amount outstanding.</td></tr>
<tr style="vertical-align: top">
<td>(4)</td><td>The fund did not disclose asset coverage ratio of line of credit payable in prior years.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_008"></a><b>THE FUND</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a diversified, closed-end management
investment company registered under the 1940 Act. The Fund was organized as a statutory trust under the laws of the State of Delaware
on May&#xa0;11, 2006 and commenced operations on July&#xa0;26, 2006.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">abrdn Investments Limited (&#x201c;aIL&#x201d;),
a Scottish Company, serves as the adviser to the Fund. aIL&#x2019;s registered address is 10 Queen's Terrace, Aberdeen, Aberdeenshire,
United Kingdom, AB10 1XL. aIL is an indirect wholly-owned subsidiary of Aberdeen Group plc, which manages approximately $504 billion in
assets as of June&#xa0;30, 2025. The Adviser is registered with the SEC under the Investment Advisers Act of 1940, as amended (the &#x201c;Advisers
Act&#x201d;).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_009"></a><b>USE OF PROCEEDS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund registered $[ ] aggregate initial offering
price of Securities pursuant to the Registration Statement of which this Prospectus is a part. Unless otherwise specified in a Prospectus
Supplement, the Fund intends to invest the net proceeds of an offering of Securities in accordance with its investment objectives and
policies as stated in this Prospectus. It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds
of an offering of Securities in accordance with its investment objectives and policies within 30 days after the completion of such offering.
Pending the full investment of the proceeds of an offering, it is anticipated that the net proceeds will be invested in fixed income securities
and other permitted investments. See &#x201c;Investment Objectives and Policies&#x201d;. A delay in the anticipated use of proceeds could
lower returns and reduce the Fund&#x2019;s distribution to Common Shareholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_010"></a><b>DESCRIPTION OF COMMON SHARES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#x2019;s Common Shares are publicly held
and are listed and traded on the NYSE. The following table sets forth for the fiscal quarters indicated the highest and lowest daily prices
during the applicable quarter at the close of market on the NYSE per Common Share along with (i)&#xa0;the highest and lowest closing NAV
and (ii)&#xa0;the highest and lowest premium or discount from NAV represented by such prices at the close of the market on the NYSE.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#xa0;</td>
    <td style="text-align: center">&#xa0;</td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NYSE Market Price<sup>(1)</sup></b></font></td>
    <td style="text-align: center">&#xa0;</td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NAV at NYSE Market Price<sup>(1)</sup></b></font></td>
    <td style="text-align: center">&#xa0;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Premium/(Discount) to<br>
NAV&#xa0;&#xa0;on Date of NYSE Market<br>
Price<sup>(1)</sup></b></font></td>
    <td style="text-align: center">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quarter Ended<sup>(2)</sup></b></font></td>
    <td style="padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High</b></font></td>
    <td style="padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low</b></font></td>
    <td style="padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High</b></font></td>
    <td style="padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low</b></font></td>
    <td style="padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High</b></font></td>
    <td style="padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low</b></font></td>
    <td style="padding-bottom: 1pt">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>July</b></font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: center">&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: center">&#xa0;</td>
    <td>&#xa0;</td>
    <td colspan="2" style="text-align: center">&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td colspan="2" style="text-align: center">&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 22%; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July&#xa0;31, 2025</font></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 12%; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.45</font></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 12%; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.04</font></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 12%; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3</font></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 12%; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.54</font></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 10%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.33</font></td>
    <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 10%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4.74</font></td>
    <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&#xa0;30, 2025</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.50</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.74</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.29</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.65</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-7.00</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-9.43</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&#xa0;31, 2025</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.37</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.70</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.31</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.87</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.31</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10.76</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&#xa0;31, 2024</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.62</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.41</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.66</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.83</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.92</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-13.11</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July&#xa0;31, 2024</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.05</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.10</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.91</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.42</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.28</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20.32</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&#xa0;30, 2024</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.71</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.14</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.26</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.74</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-13.77</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-14.90</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&#xa0;31, 2024</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.48</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.46</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.07</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.98</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-14.36</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-15.23</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&#xa0;31, 2023</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.61</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.20</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.12</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.82</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-13.58</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-16.50</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July&#xa0;31, 2023</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.71</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.12</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.13</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.61</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-12.76</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-14.04</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&#xa0;30, 2023</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.07</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.89</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.31</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.44</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10.96</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-14.85</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&#xa0;31, 2023</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.48</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.16</font></td>
    <td>&#xa0;</td>
    <td style="padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.82</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-9.41</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-13.65</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left">(1)</td><td style="text-align: justify">Source: Bloomberg L.P.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">(2)</td><td style="text-align: justify">Data presented are with respect to a short period of time and
are not indicative of future performance.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of closed-end management investment companies
may trade at a market price that is less than the NAV that is attributable to those shares. The possibility that the Fund&#x2019;s Common
Shares will trade at a discount to NAV or at a premium that is unsustainable over the long term is separate and distinct from the risk
that the Fund&#x2019;s NAV will decrease. It is not possible to predict whether the Fund&#x2019;s Common Shares will trade at, above or
below NAV in the future. On [ ], the Fund&#x2019;s NAV was $[ ], and the last reported sale price of a Common Share on the NYSE was $[
], representing a [discount/premium] to NAV of [ ]%.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_011"></a><b>INVESTMENT OBJECTIVES AND POLICIES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
information contained under the following headings in the Fund&#x2019;s </font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual
Report</a> are incorporated herein by reference: &#x201c;Additional Information Regarding the Fund&#x2014;Investment Objectives and Policies.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>PORTFOLIO TURNOVER</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#x2019;s portfolio turnover rate may vary
from year to year. A high portfolio turnover rate increases a fund&#x2019;s transaction costs (including brokerage commissions and dealer
costs), which would adversely impact a fund&#x2019;s performance. Higher portfolio turnover may result in the realization of more short-term
capital gains than if a fund had lower portfolio turnover.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 25 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>INVESTMENT OBJECTIVES AND POLICIES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
information contained under the heading &#x201c;Additional Information Regarding the Fund&#x2014;Investment Objectives and Policies&#x201d;
in the Fund&#x2019;s </font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual Report</a>
is incorporated herein by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>PORTFOLIO INVESTMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#xa0;</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
information contained under the heading &#x201c;Additional Information Regarding the Fund&#x2014;Portfolio Investments&#x201d; in the Fund&#x2019;s
</font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual Report</a> is incorporated
herein by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>INVESTMENT TECHNIQUES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The</font>
information contained under the heading &#x201c;Additional Information Regarding the Fund&#x2014;Investment Techniques&#x201d; in the Fund&#x2019;s
<a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual Report</a> is incorporated herein
by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>USE OF LEVERAGE AND RELATED RISKS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
information contained under the heading &#x201c;Additional Information Regarding the Fund&#x2014;Effects of Leverage&#x201d; in the Fund&#x2019;s
</font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual Report</a> is incorporated
herein by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_012"></a><font style="text-transform: uppercase"><b>Risk
factors</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information contained under the heading &#x201c;Additional Information
Regarding the Fund&#x2014;Risk Factors&#x201d; in the Fund&#x2019;s <a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual
Report</a> is incorporated herein by reference. Investors should consider the specific risk factors and special considerations associated
with investing in the Fund. An investment in the Fund is subject to investment risk, including the possible loss of your entire investment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Prospectus Supplement relating to an offering
of the Fund&#x2019;s securities may identify additional risk associated with such offering.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_013"></a><font style="text-transform: uppercase"><b>Management
of the Fund</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>BOARD OF TRUSTEES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The management of the Fund, including general
supervision of the duties performed by the Adviser, is the responsibility of the Board under the laws of the State of Delaware and the
1940 Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>THE ADVISER</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">abrdn Investments Limited (&#x201c;aIL&#x201d;),
a Scottish Company, serves as the adviser to the Fund. aIL&#x2019;s registered address is 10 Queen's Terrace, Aberdeen, Aberdeenshire,
United Kingdom, AB10 1XL. aIL is an indirect wholly-owned subsidiary of Aberdeen Group plc, which manages approximately $504 billion in
assets as of June&#xa0;30, 2025. abrdn plc and its affiliates provide asset management and investment solutions for clients and customers
worldwide and also have a strong position in the pensions and savings market. Aberdeen Group plc, its affiliates and subsidiaries are
referred to collectively herein as &#x201c;Aberdeen.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In rendering investment advisory services to the
Fund, aIL may use the resources of subsidiaries owned by Aberdeen Group plc. The Aberdeen Group plc affiliates have entered into a memorandum
of understanding/personnel sharing procedures pursuant to which investment professionals from the abrdn plc affiliates may render portfolio
management, research and/or trade services to US clients of aIL or abrdn Inc.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ADVISORY AGREEMENT</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund and aIL are parties to an investment
advisory agreement (the &#x201c;Advisory Agreement&#x201d;). Under the Advisory Agreement, The Fund pays aIL an annual investment advisory
fee of 1.00% based on the Fund&#x2019;s average daily net assets, computed daily and payable monthly.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From May&#xa0;4, 2018 through June&#xa0;30, 2025,
the Adviser contractually agreed to waive fees and/or reimburse expenses in order to limit total operating expenses of the Fund (excluding
leverage costs, taxes, interest, brokerage commissions and any non-routine expenses) as a percentage of net assets to 1.16% of the Fund&#x2019;s
average daily net assets on an annualized basis. The agreement expired on June&#xa0;30, 2025. The Fund may repay any such waiver or reimbursement
from the Adviser, within three years of the waiver or reimbursement, provided that such repayments do not cause the Fund to exceed (i)&#xa0;the
lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or (ii)&#xa0;the applicable
expense limitation in effect at the time the expenses are being recouped by the Adviser.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays all of its other expenses including,
among others, legal fees and expenses of counsel to the Fund and the Fund&#x2019;s independent trustees; insurance (including trustees&#x2019;
and officers&#x2019; errors and omissions insurance); auditing and accounting expenses; taxes and governmental fees; listing fees; dues
and expenses incurred in connection with membership in investment company organizations; fees and expenses of the Fund&#x2019;s custodians,
administrators, transfer agents, registrars and other service providers; expenses for portfolio pricing services by a pricing agent, if
any; other expenses in connection with the issuance, offering and underwriting of shares or debt instruments issued by the Fund or with
the securing of any credit facility or other loans for the Fund; expenses relating to investor and public relations; expenses of registering
or qualifying securities of the Fund for public sale; brokerage commissions and other costs of acquiring or disposing of any portfolio
holding of the Fund; expenses of preparation and distribution of reports, notices and dividends to shareholders; expenses of the dividend
reinvestment and optional cash purchase plan (except for brokerage expenses paid by participants in such plan); compensation and expenses
of trustees; costs of stationery; any litigation expenses; and costs of shareholders&#x2019; and other meetings.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisory Agreement continues for an initial
term of two (2)&#xa0;years and may be continued thereafter from year to year provided such continuance is specifically approved at least
annually in the manner required by the 1940 Act. The Advisory Agreement may be terminated at any time without payment of penalty by the
Fund or by the Adviser upon 60 days&#x2019; written notice. The Advisory Agreement will automatically terminate in the event of its assignment,
as defined under the 1940 Act. Under the Advisory Agreement, the Adviser is permitted to provide investment advisory services to other
clients.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisory Agreement provides that the Adviser
shall indemnify the Fund and its officers and Trustees, for any liability and expenses, including attorneys&#x2019; fees, which may be
sustained as a result of the Adviser&#x2019;s willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder
or violation of applicable law, including, without limitation, the federal and state securities laws.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective May&#xa0;4, 2018, aIL became the Fund&#x2019;s
investment adviser. Prior to May&#xa0;4, 2018, the Fund was managed by another, unaffiliated investment adviser.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>THE ADMINISTRATOR</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">abrdn Inc., located at 1900 Market Street, Suite&#xa0;200,
Philadelphia, PA 19103, serves as administrator to the Fund. Under the administration agreement, abrdn Inc. is generally responsible for
managing the administrative affairs of the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For administration related services, abrdn Inc.
is entitled to receive a fee that is computed monthly and paid quarterly at an annual rate of 0.08% of the Fund&#x2019;s average monthly
net assets.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During periods when the Fund is using leverage,
the fee paid to abrdn Inc. (for various services) will be higher than if the Fund did not use leverage because the fees paid are calculated
on the basis of the Fund&#x2019;s average monthly net assets, which includes the assets purchased through leverage.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">State Street Bank and Trust Company serves as
sub-administrator of the Fund and is paid by abrdn Inc. out of the fees it receives as the Fund&#x2019;s administrator.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investor Relations</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the Amended and Restated Investor
Relations Services Agreement approved by the Fund&#x2019;s Board, abrdn Inc. provides and pays third parties to provide investor relations
services to the Fund and certain other funds advised by the Adviser or its affiliates as part of an Investor Relations Program. Under
the Amended and Restated Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations
Program (the &#x201c;Fund&#x2019;s Portion&#x201d;). However, investor relations services fees are limited by abrdn Inc. so that the Fund
will only pay up to an annual rate of 0.05% of the Fund&#x2019;s average weekly net assets. Any difference between the capped rate of 0.05%
of the Fund&#x2019;s average weekly net assets and the Fund&#x2019;s Portion is paid for by abrdn Inc.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the Amended and Restated
Investor Relations Services Agreement, abrdn Inc. (or third parties engaged by abrdn Inc.), among other things, provides objective and
timely information to stockholders based on publicly available information; provides information efficiently through the use of technology
while offering stockholders immediate access to knowledgeable investor relations representatives; develops and maintains effective communications
with investment professionals from a wide variety of firms; creates and maintains investor relations communication materials such as fund
manager interviews, films and webcasts, publishes white papers, magazine articles and other relevant materials discussing the Fund&#x2019;s
investment results, portfolio positioning and outlook; develops and maintains effective communications with large institutional shareholders;
responds to specific shareholder questions; and reports activities and results to the Board and management detailing insight into general
shareholder sentiment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_014"></a><b>LEGAL PROCEEDINGS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the date of this Prospectus, the Fund and the Adviser is not
currently parties to any material legal proceedings.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_015"></a><b>NET ASSET VALUE OF COMMON SHARES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
NAV of the Fund&#x2019;s Common Shares is determined each day the New York Stock Exchange (&#x201c;NYSE&#x201d;) is open as of the close
of regular trading (normally, 4:00 p.m., Eastern time). The Fund follows the principles set forth under the heading &#x201c;Notes to Financial
Statements&#x2014;Summary of Significant Accounting Policies&#x2014;Security Valuation&#x201d; in the Fund&#x2019;s </font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual
Report</a>, which is incorporated herein by reference, to determine the value of the Fund&#x2019;s portfolio holdings.&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_016"></a><b>DISTRIBUTIONS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
information contained under the heading &#x201c;Notes to Financial Statements&#x2014;Summary of Significant Accounting Policies&#x2014;Distributions&#x201d;
in the Fund&#x2019;s </font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual Report</a>
is incorporated herein by reference.&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_017"></a><b>TAX MATTERS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is (i)&#xa0;a description of the
material U.S. federal income tax consequences of owning and disposing of Common Shares and (ii)&#xa0;a description of some of the important
U.S. federal income tax considerations affecting the Fund. The discussion below provides general tax information related to an investment
in Common Shares, but this discussion does not purport to be a complete description of the U.S. federal income tax consequences of an
investment in such securities. It is based on the Code and United States Treasury Regulations and administrative pronouncements, all as
of the date hereof, any of which is subject to change or differing interpretation, possibly with retroactive effect. In addition, it does
not describe all of the tax consequences that may be relevant in light of a Common Shareholder&#x2019;s particular circumstances, including
alternative minimum tax consequences and tax consequences applicable to Common Shareholders subject to special tax rules, such as certain
financial institutions; dealers or traders in securities who use a mark-to-market method of tax accounting; persons holding Common Shares
as part of a hedging transaction, wash sale, conversion transaction or integrated transaction or persons entering into a constructive
sale with respect to the Common Shares; entities classified as partnerships or other pass-through entities for U.S. federal income tax
purposes; real estate investment trusts; insurance companies; U.S. holders (as defined below) whose functional currency is not the U.S.
dollar; or tax-exempt entities, including &#x201c;individual retirement accounts&#x201d; or &#x201c;Roth IRAs.&#x201d; Unless otherwise noted,
the following discussion applies only to a Common Shareholder that holds Common Shares as a capital asset and is a U.S. holder. A &#x201c;U.S.
holder&#x201d; is a holder who, for U.S. federal income tax purposes, is a beneficial owner of Common Shares and is (i)&#xa0;an individual
who is a citizen or resident of the United States; (ii)&#xa0;a corporation, or other entity taxable as a corporation, created or organized
in or under the laws of the United States, any state therein or the District of Columbia; (iii)&#xa0;an estate the income of which is
subject to U.S. federal income taxation regardless of its source; or (iv)&#xa0;a trust if it (x)&#xa0;is subject to the primary supervision
of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust
or (y)&#xa0;has a valid election in effect under applicable United States Treasury regulations to be treated as a U.S. person. Tax laws
are complex and often change, and Common Shareholders should consult their tax advisors about the U.S. federal, state, local or non-U.S.
tax consequences of an investment in the Fund. For more information, please see the section of the SAI entitled &#x201c;Tax Matters.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>THE FUND</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has elected to be treated as and intends
to continue to qualify in each taxable year as, a regulated investment company (a &#x201c;RIC&#x201d;) under Subchapter M of the Code. Assuming
the Fund so qualifies and satisfies certain distribution requirements, the Fund generally will not be subject to U.S. federal income tax
on income distributed (including amounts that are reinvested pursuant to the Plan) in a timely manner to its shareholders in the form
of dividends or capital gain distributions. If the Fund retains any net capital gains for reinvestment, it may elect to treat such capital
gains as having been distributed to its shareholders. If the Fund makes such an election, each Common Shareholder will be required to
report its share of such undistributed net capital gain as long-term capital gain and will be entitled to claim its share of the U.S.
federal income taxes paid by the Fund on such undistributed net capital gain as a credit against its own U.S. federal income tax liability,
if any, and to claim a refund on a properly filed U.S. federal income tax return to the extent that the credit exceeds such liability.
In addition, each Common Shareholder will be entitled to increase the adjusted tax basis of its Common Shares by the difference between
its share of such undistributed net capital gain and the related credit. There can be no assurance that the Fund will make this election
if it retains all or a portion of its net capital gain for a taxable year.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To qualify as a RIC for any taxable year, the
Fund must, among other things, satisfy both an income test and an asset test for such taxable year. Specifically, (i)&#xa0;at least 90%
of the Fund&#x2019;s gross income for such taxable year must consist of dividends; interest; payments with respect to certain securities
loans; gains from the sale or other disposition of stock, securities or foreign currencies; other income (including, but not limited to,
gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies;
and net income derived from interests in &#x201c;qualified publicly traded partnerships&#x201d; (such income, &#x201c;Qualifying RIC Income&#x201d;)
and (ii)&#xa0;the Fund&#x2019;s holdings must be diversified so that, at the end of each quarter of such taxable year, (a)&#xa0;at least
50% of the value of the Fund&#x2019;s total assets is represented by cash and cash items, securities of other RICs, U.S. government securities
and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value
of the Fund&#x2019;s total assets and not greater than 10% of the outstanding voting securities of such issuer and (b)&#xa0;not more than
25% of the value of the Fund&#x2019;s total assets is invested (x)&#xa0;in securities (other than U.S. government securities or securities
of other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar or related
trades or businesses or (y)&#xa0;in the securities of one or more &#x201c;qualified publicly traded partnerships.&#x201d; The Fund&#x2019;s
share of income derived from a partnership other than a &#x201c;qualified publicly traded partnership&#x201d; will be treated as Qualifying
RIC Income only to the extent that such income would have constituted Qualifying RIC Income if derived directly by the Fund. A &#x201c;qualified
publicly traded partnership&#x201d; is generally defined as an entity that is treated as a partnership for U.S. federal income tax purposes
if (i)&#xa0;interests in such entity are traded on an established securities market or are readily tradable on a secondary market or the
substantial equivalent thereof and (ii)&#xa0;less than 90% of its gross income for the relevant taxable year consists of Qualifying RIC
Income. The Code provides that the Treasury Department may by regulation exclude from Qualifying RIC Income foreign currency gains that
are not directly related to the RIC&#x2019;s principal business of investing in stock or securities (or options and futures with respect
to stock or securities). The Fund anticipates that, in general, its foreign currency gains will be directly related to its principal business
of investing in stock and securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>OWNING AND DISPOSING OF COMMON SHARES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions of the Fund&#x2019;s ordinary income
and net short-term capital gains will generally be taxable to the Common Shareholders as ordinary income to the extent such distributions
are paid out of the Fund&#x2019;s current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Distributions
or deemed distributions, if any, of net capital gains will be taxable as long-term capital gains, regardless of the length of time the
Common Shareholder has owned Common Shares. Distributions made to a non-corporate Common Shareholder out of &#x201c;qualified dividend
income,&#x201d; if any, received by the Fund will be subject to tax at reduced maximum rates, provided that the Common Shareholder meets
certain holding period and other requirements with respect to its Common Shares. A distribution of an amount in excess of the Fund&#x2019;s
current and accumulated earnings and profits will be treated by a Common Shareholder as a return of capital that will be applied against
and reduce the Common Shareholder&#x2019;s basis in its Common Shares. To the extent that the amount of any such distribution exceeds the
Common Shareholder&#x2019;s basis in its Common Shares, the excess will be treated as gain from a sale or exchange of the Common Shares.
Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional
Common Shares pursuant to the Plan.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Common Shareholder may recognize a capital gain
or loss on the sale or other disposition of Common Shares. The amount of the gain or loss will be equal to the difference between the
amount realized and the Common Shareholder&#x2019;s adjusted tax basis in the relevant Common Shares. Such gain or loss generally will
be a long-term gain or loss if the Common Shareholder&#x2019;s holding period for such Common Shares is more than one (1)&#xa0;year. Under
current law, net capital gains recognized by non-corporate Common Shareholders are generally subject to reduced maximum rates. Losses
realized by a Common Shareholder on the sale or exchange of Common Shares held for six months or less will be treated as long-term capital
losses to the extent of any distribution of long-term capital gain received (or deemed received, as discussed above) with respect to such
Common Shares. In addition, no loss will be allowed on a sale or other disposition of Common Shares if the Common Shareholder acquires
(including pursuant to the Plan) Common Shares within 30 days before or after the disposition. In such a case, the basis of the securities
acquired will be adjusted to reflect the disallowed loss.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An additional 3.8% Medicare tax is imposed on
certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions
or other taxable dispositions of Fund Common Shares) of U.S. individuals, estates and trusts to the extent that such person&#x2019;s &#x201c;modified
adjusted gross income&#x201d; (in the case of an individual) or &#x201c;adjusted gross income&#x201d; (in the case of an estate or trust)
exceeds certain threshold amounts.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NON-U.S. COMMON SHAREHOLDERS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a Common Shareholder is a nonresident alien,
a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes, (a &#x201c;non-U.S. Common Shareholder&#x201d;)
whose ownership of Common Shares is not &#x201c;effectively connected&#x201d; with a U.S. trade or business, ordinary income dividends distributed
to such non-U.S. Common Shareholder by the Fund will generally be subject to U.S. federal withholding tax at a rate of 30% (or a lower
rate under an applicable treaty). Net capital gain dividends distributed by the Fund to a non-U.S. Common Shareholder whose ownership
of Common Shares is not &#x201c;effectively connected&#x201d; with a U.S. trade or business and who is not an individual present in the
United States for 183 days or more during the taxable year will generally not be subject to U.S. withholding tax. For a more detailed
discussion of the tax consequences of the ownership of Common Shares by a non-U.S. Common Shareholder, please see the discussion in the
SAI under &#x201c;Tax Matters &#x2014; Non-U.S. Common Shareholders.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>BACKUP WITHHOLDING</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a Common Shareholder does not provide the applicable
payor with its correct taxpayer identification number and any required certifications, such Common Shareholder may be subject to backup
withholding (currently, at a rate of 24%) on the distributions it receives (or is deemed to receive) from the Fund. Backup withholding
will not, however, be applied to payments that have been subject to the 30% withholding tax applicable to non-U.S. Common Shareholder.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-transform: uppercase"><b>Foreign Account Tax Compliance
Act</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund is required to withhold
U.S. tax (at a 30% rate) on payments of taxable dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant)
with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment
accounts. To avoid withholding, foreign financial institutions will need to (i)&#xa0;enter into agreements with the IRS that state that
they will provide the IRS information, including the names, addresses and taxpayer identification numbers of direct and indirect U.S.
account holders, comply with due diligence procedures with respect to the identification of U.S. accounts, report to the IRS certain information
with respect to U.S. accounts maintained, agree to withhold tax on certain payments made to non-compliant foreign financial institutions
or to account holders who fail to provide the required information, and determine certain other information as to their account holders,
or (ii)&#xa0;in the event that an applicable intergovernmental agreement and implementing legislation are adopted, provide local revenue
authorities with similar account holder information. Other foreign entities will need to either provide the name, address, and taxpayer
identification number of each substantial U.S. owner or certifications of no substantial U.S. ownership unless certain exceptions apply.
Under some circumstances, a non-U.S. Common Shareholder may be eligible for refunds or credits of such taxes.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_018"></a><b>CLOSED-END FUND STRUCTURE</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Closed-end funds differ from open-end management
investment companies (commonly referred to as mutual funds) in that closed-end funds generally list their shares for trading on a securities
exchange and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities redeemable at NAV
at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous
asset in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally can stay more fully invested
in securities consistent with the closed-end fund&#x2019;s investment objectives and policies. In addition, in comparison to open-end funds,
closed-end funds have greater flexibility in the employment of financial leverage and in the ability to make certain types of investments,
including investments in illiquid securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, shares of closed-end funds frequently
trade at a discount from their NAV. In recognition of the possibility that the Common Shares might trade at a discount to NAV and that
any such discount may not be in the interest of Common Shareholders, the Board, in consultation with the Adviser, from time to time may
review possible actions to reduce any such discount. The Board approved an open market share repurchase program (the &#x201c;Program&#x201d;)
for the Fund. The Program allows the Fund to purchase, in the open market, its outstanding Common Shares, with the amount and timing of
any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain
discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On a quarterly basis, the Fund&#x2019;s Board will
receive information on any transactions made pursuant to this policy during the prior quarter and if shares are repurchased management
will post the number of shares repurchased on the Fund's&#xa0;website on a monthly basis.&#xa0; Under the terms of the Program, the Fund
is permitted to repurchase up to 10% of its outstanding Common Shares in the open market during any 12 month period. There can be no assurance,
however, that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common
Shares trading at a price equal to or close to NAV.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board might also consider the conversion of
the Fund to an open-end mutual fund, which would also require a vote of the shareholders of the Fund. Conversion of the Fund to an open-end
mutual fund would require approval of such a proposal, together with the necessary amendments to the Agreement and Declaration of Trust
to permit such a conversion, by a majority of the Trustees then in office, by the holders of not less than 75% of the Trust&#x2019;s outstanding
Shares entitled to vote thereon and by such vote or votes of the holders of any class or classes or series of Shares as may be required
by the 1940 Act. Closed-end funds are not required to have any limitation or restrictions on investments in illiquid securities, whereas
open-end funds typically cannot have more than 15% of their net assets in illiquid securities in order to meet redemptions upon request
by shareholders. Thus, if the Fund were to convert to an open-end fund, it would have to adopt a limitation on illiquid securities and
may need to revise its investment objectives, strategies and policies. The composition of the Fund&#x2019;s portfolio and/or its investment
policies could prohibit the Fund from complying with regulations of the SEC applicable to open-end management investment funds absent
significant changes in portfolio holdings, including with respect to certain illiquid securities, and investment policies. The Board believes,
however, that the closed-end structure is desirable, given the Fund&#x2019;s investment objectives, strategies and policies. See &#x201c;Description
of Capital Structure.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_019"></a><b>DIVIDEND REINVESTMENT AND OPTIONAL CASH PURCHASE
PLAN</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#xa0;</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information contained under the heading &#x201c;Dividend Reinvestment
and Optional Cash Purchase Plan&#x201d; in the Fund&#x2019;s <a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual
Report</a> is incorporated herein by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_020"></a><b>DESCRIPTION OF CAPITAL STRUCTURE</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a statutory trust organized under
the laws of the State of Delaware pursuant to the Agreement and Declaration of Trust dated as of May&#xa0;11, 2006. The Fund is authorized
to issue an unlimited number of common shares of beneficial interest no par value. The Fund intends to hold annual meetings of shareholders
so long as the Common Shares are listed on a national securities exchange and such meetings are required as a condition to such listing.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>GENERAL</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Set forth below is information with respect to the Fund&#x2019;s outstanding
securities as of [ ]:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 55%; padding-bottom: 1pt">Title&#xa0;of&#xa0;Class</td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; width: 14%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount<br> Authorized</td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; width: 14%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount&#xa0;Held&#xa0;by<br> the&#xa0;Fund&#xa0;or&#xa0;for&#xa0;its<br> Account</td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 14%; text-align: center; padding-bottom: 1pt">Amount&#xa0;Outstanding<br> Exclusive&#xa0;of&#xa0;Common<br> Shares&#xa0;Held&#xa0;by&#xa0;the&#xa0;Fund<br> or&#xa0;for&#xa0;its&#xa0;Own&#xa0;Account</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Common Shares</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Unlimited</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except to the extent required for a Delaware business
corporation, the Shareholders shall have no power to vote as to whether or not a court action, legal proceeding or claim should or should
not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders. These requirements will not
apply to claims brought under the federal securities laws.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>COMMON SHARES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement and Declaration of Trust permits
the Fund to issue an unlimited number of full and fractional Common Shares of beneficial interest, no par value. Each share of the Fund
represents an equal proportionate interest in the assets of the Fund with each other share in the Fund. Holders of Common Shares will
be entitled to the payment of dividends when, as and if declared by the Board. The Fund intends to make a level dividend distribution
each month to its shareholders after payment of fund operating expenses including interest on outstanding borrowings, if any. Unless the
registered owner of Common Shares elects to receive cash, all dividends declared on Common Shares (net of applicable withholding) will
be automatically reinvested for shareholders in additional Common Shares of the Fund. See &#x201c;Dividend Reinvestment and Optional Cash
Purchase Plan.&#x201d; The 1940 Act or the terms of any borrowings may limit the payment of dividends to the holders of Common Shares.
Each whole share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Agreement and
Declaration of Trust on file with the SEC. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities
of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the
Trustees may distribute the remaining managed assets of the Fund among its shareholders. The shares are not liable to further calls or
to assessment by the Fund. There are no pre-emptive rights associated with the shares. The Agreement and Declaration of Trust provides
that the Fund&#x2019;s shareholders are not liable for any liabilities of the Fund. Although shareholders of an unincorporated statutory
trust established under Delaware law, in certain limited circumstances, may be held personally liable for the obligations of the Fund
as though they were general partners, the provisions of the Agreement and Declaration of Trust described in the foregoing sentence make
the likelihood of such personal liability remote. The Fund generally will not issue share certificates.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, when there are any borrowings, including
reverse repurchase agreements that are counted as indebtedness, or preferred shares and/or notes outstanding, the Fund may not be permitted
to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i)&#xa0;all accrued distributions on preferred
shares or accrued interest on borrowings have been paid and (ii)&#xa0;the value of the Fund&#x2019;s total assets (determined after deducting
the amount of such distribution), less all liabilities and indebtedness of the Fund not represented by senior securities, is at least
300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount of securities representing
indebtedness plus the aggregate liquidation value of the outstanding preferred shares (expected to equal the aggregate original purchase
price of the outstanding preferred shares plus the applicable redemption premium, if any, together with any accrued and unpaid distributions
thereon, whether or not earned or declared and on a cumulative basis). In addition to the requirements of the 1940 Act, the Fund may be
required to comply with other asset coverage requirements as a condition of the Fund obtaining a rating of the preferred shares or notes
from a NRSRO. These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#x2019;s
ability to make distributions on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its qualification
for taxation as a regulated investment company for federal income tax purposes. The Fund intends, however, to the extent possible to purchase
or redeem preferred shares or notes or reduce borrowings from time to time to maintain compliance with such asset coverage requirements
and may pay special distributions to the holders of the preferred shares in certain circumstances in connection with any such impairment
of the Fund&#x2019;s status as a regulated investment company. See &#x201c;Distributions.&#x201d; Depending on the timing of any such redemption
or repayment, the Fund may be required to pay a premium in addition to the liquidation preference of the preferred shares to the holders
thereof.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading or &#x201c;ticker&#x201d; symbol of
the Common Shares on the NYSE is &#x201c;AGD.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>OPEN MARKET SHARE REPURCHASE PROGRAM</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#x2019;s Board approved an open market
share repurchase program (the &#x201c;Program&#x201d;). The Program allows the Fund to purchase, in the open market, its outstanding Common
Shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may
be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount
levels and current market conditions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On a quarterly basis, the Fund&#x2019;s Board will
receive information on any transactions made pursuant to this policy during the prior quarter and if shares are repurchased management
will post the number of shares repurchased on the Fund's&#xa0;website on a monthly basis.&#xa0; Under the terms of the Program, the Fund
is permitted to repurchase up to 10% of its outstanding Common Shares in the open market during any 12 month period. There can be no assurance,
however, that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common
Shares trading at a price equal to or close to NAV.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the 1940 Act, the Fund may repurchase
its Common Shares on a securities exchange (provided that the Fund has informed its shareholders within the preceding six months of its
intention to repurchase such Common Shares) or as otherwise permitted in accordance with Rule&#xa0;23c-1 under the 1940 Act. Under Rule&#xa0;23c-1,
certain conditions must be met for such alternative purchases regarding, among other things, distribution of net income for the preceding
fiscal year, asset coverage with respect to the Fund&#x2019;s senior debt and equity securities, identity of the sellers, price paid, brokerage
commissions, prior notice to shareholders of an intention to purchase shares and purchasing in a manner and on a basis which does not
discriminate unfairly against the other shareholders through their interest in the Fund. In addition, Rule&#xa0;23c-1 requires the Fund
to file notices of such purchase with the SEC. Additionally, pursuant to Rule&#xa0;23c-1(a)(10)&#xa0;under the 1940 Act, the Fund may
also repurchase its outstanding Common Shares outside of the open market share repurchase program.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>PREFERRED SHARES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund does not currently have any preferred
stock outstanding.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#x2019;s Agreement and Declaration of
Trust provides that the Board may classify or reclassify any unissued Common Shares into one or more additional or other classes or series,
with rights as determined by the Board, by action by the Board without the approval of the holders of Common Shares. Holders of Common
Shares have no preemptive right to purchase any preferred shares that might be issued. The terms of any preferred shares, including its
dividend rate, liquidation preference and redemption provisions, will be determined by the Board, subject to applicable law and the Fund&#x2019;s
Agreement and Declaration of Trust. Thus, the Board could authorize the issuance of preferred shares with terms and conditions which could
have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders
of the Fund&#x2019;s Common Shares or otherwise be in their best interest.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund issues series of preferred shares,
it will pay dividends to the holders of the preferred shares at a fixed rate, which may be reset after an initial period, as described
in the prospectus supplement accompanying a preferred shares offering.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon a liquidation, holders of preferred shares
will be entitled to receive out of the assets of the Fund available for distribution to shareholders (after payment of claims of the Fund&#x2019;s
creditors but before any distributions with respect to the Fund&#x2019;s Common Shares or any other class of shares of the Fund ranking
junior to the preferred shares as to liquidation payments) an amount per share equal to such share&#x2019;s liquidation preference plus
any accumulated but unpaid distributions (whether or not earned or declared, excluding interest thereon) to the date of distribution,
and such shareholders shall be entitled to no further participation in any distribution or payment in connection with such liquidation.
The preferred shares carry one vote per share on all matters on which such shares are entitled to vote. The preferred shares will, upon
issuance, be fully paid and&#xa0;non-assessable&#xa0;and will have no preemptive, exchange or conversion rights. The Fund will not issue
any class of shares senior to the preferred shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Asset Maintenance Requirements</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund must satisfy asset maintenance requirements
under the 1940 Act with respect to its preferred shares. Under the 1940 Act, such debt or preferred shares may be issued only if immediately
after such issuance the value of the Fund&#x2019;s total assets (less ordinary course liabilities) is at least 300% of the amount of any
debt outstanding and at least 200% of the amount of any preferred shares and debt outstanding.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be required under the statement
of preferences of the preferred shares to determine whether it has, as of the last business day of each March, June, September&#xa0;and
December&#xa0;of each year, an &#x201c;asset coverage&#x201d; (as defined in the 1940 Act) of at least 200% (or such higher or lower percentage
as may be required at the time under the 1940 Act) with respect to all outstanding senior securities of the Fund that are debt or shares,
including any outstanding preferred shares. If the Fund fails to maintain the asset coverage required under the 1940 Act on such dates
and such failure is not cured within 60 calendar days, the Fund may, and in certain circumstances will be required to, mandatorily redeem
the number of preferred shares sufficient to satisfy such asset coverage.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Restrictions on Dividends and Other Distributions
for the Preferred Shares</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as any preferred shares are outstanding,
the Fund may not pay any dividend or distribution (other than a dividend or distribution paid in Common Shares or in options, warrants
or rights to subscribe for or purchase Common Shares) in respect of the Common Shares or call for redemption, redeem, purchase or otherwise
acquire for consideration any Common Shares (except by conversion into or exchange for shares of the Fund ranking junior to the preferred
shares as to the payment of dividends or distributions and the distribution of assets upon liquidation), unless:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;  border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 5%; text-align: justify">&#xa0;</td>
    <td style="vertical-align: top; width: 3%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify">&#xa0;</td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Fund has declared and paid (or provided to the relevant dividend paying agent) all cumulative distributions on the Fund&#x2019;s outstanding preferred shares due on or prior to the date of such Common Shares dividend or distribution;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;  border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 5%; text-align: justify">&#xa0;</td>
    <td style="vertical-align: top; width: 3%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify">&#xa0;</td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Fund has redeemed the full number of preferred shares to be redeemed pursuant to any mandatory redemption provision in the Fund&#x2019;s Agreement and Declaration of Trust and&#xa0;By-Laws;&#xa0;and</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;  border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 5%; text-align: justify">&#xa0;</td>
    <td style="vertical-align: top; width: 3%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify">&#xa0;</td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after making the distribution, the Fund meets applicable asset coverage requirements described &#x201c;Asset Maintenance Requirements.&#x201d;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No full distribution will be declared or made
on any series of preferred shares for any dividend period, or part thereof, unless full cumulative distributions due through the most
recent dividend payment dates therefor for all outstanding series of preferred shares of the Fund ranking on a parity with such series
as to distributions have been or contemporaneously are declared and made. If full cumulative distributions due have not been made on all
outstanding preferred shares of the Fund ranking on a parity with such series of preferred shares as to the payment of distributions,
any distributions being paid on the preferred shares will be paid as nearly pro rata as possible in proportion to the respective amounts
of distributions accumulated but unmade on each such series of preferred shares on the relevant dividend payment date. The Fund&#x2019;s
obligation to make distributions on the preferred shares will be subordinate to its obligations to pay interest and principal, when due,
on any senior securities representing debt.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Liquidation Preference</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Fund, the holders of preferred shares then outstanding will be entitled to receive a preferential liquidating
distribution, which is expected to equal the original purchase price per preferred share plus accumulated and unpaid dividends, whether
or not declared, before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating
distribution to which they are entitled, the holders of preferred shares will not be entitled to any further participation in any distribution
of assets by the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Voting Rights</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise stated in this prospectus,
specified in the Fund&#x2019;s Agreement and Declaration of Trust and&#xa0;By-Laws&#xa0;or resolved by the Board or as otherwise required
by applicable law, holders of preferred shares shall be entitled to one vote per share held on each matter submitted to a vote of the
shareholders of the Fund and will vote together with holders of Common Shares and of any other preferred shares then outstanding as a
single class. In connection with the election of the Fund&#x2019;s Trustees, holders of the outstanding preferred shares, voting together
as a single class, will be entitled at all times to elect two of the Fund&#x2019;s Trustees, and the remaining Trustees will be elected
by holders of Common Shares and holders of preferred shares, voting together as a single class. In addition, if (i)&#xa0;at any time dividends
and distributions on outstanding preferred shares are unpaid in an amount equal to at least two full years&#x2019; dividends and distributions
thereon and sufficient cash or specified securities have not been deposited with the applicable paying agent for the payment of such accumulated
dividends and distributions or (ii)&#xa0;at any time holders of any other series of preferred shares are entitled to elect a majority
of the Trustees of the Fund under the 1940 Act or the applicable statement of preferences creating such shares, then the number of Trustees
constituting the Board will be adjusted such that, when added to the two Trustees elected exclusively by the holders of preferred shares
as described above, would then constitute a simple majority of the Board as so adjusted. Such additional Trustees will be elected by the
holders of the outstanding preferred shares, voting together as a single class, at a special meeting of shareholders which will be called
as soon as practicable and will be held not less than ten nor more than thirty days after the mailing date of the meeting notice. If the
Fund fails to send such meeting notice or to call such a special meeting, the meeting may be called by any preferred shareholder on like
notice. The terms of office of the persons who are Trustees at the time of that election will continue. If the Fund thereafter pays, or
declares and sets apart for payment in full, all dividends and distributions payable on all outstanding preferred shares for all past
dividend periods or the holders of other series of preferred shares are no longer entitled to elect such additional Trustees, the additional
voting rights of the holders of the preferred shares as described above will cease, and the terms of office of all of the additional Trustees
elected by the holders of the preferred shares (but not of the Trustees with respect to whose election the holders of Common Shares were
entitled to vote or the two Trustees the holders of preferred shares have the right to elect as a separate class in any event) will terminate
at the earliest time permitted by law.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as any preferred shares are outstanding,
the Fund will not, without the affirmative vote of the holders of a majority (as defined in the 1940 Act) of the preferred shares outstanding
at the time, and present and voting on such matter, voting separately as one class, amend, alter or repeal the provisions of the applicable
statement of preferences, so as to in the aggregate adversely affect any of the rights and preferences set forth in any statement of preferences
with respect to such preferred shares. Also, to the extent permitted under the 1940 Act, in the event shares of more than one series of
preferred shares are outstanding, the Fund will not approve any of the actions set forth in the preceding sentence which in the aggregate
adversely affect the rights and preferences expressly set forth in the applicable statement of preferences with respect to such shares
of a series of preferred shares differently than those of a holder of shares of any other series of preferred shares without the affirmative
vote of the holders of at least a majority of the preferred shares of each series adversely affected and outstanding at such time (each
such adversely affected series voting separately as a class to the extent its rights are affected differently). Unless a higher percentage
is required under the Agreement and Declaration of Trust and&#xa0;By-Laws&#xa0;or applicable provisions of the Delaware Statutory Trust
Act or the 1940 Act, the affirmative vote of a majority of the votes entitled to be cast by holders of outstanding preferred shares, voting
together as a single class, will be required to approve any plan of reorganization adversely affecting the preferred shares or any action
requiring a vote of security holders under Section&#xa0;13(a)&#xa0;of the 1940 Act, including, among other things, changes in the Fund&#x2019;s&#xa0;sub-classification&#xa0;as&#xa0;a&#xa0;closed-end&#xa0;investment&#xa0;company
to&#xa0;an&#xa0;open-end&#xa0;company&#xa0;or changes in its fundamental investment restrictions. As a result of these voting rights,
the Fund&#x2019;s ability to take any such actions may be impeded to the extent that there are any preferred shares outstanding. The Board
presently intends that, except as otherwise indicated in this prospectus and except as otherwise required by applicable law, holders of
preferred shares will have equal voting rights with holders of Common Shares (one vote per share, unless otherwise required by the 1940
Act) and will vote together with holders of Common Shares as a single class. The phrase &#x201c;vote of the holders of a majority of the
outstanding preferred shares&#x201d; (or any like phrase) means, in accordance with Section&#xa0;2(a)(42) of the 1940 Act, the vote, at
the annual or a special meeting of the shareholders of the Fund duly called (i)&#xa0;of 67% or more of the preferred shares present at
such meeting, if the holders of more than 50% of the outstanding preferred shares are present or represented by proxy, or (ii)&#xa0;more
than 50% of the outstanding preferred shares, whichever is less. The class vote of holders of preferred shares described above in each
case will be in addition to a separate vote of the requisite percentage of Common Shares, and any other preferred shares, voting together
as a single class, that may be necessary to authorize the action in question. An increase in the number of authorized preferred shares
pursuant to the Agreement and Declaration of Trust and&#xa0;By-Laws&#xa0;or the issuance of additional shares of any series of preferred
shares pursuant to the Agreement and Declaration of Trust and&#xa0;By-Laws&#xa0;shall not in and of itself be considered to adversely
affect the rights and preferences of the preferred shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing voting provisions will not apply
to any preferred shares if, at or prior to the time when the act with respect to which such vote otherwise would be required will be effected,
such shares will have been redeemed or called for redemption and sufficient cash or cash equivalents provided to the applicable paying
agent to effect such redemption. The holders of preferred shares will have no preemptive rights or rights to cumulative voting.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Limitation on Issuance of Preferred Shares</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as the Fund has preferred shares outstanding,
and subject to compliance with the Fund&#x2019;s investment objective, policies and restrictions, the Fund may issue and sell shares of
additional preferred shares provided that the Fund will, immediately after giving effect to the issuance of such additional preferred
shares and to its receipt and application of the proceeds thereof (including, without limitation, to the redemption of preferred shares
to be redeemed out of such proceeds), have an &#x201c;asset coverage&#x201d; for all senior securities of the Fund which are shares, as
defined in the 1940 Act, of at least 200% of the sum of the liquidation preference of the preferred shares of the Fund then outstanding
and all indebtedness of the Fund constituting senior securities and no such additional preferred shares will have any preference or priority
over any other preferred shares of the Fund upon the distribution of the assets of the Fund or in respect of the payment of dividends
or distributions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will consider from time to time whether
to offer additional preferred shares or securities representing indebtedness and may issue such additional securities if the Board concludes
that such an offering would be consistent with the Fund&#x2019;s Agreement and Declaration of Trust and&#xa0;By-Laws&#xa0;and applicable
law, and in the best interest of existing common shareholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-transform: uppercase"><b>Notes</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund does not currently have any notes outstanding.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement and Declaration of Trust authorizes
the issuance of debt securities or notes, with rights as determined by the Board, by action of the Board without the approval of the Common
Shareholders.&#xa0;To the extent the Trustees authorize the issuance of any notes, the Trustees are also permitted to amend or supplement
the Agreement and Declaration of Trust, as they deem appropriate. Any such amendment or supplement may set forth the rights, preferences,
powers and privileges of such notes.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the 1940 Act, the Fund may only issue one
class of senior securities representing indebtedness, which in the aggregate must have asset coverage immediately after the time of issuance
of at least 300%. So long as&#xa0;notes&#xa0;are outstanding, additional debt securities must rank on a parity with&#xa0;notes&#xa0;with
respect to the payment of interest and upon the distribution of the Fund&#x2019;s assets.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Prospectus Supplement relating to any&#xa0;notes&#xa0;will
include specific terms relating to the offering. The terms to be stated in a Prospectus Supplement will include the following:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the form and title of the security;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aggregate principal amount of the securities;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the interest rate of the securities;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether the interest rate for the securities will be determined by auction or remarketing;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the maturity dates on which the principal of the securities will be payable;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the frequency with which auctions or remarketings, if any, will be held;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any changes to or additional events of default or covenants;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any minimum period prior to which the securities may not be called;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any optional or mandatory call or redemption provisions;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the credit rating of the&#xa0;notes;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance of the&#xa0;notes; and</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="width: 12%">&#xa0;</td>
    <td style="vertical-align: top; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="vertical-align: top; width: 1%">&#xa0;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other terms of the securities.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Prospectus Supplement will describe the interest
payment provisions relating to&#xa0;notes. Interest on&#xa0;notes&#xa0;will be payable when due as described in the related Prospectus
Supplement. If the Fund does not pay interest when due, it will trigger an event of default and the Fund will be restricted from declaring
dividends and making other distributions with respect to its&#xa0;Common Shares&#xa0;and&#xa0;preferred shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the requirements of the 1940 Act, immediately
after issuing any&#xa0;notes&#xa0;the value of the Fund&#x2019;s total assets, less certain ordinary course liabilities, must equal or
exceed 300% of the amount of the&#xa0;notes&#xa0;outstanding. Other types of borrowings also may result in the Fund being subject to similar
covenants in credit agreements.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, the 1940 Act requires that the Fund
prohibit the declaration of any dividend or distribution (other than a dividend or distribution paid in the Fund&#x2019;s common or&#xa0;preferred
shares&#xa0;or in options, warrants or rights to subscribe for or purchase the Fund&#x2019;s common or&#xa0;preferred shares) in respect
of the Fund&#x2019;s common or&#xa0;preferred shares, or call for redemption, redeem, purchase or otherwise acquire for consideration any
such fund common or&#xa0;preferred shares, unless the Fund&#x2019;s&#xa0;notes&#xa0;have asset coverage of at least 300% (200% in the case
of a dividend or distribution on&#xa0;preferred shares) after deducting the amount of such dividend, distribution, or acquisition price,
as the case may be. These 1940 Act requirements do not apply to any promissory note or other evidence of indebtedness issued in consideration
of any loan, extension, or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed;
however, any such borrowings may result in the Fund being subject to similar covenants in credit agreements. Moreover, the Indenture related
to the&#xa0;notes&#xa0;could contain provisions more restrictive than those required by the 1940 Act, and any such provisions would be
described in the related Prospectus Supplement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the occurrence and continuance of an event
of default, the holders of a majority in principal amount of a series of outstanding&#xa0;notes&#xa0;or the trustee will be able to declare
the principal amount of that series of&#xa0;notes&#xa0;immediately due and payable upon written notice to the Fund. A default that relates
only to one series of&#xa0;notes&#xa0;does not affect any other series and the holders of such other series of&#xa0;notes&#xa0;will not
be entitled to receive notice of such a default under the Indenture. Upon an event of default relating to bankruptcy, insolvency or other
similar laws, acceleration of maturity will occur automatically with respect to all series. At any time after a declaration of acceleration
with respect to a series of&#xa0;notes&#xa0;has been made, and before a judgment or decree for payment of the money due has been obtained,
the holders of a majority in principal amount of the outstanding&#xa0;notes&#xa0;of that series, by written notice to the Fund and the
trustee, may rescind and annul the declaration of acceleration and its consequences if all events of default with respect to that series
of&#xa0;notes, other than the&#xa0;non-payment&#xa0;of the principal of that series of&#xa0;notes&#xa0;which has become due solely by
such declaration of acceleration, have been cured or waived and other conditions have been met.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of (a)&#xa0;any insolvency or bankruptcy
case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative
to the Fund or to the Fund&#x2019;s creditors, as such, or to the Fund&#x2019;s assets, or (b)&#xa0;any liquidation, dissolution or other
winding up of the Fund, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c)&#xa0;any assignment
for the benefit of creditors or any other marshalling of assets and liabilities of the Fund, then (after any payments with respect to
any secured creditor of the Fund outstanding at such time) and in any such event the holders of&#xa0;notes&#xa0;shall be entitled to receive
payment in full of all amounts due or to become due on or in respect of all&#xa0;notes&#xa0;(including any interest accruing thereon after
the commencement of any such case or proceeding), or provision shall be made for such payment in cash or cash equivalents or otherwise
in a manner satisfactory to the holders of the&#xa0;notes, before the holders of any of the Fund&#x2019;s common or&#xa0;preferred shares&#xa0;are
entitled to receive any payment on account of any redemption proceeds, liquidation preference or dividends from such shares. The holders
of&#xa0;notes&#xa0;shall be entitled to receive, for application to the payment thereof, any payment or distribution of any kind or character,
whether in cash, property or securities, including any such payment or distribution which may be payable or deliverable by reason of the
payment of any other indebtedness of the Fund being subordinated to the payment of the&#xa0;notes, which may be payable or deliverable
in respect of the&#xa0;notes&#xa0;in any such case, proceeding, dissolution, liquidation or other winding up event.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unsecured creditors may include, without limitation,
service providers including the Adviser, Custodian, administrator, auction agent, broker-dealers and the trustee, pursuant to the terms
of various contracts with the Fund. Secured creditors may include without limitation parties entering into any interest rate swap, floor
or cap transactions, or other similar transactions with the Fund that create liens, pledges, charges, security interests, security agreements
or other encumbrances on the Fund&#x2019;s assets.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A consolidation, reorganization or merger of the
Fund with or into any other company, or a sale, lease or exchange of all or substantially all of the Fund&#x2019;s assets in consideration
for the issuance of equity securities of another company shall not be deemed to be a liquidation, dissolution or winding up of the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The&#xa0;notes&#xa0;have no voting rights, except
as mentioned below and to the extent required by law or as otherwise provided in the Indenture relating to the acceleration of maturity
upon the occurrence and continuance of an event of default. In connection with the&#xa0;notes&#xa0;or certain other borrowings (if any),
the 1940 Act does in certain circumstances grant to the note holders or lenders certain voting rights. The 1940 Act requires that provision
is made either (i)&#xa0;that, if on the last business day of each of twelve consecutive calendar months such&#xa0;notes&#xa0;shall have
an asset coverage of less than 100%, the holders of such&#xa0;notes&#xa0;voting as a class shall be entitled to elect at least a majority
of the members of the Fund&#x2019;s Trustees, such voting right to continue until such&#xa0;notes&#xa0;shall have an asset coverage of
110% or more on the last business day of each of three consecutive calendar months, or (ii)&#xa0;that, if on the last business day of
each of twenty-four consecutive calendar months such&#xa0;notes&#xa0;shall have an asset coverage of less than 100%, an event of default
shall be deemed to have occurred. It is expected that, unless otherwise stated in the related Prospectus Supplement, provision will be
made that, if on the last business day of each of twenty-four consecutive calendar months such&#xa0;notes&#xa0;shall have an asset coverage
of less than 100%, an event of default shall be deemed to have occurred. These 1940 Act requirements do not apply to any promissory note
or other evidence of indebtedness issued in consideration of any loan, extension, or renewal thereof, made by a bank or other person and
privately arranged, and not intended to be publicly distributed; however, any such borrowings may result in the Fund being subject to
similar covenants in credit agreements. As reflected above, the Indenture relating to the&#xa0;notes&#xa0;may also grant to the note holders
voting rights relating to the acceleration of maturity upon the occurrence and continuance of an event of default, and any such rights
would be described in the related Prospectus Supplement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>DESCRIPTION OF SUBSCRIPTION RIGHTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may issue subscription rights to holders
of Common Shares to purchase Common Shares. Subscription rights may be issued independently or together with any other offered security
and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection with a subscription rights
offering to holders of Common Shares, the Fund would distribute certificates evidencing the subscription rights and a Prospectus Supplement
to the Fund&#x2019;s common shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive
subscription rights in such subscription rights offering. For complete terms of the subscription rights, please refer to the actual terms
of such subscription rights which will be set forth in the subscription rights agreement relating to such subscription rights and described
in the Prospectus Supplement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable Prospectus Supplement, which would
accompany this Prospectus, would describe the following terms of subscription rights in respect of which this Prospectus is being delivered:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the period of time the offering would remain open (which will be open a minimum number of days such that all record holders would be eligible to participate in the offering and will not be open longer than 120 days);</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the title of such subscription rights;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the exercise price for such subscription rights (or method of calculation thereof);</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of such subscription rights issued in respect of each share;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of rights required to purchase a single share;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the extent to which such subscription rights are transferable and the market on which they may be traded if they are transferable;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable, a discussion of certain U.S. federal income tax considerations applicable to the issuance or exercise of such subscription rights;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date on which the right to exercise such subscription rights will commence, and the date on which such right will expire (subject to any extension);</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any termination right the Fund may have in connection with such subscription rights offering;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the expected trading market, if any, for rights; and</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other terms of such subscription rights, including exercise, settlement and other procedures and limitations relating to the transfer and exercise of such subscription rights.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Exercise of Subscription Right</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each subscription right would entitle the holder
of the subscription right to purchase for cash such number of shares at such exercise price as in each case is set forth in, or be determinable
as set forth in the Prospectus Supplement relating to the subscription rights offered thereby. Subscription rights would be exercisable
at any time up to the close of business on the expiration date for such subscription rights set forth in the Prospectus Supplement. After
the close of business on the expiration date, all unexercised subscription rights would become void.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon expiration of the rights offering and the
receipt of payment and the subscription rights certificate properly completed and duly executed at the corporate trust office of the subscription
rights agent or any other office indicated in the Prospectus Supplement, the Fund would issue, as soon as practicable, the shares purchased
as a result of such exercise. To the extent permissible under applicable law, the Fund may determine to offer any unsubscribed offered
securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such
methods, as set forth in the applicable Prospectus Supplement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Transferable Rights Offering</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscription rights issued by the Fund may be
transferrable. The distribution to shareholders of transferable rights, which may themselves have intrinsic value, also will afford non-participating
shareholders the potential of receiving cash payment upon the sale of the rights, receipt of which may be viewed as partial compensation
for any dilution of their interests that may occur as a result of the rights offering. In a transferrable rights offering, management
of the Fund will use its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such
rights. However, there can be no assurance that a market for transferable rights will develop or, if such a market does develop, what
the price of the transferable rights will be. In a transferrable rights offering to purchase Common Shares at a price below NAV, the subscription
ratio will not be less than 1-for-3, that is the holders of Common Shares of record on the record date of the rights offering will receive
one right for each outstanding Common Share owned on the record date and the rights will entitle their holders to purchase one new Common
Share for every three rights held (provided that any Common Shareholder who owns fewer than three Common Shares as of the record date
may subscribe for one full Common Share). Assuming the exercise of all rights, such a rights offering would result in an approximately
33 1&#x2044;3% increase in the Fund&#x2019;s Common Shares outstanding.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Additional Information on the Transferability
of Rights.</i> &#xa0;The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights
offering to purchase Common Shares at a price below the then current NAV so long as certain conditions are met, including: (i)&#xa0;a
good faith determination by a fund's board that such offering would result in a net benefit to existing shareholders; (ii)&#xa0;the offering
fully protects shareholders' preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering
fractional Rights); (iii)&#xa0;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders
who do not exercise such rights; and (iv)&#xa0;the ratio of a transferable rights offering does not exceed one new share for each three
rights held.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>REPURCHASE AGREEMENTS, REVERSE REPURCHASE AGREEMENTS AND DERIVATIVES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may engage in repurchase agreements with
broker-dealers, banks and other financial institutions to earn incremental income on temporarily available cash which would otherwise
be uninvested. A repurchase agreement is a short-term investment in which the purchaser (i.e., the Fund) acquires ownership of a security
and the seller agrees to repurchase the obligation at a future time and set price, thereby determining the yield during the holding period.
Repurchase agreements involve certain risks in the event of default by the other party. The Fund may enter into repurchase agreements
with broker-dealers, banks and other financial institutions deemed to be creditworthy.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Repurchase agreements are required to be fully
collateralized by the underlying securities and are considered to be loans under the 1940 Act. The Fund pays for such securities only
upon physical delivery or evidence of book entry transfer to the account of a custodian or bank acting as agent. The seller under a repurchase
agreement will be required to maintain the value of the underlying collateral securities marked-to-market daily at not less than the repurchase
price. The underlying securities (normally securities of the U.S. government and its agencies or instrumentalities) may have maturity
dates exceeding one (1)&#xa0;year.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may borrow through entering into reverse
repurchase agreements under which the Fund sells portfolio investments to financial institutions such as banks and broker-dealers and
generally agrees to repurchase them at a mutually agreed future date and price. Generally, the effect of a reverse repurchase agreement
is that, during the term of the agreement, the Fund can obtain and reinvest all or most of the cash value of the portfolio investment
it sold under the agreement and still be entitled to the returns associated with such portfolio investment&#x2014;thereby resulting in
a transaction similar to a borrowing and giving rise to leverage for the Fund. The Fund may utilize reverse repurchase agreements when
it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest
expense of the transaction.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event the buyer of securities under a reverse
repurchase agreement files for bankruptcy or becomes insolvent, the Fund's use of the proceeds of the agreement may be restricted pending
a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund also expects to enter into other transactions
that may give rise to a form of leverage including, among others, swaps, futures and forward contracts, options and other derivative transactions.
However, these transactions may represent a form of economic leverage and will create risks. Further, the Fund may incur losses on such
transactions (including the entire amount of the Fund&#x2019;s investment in such transaction) even if they are covered.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Investing in derivatives
can involve leverage risk, liquidity risk, counterparty risk, market risk and operational/legal risk. The Fund may utilize options, forward
contracts, futures contracts and options on futures contracts. These instruments involve risks, including the imperfect correlation between
the value of such instruments and the underlying assets, the possible default by the counterparty to the transaction (i.e., counterparty
risk), illiquidity of the derivative instrument and, to the extent the prediction as to certain market movements is incorrect, the risk
that the use of such instruments could result in losses greater than if they had not been used. In addition, transactions in such instruments
may involve commissions and other costs, which may increase the Fund&#x2019;s expenses and reduce its return. Amounts paid as premiums
and cash or other assets held in margin accounts with respect to such instruments are not otherwise available to the Fund for investment
purposes.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Further, the use of such
instruments by the Fund could create the possibility that losses on the instrument would be greater than gains in the value of the Fund&#x2019;s
position. In addition, futures and options markets could be illiquid in some circumstances, and certain over-the-counter options could
have no markets. As a result, in certain markets, the Fund might not be able to close out a position without incurring substantial losses.
Such transactions should tend to minimize the risk of loss due to a decline in the value of the hedged position and, at the same time,
limit any potential gain to the Fund that might result from an increase in value of the position. In addition, the daily variation margin
requirements for futures contracts create a greater ongoing potential financial risk than would purchases of call options, in which case
the market exposure is limited to the cost of the initial premium and transaction costs. Losses resulting from the use of hedging will
reduce the NAV of the Fund&#x2019;s securities, and possibly income, and the losses can be greater than if hedging had not been used. Forward
contracts may limit gains on portfolio securities that could otherwise be realized had they not been utilized and could result in losses.
The contracts may also increase the Fund&#x2019;s volatility and may involve a significant amount of risk relative to the investment of
cash. The use of put and call options may result in losses to the Fund, force the sale of portfolio securities at inopportune times or
for prices other than at current market values, limit the amount of appreciation the Fund can realize on its investments or cause the
Fund to hold a security it might otherwise sell. The Fund will be subject to credit risk with respect to the counterparties to any transactions
in options, forward contracts, futures contracts or options on futures contracts. If a counterparty becomes bankrupt or otherwise fails
to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining
any recovery under the derivative contract in bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery
or may obtain no recovery in such circumstances.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">When conducted outside
the United States, transactions in options, forward contracts, futures contracts or options on futures contracts may not be regulated
as rigorously as in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of governmental
actions affecting trading in, or the prices of, foreign securities, currencies and other instruments. The value of such positions also
could be adversely affected by: (i)&#xa0;other complex foreign political, legal and economic factors; (ii)&#xa0;lesser availability than
in the United States of data on which to make trading decisions; (iii)&#xa0;delays in the Fund&#x2019;s ability to act upon economic events
occurring in foreign markets during non-business hours in the United States; (iv)&#xa0;the imposition of different exercise and settlement
terms and procedures and margin requirements than in the United States; and (v)&#xa0;lower trading volume and liquidity.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rule&#xa0;18f-4 under the 1940 Act governs a registered
investment company&#x2019;s use of derivatives, short sales, reverse repurchase agreements, and certain other instruments. Under Rule&#xa0;18f-4,
a fund&#x2019;s derivatives exposure is limited through a value-at-risk test and requires the adoption and implementation of a derivatives
risk management program for certain derivatives users. However, subject to certain conditions, funds that do not invest heavily in derivatives
may be deemed limited derivatives users and would not be subject to the full requirements of Rule&#xa0;18f-4. Under the rule, when a fund
trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the
amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of
any other senior securities representing indebtedness when calculating the fund&#x2019;s asset coverage ratio or treat all such transactions
as derivatives transactions. In addition, under the rule, the fund is permitted to invest in a security on a when-issued or forward-settling
basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security (as defined under
Section&#xa0;18(g)&#xa0;of the 1940 Act), provided that, (i)&#xa0;the fund intends to physically settle the transaction and (ii)&#xa0;the
transaction will settle within 35 days of its trade date (the &#x201c;Delayed-Settlement Securities Provision&#x201d;). A fund may otherwise
engage in when-issued, forward-settling and non-standard settlement cycle securities transactions that do not meet the conditions of the
Delayed-Settlement Securities Provision so long as a fund treats any such transaction as a &#x201c;derivatives transaction&#x201d; for purposes
of compliance with the rule. Furthermore, under the rule, a fund is permitted to enter into an unfunded commitment agreement, and such
unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if a fund reasonably believes,
at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect
to all such agreements as they come due. These requirements may limit the ability of a fund to use derivatives, and reverse repurchase
agreements and similar financing transactions as part of its investment strategies. These requirements may increase the cost of a fund&#x2019;s
investments and cost of doing business, which could adversely affect investors. The Fund&#x2019;s implementation of Rule&#xa0;18-4 is limited
by its fundamental investment restrictions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>CREDIT FACILITY AND NOTES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund utilizes leverage through borrowings
and may enter into definitive agreements with respect to a credit facility or other borrowing program. The Fund may negotiate with commercial
banks to arrange a credit facility pursuant to which the Fund would expect to be entitled to borrow an amount equal to approximately one-third
(1/3) of the Fund&#x2019;s total assets (inclusive of the amount borrowed). Any such borrowings would constitute financial leverage. Such
a credit facility is not expected to be convertible into any other securities of the Fund, outstanding amounts are expected to be pre-payable
by the Fund prior to final maturity without significant penalty and there are not expected to be any sinking fund or mandatory retirement
provisions. Outstanding amounts would be payable at maturity or such earlier times as required by the agreement. The Fund may be required
to prepay outstanding amounts under the credit facility or incur a penalty rate of interest upon the occurrence of certain events of default.
The Fund would be expected to indemnify the lenders under the credit facility against liabilities they may incur in connection with the
credit facility. The Fund is currently a party to the Credit Facility. Although the Fund currently intends to renew the Credit Facility,
prior to its expiration date there can be no assurance that the Fund will be able to do so or do so on terms similar to the current Credit
Facility, which may adversely affect the ability of the Fund to pursue its investment objectives and strategies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also obtain leverage through the
issuance of notes representing indebtedness. Such notes are not expected to be convertible into any other securities of the Fund. Outstanding
amounts would be payable at maturity or such earlier times as required by the terms of the notes. The Fund may be required to prepay outstanding
amounts under the notes or incur a penalty rate of interest upon the occurrence of certain events of default.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may use leverage to the maximum extent
permitted by the 1940 Act. Under the 1940 Act, the Fund is not permitted to incur indebtedness, including through the issuance of notes
or other debt securities, unless immediately thereafter the total asset value of the Fund&#x2019;s portfolio is at least 300% of the aggregate
amount of the outstanding indebtedness (<i>i.e.</i>, such aggregate amount may not exceed 33&#xa0;1/3&#xa0;% of the Fund&#x2019;s total
assets). In addition, the Fund is not permitted to declare any cash distribution on its Common Shares unless, at the time of such declaration,
the NAV of the Fund&#x2019;s portfolio (determined after deducting the amount of such distribution) is at least 300% of such aggregate
amount. If the Fund issues notes, borrows money or enters into a credit facility, the Fund intends, to the extent possible, to retire
outstanding debt, from time to time, to maintain coverage of any outstanding indebtedness of at least 300%.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may seek the highest credit rating possible
from one or more NRSROs on any notes that the Fund issues. In such a case, the Fund intends that, as long as notes are outstanding, the
composition of its portfolio will reflect guidelines established by such NRSRO. Although, as of the date hereof, no NRSRO has established
guidelines relating to the Fund&#x2019;s notes, based on previous guidelines established by NRSROs for the securities of other issuers,
the Fund anticipates that the guidelines with respect to the notes will establish a set of tests for portfolio composition and asset coverage
that supplement (and in some cases are more restrictive than) the applicable requirements under the 1940 Act. Although, at this time,
no assurance can be given as to the nature or extent of the guidelines which may be imposed in connection with obtaining a rating of the
notes, the Fund currently anticipates that such guidelines will include asset coverage requirements which are more restrictive than those
under the 1940 Act, restrictions on certain portfolio investments and investment practices, requirements that the Fund maintain a portion
of its assets in short-term, high-quality investments and certain mandatory redemption requirements relating to the notes. No assurance
can be given that the guidelines actually imposed with respect to the notes by a NRSRO will be more or less restrictive than as described
in this prospectus.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund expects that any notes or
a credit facility would contain covenants that, among other things, will likely impose geographic exposure limitations, credit quality
minimums, liquidity minimums, concentration limitations and currency hedging requirements on the Fund. These covenants would also likely
limit the Fund&#x2019;s ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment
policies, engage in certain transactions, including mergers and consolidations, and may require asset coverage ratios in addition to those
required by the 1940 Act. The Fund would only agree to a limit on its ability to change its fundamental investment policies if doing so
was consistent with the 1940 Act and applicable state law. The Fund may be required to pledge (or otherwise grant a security interest
in) some or all of its assets and to maintain a portion of its assets in cash or high-grade securities as a reserve against interest or
principal payments and expenses. The Fund expects that any notes or credit facility would have customary covenant, negative covenant and
default provisions. There can be no assurance that the Fund will enter into an agreement for a credit facility, or issue notes, on terms
and conditions representative of the foregoing, or that additional material terms will not apply. In addition, if entered into or issued,
any such notes or credit facility may in the future be replaced or refinanced by one or more credit facilities having substantially different
terms or by the issuance of preferred shares and/or notes or debt securities. The Fund is currently a party to the Credit Facility. See
 &#x201c;Investment Objectives and Policies &#x2014; Use of Leverage and Related Risks&#x201d; for more information.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ANTI-TAKEOVER AND CERTAIN OTHER PROVISIONS IN THE AGREEMENT AND
DECLARATION OF TRUST</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Anti-Takeover Provisions</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement and Declaration of Trust includes
provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change
the composition of the Board. These provisions may have the effect of discouraging attempts to acquire control of the Fund. The Board
is divided into three classes, with the term of one class expiring at each annual meeting of the Fund&#x2019;s shareholders. At each annual
meeting, one class of Trustees is elected to a three-year term. This provision could delay the replacement of a majority of the Board.
A Trustee may be removed from office without cause only by a written instrument signed or adopted by two-thirds of the remaining Trustees
or by a vote of the holders of at least two-thirds of the class of shares of the Fund that are entitled to elect a Trustee and that are
entitled to vote on the matter.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement and Declaration of Trust provides
that the Fund may not merge with another entity, or sell, lease or exchange all or substantially all of its assets without the approval
of at least two-thirds of the Trustees and 75% of the affected shareholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Agreement and Declaration of
Trust requires the favorable vote of the holders of at least 80% of the outstanding shares of each class of the Fund, voting as a class,
then entitled to vote to approve, adopt or authorize certain transactions with 5%-or-greater holders of the Fund&#x2019;s outstanding shares
and their affiliates or associates, unless two-thirds of the Board have approved by resolution a memorandum of understanding with such
holders, in which case normal voting requirements would be in effect. For purposes of these provisions, a 5%-or-greater holder of outstanding
shares (a &#x201c;Principal Shareholder&#x201d;) refers to any person who, whether directly or indirectly and whether alone or together
with its affiliates and associates, beneficially owns 5% or more of the outstanding shares of beneficial interest of the Fund. The transactions
subject to these special approval requirements are: (i)&#xa0;the merger or consolidation of the Fund or any subsidiary of the Fund with
or into any Principal Shareholder; (ii)&#xa0;the issuance of any securities of the Fund to any Principal Shareholder for cash (other than
pursuant to any automatic dividend reinvestment plan or pursuant to any offering in which such Principal Shareholder acquires securities
that represent no greater a percentage of any class or series of securities being offered than the percentage of any class of shares beneficially
owned by such Principal Shareholder immediately prior to such offering or, in the case of securities, offered in respect of another class
or series, the percentage of such other class or series beneficially owned by such Principal Shareholder immediately prior to such offering);
(iii)&#xa0;the sale, lease or exchange of all or any substantial part of the assets of the Fund to any Principal Shareholder (except assets
having an aggregate fair market value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased
or exchanged in any series of similar transactions within a twelve-month period); (iv)&#xa0;the sale, lease or exchange to the Fund or
any subsidiary thereof, in exchange for securities of the Fund, of any assets of any Principal Shareholder (except assets having an aggregate
fair market value of less than $1,000,000, aggregating for the purposes of such computation all assets sold, leased or exchanged in any
series of similar transactions within a twelve-month period); or (v)&#xa0;the purchase by the Fund, or any entity controlled by the Fund,
of any Common Shares from any Principal Shareholder or any person to whom any Principal Shareholder transferred Common Shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference should be made to the Agreement and
Declaration of Trust on file with the SEC for the full text of these provisions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement and Declaration of Trust provides
that the Fund shall indemnify the Trustees and officers of the Fund (each such person being an &#x201c;indemnitee&#x201d;) against any liabilities
and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees
reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether
civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or
otherwise (other than, except as authorized by the Trustees, as the plaintiff or complainant) or with which he may be or may have been
threatened, while acting in any capacity set forth in Section&#xa0;4.2 of the Agreement and Declaration of Trust by reason of his having
acted in any such capacity, except with respect to any matter as to which he shall not have acted in good faith in the reasonable belief
that his action was in the best interest of the Trust or, in the ease of any criminal proceeding, as to which he shall have had reasonable
cause to believe that the conduct was unlawful, provided, however, that no indemnitee shall be indemnified against any liability to any
person or any expense of such indemnitee arising by reason of (i)&#xa0;willful misfeasance, (ii)&#xa0;bad faith, (iii)&#xa0;gross negligence
(negligence in the ease of affiliated indemnitees), or (iv)&#xa0;reckless disregard of the duties involved in the conduct of his position
(the conduct referred to in such clauses (i)&#xa0;through (iv)&#xa0;being sometimes referred to herein as &#x201c;disabling conduct&#x201d;).
The Fund shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might
be sought if the Fund receives a written affirmation by the indemnitee of the indemnitee&#x2019;s good faith belief that the standards
of conduct necessary for indemnification have been met and a written undertaking to reimburse the Fund unless it is subsequently determined
that he is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary
for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (1)&#xa0;the indemnitee
shall provide adequate security for his undertaking, (2)&#xa0;the Fund shall be insured against losses arising by reason of any lawful
advances, or (3)&#xa0;a majority of a quorum of those Trustees who are neither interested persons of the Fund nor parties to the proceeding,
or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily
available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately
will be found entitled to indemnification.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Control Share Statute</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is subject to the control share acquisition
statute (the &#x201c;Control Share Statute&#x201d;) contained in Subchapter III of the Delaware Statutory Trust Act (the &#x201c;DSTA&#x201d;),
which became automatically applicable to listed closed-end funds, such as the Fund, and the Fund has not broadly exempted acquisition
of control shares in its governing instrument.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Control Share Statute provides for thresholds
at which a person has the power to directly or indirectly exercise or direct the exercise of the voting power of shares in the election
of trustees, above which shares are considered control shares. Whether a voting power threshold is met is determined by aggregating the
holdings of the acquirer as well as those of any &#x201c;associate,&#x201d; as discussed below. These thresholds are:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">10% or more, but less than 15% of all voting
power;</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">15% or more, but less than 20% of all voting
power;</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">20% or more, but less than 25% of all voting
power;</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">25% or more, but less than 30% of all voting
power;</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">30% or more, but less than a majority of all
voting power; or</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">a majority or more of all voting power.</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once a shareholder reaches a threshold, such shareholder
has no voting rights under the DSTA with respect to shares acquired in excess of that threshold (i.e., the &#x201c;control shares&#x201d;)
unless approved by a vote of the non-acquiring shareholders, or otherwise exempted by the fund&#x2019;s board of trustees. Approval by
non-acquiring shareholders requires the affirmative vote of two-thirds of all votes entitled to be cast on the matter, excluding shares
held by the acquiring shareholder and its associates as well as shares held by certain insiders of a Fund. Alternatively, the Board is
permitted, but not obligated, to exempt acquisitions specifically, generally, or generally by type of control shares, either in advance
or retroactively. As of the date hereof, the Board has not exempted any acquisition of control shares nor made any determination with
respect to the provisions of the Control Share Statute.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Control Share Statute may protect the long-term
interests of fund shareholders by limiting the ability of certain investors to use their ownership to attempt to disrupt a fund&#x2019;s
long-term strategy such as by forcing a liquidity event. The Control Share Statute may limit the ability of certain shareholders to use
their ownership to cause a change with respect to the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing is only a summary of certain aspects
of the Control Share Statute. Some uncertainty around the application under the 1940 Act of state control share statutes exists as a result
of recent federal and state court decisions that have found that certain control share acquisition provisions violate the 1940 Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>CONVERSION TO OPEN-END FUND</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may be converted to an open-end management
investment company at any time if approved by a majority of the Trustees then in office, by the holders of not less than 75% of the Trust&#x2019;s
outstanding Shares entitled to vote thereon and by such vote or votes of the holders of any class or classes or series of Shares as may
be required by the 1940 Act. The composition of the Fund&#x2019;s portfolio and/or its investment policies could prohibit the Fund from
complying with regulations of the SEC applicable to open-end management investment companies unless significant changes in portfolio holdings,
which might be difficult and could involve losses, and investment policies are made. Conversion of the Fund to an open-end management
investment company also would require the redemption of any outstanding preferred shares and could require the repayment of borrowings,
which would reduce the leveraged capital structure of the Fund with respect to the Common Shares. In the event of conversion, the Common
Shares would cease to be listed on the NYSE or other national securities exchange or market system. The Board believes the closed-end
structure is desirable, given the Fund&#x2019;s investment objectives and policies. Common shareholders of an open-end management investment
company can require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940
Act) at their NAV, less such redemption charge, if any, as might be in effect at the time of a redemption. If converted to an open-end
fund, the Fund expects to pay all redemption requests in cash, but reserves the right to pay redemption requests in a combination of cash
or securities. If such partial payment in securities were made, investors may incur brokerage costs in converting such securities to cash.
If the Fund were converted to an open-end fund, it is likely that new Common Shares would be sold at NAV plus a sales load.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_021"></a><b>PLAN OF DISTRIBUTION</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may offer up to $[ ] in aggregate initial
offering price of Common Shares, Preferred Shares, Notes or Rights from time to time under this Prospectus and any related Prospectus
Supplement (1)&#xa0;directly to one or more purchases, including existing shareholders in a Rights offering; (2)&#xa0;through agents;
(3)&#xa0;through underwriters; (4)&#xa0;through dealers; or (5)&#xa0;pursuant to the Fund&#x2019;s dividend reinvestment and optional cash
purchase plan. Each Prospectus Supplement relating to an offering of securities will state the terms of the offering, including:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">the names of any agents, underwriters or dealers;</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">any sales loads or other items constituting underwriters&#x2019;
compensation;</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">any discounts, commissions, or fees allowed or
paid to dealers or agents;</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">the public offering or purchase price of the
offered Securities and the net proceeds the Fund will receive from the sale; and</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">any securities exchange on which the offered
Securities may be listed</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Direct Sales</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may sell Securities directly to, and
solicit offers from, institutional investors or others who may be deemed to be underwriters as defined in the Securities Act for any resales
of the securities. In this case, no underwriters or agents would be involved. The Fund may use electronic media, including the Internet,
to sell offered securities directly. The Fund will describe the terms of any of those sales in a Prospectus Supplement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>By Agents</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may offer Securities through agents that
the Fund may designate. The Fund will name any agent involved in the offer and sale and describe any commissions payable by the Fund in
the Prospectus Supplement. Unless otherwise indicated in the Prospectus Supplement, the agents will be acting on a best-efforts basis
for the period of their appointment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>By Underwriters</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may offer and sell Securities from time
to time to one or more underwriters who would purchase the Securities as principal for resale to the public, either on a firm commitment
or best-efforts basis. If the Fund sells Securities to underwriters, the Fund will execute an underwriting agreement with them at the
time of the sale and will name them in the Prospectus Supplement. In connection with these sales, the underwriters may be deemed to have
received compensation from the Fund in the form of underwriting discounts and commissions. The underwriters also may receive commissions
from purchasers of Securities for whom they may act as agent. Unless otherwise stated in the Prospectus Supplement, the underwriters will
not be obligated to purchase the Securities unless the conditions set forth in the underwriting agreement are satisfied, and if the underwriters
purchase any of the Securities, they will be required to purchase all of the offered Securities. The underwriters may sell the offered
Securities to or through dealers, and those dealers may receive discounts, concessions or commissions from the underwriters as well as
from the purchasers for whom they may act as agent. Any public offering price and any discounts or concessions allowed or reallowed or
paid to dealers may be changed from time to time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with an offering of Common Shares,
if a Prospectus Supplement so indicates, the Fund may grant the underwriters an option to purchase additional Common Shares at the public
offering price, less the underwriting discounts and commissions, within 45 days from the date of the Prospectus Supplement, to cover any
overallotments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>By Dealers</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may offer and sell Securities from time
to time to one or more dealers who would purchase the securities as principal. The dealers then may resell the offered Securities to the
public at fixed or varying prices to be determined by those dealers at the time of resale. The Fund will set forth the names of the dealers
and the terms of the transaction in the Prospectus Supplement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General Information</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agents, underwriters, or dealers participating
in an offering of Securities may be deemed to be underwriters, and any discounts and commission received by them and any profit realized
by them on resale of the offered Securities for whom they act as agent, may be deemed to be underwriting discounts and commissions under
the Securities Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may offer to sell securities either at
a fixed price or at prices that may vary, at market prices prevailing at the time of sale, at prices related to prevailing market prices
or at negotiated prices.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To facilitate an offering of Common Shares in
an underwritten transaction and in accordance with industry practice, the underwriters may engage in transactions that stabilize, maintain,
or otherwise affect the market price of the Common Shares or any other Security. Those transactions may include overallotment, entering
stabilizing bids, effecting syndicate covering transactions, and reclaiming selling concessions allowed to an underwriter or a dealer.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">An overallotment in connection with an offering
creates a short position in the common stock for the underwriter&#x2019;s own account.</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">An underwriter may place a stabilizing bid to
purchase the Common Shares for the purpose of pegging, fixing, or maintaining the price of the Common Shares.</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Underwriters may engage in syndicate covering
transactions to cover overallotments or to stabilize the price of the Common Shares by bidding for, and purchasing, the Common Shares
or any other Securities in the open market in order to reduce a short position created in connection with the offering.</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The managing underwriter may impose a penalty
bid on a syndicate member to reclaim a selling concession in connection with an offering when the Common Shares originally sold by the
syndicate member is purchased in syndicate covering transactions or otherwise.</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any of these activities may stabilize or maintain
the market price of the Securities above independent market levels. The underwriters are not required to engage in these activities, and
may end any of these activities at any time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with any Rights offering, the Fund
may also enter into a standby underwriting arrangement with one or more underwriters pursuant to which the underwriter(s)&#xa0;will purchase
Common Shares remaining unsubscribed for after the Rights offering.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any underwriters to whom the offered Securities
are sold for offering and sale may make a market in the offered Securities, but the underwriters will not be obligated to do so and may
discontinue any market-making at any time without notice. There can be no assurance that there will be a liquid trading market for the
offered Securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under agreements entered into with the Fund, underwriters
and agents may be entitled to indemnification by the Fund and the Adviser against certain civil liabilities, including liabilities under
the Securities Act, or to contribution for payments the underwriters or agents may be required to make.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters, agents, and their affiliates
may engage in financial or other business transactions with the Fund in the ordinary course of business.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to a requirement of the Financial Industry
Regulatory Authority,&#xa0;Inc. (&#x201c;FINRA&#x201d;) the maximum compensation to be received by any FINRA member or independent broker-dealer
in connection with an offering of the Fund&#x2019;s securities may not be greater than eight percent (8%) of the gross proceeds received
by the Fund for the sale of any securities being registered pursuant to SEC Rule&#xa0;415 under the Securities Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent permitted under the 1940 Act and
the rules&#xa0;and regulations promulgated thereunder, the underwriters may from time to time act as a broker or dealer and receive fees
in connection with the execution of portfolio transactions on behalf of the Fund after the underwriters have ceased to be underwriters
and, subject to certain restrictions, each may act as a broker while it is an underwriter.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Prospectus and accompanying Prospectus Supplement
in electronic form may be made available on the websites maintained by underwriters. The underwriters may agree to allocate a number of
Securities for sale to their online brokerage account holders. Such allocations of Securities for internet distributions will be made
on the same basis as other allocations. In addition, Securities may be sold by the underwriters to securities dealers who resell Securities
to online brokerage account holders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_022"></a><b>CUSTODIAN, DIVIDEND PAYING AGENT, TRANSFER AGENT
AND REGISTRAR</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">State Street serves as Custodian for the Fund.
The Custodian holds cash, securities, and other assets of the Fund as required by the 1940 Act and also provides certain Fund accounting
services. Custody and accounting fees are payable monthly based on assets held in custody, investment purchases and sales activity and
other factors, plus reimbursement for certain out of pocket expenses. The principal business address of State Street is 1 Heritage Drive,
3rd&#xa0;Floor, North Quincy, Massachusetts 02171. Computershare Trust Company, N.A., P.O.&#xa0;Box 505000, Louisville, KY 40233, acts
as the Fund&#x2019;s dividend paying agent, transfer agent and the registrar for the Fund&#x2019;s Common Shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_023"></a><b>LEGAL OPINIONS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain legal matters in connection with the Common Shares will be
passed on for the Fund by Dechert LLP.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_024"></a><b>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
</font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">financial statements</a> as of
and for the fiscal year ended October&#xa0;31, 2024 incorporated by reference in the SAI have been so incorporated in reliance on the
report of [ ], an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
The&#xa0;<a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925066106/tm2517609d5_ncsrs.htm">unaudited&#xa0;financial statements
for the fiscal period ended April&#xa0;30, 2025</a>&#xa0;are incorporated in this Prospectus by reference to the Fund&#x2019;s Semi-Annual Report.&#xa0;The
principal place of business of [ ] is located at [ ]. [ ] provides audit services and consultation with respect to the preparation of
filings with the SEC.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_025"></a><b>ADDITIONAL INFORMATION</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">This
Prospectus concisely provides the information that a prospective investor should know about the Fund before investing. Investors are
advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including the
SAI, dated [&#x2022;], 2025, has been filed with the SEC and is incorporated by reference in its entirety into this prospectus. The SAI
and the Fund&#x2019;s annual and semi-annual reports and other information filed with the SEC, can be obtained upon request and without
charge by writing to the Fund at </font>1900 Market Street, Suite&#xa0;200, Philadelphia, PA 19103, by calling Investor Relations toll-free
at 1-800-522-5465 or by visiting the Fund&#x2019;s website at <font style="text-decoration:underline">https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</font>.
Investors may request the Fund&#x2019;s SAI, annual and semi-annual reports and other information about the Fund or make Shareholder inquiries
by calling Investor Relations toll-free at 1-800-522-5465 or by visiting https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds. In addition, the contact information
provided above may be used to request additional information about the Fund and to make Shareholder inquiries. The SAI, other material
incorporated by reference into this prospectus and other information about the Fund is also available on the SEC&#x2019;s website at <i>http://www.sec.gov</i>.
The address of the SEC&#x2019;s website is provided solely for the information of prospective investors and is not intended to be an active
link.</p>


<p style="margin: 0">&#xa0;</p>


<p style="margin: 0"></p>


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<p style="margin: 0">&#xa0;</p>


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2523786d1_sai.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1" -->

<p style="margin: 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #ff4040"><b>The information in this Statement
of Additional Information is not complete and may be changed.&#xa0;The Fund may not sell these securities until the Registration Statement
filed with the Securities and Exchange Commission is effective.&#xa0;This Statement of Additional Information is not an offer to sell
these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="color: #ff4040"><b>Subject
to Completion Dated </b></font><b><font style="color: red">August&#xa0;22</font><font style="color: #ff4040">, 2025</font></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b>abrdn
Global Dynamic dividend Fund</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b><a name="sai_001"></a>Statement
of Additional Information</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<font>&#x25cf;</font>]<b>, 2025</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">This
Statement of Additional Information (the &#x201c;SAI&#x201d;) </font>provides additional information to the Prospectus for abrdn Global
Dynamic Dividend Fund (the &#x201c;Fund&#x201d;) dated&#xa0;[&#x2022;], 2025 as it may be amended from time to time. This SAI is not a prospectus
and should only be read in conjunction with the Prospectus. You may obtain the Prospectus without charge by writing to the Fund at 1900
Market Street, Suite&#xa0;200, Philadelphia, PA 19103, by calling Investor Relations toll-free at 1-800-522-5465 or by visiting the Fund&#x2019;s
website at <font style="text-decoration:underline">https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</font>.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors in the Fund will be informed of the
Fund&#x2019;s progress through periodic reports. Financial statements certified by an independent registered public accounting firm will
be submitted to Shareholders at least annually. Once available, copies of the reports to Shareholders may be obtained upon request, without
charge, by contacting the Fund at the address or telephone number listed above.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b><a name="saitoc_001"></a>Table
of Contents</b></font></p>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 92%"><a href="#a_026"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</font></a></td>
    <td style="vertical-align: bottom; width: 8%; text-align: right"><a href="#a_026"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_027"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment objectives, policies and risks</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_027"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_040"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment restrictions</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_040"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_028"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management of the Fund</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_028"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_029"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portfolio transactions and brokerage allocation</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_029"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_030"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of shares</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_030"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_031"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repurchase of Common Shares</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_031"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_032"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax matters</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_032"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_033"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proxy voting policy and proxy voting record</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_033"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_034"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation by reference</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_034"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_035"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_035"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_036"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal counsel</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_036"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_037"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional information</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_037"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_038"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix A&#x2014;Description of securities ratings</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_038"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-1</font></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: right">&#xa0;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_039"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix B&#x2014;Proxy voting guidelines</font></a></td>
    <td style="vertical-align: bottom; text-align: right"><a href="#a_039"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</font></a></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_026"></a><b>General</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to June&#xa0;30, 2022, abrdn Global Dynamic
Dividend Fund was known as Aberdeen Global Dynamic Dividend Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_027"></a><b>Investment objectives, policies and risks</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following disclosure supplements the disclosure
set forth under the caption &#x201c;Investment Objectives and Policies&#x201d; in the prospectus and does not, by itself, present a complete
or accurate explanation of the matters disclosed. Readers must refer also to this caption in the prospectus for a complete presentation
of the matters disclosed below.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sovereign Debt Obligations</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may purchase sovereign debt instruments
issued or guaranteed by foreign governments or their agencies, including debt of emerging markets. Sovereign debt may be in the form of
conventional securities or other types of debt instruments such as loans or loan participations. Sovereign debt of developing countries
may involve a high degree of risk, and may present the risk of default. Governmental entities responsible for repayment of the debt may
be unable or unwilling to repay principal and interest when due, and may require renegotiation or rescheduling of debt payments. In addition,
prospects for repayment of principal and interest may depend on political as well as economic factors.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a name="a_040"></a><b>Investment Restrictions</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following investment restrictions of the Fund
are designated as fundamental policies and as such may not be changed without the approval of a majority of the Fund's outstanding common
shares, which as used in this SAI means the lesser of (a)&#xa0;67% of the shares of the Fund present or represented by proxy at a meeting
if the holders of more than 50% of the outstanding shares are present or represented at the meeting or (b)&#xa0;more than 50% of outstanding
shares of the Fund. As a matter of fundamental policy, the Fund may not:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">1.</td><td style="text-align: justify">Borrow money, except as permitted by the 1940 Act. The Fund may borrow money as a temporary measure for
extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise
might require untimely dispositions of Fund securities. The 1940 Act currently requires that any indebtedness incurred by a closed-end
investment company have an asset coverage of at least 300%. The Fund may not pledge, mortgage, hypothecate or otherwise encumber its assets,
except to secure permitted borrowings and to implement collateral and similar arrangements incident to permitted investment practices;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">2.</td><td style="text-align: justify">Issue senior securities, as defined in the 1940 Act, other than (a)&#xa0;preferred shares which immediately
after issuance will have asset coverage of at least 200%, (b)&#xa0;indebtedness which immediately after issuance will have asset coverage
of at least 300% or (c)&#xa0;the borrowings permitted by investment restriction (1)&#xa0;above. The 1940 Act currently defines "senior
security" as any bond, debenture, note or similar obligation or instrument constituting a security and evidencing indebtedness, and
any stock of a class having priority over any other class as to distribution of assets or payment of dividends. Debt and equity securities
issued by a closed-end investment company meeting the foregoing asset coverage provisions are excluded from the general 1940 Act prohibition
on the issuance of senior securities;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">3.</td><td style="text-align: justify">Purchase securities on margin (but the Fund may obtain such short-term credits as may be necessary for
the clearance of purchases and sales of securities). The purchase of investment assets with the proceeds of a permitted borrowing or securities
offering will not be deemed to be the purchase of securities on margin;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">4.</td><td style="text-align: justify">Underwrite securities issued by other persons, except insofar as it may technically be deemed to be an
underwriter under the Securities Act in selling or disposing of a portfolio investment;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">5.</td><td style="text-align: justify">Make loans to other persons, except by (a)&#xa0;the acquisition of loan interests, debt securities and
other obligations in which the Fund is authorized to invest in accordance with its investment objectives and policies and (b)&#xa0;entering
into repurchase agreements;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">6.</td><td style="text-align: justify">Purchase or sell real estate, although it may purchase and sell securities which are secured by interests
in real estate and securities of issuers which invest or deal in real estate. The Fund reserves the freedom of action to hold and to sell
real estate acquired as a result of the ownership of securities;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">7.</td><td style="text-align: justify">Purchase or sell physical commodities or contracts for the purchase or sale of physical commodities. Physical
commodities do not include futures contracts with respect to securities, securities indices, currencies, interest or other financial instruments;
and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">8.</td><td style="text-align: justify">With respect to 75% of its total assets, invest more than 5% of its total assets in the securities of
a single issuer or purchase more than 10% of the outstanding voting securities of a single issuer, except obligations issued or guaranteed
by the U.S. government, its agencies or instrumentalities and except securities of other investment companies; or invest 25% or more of
its total assets in any single industry or group of industries (other than securities issued or guaranteed by the U.S. government or its
agencies or instrumentalities).</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">9.</td><td style="text-align: justify">Sell a security short if, as a result of such sale, the current value of securities sold short by that
Fund would exceed 10% of the value of that Fund's total assets; provided, however, if the Fund owns or has the right to obtain securities
equivalent in kind and amount to the securities sold short (i.e., short sales "against the box"), this limitation is not applicable.
The Fund has no current intention to take short positions in securities. However, if the Fund does take any short positions, it will maintain
sufficient segregated liquid assets to cover the short position.</td></tr></table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Non-Fundamental Policies</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has adopted the following nonfundamental
investment policies which may be changed by the Board of Trustees without approval of the Fund's shareholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investment for Purposes of Control or Management</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may not invest in companies for the purpose
of exercising control or management.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Joint Trading</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may not participate on a joint or joint
and several basis in any trading account in any securities. (The "bunching" of orders for the purchase or sale of portfolio
securities with the Fund's Adviser or accounts under its management to reduce brokerage commissions, to average prices among them or to
facilitate such transactions is not considered a trading account in securities for purposes of this restriction.)</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investing in Securities of Other Investment
Companies</i></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in securities of other investment
companies that are exchange-traded funds. The Fund limits its investment in securities issued by other investment companies so that not
more than 3% of the outstanding voting stock of any one investment company is owned by the Fund, or its affiliated persons, as a whole
in accordance with the 1940 Act and applicable federal securities laws.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Illiquid Securities</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may not invest more than 10% of its net
assets in illiquid securities and other securities which are not readily marketable, excluding securities eligible for resale under Rule&#xa0;144A
of the Securities Act of 1933, as amended (the &#x201c;Securities Act&#x201d;), which the Trustees have determined to be liquid.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Options</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may write, purchase or sell put or call
options as disclosed in the prospectus.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Futures Contracts</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may not purchase financial futures contracts
and related options except for &#x201c;bona fide hedging&#x201d; purposes, but may enter into such contracts for non-hedging purposes provided
that aggregate initial margin deposits plus premiums paid by that Fund for open futures options positions, less the amount by which any
such positions are &#x201c;in-the-money,&#x201d; may not exceed 10% of the Fund&#x2019;s total assets.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whenever an investment policy or investment restriction
set forth in the prospectus or this SAI states a maximum or minimum percentage of assets that may be invested in any security or other
assets or describes a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after
and as a result of the Fund's acquisition of such security or asset. Accordingly, any later increase or decrease resulting from a change
in values, assets or other circumstances or any subsequent rating change made by a rating service (or as determined by the Adviser if
the security is not rated by a rating agency) will not compel the Fund to dispose of such security or other asset. Notwithstanding the
foregoing, the Fund must always be in compliance with the borrowing policies set forth above.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of its policies and limitations,
the Fund considers certificates of deposit and demand and time deposits issued by a U.S. branch of a domestic bank or savings and loan
association having capital, surplus, and undivided profits in excess of $100,000,000 at the time of investment to be "cash items."</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_028"></a><b>Management of the Fund</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Trustees and Officers</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The business and affairs of the Fund are managed
under the direction of the Board and the Fund&#x2019;s officers appointed by the Board. The tables below list the trustees and officers
of the Fund and their present positions and principal occupations during the past five years. The business address of the Fund, its Board
members and officers and the Adviser is 1900 Market Street, Suite&#xa0;200, Philadelphia, PA 19103, unless specified otherwise below.
The term &#x201c;Fund Complex&#x201d; includes each of the registered investment companies advised by the Adviser or their affiliates as
of the date of this SAI. Trustees serve three-year terms or until their successors are duly elected and qualified. Officers are annually
elected by the trustees.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The names, years of birth and business addresses
of the Board members and officers of the Fund as of the fiscal year ended October&#xa0;31, 2024, their principal occupations during at
least the past five years, the number of portfolios each Board member oversees and other directorships they hold are provided in the tables
below. Board members that are deemed &#x201c;interested persons&#x201d; (as that term is defined in Section&#xa0;2(a)(19) of the Investment
Company Act of 1940, as amended) of the Fund or the Fund&#x2019;s Adviser are included in the table below under the heading &#x201c;Interested
Board Members.&#x201d; Board members who are not interested persons, as described above, are referred to in the table below under the heading
 &#x201c;Independent Board Members.&#x201d; The Adviser, its parent company Aberdeen Group plc, and their advisory affiliates, including
abrdn Inc., are collectively referred to as &#x201c;Aberdeen&#x201d; in the tables below.</p>


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<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 16%; text-align: left">Name, <br> Address and<br> Year of Birth</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; width: 1%; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">Position(s)<br> Held<br> with the<br> Fund</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; width: 1%; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 16%; text-align: center">Term of<br> Office<br> and <br> Length of<br> Time<br> Served</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; width: 1%; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 25%; text-align: center">Principal Occupation(s)<br> During at Least the Past Five Years</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; width: 1%; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">Number of<br> Registered<br> Investment<br> Companies<br> ("Registrants")<br> consisting<br> of Investment<br> Portfolios<br> ("Portfolios") in<br> Fund Complex*<br> Overseen by<br> Board Members</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; width: 1%; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">Other<br> Directorships<br> Held by<br> Board<br> Member**</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Interested Board Member</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christian Pittard<sup>&#x2020; </sup>c/o abrdn Inc. 1900 Market Street Suite&#xa0;200 Philadelphia, PA 19103 Year of Birth: 1973</p></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Class&#xa0;III Trustee</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Term expires 2026; Trustee since 2024</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Mr.&#xa0;Pittard is Head of Closed End Funds for abrdn and is responsible for the US and UK businesses. He is also Managing Director of Corporate Finance, having done a significant number of closed end fund transactions in the US and UK since joining abrdn in 1999. Previously, he was Head of the Americas and the North American Funds business based in the US for abrdn.</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">12 Registrants consisting of 12 Portfolios</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">None.</td></tr>
  </table>


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<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 16%; text-align: left">Name, Address and<br> Year of Birth</td><td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">Position(s)<br> Held<br> with the<br> Fund</td><td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; width: 16%; text-align: center">Term of<br> Office<br> and<br> Length of<br> Time<br> Served</td><td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; width: 25%; text-align: center">Principal Occupation(s)<br> During at Least the Past Five Years</td><td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">Number of<br> Registered<br> Investment<br> Companies<br> ("Registrants")<br> consisting<br> of Investment<br> Portfolios<br> ("Portfolios") in<br> Fund Complex*<br> Overseen by<br> Board Members</td><td style="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">Other<br> Directorships<br> Held by<br> Board<br> Member**</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Independent Board Members</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">P. Gerald Malone c\o abrdn Inc. 1900 Market Street Suite&#xa0;200 Philadelphia, PA 19103 Year of Birth: 1950</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Chair of the Board; Class&#xa0;II Trustee</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Term expires 2028; Trustee since 2018</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Mr.&#xa0;Malone is a lawyer of over 40 years standing. Currently, he is an adviser to Onkai, a US healthcare software company. He is also Chairman of a number of the open and closed end funds in the Fund Complex. He previously served as a non-executive director of U.S. healthcare companies, Medality LLC until 2023 and Bionik Laboratories Corp. (2018 &#x2013; July&#xa0;2022). Mr.&#xa0;Malone was previously a Member of Parliament in the U.K. from 1983 to 1997 and served as Minister of State for Health in the U.K. government from 1994 to 1997.</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">9 Registrants consisting of 26 Portfolios</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">None.</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Todd Reit c\o abrdn Inc. 1900 Market Street Suite&#xa0;200 Philadelphia, PA 19103 Year of Birth: 1968</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Class&#xa0;II Trustee</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Term Expires 2028; Trustee Since 2023</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Mr.&#xa0;Reit is a Managing Member of Cross Brook Partners LLC, a real estate investment and management company since 2017. Mr.&#xa0;Reit is also Director and Financial Officer of Shelter Our Soldiers, a charity to support military veterans, since 2016. Mr.&#xa0;Reit was formerly a Managing Director and Global Head of Asset Management Investment Banking for UBS AG, where he was responsible for overseeing all the bank&#x2019;s asset management client relationships globally, including all corporate security transactions, mergers and acquisitions. Mr.&#xa0;Reit retired from UBS in 2017 after an over 25-year career at the company and its predecessor company, PaineWebber Incorporated (merged with UBS AG in 2000).</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">9 Registrants consisting of 9 Portfolios</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">None.</td></tr>
  </table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; width: 16%; text-align: left">Name,<br> Address and<br> Year of Birth</td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center; white-space: nowrap; width: 1%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 12%; text-align: center">Position(s)&#xa0;Held<br> with the Fund</td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center; white-space: nowrap; width: 1%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 16%; text-align: center">Term of Office<br> and<br> Length of<br> Time<br> Served</td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center; white-space: nowrap; width: 1%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 25%; text-align: center">Principal Occupation(s)<br> During at Least the Past Five Years</td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center; white-space: nowrap; width: 1%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 14%; text-align: center">Number of<br> Registered<br> Investment<br> Companies<br> ("Registrants")<br> consisting<br> of Investment<br> Portfolios<br> ("Portfolios") in<br> Fund Complex*<br> Overseen by<br> Board Members</td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center; white-space: nowrap; width: 1%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 12%; text-align: center">Other<br> Directorships<br> Held by<br> Board <br> Member**</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">John Sievwright c\o abrdn Inc. 1900 Market Street Suite&#xa0;200 Philadelphia, PA 19103 Year of Birth: 1955</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Class&#xa0;I Trustee</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Term expires 2027; Trustee since 2018</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;Mr.&#xa0;Sievwright is the Chairman of Burford Capital Ltd since May&#xa0;2024 and a Director since 2020 (provider of legal finance, complex strategies, post- settlement finance and asset management services and products) and Revolut Limited, a UK-based digital banking firm since August&#xa0;2021. Previously he was a Non-Executive Director for the following UK companies: FirstGroup plc,&#xa0;ICAP plc and NEX Group plc (2017-2018) (financial).</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">6 Registrants consisting of 8 Portfolios</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Non-Executive Director of Burford Capital Ltd (provider of legal finance, complex strategies, post-settlement finance and asset management services and products) since May&#xa0;2020.</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Nancy Yao c\o abrdn Inc. 1900 Market Street Suite&#xa0;200 Philadelphia, PA 19103 Year of Birth: 1972</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Class&#xa0;III Trustee</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Term expires 2026; Trustee since 2018</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Ms.&#xa0;Yao is an assistant professor adjunct and assistant dean at the David Geffen School of Drama at Yale University where she teaches financial accounting and governance to graduate students. Ms.&#xa0;Yao has over 25 years of Asia, finance, and governance experience in for profit and non-profit places like Goldman Sachs, Yale-China Association, and CFRA. She is a board member of the National Committee on U.S.-China Relations and a member of the Council on Foreign Relations. She received her MBA from the Yale School of Management and her AB in Diplomacy and World Affairs at Occidental College.</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">8 Registrants consisting of 8 Portfolios</td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">None.</td></tr>
  </table>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; padding-top: 3pt; padding-right: 3.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">* </font></td>
    <td style="padding-top: 3pt; padding-left: 3.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the most recent fiscal year end, the Fund Complex has a total of 18 Registrants with each Board member serving on the Boards of the number of Registrants listed. Each Registrant in the Fund Complex has one Portfolio except for two Registrants that are open-end funds, abrdn Funds and abrdn ETFs, which each have multiple Portfolios. The Registrants in the Fund Complex are as follows: abrdn Asia-Pacific Income Fund,&#xa0;Inc., abrdn Global Income Fund,&#xa0;Inc., abrdn Australia Equity Fund,&#xa0;Inc., The India Fund,&#xa0;Inc., abrdn Japan Equity Fund,&#xa0;Inc., abrdn Emerging Markets ex-China Fund,&#xa0;Inc. (formerly known as abrdn Emerging Markets Equity Income Fund,&#xa0;Inc.), abrdn Income Credit Strategies Fund, abrdn Global Dynamic Dividend Fund, abrdn Global Premier Properties Fund, abrdn Total Dynamic Dividend Fund, abrdn Global Infrastructure Income Fund, abrdn National Municipal Income Fund, abrdn Healthcare Investors, abrdn Life Sciences Investors, abrdn Healthcare Opportunities Fund, abrdn World Healthcare Fund, abrdn Funds (20 Portfolios), and abrdn ETFs&#xa0;(3 Portfolios). </font></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; padding-top: 1.25pt; padding-right: 3.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">** </font></td>
    <td style="padding-top: 1.25pt; padding-left: 3.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current directorships (excluding Fund Complex) as of the most recent fiscal year end held in (1)&#xa0;any other investment companies registered under the 1940 Act, (2)&#xa0;any company with a class of securities registered pursuant to Section&#xa0;12 of the Securities Exchange Act of 1934, as amended (the &#x201c;1934 Act&#x201d;) or (3)&#xa0;any company subject to the requirements of Section&#xa0;15(d)&#xa0;of the Exchange Act. </font></td></tr>
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; padding-top: 1.25pt; padding-right: 3.25pt; padding-bottom: 3pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x2020; </font></td>
    <td style="padding-top: 1.25pt; padding-bottom: 3pt; padding-left: 3.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#xa0;Pittard is considered to be an &#x201c;interested person&#x201d; of the Fund as defined in the 1940 Act because of his affiliation with Aberdeen. </font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risk Oversight</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
information contained under the heading &#x201c;Board and Committee Structure&#x2014;Board Oversight of Risk Management&#x201d; in the Fund&#x2019;s
</font>definitive proxy statement on&#xa0;<a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925034673/tm2512004d5_def14a.htm">Schedule
14A&#xa0;</a>for the Fund&#x2019;s 2025 annual meeting of shareholders, filed with the SEC on April 14, 2025 (&#x201c;Proxy Statement&#x201d;)
is incorporated herein by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Experience of Trustees</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board believes that each Trustee&#x2019;s experience,
qualifications, attributes and skills on an individual basis and in combination with those of the other Trustees lead to the conclusion
that the Trustees possess the requisite experience, qualifications, attributes and skills to serve on the Board. Each Board believes that
the Trustees&#x2019; ability to review critically, evaluate, question and discuss information provided to them; to interact effectively
with the Adviser, 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 Trustee can make to the Board and
to the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Trustee&#x2019;s ability to perform his or her
duties effectively may have been attained through the Trustee&#x2019;s executive, business, consulting, and/or legal positions; experience
from service as a Trustee of the Fund and other funds/portfolios in the abrdn 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 Trustee in addition to the information set
forth in &#x201c;Management of the Fund &#x2013; Trustees and Officers&#x201d; table above: Ms.&#xa0;Yao, financial and research analysis
experience in and covering the Asia region and experience in world affairs; Mr.&#xa0;Malone, legal background and public service leadership
experience, board experience with other public and private companies, and executive and business consulting experience; Mr.&#xa0;Reit,
banking and asset management experience and experience as a board member; Mr.&#xa0;Sievwright, banking and accounting experience and experience
as a board member of public companies; Mr.&#xa0;Pittard, experience as Head of Closed End Funds&#xa0;&amp; Managing Director&#x2014;Corporate
Finance at abrdn and prior financial experience.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board believes that the significance of each
Trustee&#x2019;s experience, qualifications, attributes or skills is an individual matter (meaning that experience important for one Trustee
may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Trustee, 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 Trustees in the broader context of the Board&#x2019;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
respective Fund. References to the qualifications, attributes and skills of Trustees are presented pursuant to disclosure requirements
of the SEC and do not constitute holding out a Board or any Trustee 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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Compensation</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information regarding
compensation of Trustees by the Fund and by the Fund Complex of which the Fund is a part for the fiscal year ended October&#xa0;31, 2024.
Officers of the do not receive any compensation directly from the Fund or any other fund in the Fund Complex for performing their duties
as officers.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name&#xa0;of&#xa0;Trustee</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Aggregate&#xa0;Compensation<br> from&#xa0;Fund&#xa0;for<br> Fiscal&#xa0;Year&#xa0;Ended<br> October&#xa0;31,&#xa0;2024</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total&#xa0;Compensation<br> From&#xa0;Fund&#xa0;and&#xa0;Fund<br> Complex&#xa0;Paid<br> To&#xa0;Trustees*</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Independent Trustees</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left">P. Gerald Malone</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">21,017</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">607,758</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Todd Reit</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16,647</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">318,182</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">John Sievwright</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,942</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">311,350</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Nancy Yao</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,650</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">408,198</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Interested Trustee</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Christian Pittard**</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  </table>


















<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left">*</td><td style="text-align: justify">See the &#x201c;Trustees&#x201d; table for the number of Funds
within the Fund Complex that each Trustee services.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">**</td><td style="text-align: justify">Mr.&#xa0;Pittard was appointed to the Board effective June&#xa0;30,
2024.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Board and Committee Structure</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information contained under the heading &#x201c;Board and Committee
Structure&#x201d; in the Fund&#x2019;s <a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925034673/tm2512004d5_def14a.htm">Proxy
Statement</a> is incorporated herein by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Shareholder Communications</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders who wish to communicate with Trustees
with respect to matters relating to the Fund may address their written correspondence to the Board as a whole or to individual Trustees
c/o abrdn Inc. (the &#x201c;Administrator&#x201d;), the Fund&#x2019;s administrator, at 1900 Market Street, Suite&#xa0;200, Philadelphia,
PA 19103, or via e-mail to the Trustee(s)&#xa0;c/o abrdn Inc. at Investor.relations@abrdn.com.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Trustee Beneficial Ownership of Securities</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of [ ], the Fund&#x2019;s trustees and executive
officers, as a group, owned less than 1% of the Fund&#x2019;s outstanding common shares of beneficial interest (&#x201c;Common Shares&#x201d;).&#xa0;The
information as to ownership of securities which appears below is based on statements furnished to the Fund by its trustees and executive
officers.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December&#xa0;31, 2024, the dollar range
of equity securities owned beneficially by each trustee in the Fund and in all registered investment companies overseen by the trustee
within the same family of investment companies as the Fund appears in the chart below.&#xa0;The following key relates to the dollar ranges
in the chart:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A. None<br>
B. $1 &#x2014; $10,000<br>
C. $10,001 &#x2014; $50,000<br>
D. $50,001 &#x2014; $100,000<br>
E. over $100,000</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom; ">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 66%; padding-bottom: 1pt">Name&#xa0;of&#xa0;Trustee</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 16%; text-align: center">Dollar&#xa0;Range&#xa0;of&#xa0;Equity<br> Securities&#xa0;Owned(1)</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 16%; text-align: center">Aggregate&#xa0;Dollar&#xa0;Range&#xa0;of&#xa0;Equity<br> Securities&#xa0;in&#xa0;All&#xa0;Funds&#xa0;Overseen&#xa0;by<br> Trustee&#xa0;or&#xa0;Nominee&#xa0;in&#xa0;the&#xa0;Family&#xa0;of<br> Investment&#xa0;Companies(2)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Independent Trustees:</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">P. Gerald Malone</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Todd Reit</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">John Sievwright</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Nancy Yao</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Interested Trustee:</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Christian Pittard*</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">[ ]</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&#xa0;&#x201c;Beneficial ownership&#x201d; is determined in accordance
with Rule&#xa0;16a-1(a)(2)&#xa0;promulgated under the 1934 Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2)&#xa0;&#x201c;Family of Investment Companies&#x201d;
means those registered investment companies that are advised by the Adviser or an affiliate and that hold themselves out to investors
as related companies for purposes of investment and investor services.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Mr.&#xa0;Pittard was appointed to the Board effective June&#xa0;30,
2024.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[As of [ ] none of the Independent Trustees or
their immediate family members owned any shares of the Adviser or principal underwriter of the Fund or of any person (other than a registered
investment company) directly or indirectly controlling, controlled by, or under common control with the Adviser or principal underwriter.]</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Codes of Ethics</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund and the Adviser have each adopted a code
of ethics under Rule&#xa0;17j-1 of the 1940 Act governing the personal securities transactions of their respective personnel. Under each
code of ethics, personnel may invest in securities for their personal accounts (including securities that may be purchased or held by
the Fund), subject to certain general restrictions and procedures. Copies of these Codes of Ethics are on the EDGAR Database on the SEC&#x2019;s
internet site at www.sec.gov and may be obtained, after paying a duplicating fee, by electronic request to publicinfo@sec.gov.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Beneficial Ownership</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[As of [ ], to the Fund&#x2019;s knowledge, no single shareholder or
 &#x201c;group&#x201d; (as that term is used in Section&#xa0;13(d)&#xa0;of the Exchange Act) beneficially owned more than 5% of Common Shares
of the Fund.] A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of a fund or acknowledges
the existence of control.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Adviser</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">abrdn Investments Limited (&#x201c;aIL&#x201d;)
serves as the Adviser to the Fund and has its registered address at 10 Queen's Terrace, Aberdeen, Aberdeenshire, United Kingdom, AB10
1XL. The Adviser is an indirect wholly-owned subsidiary of Aberdeen Group plc, which manages approximately $504 billion in assets as of
June&#xa0;30, 2025. Aberdeen Group plc and its affiliates (collectively, &#x201c;Aberdeen&#x201d;) provide asset management and investment
solutions for clients and customers worldwide and also have a strong position in the pensions and savings market.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Advisory Agreement</b></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund and aIL are parties to an investment
advisory agreement (the &#x201c;Advisory Agreement&#x201d;). Under the Advisory Agreement, the Fund retains aIL to act as the investment
adviser for and to manage the investment and reinvestment of the assets of the Fund in accordance with the Fund&#x2019;s investment objectives
and policies and restrictions, and to manage the day-to-day business and affairs of the Fund (except with respect to matters in the charge
of the Fund&#x2019;s chief compliance officer or other service providers retained by the Fund), for the period and on the terms set forth
in the Advisory Agreement.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the Advisory Agreement, subject
to the Board&#x2019;s supervision, the aIL will (i)&#xa0;provide a continuous investment program and overall investment strategies for
the Fund; (ii)&#xa0;determine from time to time what securities and other investment will be purchased, retained or sold by the Fund and
implement such determinations through the placement, in the name of the Fund, of orders for the execution of portfolio transactions with
or through such brokers or dealers as may be so selected; (iii)&#xa0;provide services in accordance with the stated investment policies
and restrictions of the Fund; (iv)&#xa0;with respect to foreign securities, at its own expense, aIL may obtain statistical and other factual
information and advice regarding economic factors and trends from its foreign affiliates and may obtain investment services from the investment
advisory personnel of its affiliates located throughout the world to the extent permitted under federal securities laws; and (v)&#xa0;provide
the Board with periodic reports concerning the Fund&#x2019;s business and investments. Under the Advisory Agreement, aIL is authorized
to appoint a qualified sub-adviser.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In rendering investment advisory services, the
Adviser may use the resources of investment advisor subsidiaries of Aberdeen Group plc. These affiliates have entered into a memorandum
of understanding / personnel sharing procedures (&#x201c;MOU&#x201d;) pursuant to which investment professionals from each affiliate may
render portfolio management, research or trading services to U.S. clients of the Aberdeen Group plc affiliates, including the Fund, as
associated persons of the Adviser. Each investment professional who renders portfolio management, research or trading services under a
MOU or personnel sharing arrangement must comply with the provisions of the Investment Advisers Act of 1940, as amended, the 1940 Act,
the Securities Act, the Exchange Act, and the Employee Retirement Income Security Act of 1974, and the laws of states or countries in
which the Adviser do business or has clients. No remuneration is paid by the Fund with regards to the MOU/personnel sharing arrangements.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will pay all of its other expenses, including,
among others, all charges and expenses of any custodian or depository appointed by the Fund for the safekeeping of its cash, securities
and other assets&#x37e; all charges and expenses paid to any administrator appointed by the Fund to provide administrative or compliance
services&#x37e; the charges and expenses of any transfer agents and registrars appointed by the Fund&#x37e; the charges and expenses of
independent certified public accountants and of general ledger accounting and internal reporting services for the Fund&#x37e; the charges
and expenses of dividend and capital gain distributions&#x37e; the compensation and expenses of Trustees of the Fund who are not &#x201c;interested
persons&#x201d; of the Adviser&#x37e; brokerage commissions and issue and transfer taxes chargeable to the Fund in connection with securities
transactions to which the Fund is a party&#x37e; all taxes and fees payable by the Fund to Federal, State or other governmental agencies&#x37e;
the cost of stock certificates representing shares of the Fund&#x37e; all expenses of shareholders' and Trustees' meetings and of preparing,
printing and distributing Prospectuses, reports and notices to shareholders and regulatory authorities&#x37e; charges and expenses of legal
counsel for the Fund in connection with legal matters relating to the Fund, including without limitation, legal services rendered in connection
with the Fund&#x2019;s existence, financial structure and relations with its shareholders, and legal counsel to the independent Trustees&#x37e;
insurance and bonding premiums&#x37e; association membership dues&#x37e; bookkeeping and the costs of calculating the net asset value of
shares of the Fund&#x37e; expenses relating to the issuance, registration and qualification of the Fund's shares&#x37e; operational and
organizational expenses of the Fund&#x37e; payment of portfolio pricing to a pricing agent, if any&#x37e; litigation and indemnification
expenses and other extraordinary expenses not incurred in the ordinary course of business, and certain expenses as set forth in the relevant
subadvisory agreements.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For services under the Advisory Agreement, the
Adviser is paid an annual investment advisory fee of 1.00% based on the Fund&#x2019;s average daily net assets, computed daily and payable
monthly.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From May&#xa0;4, 2018 through June&#xa0;30, 2025,
the Adviser contractually agreed to waive fees and/or reimburse expenses in order to limit total operating expenses of the Fund (excluding
leverage costs, taxes, interest, brokerage commissions and any non-routine expenses) as a percentage of net assets to 1.16% of the Fund&#x2019;s
average daily net assets on an annualized basis. The agreement expired on June&#xa0;30, 2025. The Fund may repay any such waiver or reimbursement
from the Adviser, within three years of the waiver or reimbursement, provided that such repayments do not cause the Fund to exceed (i)&#xa0;the
lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or (ii)&#xa0;the applicable
expense limitation in effect at the time the expenses are being recouped by the Adviser.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisory Agreement continues for an initial
term of two (2)&#xa0;years and may be continued thereafter from year to year provided such continuance is specifically approved at least
annually in the manner required by the 1940 Act. The Advisory Agreement may be terminated at any time without payment of penalty by the
Fund or by the Adviser upon 60 days&#x2019; written notice. The Advisory Agreement will automatically terminate in the event of its assignment,
as defined under the 1940 Act. Under the Advisory Agreement, the Adviser is permitted to provide investment advisory services to other
clients.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective May&#xa0;4, 2018, aIL became the Fund&#x2019;s
investment adviser. Prior to May&#xa0;4, 2018, the Fund was managed by another, unaffiliated investment adviser.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended October&#xa0;31, 2022,
2023 and 2024, the Adviser earned gross advisory fees of $1,466,006, $2,197,909, and $2,766,631, respectively.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisory Agreement provides that the Adviser
shall indemnify the Fund and its officers and Trustees, for any liability and expenses, including attorneys' fees, which may be sustained
as a result of the Adviser&#x2019;s willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation
of applicable law, including, without limitation, the federal and state securities laws.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Administrator</b></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">abrdn Inc., located at 1900 Market Street, Suite&#xa0;200,
Philadelphia, PA 19103, serves as administrator to the Fund. Under the administration agreement, abrdn Inc. is generally responsible for
managing the administrative affairs of the Fund.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For administration related services, abrdn Inc. is entitled to receive
a fee that is computed monthly and paid quarterly at an annual rate of 0.08% of the Fund&#x2019;s average monthly net assets.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the fiscal years ended October&#xa0;31, 2022, 2023 and 2024, abrdn
Inc. earned $117,280, $175,833, and $221,331, respectively, from the Fund for administration services.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During periods when the Fund is using leverage, the fee paid to abrdn
Inc. (for various services) will be higher than if the Fund did not use leverage because the fees paid are calculated on the basis of
the Fund&#x2019;s Managed Assets, which includes the assets purchased through leverage. See &#x201c;Management of the Fund&#x2014;The Administrator.&#x201d;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">State Street Bank and Trust Company (&#x201c;State Street&#x201d;) serves
as sub-administrator of the Fund and is paid by abrdn Inc. out of the fees it receives as the Fund&#x2019;s administrator.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Custodian, Dividend Paying Agent, Transfer Agent and Registrar</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">State Street serves as custodian (the &#x201c;Custodian&#x201d;) for
the Fund. State Street also provides accounting services to the Fund. Computershare Trust Company, N.A. serves as the Fund&#x2019;s dividend
paying agent, transfer agent and registrar.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investor Relations Provider</b></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the Amended and Restated Investor
Relations Services Agreement, abrdn Inc. provides and/or engages third parties to provide investor relations services to the Fund and
certain other funds advised by the Adviser or its affiliates as part of an Investor Relations Program. Under the Amended and Restated
Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the &#x201c;Fund&#x2019;s
Portion&#x201d;). However, investor relations services fees are limited by abrdn Inc. so that the Fund will only pay up to an annual rate
of 0.05% of the Fund&#x2019;s average weekly net assets. Any difference between the capped rate of 0.05% of the Fund&#x2019;s average weekly
net assets and the Fund&#x2019;s Portion is paid for by abrdn Inc.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the Amended and Restated
Investor Relations Services Agreement, abrdn Inc. (or third parties engaged by abrdn Inc.), among other things, provides objective and
timely information to stockholders based on publicly available information; provides information efficiently through the use of technology
while offering stockholders immediate access to knowledgeable investor relations representatives; develops and maintains effective communications
with investment professionals from a wide variety of firms; creates and maintains investor relations communication materials such as fund
manager interviews, films and webcasts, published white papers, magazine articles and other relevant materials discussing the Fund&#x2019;s
investment results, portfolio positioning and outlook; develops and maintains effective communications with large institutional shareholders;
responds to specific shareholder questions; and reports activities and results to the Board and management detailing insight into general
shareholder sentiment.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Portfolio Management</b></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
information contained under &#x201c;Item 13. Portfolio Managers of Closed-End Management Investment Companies&#x201d; in the Fund&#x2019;s
</font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual Report</a> is incorporated
herein by reference.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Josh Duitz, Martin Connaghan, Ruairidh Finlayson
and Andrew Kohl are jointly and primarily responsible for the day-to-day management of the Fund&#x2019;s portfolio.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Potential Conflicts of Interest of the Adviser</b></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser and its affiliates (collectively referred
to herein as &#x201c;abrdn&#x201d;) serve as investment advisers for multiple clients, including the Fund and other investment companies
registered under the 1940 Act and private funds (such clients are also referred to below as &#x201c;accounts&#x201d;).The portfolio managers&#x2019;
management of &#x201c;other accounts&#x201d; may give rise to potential conflicts of interest in connection with their management of a Fund&#x2019;s
investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment
objectives as the Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby
the portfolio manager could favor one account over another. However, the Adviser believes that these risks are mitigated by the fact that:
(i)&#xa0;accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion,
subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in
cash flows and account sizes, and similar factors; and (ii)&#xa0;portfolio manager personal trading is monitored to avoid potential conflicts.
In addition, the Adviser has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security
among participating accounts.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In some cases, another account managed by the
same portfolio manager may compensate abrdn based on the performance of the portfolio held by that account. The existence of such a performance-based
fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment
opportunities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Another potential conflict could include instances
in which securities considered as investments for the Fund also may be appropriate for other investment accounts managed by the Adviser
or its affiliates. Whenever decisions are made to buy or sell securities by the Fund and one or more of the other accounts simultaneously,
the Adviser may aggregate the purchases and sales of the securities and will allocate the securities transactions in a manner that it
believes to be equitable under the circumstances. As a result of the allocations, there may be instances where the Fund will not participate
in a transaction that is allocated among other accounts. While these aggregation and allocation policies could have a detrimental effect
on the price or amount of the securities available to the Fund from time to time, it is the opinion of the Adviser that the benefits from
the policies outweigh any disadvantage that may arise from exposure to simultaneous transactions. The Fund has adopted policies that are
designed to eliminate or minimize conflicts of interest, although there is no guarantee that procedures adopted under such policies will
detect each and every situation in which a conflict arises.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Adviser may seed proprietary
accounts for the purpose of evaluating a new investment strategy that eventually may be available to clients through one or more product
structures. Such accounts also may serve the purpose of establishing a performance record for the strategy. The management by the Adviser
of accounts with proprietary interests and nonproprietary client accounts may create an incentive to favor the proprietary accounts in
the allocation of investment opportunities, and the timing and aggregation of investments. The Adviser&#x2019;s proprietary seed accounts
may include long-short strategies, and certain client strategies may permit short sales. A conflict of interest arises if a security is
sold short at the same time as a long position, and continuous short selling in a security may adversely affect the stock price of the
same security held long in client accounts. The Adviser has adopted various policies to mitigate these conflicts.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the 1940 Act limits the Fund&#x2019;s
ability to enter into certain transactions with certain affiliates of the Adviser. As a result of these restrictions, the Fund may be
prohibited from buying or selling any security directly from or to any portfolio company of a fund managed by the Adviser or one of their
affiliates. Nonetheless, the Fund may under certain circumstances purchase any such portfolio company&#x2019;s loans or securities in the
secondary market, which could create a conflict for the Adviser between the interests of the Fund and the portfolio company, in that the
ability of the Adviser to recommend actions in the best interest of the Fund might be impaired. The 1940 Act also prohibits certain &#x201c;joint&#x201d;
transactions with certain of the Fund&#x2019;s affiliates (which could include other abrdn-managed funds), which could be deemed to include
certain types of investments, or restructuring of investments, in the same portfolio company (whether at the same or different times).
These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund. The Board has approved
policies and procedures reasonably designed to monitor potential conflicts of interest. The Board will review these procedures and any
conflicts that may arise.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conflicts of interest may arise where the Fund
and other funds or accounts managed or administered by the Adviser simultaneously hold securities representing different parts of the
capital structure of a stressed or distressed issuer. In such circumstances, decisions made with respect to the securities held by one
fund or account may cause (or have the potential to cause) harm to the different class of securities of the issuer held by other fund
or account (including the Fund). For example, if such an issuer goes into bankruptcy or reorganization, becomes insolvent or otherwise
experiences financial distress or is unable to meet its payment obligations or comply with covenants relating to credit obligations held
by the Fund or by the other funds or accounts managed by the Adviser, such other funds or accounts may have an interest that conflicts
with the interests of the Fund. If additional financing for such an issuer is necessary as a result of financial or other difficulties,
it may not be in the best interests of the Fund to provide such additional financing, but if the other funds or accounts were to lose
their respective investments as a result of such difficulties, the Adviser may have a conflict in recommending actions in the best interests
of the Fund. In such situations, the Adviser will seek to act in the best interests of each of the funds and accounts (including the Fund)
and will seek to resolve such conflicts in accordance with its compliance policies and procedures.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser or its respective members, officers,
directors, employees, principals or affiliates may come into possession of material, non-public information. The possession of such information
may limit the ability of the Fund to buy or sell a security or otherwise to participate in an investment opportunity. Situations may occur
where the Fund could be disadvantaged because of the investment activities conducted by the Adviser for other clients, and the Adviser
will not employ information barriers with regard to its operations on behalf of its registered and private funds, or other accounts. In
certain circumstances, employees of the Adviser may serve as board members or in other capacities for portfolio or potential portfolio
companies, which could restrict the Fund&#x2019;s ability to trade in the securities of such companies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_029"></a><b>Portfolio transactions and brokerage allocation</b></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser is responsible for decisions to buy
and sell securities and other investments for the Fund, the selection of brokers and dealers to effect the transactions and the negotiation
of brokerage commissions, if any. In transactions on stock and commodity exchanges in the United States, these commissions are negotiated,
whereas on foreign stock and commodity exchanges these commissions are generally fixed and are generally higher than brokerage commissions
in the United States. In the case of securities traded on the OTC markets or for securities traded on a principal basis, there is generally
no commission, but the price includes a spread between the dealer&#x2019;s purchase and sale price. This spread is the dealer&#x2019;s profit.
In underwritten offerings, the price includes a disclosed, fixed commission or discount. Most short-term obligations are normally traded
on a &#x201c;principal&#x201d; rather than agency basis. This may be done through a dealer (e.g., a securities firm or bank) who buys or
sells for its own account rather than as an agent for another client, or directly with the issuer.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as described below, the primary consideration
in portfolio security transactions is best execution of the transaction (i.e., execution at a favorable price and in the most effective
manner possible). &#x201c;Best execution&#x201d; encompasses many factors affecting the overall benefit obtained by the client account in
the transaction including, but not necessarily limited to, the price paid or received for a security, the commission charged, the promptness,
available liquidity and reliability of execution, the confidentiality and placement accorded the order, and customer service. Therefore,
 &#x201c;best execution&#x201d; does not necessarily mean obtaining the best price alone but is evaluated in the context of all the execution
services provided. The Adviser has freedom as to the markets in and the broker-dealers through which it seeks this result, except where
mandates have restrictions in place.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the primary consideration of seeking
best execution and as discussed below, securities may be bought or sold through broker-dealers who have furnished statistical, research,
corporate access, and other information or services to the Adviser. SEC regulations provide a &#x201c;safe harbor&#x201d; that allows an
investment adviser to pay for research and brokerage services with commission dollars generated by client transactions. Effective with
the implementation of Markets in Financial Instruments Directive II (&#x201c;MiFID II&#x201d;), the Adviser absorbs all research costs and
will generally no longer rely on the &#x201c;safe harbor&#x201d; under Section&#xa0;28(e)&#xa0;of the Securities Exchange Act of 1934.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There may be occasions when portfolio transactions for a Fund are executed
as part of concurrent authorizations to purchase or sell the same security for trusts or other accounts (including other mutual funds)
served by the Adviser or a sub-adviser (if applicable) or by an affiliated company thereof. Although such concurrent authorizations potentially
could be either advantageous or disadvantageous to a Fund, they are affected only when the Adviser or the sub-adviser (if applicable)
believes that to do so is in the interest of the Fund. When such concurrent authorizations occur, the executions will be allocated in
an equitable manner in accordance with the Adviser&#x2019;s trade allocation policies and procedures.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In purchasing and selling investments for the
Fund, it is the policy of the Adviser to seek best execution through responsible broker-dealers. The determination of what may constitute
best execution in a securities transaction by a broker involves a number of considerations, including the overall direct net economic
result to the Fund (involving both price paid or received and any commissions and other costs paid), the efficiency with which the transaction
is effected, the ability to effect the transaction at all when a large block is involved, the availability of the broker to stand ready
to execute possibly difficult transactions in the future, the professionalism of the broker, and the financial strength and stability
of the broker. These considerations are judgmental and are weighed by the Adviser in determining the overall reasonableness of securities
executions and commissions paid. In selecting broker-dealers, the Adviser will consider various relevant factors, including, but not limited
to, the size and type of the transaction; the nature and character of the markets for the security or asset to be purchased or sold; the
execution efficiency, settlement capability, and financial condition of the broker dealer&#x2019;s firm; the broker-dealer&#x2019;s execution
services, rendered on a continuing basis; and the reasonableness of any commissions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to FX transactions, different considerations
or circumstances may apply, particularly with respect to Restricted Market FX. FX transactions executed for the Fund are divided into
two main categories: (1)&#xa0;Restricted Market FX and (2)&#xa0;Unrestricted Market FX. Restricted Market FX are required to be executed
by a local bank in the applicable market. Unrestricted Market FX are not required to be executed by a local bank. The Adviser or third-party
agent execute Unrestricted Market FX relating to trading decisions. The Fund&#x2019;s custodian executes all Restricted Market FX because
it has local banks or relationships with local banks in each of the restricted markets where custodial client accounts hold securities.
Unrestricted Market FX relating to the repatriation of dividends and/or income/expense items not directly relating to trading may be executed
by the Adviser or by the Fund&#x2019;s custodian due to the small currency amount and lower volume of such transactions. The Fund and the
Adviser have limited ability to negotiate prices at which certain FX transactions are customarily executed by the Fund&#x2019;s custodian,
i.e., transactions in Restricted Market FX and repatriation transactions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser may cause the Fund to pay a broker-dealer
a commission that is in excess of the commission another broker-dealer would have received for executing the transaction if it is determined
to be consistent with the Adviser&#x2019;s obligation to seek best-execution pursuant to the standards described above.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the 1940 Act, &#x201c;affiliated persons&#x201d;
of the Fund are prohibited from dealing with it as a principal in the purchase and sale of securities unless an exemptive order allowing
such transactions is obtained from the SEC. However, the Fund may purchase securities from underwriting syndicates of which a sub-adviser
(if applicable) or any of its affiliates, as defined in the 1940 Act, is a member under certain conditions, in accordance with Rule&#xa0;10f-3
under the 1940 Act.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund contemplates that, consistent with the
policy of seeking to obtain best execution, brokerage transactions may be conducted through &#x201c;affiliated brokers or dealers,&#x201d;
as defined in rules&#xa0;under the 1940 Act. Under the 1940 Act, commissions paid by the Fund to an &#x201c;affiliated broker or dealer&#x201d;
in connection with a purchase or sale of securities offered on a securities exchange may not exceed the usual and customary broker&#x2019;s
commission. Accordingly, it is the Fund&#x2019;s policy that the commissions to be paid to an affiliated broker-dealer must, in the judgment
of the Adviser be (1)&#xa0;at least as favorable as those that would be charged by other brokers having comparable execution capability
and (2)&#xa0;at least as favorable as commissions contemporaneously charged by such broker or dealer on comparable transactions for the
broker&#x2019;s or dealer&#x2019;s unaffiliated customers. The Adviser does not necessarily deem it practicable or in the Fund&#x2019;s best
interests to solicit competitive bids for commissions on each transaction. However, consideration regularly is given to information concerning
the prevailing level of commissions charged on comparable transactions by other brokers during comparable periods of time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither the Fund nor the Adviser has an agreement
or understanding with a broker-dealer, or other arrangements to direct the Fund&#x2019;s brokerage transactions to a broker-dealer because
of the research services such broker provides to the Fund or the Adviser. While the Adviser does not have arrangements with any broker-dealers
to direct such brokerage transactions to them because of research services provided, the Adviser may receive research services from such
broker-dealers. The dollar amount of transactions and related commissions for transactions paid to a broker from which the Adviser also
received research services for the fiscal year ended October&#xa0;31, 2024 are in the table below:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: auto; margin-right: auto; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total&#xa0;Dollar&#xa0;Amount&#xa0;of<br>
Transactions</b></font></td>
    <td style="text-align: center">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total&#xa0;Commissions&#xa0;Paid&#xa0;on<br>
Such&#xa0;Transactions</b></font></td>
    <td style="text-align: center">&#xa0;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="vertical-align: top; width: 46%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">479,445,099</font></td>
    <td style="vertical-align: bottom; width: 2%">&#xa0;</td>
    <td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="vertical-align: bottom; width: 49%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160,789</font></td>
    <td style="vertical-align: bottom; width: 1%">&#xa0;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal years ended October&#xa0;31,
2024, 2023 and 2022, the following brokerage commissions were paid by the Fund:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse; margin-left: 0.5in; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td colspan="8" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year&#xa0;ended&#xa0;October&#xa0;31,</b></font></td>
    <td style="text-align: center">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="8" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>($000&#xa0;omitted)</b></font></td>
    <td style="text-align: center">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></font></td>
    <td style="text-align: center">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></font></td>
    <td style="text-align: center">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></font></td>
    <td style="text-align: center">&#xa0;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="vertical-align: bottom; width: 32%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">183</font></td>
    <td style="vertical-align: bottom; width: 1%">&#xa0;<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="vertical-align: bottom; width: 32%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">145</font></td>
    <td style="vertical-align: bottom; width: 1%">&#xa0;</td>
    <td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="vertical-align: bottom; width: 30%; text-align: right">90</td>
    <td style="vertical-align: bottom; width: 1%">&#xa0;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal year ended October&#xa0;31,
2024, Fund did not hold any investments in securities of its regular broker-dealers (as defined in Rule&#xa0;10b-1 under the 1940 Act).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Portfolio Turnover</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser will effect portfolio transactions
without regard to holding period, if, in their judgment, such transactions are advisable in light of a change in circumstance in general
market, economic or financial conditions. As a result of its investment policies, the Fund may engage in a substantial number of portfolio
transactions. Accordingly, while the Fund anticipates that its annual turnover rate should not exceed 100% under normal conditions, it
is impossible to predict portfolio turnover rates. The portfolio turnover rate is calculated by dividing the lesser of the Fund&#x2019;s
annual sales or purchases of portfolio securities (exclusive of purchases or sales of securities whose maturities at the time of acquisition
were one year or less) by the monthly average value of the securities in the portfolio during the year. High portfolio turnover involves
correspondingly greater transaction costs in the form of dealer spreads and brokerage commissions, which are borne directly by the Fund.
In addition, a high rate of portfolio turnover may result in certain tax consequences, such as increased capital gain dividends and/or
ordinary income dividends.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rate of portfolio turnover in the fiscal years
ended October&#xa0;31, 2024 and October&#xa0;31, 2023 was 99% and 78%, respectively.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_030"></a><b>Description of shares</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Common Shares</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#x2019;s Common Shares are described in
the prospectus. The Fund intends to hold annual meetings of shareholders so long as the Common Shares are listed on a national securities
exchange and such meetings are required as a condition to such listing.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Preferred Shares</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms of any preferred shares issued by the
Fund, including their dividend rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board
(subject to applicable law and the Fund&#x2019;s Agreement and Declaration of Trust) if and when it authorizes an offering of preferred
shares.&#xa0;The rights, preferences, powers and privileges of such preferred shares may be set forth in an amendment or supplement to
the Agreement and Declaration of Trust.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Board determines to proceed with an offering
of preferred shares, the terms of the preferred shares may be the same as, or different from, the terms described in the prospectus, subject
to applicable law and the Fund&#x2019;s Agreement and Declaration of Trust. The Board, without the approval of the Common Shareholders,
may authorize an offering of preferred shares or may determine not to authorize such an offering, and may fix the terms of the preferred
shares to be offered.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other Shares</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board (subject to applicable law and the Fund&#x2019;s
Agreement and Declaration of Trust) may authorize an offering, without the approval of the holders of either Common Shares or preferred
shares, of other classes of shares, or other classes or series of shares, as they determine to be necessary, desirable or appropriate,
having such terms, rights, preferences, privileges, limitations and restrictions as the Board sees fit. The Fund currently does not expect
to issue any other classes of shares, or series of shares, except for the Common Shares, and possibly, the preferred shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_031"></a><b>Repurchase of Common Shares</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a closed-end management investment
company and as such its Common Shareholders will not have the right to cause the Fund to redeem their Common Shares. Instead, the Fund&#x2019;s
Common Shares trade in the open market at a price that will be a function of several factors, including dividend levels (which are in
turn affected by expenses), NAV, call protection, dividend stability, relative demand for and supply of such Common Shares in the market,
general market and economic conditions and other factors. Because shares of a closed-end investment company may frequently trade at prices
lower than NAV, the Board may consider actions that might be taken to reduce or eliminate any material discount from NAV in respect of
Common Shares, which may include the repurchase of such Common Shares in the open market or in private transactions, the making of a tender
offer for such Common Shares or the conversion of the Fund to an open-end investment company. The Board approved an open market share
repurchase program (the &#x201c;Program&#x201d;). The Program allows the Fund to purchase, in the open market, its outstanding Common Shares,
with the amount and timing of any repurchase determined at the discretion of the Fund&#x2019;s investment advisers. Under the terms of
the Program, the Fund is permitted to repurchase up to 10% of its outstanding Common Shares in the open market during any 12 month period.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, at any time when
the Fund has preferred shares outstanding, the Fund may not purchase, redeem or otherwise acquire any of its Common Shares unless (1)&#xa0;all
accrued preferred share dividends have been paid and (2)&#xa0;at the time of such purchase, redemption or acquisition, the NAV of the
Fund&#x2019;s portfolio (determined after deducting the acquisition price of the Common Shares) is at least 200% of the liquidation value
of the outstanding preferred shares (expected to equal the original purchase price per share plus any accrued and unpaid dividends thereon).
Any service fees incurred in connection with any tender offer made by the Fund will be borne by the Fund and will not reduce the stated
consideration to be paid to tendering Common Shareholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to its investment restrictions, the Fund
may borrow to finance the repurchase of Common Shares or to make a tender offer. Interest on any borrowings to finance Common Share repurchase
transactions or the accumulation of cash by the Fund in anticipation of Common Share repurchases or tenders will reduce the Fund&#x2019;s
net income. Any Common Share repurchase, tender offer or borrowing that might be approved by the Board would have to comply with the Exchange
Act, the 1940 Act and the rules&#xa0;and regulations thereunder.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#x2019;s Board approved an open market
share repurchase program (the &#x201c;Program&#x201d;). The Program allows the Fund to purchase, in the open market, its outstanding Common
Shares, with the amount and timing of any repurchase determined at the discretion of the Fund&#x2019;s investment adviser. Such purchases
may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount
levels and current market conditions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On a quarterly basis, the Fund&#x2019;s Board will
receive information on any transactions made pursuant to this policy during the prior quarter and if shares are repurchased management
will post the number of shares repurchased on the Fund&#x2019;s website on a monthly basis. Under the terms of the Program, the Fund is
permitted to repurchase up to 10% of its outstanding Common Shares in the open market during any 12 month period. There can be no assurance,
however, that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common
Shares trading at a price equal to or close to NAV.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board currently has no intention to take any
other action in response to a discount from NAV. Further, it is the Board&#x2019;s intention not to authorize repurchases of Common Shares
or a tender offer for such Common Shares if: (1)&#xa0;such transactions, if consummated, would (a)&#xa0;result in the delisting of the
Common Shares from the NYSE or (b)&#xa0;impair the Fund&#x2019;s status as a regulated investment company under the Internal Revenue Code
of 1986, as amended (the &#x201c;Code&#x201d;) (which would make the Fund a taxable entity, causing the Fund&#x2019;s income to be taxed
at the trust level in addition to the taxation of shareholders who receive dividends from the Fund) or as a registered closed-end investment
company under the 1940 Act; (2)&#xa0;the Fund would not be able to liquidate portfolio securities in an orderly manner and consistent
with the Fund&#x2019;s investment objectives and policies in order to repurchase Common Shares; or (3)&#xa0;there is, in the Board&#x2019;s
judgment, any (a)&#xa0;material legal action or proceeding instituted or threatened challenging such transactions or otherwise materially
adversely affecting the Fund, (b)&#xa0;general suspension of or limitation on prices for trading securities on the NYSE, (c)&#xa0;declaration
of a banking moratorium by Federal or state authorities or any suspension of payment by U.S. or New York banks, (d)&#xa0;material limitation
affecting the Fund or the issuers of its portfolio securities by Federal or state authorities on the extension of credit by lending institutions
or on the exchange of foreign currency, (e)&#xa0;commencement or continuation of war, armed hostilities or other international or national
calamity directly or indirectly involving the United States or (f)&#xa0;other event or condition which would have a material adverse effect
(including any adverse tax effect) on the Fund or its Common Shareholders if Common Shares were repurchased. Even in the absence of such
conditions, the Board may decline to take action in response to a discount from NAV of the Common Shares. The Board may in the future
modify these conditions in light of experience.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The repurchase by the Fund of its Common Shares
at prices below NAV will result in an increase in the NAV of those Common Shares that remain outstanding. However, there can be no assurance
that Common Share repurchases or tender offers at or below NAV will result in the Fund&#x2019;s Common Shares trading at a price equal
to their NAV.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, a purchase by the Fund of its Common
Shares will decrease the Fund&#x2019;s Managed Assets which would likely have the effect of increasing the Fund&#x2019;s expense ratio.
Any purchase by the Fund of its Common Shares at a time when preferred shares are outstanding will increase the leverage applicable to
the outstanding Common Shares then remaining.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before deciding whether to take any action if
the Common Shares trade below NAV, the Board would consider all relevant factors, including the extent and duration of the discount, the
liquidity of the Fund&#x2019;s portfolio, the impact of any action that might be taken on the Fund or its Common Shareholders and market
considerations. Based on these considerations, even if the Fund&#x2019;s Common Shares should trade at a discount, the Board may determine
that, in the interest of the Fund and its Common Shareholders, no action should be taken.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_032"></a><b>Tax matters</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a description of the material
U.S. federal income tax considerations affecting the Fund and the material U.S. federal income tax consequences of owning and disposing
of Common Shares. The discussion below provides general tax information related to an investment in Common Shares, but this discussion
does not purport to be a complete description of the U.S. federal income tax consequences of an investment in the Common Shares. It is
based on the Code and United States Treasury regulations thereunder and administrative pronouncements, all as of the date hereof, any
of which is subject to change, possibly with retroactive effect. In addition, it does not describe all of the tax consequences that may
be relevant in light of a Common Shareholder&#x2019;s particular circumstances, including alternative minimum tax consequences and tax
consequences applicable to Common Shareholders subject to special tax rules, such as certain financial institutions; dealers or traders
in securities who use a mark-to-market method of tax accounting; persons holding Common Shares as part of a hedging transaction, wash
sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to the Common Shares;
entities classified as partnerships or other pass-through entities for U.S. federal income tax purposes; real estate investment trusts;
insurance companies; U.S. holders (as defined below) whose functional currency is not the U.S. dollar; or tax-exempt entities, including
 &#x201c;individual retirement accounts&#x201d; or &#x201c;Roth IRAs.&#x201d; Unless otherwise noted, the following discussion applies only
to a Common Shareholder that holds Common Shares as a capital asset and is a U.S. holder. A &#x201c;U.S. holder&#x201d; is a holder who,
for U.S. federal income tax purposes, is a beneficial owner of Common Shares and is (i)&#xa0;an individual who is a citizen or resident
of the United States; (ii)&#xa0;a corporation, or other entity taxable as a corporation, created or organized in or under the laws of
the United States, any state therein or the District of Columbia; (iii)&#xa0;an estate the income of which is subject to U.S. federal
income taxation regardless of its source; or (iv)&#xa0;a trust if it (x)&#xa0;is subject to the primary supervision of a court within
the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (y)&#xa0;has a
valid election in effect under applicable United States Treasury regulations to be treated as a U.S. person. Tax laws are complex and
often change, and Common Shareholders should consult their tax advisors about the U.S. federal, state, local or non-U.S. tax consequences
of an investment in the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Taxation of the Fund</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has elected to be treated as and intends
to continue to qualify in each taxable year as a regulated investment company (a &#x201c;RIC&#x201d;) under Subchapter M of the Code. To
qualify as a RIC for any taxable year, the Fund must, among other things, satisfy both an income test and an asset test for such taxable
year. Specifically, (i)&#xa0;at least 90% of the Fund&#x2019;s gross income for such taxable year must consist of dividends; interest;
payments with respect to certain securities loans; gains from the sale or other disposition of stock, securities or foreign currencies;
other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of
investing in such stock, securities or currencies; and net income derived from interests in &#x201c;qualified publicly traded partnerships&#x201d;
(such income, &#x201c;Qualifying RIC Income&#x201d;) and (ii)&#xa0;the Fund&#x2019;s holdings must be diversified so that, at the end of
each quarter of such taxable year, (a)&#xa0;at least 50% of the value of the Fund&#x2019;s total assets is represented by cash and cash
items, securities of other RICs, U.S. government securities and other securities, with such other securities limited, in respect of any
one issuer, to an amount not greater than 5% of the value of the Fund&#x2019;s total assets and not greater than 10% of the outstanding
voting securities of such issuer and (b)&#xa0;not more than 25% of the value of the Fund&#x2019;s total assets is invested (x)&#xa0;in
securities (other than U.S. government securities or securities of other RICs) of any one issuer or of two or more issuers that the Fund
controls and that are engaged in the same, similar or related trades or businesses or (y)&#xa0;in the securities of one or more &#x201c;qualified
publicly traded partnerships.&#x201d; The Fund&#x2019;s share of income derived from a partnership other than a &#x201c;qualified publicly
traded partnership&#x201d; will be treated as Qualifying RIC Income only to the extent that such income would have constituted Qualifying
RIC Income if derived directly by the Fund. A &#x201c;qualified publicly traded partnership&#x201d; is generally defined as an entity that
is treated as a partnership for U.S. federal income tax purposes if (i)&#xa0;interests in such entity are traded on an established securities
market or are readily tradable on a secondary market or the substantial equivalent thereof and (ii)&#xa0;less than 90% of its gross income
for the relevant taxable year consists of Qualifying RIC Income. The Code provides that the Treasury Department may by regulation exclude
from Qualifying RIC Income foreign currency gains that are not directly related to the RIC&#x2019;s principal business of investing in
stock or securities (or options and futures with respect to stock or securities). The Fund anticipates that, in general, its foreign currency
gains will be directly related to its principal business of investing in stock and securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a RIC, the Fund generally is not subject to
U.S. federal income tax on its &#x201c;investment company taxable income&#x201d; and net capital gain (that is, the excess of net long-term
capital gains over net short-term capital losses) that it distributes (including amounts that are reinvested pursuant to the Plan, as
described below) to its shareholders, provided that it distributes on a timely basis with respect to each taxable year at least 90% of
its &#x201c;investment company taxable income&#x201d; and its net tax-exempt interest income for such taxable year. In general, a RIC&#x2019;s
 &#x201c;investment company taxable income&#x201d; for any taxable year is its taxable income, determined without regard to net capital gain
and with certain other adjustments. The Fund distributes, and intends to continue to distribute, all of its &#x201c;investment company
taxable income,&#x201d; net tax-exempt interest income (if any) and net capital gain on an annual basis. Any taxable income, including
any net capital gain, that the Fund does not distribute to its shareholders in a timely manner will be subject to U.S. federal income
tax at regular corporate rates.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund retains any net capital gains for
reinvestment, it may elect to treat such capital gains as having been distributed to its shareholders. If the Fund makes such an election,
each shareholder will be required to report its share of such undistributed net capital gain as long-term capital gain and will be entitled
to claim its share of the U.S. federal income taxes paid by the Fund on such undistributed net capital gain as a credit against its own
U.S. federal income tax liability, if any, and to claim a refund on a properly filed U.S. federal income tax return to the extent that
the credit exceeds such liability. In addition, each shareholder will be entitled to increase the adjusted tax basis of its Common Shares
by the difference between its share of such undistributed net capital gain and the related credit. There can be no assurance that the
Fund will make this election if it retains all or a portion of its net capital gain for a taxable year.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In determining its net capital gain, including
in connection with determining the amount available to support a capital gain dividend, its taxable income and its earnings and profits,
the Fund generally may elect to treat part or all of any post-October&#xa0;capital loss (defined as any net capital loss attributable
to the portion, if any, of the taxable year after October&#xa0;31 or, if there is no such loss, the net long-term capital loss or net
short-term capital loss attributable to any such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i)&#xa0;net
ordinary loss, if any, from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable
year after October&#xa0;31, and its (ii)&#xa0;other net ordinary loss, if any, attributable to the portion, if any, of the taxable year
after December&#xa0;31) as if incurred in the succeeding taxable year.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is generally permitted to carry forward
a net capital loss in any taxable year to offset its own capital gains, if any. These amounts are available to be carried forward to offset
future capital gains to the extent permitted by the Code and applicable tax regulations. Any such loss carryforwards will retain their
character as short-term or long-term. In the event that the Fund were to experience an ownership change as defined under the Code, the
capital loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to limitation.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A RIC will be subject to a nondeductible 4% excise
tax on certain amounts that it fails to distribute during each calendar year. In order to avoid this excise tax, a RIC must distribute
during each calendar year an amount at least equal to the sum of (i)&#xa0;98% of its ordinary taxable income (taking into account certain
deferrals and elections) for the calendar year; (ii)&#xa0;98.2% of its capital gain net income for the one-year period ended on October&#xa0;31
of the calendar year and (iii)&#xa0;any ordinary income and capital gains for previous years that were not distributed during those years.
For purposes of determining whether the Fund has met this distribution requirement, (i)&#xa0;certain ordinary gains and losses that would
otherwise be taken into account for the portion of the calendar year after October&#xa0;31 will be treated as arising on January&#xa0;1
of the following calendar year and (ii)&#xa0;the Fund will be deemed to have distributed any income or gains on which it paid U.S. federal
income tax in the taxable year ending within the relevant calendar year. The Fund intends generally to make distributions sufficient to
permit it to avoid the imposition of this excise tax, but there can be no assurance in this regard.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund failed to qualify as a RIC or failed
to satisfy the 90% distribution requirement in any taxable year, the Fund would be subject to U.S. federal income tax at regular corporate
rates on its taxable income, including its net capital gain, even if such income were distributed to its shareholders, and all distributions
out of earnings and profits would be taxed to shareholders as ordinary dividend income. Such distributions generally would be eligible
for the dividends-received deduction in the case of corporate shareholders and may also be eligible for treatment by non-corporate shareholders
as &#x201c;qualified dividend income,&#x201d; provided in each case that certain holding period and other requirements were satisfied. In
addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (any of which could be subject to
interest charges) before re-qualifying for taxation as a RIC. If the Fund fails to satisfy the income test or diversification test described
above, however, it may in certain circumstances be able to avoid losing its status as a RIC by timely providing notice of such failure
to the Internal Revenue Service, curing such failure and possibly paying an additional tax.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of the investments that the Fund is expected
to make, such as investments in debt securities that are treated as issued with original issue discount, will cause the Fund to recognize
income or gain for U.S. federal income tax purposes prior to the receipt of any corresponding cash or other property. Because the distribution
requirements described above will apply to this income, the Fund may be required to borrow money or dispose of other securities at disadvantageous
times in order to make the relevant distributions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund utilizes leverage through the issuance
of preferred shares or borrowings, it will be prohibited from declaring a distribution or dividend if it would fail the applicable asset
coverage test(s)&#xa0;under the 1940 Act after the payment of such distribution or dividend. In addition, certain covenants in credit
facilities or indentures may impose greater restrictions on the Fund&#x2019;s ability to declare and pay dividends on Common Shares. See
 &#x201c;Investment objectives and policies.&#x201d; Limits on the Fund&#x2019;s ability to pay dividends on Common Shares may prevent the
Fund from meeting the distribution requirements described above, and may therefore jeopardize the Fund&#x2019;s qualification for taxation
as a RIC or subject the Fund to income or excise tax on undistributed income. The Fund will endeavor to avoid restrictions on its ability
to make dividend payments. If the Fund is precluded from making distributions on the Common Shares because of any applicable asset coverage
requirements, the terms of the preferred shares (if any) may provide that any amounts so precluded from being distributed, but required
to be distributed for the Fund to meet the distribution requirements for qualification as a RIC, will be paid to the holders of the preferred
shares as a special distribution. This distribution can be expected to decrease the amount that holders of preferred shares would be entitled
to receive upon redemption or liquidation of the shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in certain options, futures
or forward currency contracts to hedge the Fund&#x2019;s portfolio or for any other permissible purposes consistent with the Fund&#x2019;s
investment objectives. If the Fund makes these investments, it could be required to mark-to-market these contracts and realize any unrealized
gains and losses at its fiscal year end even though it continues to hold the contracts. Under these rules, gains or losses on the contracts
generally would be treated as 60% long-term and 40% short-term gains or losses, but gains or losses on certain foreign currency contracts
would be treated as ordinary income or losses. In determining its net income for excise tax purposes, the Fund also would be required
to mark-to-market these contracts annually as of October&#xa0;31 (for capital gain net income and ordinary income arising from certain
foreign currency contracts), and to realize and distribute any resulting income and gains.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#x2019;s entry into a short sale transaction
or an option or other contract could be treated as the &#x201c;constructive sale&#x201d; of an &#x201c;appreciated financial position,&#x201d;
causing it to realize gain, but not loss, on the position. Additionally, the Fund&#x2019;s entry into securities lending transactions may
cause the replacement income earned on the loaned securities to fall outside of the definition of qualified dividend income and to fail
to qualify for the dividends received deduction. This replacement income generally will not be eligible for reduced rates of taxation
on qualified dividend income, and, to the extent that debt securities are loaned, will generally not qualify as qualified interest income
for foreign withholding tax purposes.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#x2019;s investments in foreign securities
may be subject to foreign withholding taxes on dividends, interest, or capital gains, which will decrease the Fund&#x2019;s yield. Foreign
withholding taxes may be reduced under income tax treaties between the United States and certain foreign jurisdictions. Depending on the
number of non-U.S. Common Shareholders in the Fund, however, such reduced foreign withholding tax rates may not be available for investments
in certain jurisdictions. If, at the close of its taxable year, more than 50% of the value of the Fund&#x2019;s total assets consists of
securities of foreign corporations, including for this purpose foreign governments, the Fund will be permitted to make an election under
the Code that will allow Common Shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, Common Shareholders
will include in gross income from foreign sources their pro rata shares of such taxes. A Common Shareholder&#x2019;s ability to claim an
offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain conditions and limitations imposed by
the Code, which may result in the Common Shareholder&#x2019;s not receiving a full credit or deduction (if any) for the amount of such
taxes. Common Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such
foreign taxes. If the Fund does not qualify for or chooses not to make such an election, Common Shareholders will not be entitled separately
to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign
tax will nonetheless reduce the Fund&#x2019;s taxable income. Even if the Fund elects to pass through to its Common Shareholders foreign
tax credits or deductions, tax-exempt Common Shareholders and those who invest in the Fund through tax-advantaged accounts such as individual
retirement accounts will not benefit from any such tax credit or deduction. Common Shareholders should consult their own tax advisors
with respect to the foregoing rules.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in stocks of foreign companies
that are classified under the Code as passive foreign investment companies (&#x201c;PFICs&#x201d;). In general, a foreign company is classified
as a PFIC if at least 50% of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income.
In general, under the PFIC rules, an &#x201c;excess distribution&#x201d; received with respect to PFIC stock is treated as having been realized
ratably over the period during which the Fund held the PFIC stock. The Fund will be subject to tax on the portion, if any, of the excess
distribution that is allocated to its holding period in prior taxable years (and an interest factor will be added to the tax, as if the
tax had actually been payable in such prior taxable years) even though the Fund distributes the corresponding income to Common Shareholders.
Excess distributions include any gain from the sale of PFIC stock as well as certain distributions from a PFIC. All excess distributions
are taxable as ordinary income.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may be eligible to elect alternative tax treatment with respect
to PFIC stock. Under such an election, the Fund generally would be required to include in its gross income its share of the earnings of
a PFIC on a current basis, regardless of whether any distributions are received from the PFIC. If this election is made, the special rules,
discussed above, relating to the taxation of excess distributions, would not apply. Treasury regulations generally treat income inclusion
from a PFIC with respect to which the Fund has made such an election as Qualifying RIC Income if (i)&#xa0;there is a current distribution
out of the earnings and profits of the PFIC that are attributable to such income inclusion or (ii)&#xa0;such income inclusion is derived
with respect to the Fund&#x2019;s business of investing in stock, securities, or currencies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alternatively, the Fund may be able to elect to mark to market its
PFIC stock, resulting in any unrealized gains at year end being treated as though they were realized and reported as ordinary income.
Any mark-to-market losses and any loss from an actual disposition of the PFIC&#x2019;s shares would be deductible as ordinary losses to
the extent of any net mark-to-market gains included in income in prior years with respect to stock in the same PFIC.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because the application of the PFIC rules&#xa0;may affect, among other
things, the character of gains, the amount of gain or loss and the timing of the recognition of income with respect to PFIC stock, as
well as subject the Fund to tax on certain income from PFIC stock, the amount that must be distributed to Common Shareholders, and which
will be taxed to Common Shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared
to a fund that did not invest in PFIC stock.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Section&#xa0;988 of the Code, gains or losses attributable to
fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities denominated in
a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities are generally treated as
ordinary income or loss. Similarly, gains or losses on foreign currency, foreign currency forward contracts, certain foreign currency
options or futures contracts and the disposition of debt securities denominated in foreign currency, to the extent attributable to fluctuations
in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Foreign exchange control regulations may restrict the ability of the
Fund to repatriate investment income or the proceeds of sales of securities. These restrictions and limitations may limit the Fund&#x2019;s
ability to make sufficient distributions to satisfy the 90% distribution requirement and avoid the 4% excise tax.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund invests in certain REITs, a portion
of the Fund&#x2019;s income may be classified as &#x201c;excess inclusion income.&#x201d; A shareholder that is otherwise not subject to
tax may be taxable on their share of any such excess inclusion income as &#x201c;unrelated business taxable income&#x201d;. In addition,
tax may be imposed on a Fund on the portion of any excess inclusion income allocable to any shareholders that are classified as disqualified
organizations.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the Fund&#x2019;s investments are expected
to be subject to special U.S. federal income tax provisions that may, among other things, (i)&#xa0;disallow, suspend or otherwise limit
the allowance of certain losses or deductions; (ii)&#xa0;convert lower-taxed long-term capital gain or qualified dividend income into
higher-taxed short-term capital gain or ordinary income; (iii)&#xa0;convert an ordinary loss or a deduction into a capital loss, the deductibility
of which is more limited; (iv)&#xa0;adversely affect when a purchase or sale of stock or securities is deemed to occur; (v)&#xa0;adversely
alter the intended characterization of certain complex financial transactions; (vi)&#xa0;cause the Fund to recognize income or gain without
a corresponding receipt of cash and (vii)&#xa0;produce income that will not constitute Qualifying RIC Income. The application of these
rules&#xa0;could cause the Fund to be subject to U.S. federal income tax or the nondeductible 4% excise tax and, under certain circumstances,
could affect the Fund&#x2019;s status as a RIC. The Fund monitors its investments and may make certain tax elections in order to mitigate
the effect of these provisions. Moreover, there may be uncertainty as to the appropriate treatment of certain of the Fund&#x2019;s investments
for U.S. federal income tax purposes. In particular, the U.S. federal income tax treatment of investments in debt securities that are
rated below investment grade is uncertain in various respects.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Distributions</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions of the Fund&#x2019;s ordinary income
and net short-term capital gains will, except as described below with respect to distributions of &#x201c;qualified dividend income,&#x201d;
generally be taxable to the Common Shareholders as ordinary income to the extent such distributions are paid out of the Fund&#x2019;s current
or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Distributions (or deemed distributions, as described
above), if any, of net capital gains will be taxable as long-term capital gains, regardless of the length of time the Common Shareholder
has owned Common Shares. The ultimate tax characterization of the Fund&#x2019;s distributions made in a taxable year cannot be determined
until after the end of the taxable year. As a result, there is a possibility that the Fund may make total distributions during a taxable
year in an amount that exceeds the current and accumulated earnings and profits of the Fund. A distribution of an amount in excess of
the Fund&#x2019;s current and accumulated earnings and profits will be treated by a Common Shareholder as a return of capital that will
be applied against and reduce the Common Shareholder&#x2019;s basis in its Common Shares. To the extent that the amount of any such distribution
exceeds the Common Shareholder&#x2019;s basis in its Common Shares, the excess will be treated as gain from a sale or exchange of the Common
Shares. If the Fund issues preferred shares, its earnings and profits must be allocated first to such preferred shares, and then to the
Common Shares, in each case on a pro rata basis.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is expected that a portion of the Fund&#x2019;s
income will consist of ordinary income. For example, interest and original issue discount derived by the Fund will constitute ordinary
income. In addition, gain derived by the Fund from the disposition of debt securities with &#x201c;market discount&#x201d; (generally, securities
purchased by the Fund at a discount to their stated redemption price) will be treated as ordinary income to the extent of the market discount
that has accrued, as determined for U.S. federal income tax purposes, at the time of such disposition unless the Fund makes an election
to accrue market discount on a current basis. In addition, certain of the Fund&#x2019;s investments will be subject to special U.S. federal
income tax provisions that may affect the character, increase the amount and/or accelerate the timing of income earned by the Fund. The
Fund generally expects that dividends received by the Fund from a REIT and distributed to the Common Shareholders will be taxable to the
Commons Shareholders as ordinary income. However, the Fund may report dividends eligible for a 20% &#x201c;qualified business income&#x201d;
deduction for non-corporate U.S. Common Shareholders to the extent that the Fund&#x2019;s income is derived from REIT dividends, reduced
by allocable Fund expenses.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends distributed by the Fund to a corporate
Common Shareholder will qualify for the dividends-received deduction only to the extent that the dividends consist of distributions of
qualifying dividends received by the Fund. In addition, any such dividends-received deduction will be disallowed or reduced if the corporate
Common Shareholder fails to satisfy certain requirements, including a holding period requirement, with respect to its Common Shares. Distributions
of &#x201c;qualified dividend income&#x201d; to an individual or other non-corporate Common Shareholder made or deemed made by the Fund
will be subject to tax at reduced maximum rates (depending on whether the shareholder&#x2019;s income exceeds certain threshold amounts),
provided that the shareholder meets certain holding period and other requirements with respect to its Common Shares. &#x201c;Qualified
dividend income&#x201d; generally includes dividends from domestic corporations and dividends from foreign corporations that meet certain
specified criteria.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain distributions reported by the Fund as
Section&#xa0;163(j)&#xa0;interest dividends may be treated as interest income by shareholders for purposes of the tax rules&#xa0;applicable
to interest expense limitations under Section&#xa0;163(j)&#xa0;of the Code. Such treatment by the shareholder is generally subject to
holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to
dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more
frequent basis. The amount that the Fund is eligible to report as a Section&#xa0;163(j)&#xa0;dividend for a tax year is generally limited
to the excess of the Fund&#x2019;s business interest income over the sum of the Fund&#x2019;s (i)&#xa0;business interest expense and (ii)&#xa0;other
deductions properly allocable to the Fund&#x2019;s business interest income.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions will be treated in the manner described
above regardless of whether such distributions are paid in cash or invested in additional Common Shares pursuant to the Plan. If the Common
Shares are trading below NAV, Common Shareholders receiving distributions in the form of additional Common Shares will be treated as receiving
a distribution in the amount of cash that they would have received if they had elected to receive the distribution in cash. If the Fund
issues additional Common Shares with a fair market value equal to or greater than NAV, however, Common Shareholders will be treated as
receiving a distribution in the amount of the fair market value of the distributed Common Shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although dividends generally will be treated as
distributed when paid, dividends declared in October, November&#xa0;or December, payable to Common Shareholders of record on a specified
date in one of those months, and paid during the following January, will be treated as having been distributed by the Fund (and received
by Common Shareholders) on December&#xa0;31 of the year in which declared.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Internal Revenue Service currently requires
that a RIC that has two or more classes of stock allocate to each class proportionate amounts of each type of its income (such as ordinary
income, capital gains and dividends qualifying for the dividends-received deduction) based upon the percentage of total dividends paid
to each class for the tax year. Accordingly, if the Fund issues preferred shares, the Fund will allocate capital gain dividends and dividends
qualifying for the dividends-received deduction, if any, between its Common Shares and shares of preferred stock in proportion to the
total dividends paid to each class with respect to such tax year.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common Shareholders will be notified annually
as to the U.S. federal tax status of distributions, and Common Shareholders receiving distributions in the form of additional Common Shares
will receive a report as to the NAV of those Common Shares. To the extent such amounts include distributions received from REITs, they
may be based on estimates and be subject to change as REITs do not always have the information available by the time these reports are
due and can recharacterize certain amounts after the end of the tax year. As a result, the final character and amount of distributions
may differ from that initially reported.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Medicare Tax</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An additional 3.8% Medicare tax is imposed on
certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions
or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person&#x2019;s &#x201c;modified
adjusted gross income&#x201d; (in the case of an individual) or &#x201c;adjusted gross income&#x201d; (in the case of an estate or trust)
exceed certain threshold amounts.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sale or Exchange of Common Shares</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Common Shareholder may recognize capital gain
or loss on the sale or other disposition of Common Shares. Different tax consequences may apply for tendering and non-tendering Common
Shareholders in connection with a repurchase offer. For example, if a Common Shareholder does not tender all of his or her Common Shares,
such repurchase may not be treated as a sale or exchange for U.S. federal income tax purposes and may result in deemed distributions to
non-tendering Common Shareholders. On the other hand, Common Shareholders holding Common Shares as capital assets who tender all of their
Common Shares (including Common Shares deemed owned by Common Shareholders under constructive ownership rules) will be treated as having
sold their Common Shares and generally will recognize capital gain or loss. The amount of the gain or loss will be equal to the difference
between the amount realized and the Common Shareholder&#x2019;s adjusted tax basis in the relevant Common Shares. Such gain or loss generally
will be a long-term gain or loss if the Common Shareholder&#x2019;s holding period for such Common Shares is more than one (1)&#xa0;year.
Under current law, net capital gains recognized by non-corporate Common Shareholders are generally subject to reduced maximum rates, depending
on whether the Common Shareholder&#x2019;s income exceeds certain threshold amounts.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Losses realized by a Common Shareholder on the
sale or exchange of Common Shares held for six months or less will be treated as long-term capital losses to the extent of any distribution
of long-term capital gain received (or deemed received, as discussed above) with respect to such Common Shares. In addition, no loss will
be allowed on a sale or other disposition of Common Shares if the Common Shareholder acquires (including pursuant to the Plan), or enters
into a contract or option to acquire, Common Shares within 30 days before or after the disposition. In such a case, the basis of the securities
acquired will be adjusted to reflect the disallowed loss.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reporting of adjusted cost basis information for
covered securities, which generally include shares of a regulated investment company acquired after January&#xa0;1, 2012, is required
to the Internal Revenue Service and to taxpayers. Common Shareholders should contact their financial intermediaries with respect to reporting
of cost basis and available elections for their accounts.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Tax Shelter Reporting Regulations</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under U.S. Treasury regulations, if a Common Shareholder
recognizes losses with respect to Common Shares of $2 million or more for an individual Common Shareholder or $10 million or more for
a corporate Common Shareholder, the Common Shareholder must file with the Internal Revenue Service a disclosure statement on Internal
Revenue Service Form&#xa0;8886. Direct owners of portfolio securities are in many cases excepted from this reporting requirement, but
under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement
to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination
of whether the taxpayer&#x2019;s treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability
of these regulations in light of their individual circumstances.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Backup Withholding and Information Reporting</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information returns will be filed with the Internal
Revenue Service in connection with payments on the Common Shares and the proceeds from a sale or other disposition of the Common Shares.
A Common Shareholder will be subject to backup withholding (currently, at a rate of 24%) on all such payments if it fails to provide the
payor with its correct taxpayer identification number (generally on an Internal Revenue Service Form&#xa0;W-9) and to make required certifications
or otherwise establish an exemption from backup withholding. Corporate Common Shareholders and certain other Common Shareholders generally
are exempt from backup withholding. Backup withholding is not an additional tax. Any amounts withheld pursuant to these rules&#xa0;may
be credited against the applicable Common Shareholder&#x2019;s U.S. federal income tax liability, provided the required information is
timely furnished to the Internal Revenue Service.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-U.S. Common Shareholders</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. federal income taxation of a Common Shareholder
that is a nonresident alien individual, a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes
(a &#x201c;non-U.S. Common Shareholder&#x201d;) depends on whether the income that the Common Shareholder derives from the Fund is &#x201c;effectively
connected&#x201d; with a U.S. trade or business carried on by the Common Shareholder.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the income that a non-U.S. Common Shareholder
derives from the Fund is not &#x201c;effectively connected&#x201d; with a U.S. trade or business carried on by such non-U.S. Common Shareholder,
distributions of &#x201c;investment company taxable income&#x201d; will generally be subject to a U.S. federal withholding tax at a rate
of 30% (or a lower rate under an applicable treaty). Furthermore, non-U.S. Common Shareholders may be subject to U.S. tax at the rate
of 30% (or lower treaty rate) of the income resulting from the Fund&#x2019;s election to treat any foreign taxes paid by it as paid by
Common Shareholders, but will not be able to claim a credit or deduction for the foreign taxes as having been paid by them unless they
file U.S. tax returns.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Properly reported dividends received by a nonresident
alien or foreign entity are generally exempt from U.S. federal withholding tax when they (a)&#xa0;are paid in respect of the Fund&#x2019;s
 &#x201c;qualified net interest income&#x201d; (generally, the Fund&#x2019;s U.S. source interest income, reduced by expenses that are allocable
to such income), or (b)&#xa0;are paid in connection with the Fund&#x2019;s &#x201c;qualified short-term capital gains&#x201d; (generally,
the excess of the Fund&#x2019;s net short-term capital gain over the Fund&#x2019;s long-term capital loss for such taxable year). However,
depending on the circumstances, the Fund may report all, some or none of the Fund&#x2019;s potentially eligible dividends as such qualified
net interest income or as qualified short-term capital gains, and a portion of the Fund&#x2019;s distributions (e.g., interest from non-U.S.
sources or any foreign currency gains) would be ineligible for this potential exemption from withholding.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. Common Shareholder whose income from
the Fund is not &#x201c;effectively connected&#x201d; with a U.S. trade or business (or, if an income tax treaty is applicable, is not attributable
to a permanent establishment maintained by the non-U.S. Common Shareholder in the United States) will generally be exempt from U.S. federal
income tax on capital gain dividends, any amounts retained by the Fund that are reported as undistributed capital gains and any gains
realized upon the sale or exchange of shares of the Fund. If, however, such a non-U.S. Common Shareholder is a nonresident alien individual
and is physically present in the United States for 183 days or more during the taxable year and meets certain other requirements, such
capital gain dividends, undistributed capital gains and gains from the sale or exchange of Common Shares will be subject to U.S. tax.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the income from the Fund is &#x201c;effectively
connected&#x201d; with a U.S. trade or business carried on by a non-U.S. Common Shareholder (and, if an income tax treaty is applicable,
is attributable to a permanent establishment maintained by the non-U.S. Common Shareholder in the United States), any distributions of
 &#x201c;investment company taxable income,&#x201d; any capital gain dividends, any amounts retained by the Fund that are reported as undistributed
capital gains and any gains realized upon the sale or exchange of shares of the Fund will be subject to U.S. income tax, on a net income
basis, in the same manner, and at the graduated rates applicable to, U.S. persons. If such a non-U.S. Common Shareholder is a corporation,
it may also be subject to the U.S. branch profits tax.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special rules&#xa0;may apply to a non-U.S. Common
Shareholder receiving a Fund distribution if at least 50% of the Fund&#x2019;s assets consist of U.S. real property interests, including
certain REITs and U.S. real property holding corporations (as defined in Code and the Treasury Regulations). Fund distributions that are
attributable to gain from the disposition of a U.S. real property interest will be taxable as ordinary dividends and subject to withholding
at a 30% or lower treaty rate if the non-U.S. Common Shareholders held no more than 5% of the Fund&#x2019;s Common Shares at any time during
the one-year period ending on the date of the distribution. If the non-U.S. Common Shareholder held at least 5% of the Fund&#x2019;s Common
Shares, the distribution would be treated as income effectively connected with a trade or business within the U.S. and the non-U.S. Common
Shareholder would be subject to U.S. income tax on the distribution at the graduated rates applicable to U.S. citizens, residents and
domestic corporations, which the Fund may be required to withhold, and would generally be required to file a U.S. federal income tax return.
Similar consequences would generally apply to a non-U.S. Common Shareholder&#x2019;s gain on the sale of Fund Common Shares unless the
Fund is domestically controlled (meaning that more than 50% of the value of the Fund&#x2019;s Common Shares is held by U.S. Common Shareholders)
or the non-U.S. Common Shareholders owns no more than 5% of the Fund&#x2019;s Common Shares at any time during the five-year period ending
on the date of sale.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. Common Shareholder may be subject to
backup withholding on net capital gain distributions that are otherwise exempt from withholding tax or on distributions that would otherwise
be taxable at a reduced treaty rate if such Common Shareholder does not certify its non-U.S. status under penalties of perjury or otherwise
establish an exemption.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. Shareholder may also be subject to
U.S. estate tax with respect to their Fund shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax consequences to a non-U.S. Common Shareholder
entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Non-U.S. Common Shareholders are advised
to consult their tax advisors with respect to the particular tax consequences to them of an investment in the Fund. In addition, dividend
reinvestments pursuant to the Plan will be made net of any applicable U.S. withholding taxes.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund is required to withhold
U.S. tax (at a 30% rate) on payments of taxable dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant)
with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment
accounts.&#xa0;To avoid withholding, foreign financial institutions will need to (i)&#xa0;enter into agreements with the IRS that state
that they will provide the IRS information, including the names, addresses and taxpayer identification numbers of direct and indirect
U.S. account holders, comply with due diligence procedures with respect to the identification of U.S. accounts, report to the IRS certain
information with respect to U.S. accounts maintained, agree to withhold tax on certain payments made to non-compliant foreign financial
institutions or to account holders who fail to provide the required information, and determine certain other information as to their account
holders, or (ii)&#xa0;in the event that an applicable intergovernmental agreement and implementing legislation are adopted, provide local
revenue authorities with similar account holder information. Other foreign entities will need to either provide the name, address, and
taxpayer identification number of each substantial U.S. owner or certifications of no substantial U.S. ownership unless certain exceptions
apply. Under some circumstances, a foreign shareholder may be eligible for refunds or credits of such taxes.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Other Taxes</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common Shareholders may be subject to state, local
and non-U.S. taxes on their Fund distributions. Common Shareholders are advised to consult their tax advisors with respect to the particular
tax consequences to them of an investment in the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_033"></a><b>Proxy voting policy and proxy voting record</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has delegated the day-to-day responsibility
to the Adviser to vote the Fund&#x2019;s proxies. Proxies are voted by the Adviser pursuant to the Board approved proxy guidelines, a copy
of which as currently in effect as of the date of this SAI is attached hereto as Appendix B. <font>&#xa0;Also
attached hereto in Appendix B is the Adviser&#x2019;s Listed Company Investment Principles and Voting Policies, which among other things,
expands upon how the Adviser approaches environmental, social and governance issues when engaging with company management and voting proxies.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information on how the Fund voted proxies (if
any) relating to portfolio securities during the most recent 12 month period ending June&#xa0;30 is available: (i)&#xa0;upon request and
without charge by calling Investor Relations toll-free at 1-800-522-5465, or (ii)&#xa0;on the SEC&#x2019;s website at http://www.sec.gov.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_034"></a><b>Incorporation by reference</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font>This SAI
is part of a Registration Statement that the Fund has filed with the SEC. The Fund is permitted to "incorporate by reference"
the information that it files with the SEC, which means that the Fund can disclose important information to you by referring you to those
documents. The information incorporated by reference is an important part of this SAI, and later information that the Fund files with
the SEC will automatically update and supersede this information.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font>The documents
listed below, and any reports and other documents subsequently filed with the SEC pursuant to Rule&#xa0;30(b)(2)&#xa0;under the 1940 Act
and Sections 13(a), 13(c), 14 or 15(d)&#xa0;of the Exchange Act, prior to the termination of the offering, and any reports and other documents
subsequently filed by the Fund with the SEC pursuant to Rule&#xa0;30(b)(2)&#xa0;under the 1940 Act and Sections 13(a), 13(c), 14 or 15(d)&#xa0;of
the Exchange Act after the date of this Registration Statement and prior to its effectiveness, are incorporated by reference into this
SAI and deemed to be part of this SAI from the date of the filing of such reports and documents:</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px; font-size: 10pt"><font style=" font-size: 10pt">&#x25cf;</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Fund&#x2019;s Annual Report on&#xa0;</font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm"><font style="font-size: 10pt">Form N-CSR&#xa0;</font></a><font style="font-size: 10pt">for the fiscal year ended October 31, 2024, filed with the SEC on January 10, 2025, as amended by the amendment thereto filed on </font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925009679/tm255509d1_ncsra.htm"><font style="font-size: 10pt">Form N-CSR/A</font></a><font style="font-size: 10pt">, filed with the SEC on February 5, 2025 (&#x201c;Annual Report&#x201d;)&#xa0;&#xa0;;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: top">
<td style="width: 24px">&#xa0;</td>
<td style="width: 24px; font-size: 10pt"><font style=" font-size: 10pt">&#x25cf;</font></td>
<td><font style="font-family: Times New Roman, Times, Serif; ">The Fund&#x2019;s Semi-Annual Report on </font><font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925066106/tm2517609d5_ncsrs.htm">Form N-CSRS</a> for the period ended April 30, 2025, filed with the SEC on July 7, 2025 (&#x201c;Semi-Annual Report&#x201d;);</font> &#xa0;</td></tr>
<tr style="vertical-align: top">
<td>&#xa0;</td>
<td style="font-size: 10pt">&#xa0;</td>
<td>&#xa0;</td></tr>
<tr style="vertical-align: top">
<td>&#xa0;</td>
<td style="font-size: 10pt"><font style=" font-size: 10pt">&#x25cf;</font></td>
<td style="font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">the Fund&#x2019;s definitive proxy statement on&#xa0;</font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925034673/tm2512004d5_def14a.htm"><font style="font-size: 10pt; ">Schedule 14A</font></a><font style="font-size: 10pt; ">&#xa0;for the Fund&#x2019;s 2025 annual meeting of shareholders, filed with the SEC on April 14, 2025 (&#x201c;Proxy Statement&#x201d;); and</font></td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt">&#xa0;</td>
<td style="font-size: 10pt">&#xa0;</td>
<td style="font-size: 10pt; text-align: justify">&#xa0;</td></tr>
<tr style="vertical-align: top">
<td>&#xa0;</td>
<td style="font-size: 10pt"><font style=" font-size: 10pt">&#x25cf;</font></td>
<td style="font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">the </font><font style="font-size: 10pt">Fund&#x2019;s <font>description of common shares contained in the Fund&#x2019;s Registration Statement on&#xa0;Form </font></font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000114420406026032/v045913_8a12b.htm"><font style="font-size: 10pt; ">8-A</font></a><font style="font-size: 10pt; ">&#xa0;(File No. </font><font style="font-size: 10pt">001-32930<font>) filed with the SEC on June 26, 2006.</font></font></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>To obtain copies of these filings,
see &#x201c;Additional Information.&#x201d;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_035"></a><b>Financial Statements</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#x2019;s unaudited financial statements for the period ended April&#xa0;30, 2025 are incorporated in this SAI by reference to the
Fund&#x2019;s 2025&#xa0;</font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925066106/tm2517609d5_ncsrs.htm"><font style="font-size: 10pt">Semi-Annual
Report</font></a><font style="font-size: 10pt">.&#xa0;The Fund&#x2019;s audited financial statements for the fiscal year ended October&#xa0;31,
2024, together with the reports thereon of [ ], an independent registered public accounting firm, given on the authority of said firm
as experts in auditing and accounting, are incorporated in this SAI by reference to the Fund&#x2019;s 2024</font> <a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm"><font style="font-size: 10pt">Annual
Report</font></a>. <font style="font-size: 10pt">The address of [ ] is [ ]. [ ] provides audit services and consultation with respect
to the preparation of filings with the SEC. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt"></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copies
of the Fund&#x2019;s 2025 </font><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925066106/tm2517609d5_ncsrs.htm"><font style="font-size: 10pt">Semi-Annual
Report</font></a> <font style="font-size: 10pt">and 2024</font> <a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm"><font style="font-size: 10pt">Annual
Repor</font></a><font style="font-size: 10pt">t are available at the SEC&#x2019;s website at www.sec.gov. &#xa0;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_036"></a><b>Legal counsel</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Counsel to the Fund is Dechert LLP.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_037"></a><b>Additional information</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
Prospectus and this SAI do not contain all of the information set forth in the Registration Statement, including any exhibits and schedules
thereto. </font><font>The </font>Fund <font>will provide without charge
to each person, including any beneficial owner, to whom this SAI is delivered, upon written or oral request, a copy of any and all of
the information that has been incorporated by reference in this SAI or the Prospectus or any accompanying Prospectus Supplement. You
may request such information&#xa0;</font>by calling Investor Relations toll-free at 1-800-522-5465, or you may obtain a copy (and other
information regarding the Fund<b>)</b> from the SEC&#x2019;s website (www.sec.gov). Free copies of the Fund&#x2019;s Prospectus, SAI and
any incorporated information will also be available from the Fund&#x2019;s website at <font style="text-decoration:underline">https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</font>.&#xa0;<font>Information
contained on the Fund&#x2019;s website is not incorporated by reference into this SAI, the Prospectus or any Prospectus Supplement and
should not be considered to be part of this SAI, the Prospectus or any Prospectus Supplement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_038"></a><b>Appendix A&#x2014;Description of securities ratings</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>S&amp;P
GLOBAL RATINGS DEBT RATINGS</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><b>A.</b></td><td style="text-align: justify"><b>Issue Credit Ratings</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An Standard&#xa0;&amp; Poor&#x2019;s Global Ratings
issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation,
a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial
paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the
obligation and takes into account the currency in which the obligation is denominated. The opinion reflects Standard&#xa0;&amp; Poor&#x2019;s
Global Ratings&#x2019; view of the obligor&#x2019;s capacity and willingness to meet its financial commitments as they come due, and this
opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issue credit ratings can be either long-term or
short-term. Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. Short-term ratings
are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium-term notes
are assigned long-term ratings.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><b>1.</b></td><td style="text-align: justify"><b>Long-Term Issue Credit Ratings</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issue credit ratings are based, in varying degrees,
on Standard&#xa0;&amp; Poor&#x2019;s Global Ratings&#x2019; analysis of the following considerations:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The likelihood of payment--the capacity and willingness
of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The nature and provisions of the financial obligation,
and the promise we impute; and</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The protection afforded by, and relative position
of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other
laws affecting creditors&#x2019; rights.</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issue ratings are an assessment of default risk
but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically
rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when
an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>Long-Term
Issue Credit Ratings*</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAA - An obligor rated &#x2018;AAA&#x2019; has extremely
strong capacity to meet its financial commitments. &#x2018;AAA&#x2019; is the highest issuer credit rating assigned by Standard&#xa0;&amp;
Poor&#x2019;s Global Ratings.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AA - An obligor rated &#x2018;AA&#x2019; has very
strong capacity to meet its financial commitments. It differs from the highest rated obligors only to a small degree.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A - An obligor rated &#x2018;A&#x2019; has strong
capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic
conditions than obligors in higher-rated categories.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BBB - An obligor rated &#x2018;BBB&#x2019; has adequate
capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to weaken the
obligor&#x2019;s capacity to meet its financial commitments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Obligors rated &#x2018;BB&#x2019;, &#x2018;B&#x2019;,
 &#x2018;CCC&#x2019;, and &#x2018;CC&#x2019; are regarded as having significant speculative characteristics. &#x2018;BB&#x2019; indicates the
least degree of speculation and &#x2018;CC&#x2019; the highest. While such obligors will likely have some quality and protective characteristics,
these may be outweighed by large uncertainties or major exposure to adverse conditions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BB - An obligor rated &#x2018;BB&#x2019; is less
vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business,
financial, or economic conditions that could lead to the obligor&#x2019;s inadequate capacity to meet its financial commitments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B - An obligor rated &#x2018;B&#x2019; is more vulnerable
than the obligors rated &#x2018;BB&#x2019;, but the obligor currently has the capacity to meet its financial commitments. Adverse business,
financial, or economic conditions will likely impair the obligor&#x2019;s capacity or willingness to meet its financial commitments.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CCC - An obligor rated &#x2018;CCC&#x2019; is currently
vulnerable and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CC - An obligation rated &#x2018;CC&#x2019; is currently
highly vulnerable to nonpayment. The &#x2018;CC&#x2019; rating is used when a default has not yet occurred but Standard&#xa0;&amp; Poor&#x2019;s
Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SD and D - An obligor is rated &#x2018;SD&#x2019; (selective default)
or &#x2018;D&#x2019; if Standard&#xa0;&amp; Poor&#x2019;s Global Ratings considers there to be a default on one or more of its financial
obligations, whether long- or short-term, including rated and unrated obligations but excluding hybrid instruments classified as regulatory
capital or in nonpayment according to terms. A &#x2018;D&#x2019; rating is assigned when Standard&#xa0;&amp; Poor&#x2019;s Global Ratings
believes that the default will be a general default and that the obligor will fail to pay all or substantially all of its obligations
as they come due. An &#x2018;SD&#x2019; rating is assigned when Standard&#xa0;&amp; Poor&#x2019;s Global Ratings believes that the obligor
has selectively defaulted on a specific issue or class of obligations but it will continue to meet its payment obligations on other issues
or classes of obligations in a timely manner. A rating on an obligor is lowered to &#x2018;D&#x2019; or &#x2018;SD&#x2019; if it is conducting
a distressed debt restructuring.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The ratings from &#x2018;AA&#x2019; to &#x2018;CCC&#x2019; may be modified
by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"></td><td style="text-align: justify; width: 0.25in"><b>2.</b></td><td style="text-align: justify"><b>Short-Term Issue Credit Ratings</b></td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>Short-Term
Issue Credit Ratings</b></font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A-1 - An obligor rated &#x2018;A-1&#x2019; has strong
capacity to meet its financial commitments. It is rated in the highest category by Standard&#xa0;&amp; Poor&#x2019;s Global Ratings. Within
this category, certain obligors are designated with a plus sign (+). This indicates that the obligor&#x2019;s capacity to meet its financial
commitments is extremely strong.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A-2 - An obligor rated &#x2018;A-2&#x2019; has satisfactory
capacity to meet its financial commitments. However, it is somewhat more susceptible to the adverse effects of changes in circumstances
and economic conditions than obligors in the highest rating category.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A-3 - An obligor rated &#x2018;A-3&#x2019; has adequate
capacity to meet its financial obligations. However, adverse economic conditions or changing circumstances are more likely to weaken the
obligor&#x2019;s capacity to meet its financial commitments.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B - An obligor rated &#x2018;B&#x2019; is regarded
as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments;
however, it faces major ongoing uncertainties that could lead to the obligor&#x2019;s inadequate capacity to meet its financial commitments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">C - An obligor rated &#x2018;C&#x2019; is currently
vulnerable to nonpayment that would result in an &#x2018;SD&#x2019; or &#x2018;D&#x2019; issuer rating and is dependent upon favorable business,
financial, and economic conditions to meet its financial commitments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SD and D - An obligor is rated &#x2018;SD&#x2019;
(selective default) or &#x2018;D&#x2019; if Standard&#xa0;&amp; Poor&#x2019;s Global Ratings considers there to be a default on one or more
of its financial obligations, whether long- or short-term, including rated and unrated obligations but excluding hybrid instruments classified
as regulatory capital or in nonpayment according to terms. A &#x2018;D&#x2019; rating is assigned when Standard&#xa0;&amp; Poor&#x2019;s
Global Ratings believes that the default will be a general default and that the obligor will fail to pay all or substantially all of its
obligations as they come due. An &#x2018;SD&#x2019; rating is assigned when Standard&#xa0;&amp; Poor&#x2019;s Global Ratings believes that
the obligor has selectively defaulted on a specific issue or class of obligations but it will continue to meet its payment obligations
on other issues or classes of obligations in a timely manner. A rating on an obligor is lowered to &#x2018;D&#x2019; or &#x2018;SD&#x2019;
if it is conducting a distressed debt restructuring.</p>


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<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><b>B.</b></td><td style="text-align: justify"><b>Municipal Short-Term Note Ratings</b></td></tr></table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An Standard&#xa0;&amp; Poor&#x2019;s Global Ratings
U.S. municipal note rating reflects Standard&#xa0;&amp; Poor&#x2019;s Global Ratings&#x2019; opinion about the liquidity factors and market
access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity
of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, Standard&#xa0;&amp;
Poor&#x2019;s Global Ratings&#x2019; analysis will review the following considerations:</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Amortization schedule--the larger the final maturity
relative to other maturities, the more likely it will be treated as a note; and</font></td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><font>&#x25cf;</font></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Source of payment--the more dependent the issue
is on the market for its refinancing, the more likely it will be treated as a note.</font></td></tr></table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>Municipal
Short-Term Note Ratings</b></font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SP-1 - Strong capacity to pay principal and interest.
An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SP-2 - Satisfactory capacity to pay principal
and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SP-3 - Speculative capacity to pay principal and
interest.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">D - &#x2018;D&#x2019; is assigned upon failure to
pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar
action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>MOODY&#x2019;S
INVESTORS SERVICE INC. (&#x201c;Moody&#x2019;s&#x201d;) LONG-TERM DEBT RATINGS*</b></font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aaa &#x2013; Obligations rated Aaa are judged to
be of the highest quality, subject to the lowest level of credit risk.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aa &#x2013;Obligations rated Aa are judged to be
of high quality and are subject to very low credit risk</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A &#x2013; Obligations rated A are judged to be
upper-medium grade and are subject to low credit risk.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Baa &#x2013; Obligations rated Baa are judged to
be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ba &#x2013; Obligations rated Ba are judged to
be speculative and are subject to substantial credit risk.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B &#x2013; Obligations rated B are considered speculative
and are subject to high credit risk.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Caa &#x2013; Obligations rated Caa are judged to
be speculative of poor standing and are subject to very high credit risk.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ca &#x2013; Obligations rated Ca are highly speculative
and are likely in, or very near, default, with some prospect of recovery of principal and interest.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">C &#x2013; Obligations rated C are the lowest rated
and are typically in default, with little prospect for recovery of principal and interest.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Moody&#x2019;s
appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation
ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking
in the lower end of that generic rating category.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>STATE
AND MUNICIPAL NOTES</b></font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Excerpts from Moody&#x2019;s description of state
and municipal note ratings:</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MIG 1 This designation denotes superior credit
quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access
to the market for refinancing.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MIG 2 This designation denotes strong credit quality.
Margins of protection are ample, although not as large as in the preceding group.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MIG 3 This designation denotes acceptable credit
quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG This designation denotes speculative-grade
credit quality. Debt instruments in this category may lack sufficient margins of protection.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>FITCH,&#xa0;INC.
BOND RATINGS</b></font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fitch publishes credit ratings that are forward
looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issue level ratings are also assigned
and often include an expectation of recovery which may be notched above or below the issuer-level rating. Credit ratings are indications
of the likelihood of receiving repayment in accordance with the terms of the issuance. &#x2018;AAA&#x2019; ratings denote the lowest expectation
of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity
is highly unlikely to be adversely affected by foreseeable events. &#x2018;AA&#x2019; ratings denote expectations of very low default risk.
They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable
events. &#x2018;A&#x2019; ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered
strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.
 &#x2018;BBB&#x2019; ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments
is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. &#x2018;BB&#x2019; ratings
indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over
time; however, business or financial flexibility exists that supports the servicing of financial commitments. &#x2018;B&#x2019; ratings
indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met;
however, capacity for continued payment is vulnerable to deterioration in the business and economic environment. CCC &#x2013; Very low
margin for safety. Default is a real possibility. CC - Default of some kind appears probable.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">C - A default or default-like process has begun,
or for a closed funding vehicle, payment capacity is irrevocably impaired. &#x2018;RD&#x2019; ratings indicate an issuer that in Fitch&#x2019;s
opinion has experienced: a) an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation,
but b) has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and c)
has not otherwise ceased operating.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#x2018;D&#x2019; ratings indicate an issuer that
in Fitch&#x2019;s opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure
or that has otherwise ceased business and debt is still outstanding.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>MOODY&#x2019;S</b></font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ratings assigned on Moody&#x2019;s global long-term
and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial
corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings
are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default
on contractually promised payments and the expected financial loss suffered in the event of default. Short-term ratings are assigned to
obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual
financial obligations and the expected financial loss suffered in the event of default or impairment.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moody&#x2019;s differentiates structured finance
ratings from fundamental ratings (i.e., ratings on nonfinancial corporate, financial institution, and public sector entities) on the global
long-term scale by adding (sf ) to all structured finance ratings. The addition of (sf ) to structured finance ratings should eliminate
any presumption that such ratings and fundamental ratings at the same letter grade level will behave the same. The (sf ) indicator for
structured finance security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have different
risk characteristics. Through its current methodologies, however, Moody&#x2019;s aspires to achieve broad expected equivalence in structured
finance and fundamental rating performance when measured over a long period of time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>GLOBAL
SHORT-TERM RATING SCALE</b></font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">P-1 Ratings of Prime-1 reflect a superior ability
to repay short-term obligations.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">P-2 Ratings of Prime-2 reflect a strong ability
to repay short-term obligations.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">P-3 Ratings of Prime-3 reflect an acceptable ability
to repay short-term obligations.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NP Issuers (or supporting institutions) rated
Not Prime do not fall within any of the Prime rating categories.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>U.S.
MUNICIPAL SHORT-TERM DEBT AND DEMAND OBLIGATION RATINGS</b></font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>SHORT-TERM
OBLIGATION RATINGS</b></font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the global short-term &#x2018;prime&#x2019;
rating scale is applied to US municipal tax-exempt commercial paper, these programs are typically backed by external letters of credit
or liquidity facilities and their short-term prime ratings usually map to the long-term rating of the enhancing bank or financial institution
and not to the municipality&#x2019;s rating. Other short-term municipal obligations, which generally have different funding sources for
repayment, are rated using two additional short-term rating scales (i.e., the MIG and VMIG scales discussed below).</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Municipal Investment Grade (MIG) scale is
used to rate US municipal bond anticipation notes of up to three years maturity. Municipal notes rated on the MIG scale may be secured
by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of
the obligation, and the issuer&#x2019;s long-term rating is only one consideration in assigning the MIG rating. MIG ratings are divided
into three levels&#x2014;MIG 1 through MIG 3&#x2014;while speculative grade short-term obligations are designated SG.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MIG 1 This designation denotes superior credit
quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access
to the market for refinancing.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MIG 2 This designation denotes strong credit quality.
Margins of protection are ample, although not as large as in the preceding group.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MIG 3 This designation denotes acceptable credit
quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG This designation denotes speculative-grade
credit quality. Debt instruments in this category may lack sufficient margins of protection.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-transform: uppercase"><b>FITCH&#x2019;S
SHORT-TERM RATINGS</b></font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A short-term issuer or obligation rating is based
in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations
in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity.
Short-Term Ratings are assigned to obligations whose initial maturity is viewed as &#x201c;short term&#x201d; based on market convention
(a long-term rating can also be used to rate an issue with short maturity). Typically, this means a time frame of up to 13 months for
corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">F1 - Indicates the strongest intrinsic capacity
for timely payment of financial commitments; may have an added &#x201c;+&#x201d; to denote any exceptionally strong credit feature.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">F2 - Good intrinsic capacity for timely payment
of financial commitments.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">F3 - The intrinsic capacity for timely payment
of financial commitments is adequate.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B - Minimal capacity for timely payment of financial
commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">C &#x2013; Default is a real possibility.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RD &#x2013; Indicates an entity that has defaulted
on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity
ratings only.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">D &#x2013; Indicates a broad-based default event
for an entity, or the default of a short-term obligation.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_039"></a><b>Appendix B&#x2014;Proxy voting guidelines</b></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Investments U.S. Registered Advisers
(the &#x201c;Advisers&#x201d;)</b></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Proxy Voting Guidelines<br>
</b><i>Effective as of March&#xa0;2025</i></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Rule&#xa0;206(4)-6 under the Investment
Advisers Act of 1940, as amended (the &#x201c;Advisers Act&#x201d;) requires the Advisers to vote proxies in a manner consistent with clients&#x2019;
best interest and must not place its interests above those of its clients when doing so. It requires the Advisers to: (i)&#xa0;adopt and
implement written policies and procedures that are reasonably designed to ensure that the Advisers vote proxies in the best interest of
the clients, and (ii)&#xa0;to disclose to the clients how they may obtain information on how the Advisers voted proxies. In addition,
Rule&#xa0;204-2 requires the Advisers to keep records of proxy voting and client requests for information. As of August&#xa0;31, of each
year, investment managers that are required to file reports under Section&#xa0;13(f)&#xa0;are required to report their proxy voting records
on Form&#xa0;N-PX for the twelve-month period ended June&#xa0;30, with respect to certain shareholder advisory votes on executive compensation
(those required by Section&#xa0;14A of the Exchange Act). As registered investment advisers, the Advisers have an obligation to vote proxies
with respect to securities held in its client portfolios in the best interests of the clients for which it has proxy voting authority.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Advisers are committed to exercising
responsible ownership with a conviction that companies adopting best practices in corporate governance will be more successful in their
core activities and deliver enhanced returns to shareholders.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Advisers have adopted a proxy voting
policy. The proxy voting policy is designed and implemented in a way that is reasonably expected to ensure that proxies are voted in the
best interests of clients.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Resolutions are analysed by a member
of our regional investment teams or our Active Ownership Team and votes instructed following consideration of our policies, our views
of the company and our investment insights. To enhance our analysis, we will often engage with a company prior to voting to understand
additional context and explanations, particularly where there is a deviation from what we believe to be best practice.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Where contentious issues arise in relation
to motions put before a shareholders&#x2019; meeting, Advisers will usually contact the management of the company to exchange views and
give management the opportunity to articulate its position. The long-term nature of the relationships that we develop with investee company
boards should enable us to deal with any concerns that we may have over strategy, the management of risk or governance practices directly
with the chairman or senior independent director. In circumstances where this approach is unsuccessful, Advisers are prepared to escalate
their intervention by expressing their concerns through the company&#x2019;s advisers, through interaction with other shareholders or attending
and speaking at General Meetings.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In managing third party money on behalf
of clients, there are a limited number of situations where potential conflicts of interest could arise in the context of proxy voting.
One case is where funds are invested in companies that are either clients or related parties of clients. Another case is where one fund
managed by Aberdeen Investments invests in other funds managed by Aberdeen Investments.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For cases involving potential conflicts
of interest, Advisers have implemented procedures to ensure the appropriate handling of proxy voting decisions. The guiding principle
of the Advisers&#x2019; conflicts of interest policy is simple &#x2013; to exercise our right to vote in the best interests of the clients
on whose behalf we are managing funds.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">We employ ISS as a service provider
to facilitate electronic voting. We require ISS to provide recommendations based on our own set of parameters to tailored Aberdeen&#x2019;s
assessment and approach but remain conscious that all voting decisions, where we have been given voting authority, are our own on behalf
of our clients. We consider ISS&#x2019;s recommendations and those based on our custom parameters as input to our voting decisions. We
make use of the ISS standard research and recommendations and those based on our own custom policy as input to our voting decisions. Where
our analysts make a voting decision that is different from the recommendations based on our custom policy they will provide a rationale
for such decisions which will be made available upon request.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In order to make proxy voting decisions,
an Aberdeen Investments analyst will assess the resolutions at general meetings of companies held in our active investment portfolios.
This analysis will be based on our knowledge of the company, but will also make use of the custom and standard recommendations provided
by ISS as described above. The product of this analysis will be a final voting decision instructed through ISS and applied to all funds
for which Aberdeen have been appointed to vote. For funds managed by a sub-adviser, we may delegate to the sub-adviser the authority to
vote proxies; however, the sub-adviser will be required to either follow our policies and procedures or to demonstrate that their policies
and procedures are consistent with ours, or otherwise implemented in the best interest of clients.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">There may be certain circumstances
where Aberdeen may take a more limited role in voting proxies. We will not vote proxies for client accounts in which the client contract
specifies that Aberdeen will not vote. We may abstain from voting a client proxy if the voting is uneconomic or otherwise not in clients&#x2019;
best interests. For companies held only in passively managed portfolios the Aberdeen custom recommendations provided by ISS will be used
to automatically apply our voting approach; we have scope to intervene to test that this delivers appropriate results and will on occasions
opt to instruct a vote differently from custom recommendations if we consider this to be in clients&#x2019; best interests. If voting securities
are part of a securities lending program, we may be unable to vote while the securities are on loan. However, we have the ability to recall
shares on loan or to restrict lending when required, in order to ensure all shares have voted. In addition, certain jurisdictions may
impose share-blocking restrictions at various times which may prevent Aberdeen from exercising our voting authority.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">We recognize that there may be situations
in which we vote at a company meeting where we encounter a conflict of interest. Such situations include:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">&#x25cf;</td><td>where a portfolio manager owns the holding in a personal account</td></tr>
<tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">&#x25cf;</td><td>An investee company that is also a segregated client</td></tr>
<tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">&#x25cf;</td><td>An investee company where an executive director or officer of our company is also a director of that company</td></tr>
<tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">&#x25cf;</td><td>An investee company where an employee of Aberdeen is a director of that company</td></tr>
<tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">&#x25cf;</td><td>A significant distributor of our products</td></tr>
<tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">&#x25cf;</td><td>Any other companies which may be relevant from time to time</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In order to manage such conflicts of
interests, we have established procedures to escalate decision-making so as to ensure that our voting decisions are based on our clients&#x2019;
best interests and are not impacted by any conflict.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The implementation of this policy,
along with conflicts of interest, will be reviewed periodically by the Active Ownership team. Aberdeen Investments&#x2019; Listed Company
Investment Principles and Voting Policies are published on our website.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">To the extent that an Adviser may rely
on sub-advisers, whether affiliated or unaffiliated, to manage any client portfolio on a discretionary basis, the Adviser may delegate
responsibility for voting proxies to the sub-adviser. However, such sub-advisers will be required either to follow these Policies and
Procedures or to demonstrate that their proxy voting policies and procedures are consistent with these Policies and Procedures or otherwise
implemented in the best interests of the Adviser&#x2019;s clients. Clients that have not granted Aberdeen voting authority over securities
held in their accounts will receive their proxies in accordance with the arrangements they have made with their service providers.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As disclosed in Part&#xa0;2A of each
Adviser&#x2019;s Form&#xa0;ADV, a client may obtain information on how its proxies were voted by requesting such information from its Adviser.
Unless specifically requested by a client in writing, and other than as required for the Funds, the Advisers do not generally disclose
client-specific proxy votes to third parties.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Our proxy voting records are available
per request and on the SEC&#x2019;s website at SEC.gov.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">On occasions when it is deemed to be a fiduciary for an
ERISA client&#x2019;s assets, Aberdeen will vote the Plan assets in accordance with Aberdeen Investments&#x2019; Listed Company Investment
Principles and Voting Policies and in line with DOL guidance.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Listed Company Investment Principles&#xa0;&amp; Voting
Policies</b></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>April&#xa0;2025</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Aberdeen Investments is a global specialist asset manager.
We are dedicated to helping investors achieve their financial goals in a changing world by combining our specialist knowledge, global
presence in more than 25 locations and investing for the long-term.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Active Ownership and sustainable investment considerations
are critical components of our investment process, our investment activity, our client journey and our corporate influence.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Through engagement with the companies in which we invest,
and by exercising votes on behalf of our clients, we seek to improve the financial resilience and performance of our clients&#x2019; investments.
Where we believe change is needed, we endeavour to catalyse this through our stewardship capabilities</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Our expectations</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">As global investors, we are particularly aware that sustainable
investment structures and frameworks vary across regions. Furthermore, what we expect of the companies in which we invest varies between
different stages of business development and the underlying history and nature of the company in question. We seek to understand each
company&#x2019;s individual circumstances and so evaluate how it can best be governed and overseen. As such, we strive to apply the principles
and policies set out on these pages&#xa0;in response to the needs of that individual company at that particular time. Our heritage as
a predominantly active fund manager helps drive this bespoke approach to understanding good governance and risk management.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We have a clear perception of what we consider to be best
practice globally &#x2013; as set out in this document. However we will reflect the nature of the business, our close understanding of
individual companies and regional considerations, where appropriate, in our approach to applying these policies, which are not exhaustive.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The principles and voting policies noted
herein reflect our current position. We are monitoring and have contributed to the many reform agendas and consultations in the governance
arena, particularly in the UK, on areas such as market competitiveness, listing rules, the approval of corporate transactions and greater
flexibility in remuneration practices, including wider use of restricted stock. We are actively involved in these discussions, both as
a corporate issuer and an investor, and our position will evolve as rules, guidance and practice develops.</p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">This document has received approval from Aberdeen&#x2019;s
Chief Investment Officer (CIO) and the Chief Sustainable Investment Officer &#x2013; Investments (CSIO) following consultation with various
internal stakeholders.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Our approach to stewardship</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We seek to integrate and appraise environmental, social and
governance factors in our investment process. Our aim is to generate the best long-term outcomes for our clients, proportionate to the
risk preference they have accepted, and we will actively take steps as stewards and owners to protect and enhance the value of our clients&#x2019;
assets.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Stewardship is a reflection of this bespoke approach to good
governance and risk management. We seek to understand each company&#x2019;s specific approach to governance, how value is created through
business success and how investors&#x2019; interests are protected through the management of risks that materially impact business success.
This requires us to play our part in the governance process by being active stewards of companies, involved in dialogue with management
and non-executive directors where appropriate, understanding the material risks and opportunities &#x2013; including those relating to
environmental and social factors and helping to shape the future success of the business.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We will:</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Take into consideration, in our investment process, the policies and practices on environmental, social and governance matters of
the companies in which we invest.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Seek to enhance long-term shareholder value through constructive engagement with the companies in which we invest.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Actively engage with companies and assets in which we invest where we believe we can influence or gain insight.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Exercise voting rights, where held, in a manner consistent with our clients&#x2019; long-term best interests.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><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: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td><td style="text-align: justify">Seek to influence the development of appropriately high standards of
corporate governance and corporate responsibility in relation to environmental and social factors for the benefit of our clients.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Communicate our Listed Company Investment Principles and Voting Policies to clients, companies and other interested parties.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Be accountable to clients within the constraints of professional confidentiality and legislative and regulatory requirements.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Be transparent in reporting our engagement and voting activities.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen is committed to exercising responsible ownership with a conviction
that companies seeking to upgrade their practices in corporate governance and risk management will be more successful in their core activities
and deliver enhanced long-term returns to shareholders. As owners of companies, the process of stewardship is a natural part of our investment
approach as we seek to benefit from their long-term success on our clients&#x2019; behalf.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>Engagement</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">It is a central tenet of our active investment approach that we strive
to meet with the management and directors of our investee companies on a regular basis. We will concentrate that engagement on investee
companies undergoing transformation or facing exceptional challenges or opportunities. The discussions we have cover a wide range of topics,
including: strategic, operational, and ESG issues and consider the long-term drivers of value.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Engagement
with companies on environmental, social and governance risks and opportunities is a fundamental part of our investment process. It is
a process through which we can discuss how a company identifies, prioritises and mitigates its key risks and optimises outcomes from
its most significant opportunities. As such, we regard engagement as:</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Important to understanding investee companies holistically.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Helpful when conducting comprehensive sustainable investment analysis.</td></tr></table>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Useful to maintaining open dialogue and constructive relationships with companies.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">An opportunity to generate positive change on a company&#x2019;s holistic risk management programme&#x2013;be active with our holdings
rather than activist.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Proxy Voting</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Proxy voting is an integral part of our active stewardship
approach and we exercise voting rights in a manner in line with our clients&#x2019; best interests. We seek to ensure that voting reflects
our understanding of the companies in which we invest on behalf of our clients. We believe that voting is a vital mechanism for holding
boards and management teams to account, and is an important tool for escalation and shareholder action.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">This document includes our process and overarching policy
guidelines which we apply when voting at general meetings. These policies are not exhaustive and we evaluate our voting on a case by case
basis. As a global investment firm we recognise the practical necessity of adopting a regional approach, taking into account differing
and developing market practices. Where a policy is specific to one region this is denoted.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We endeavour to engage with companies regarding our voting
decisions to maintain a dialogue on matters of concern.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Voting Process</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In line with our active ownership approach, we review the
majority of general meeting agendas convened by companies which are held in our active equity portfolios. Analysis is undertaken by a
member of our regional investment teams or our Active Ownership team and votes instructed following consideration of our policies, our
views of the company and our investment insights. To enhance our analysis we may engage with a company prior to voting to understand additional
context and explanations, particularly where there is deviation from what we believe to be best practice.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">To supplement our own analysis we may also make use of the
benchmark research and recommendations provided by ISS, a provider of proxy voting services. In the UK we also make use of the Investment
Association&#x2019;s (IA) Institutional Voting Information Service. We have implemented regional voting policy guidelines with ISS which
they apply to all meetings in order to produce customised vote recommendations. These custom recommendations help identify resolutions
which deviate from our expectations. They are also used to determine votes where a company is held only in passive funds. Within our custom
policies, however, we do specify numerous resolutions which should be referred to us for active review. For example we will review any
resolution at company meetings we have identified as covering environmental and social factors.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">While it is most common for us to vote in line with a board&#x2019;s
voting recommendation we will vote our clients&#x2019; shares against resolutions which we believe are not consistent with their best interests.
We may also vote against resolutions which conflict with domestic governance guidelines, such as those issued by the IA in the UK. Although
we seek to vote either in favour or against a resolution we do make use of an abstain vote where this is considered appropriate. For example
we may use an abstention to acknowledge some improvement, but as a means to reserve our position in expectation that further improvement
is needed before we can vote in favour. Where we vote against a resolution we endeavour to inform companies of our rationale.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In exceptional circumstances we may attend and speak at a
shareholder meeting to reinforce our views to the company&#x2019;s board.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We endeavour to vote all shares for which we have voting
authority. We may not vote when there are obstacles to do so, for example those impacting liquidity, such as share-blocking, or where
there is a significant conflict of interest. We use the voting platform of ISS to instruct our votes.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Governance</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Strategy</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We invest in companies that will create the best outcome
for our clients in line with their investment mandates. Companies must be clear about the drivers of their business success and their
strategy for maintaining and enhancing it. Investment is a forward-looking process; we seek to understand the opportunity for a business
and its scope for future value-creation over the long term. In order to do this, we need clarity on past business delivery and its drivers,
and on the effective track record of management; we require honest and open reporting to build confidence in that track record. We seek
confidence that companies and their management can maintain their competitive positioning and operational performance and subsequently
enhance returns for investors. A clear strategy and clarity about the drivers of operational success provides the lens through which we
will consider most corporate issues, not least assessing performance and risk management.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will consider voting against executive or non-executive directors if we have serious concerns regarding the oversight or implementation
of strategy.</td></tr></table>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Board of Directors</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We believe effective board governance promotes the long-term
success and value creation of the company. The board should be responsible for establishing the company&#x2019;s purpose and strategy,
overseeing management in their implementation of strategy and performance against objectives. The board should ensure a strong framework
of control and risk oversight, including material sustainable investment risks. The board should assess and monitor culture and be engaged
with the workforce, shareholders and wider society.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Board Composition</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Effective decision making requires a mix of skills around
the table and constructive debate between diverse and different-minded individuals. A range of skills, experience and perspectives should
be drawn together on the board. These include industry knowledge, experience from other sectors and relevant geographical knowledge. Independence
of thought plays a crucial role in the ability of a board to generate the debate and discussion that will challenge management, help enhance
business performance and improve decision-making. Board assessments will help the board ensure it has the necessary mix of skills, diversity
and quality of individuals to address the risks and opportunities the company faces. Unitary boards should comprise an appropriate combination
of executive and non-executive directors such that no group of individuals dominates decision-making. We expect the size of the board
to reflect the size, nature and complexity of the business. We also expect regular internal and external board evaluations which include
an assessment of board composition and effectiveness.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Leadership</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Running businesses effectively for the long term requires effective
collaboration and cooperation, with no individual or small group having unfettered powers. Nor should any individual or small group have
dominant influence over the way a business is run or over major decisions about its operations or future. There should be a division of
responsibility between board leadership and executive leadership of the business. We believe that there should be a division of roles
at the top of the organisation, typically between a Chief Executive Officer (CEO) and an independent Chair.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will consider supporting the re-election of an existing Chair&#xa0;&amp; CEO role combination, recognising that this remains common
in certain geographies. In reviewing this on a case by case basis we will take account of the particular circumstances of the company
and consider what checks and balances are in place, such as the presence of a strong Senior Independent Director with a clear scope of
responsibility.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally oppose any re-combination of the roles of CEO and Chair, unless the move is on a temporary basis due to exceptional
circumstances or other mitigating factors.</td></tr></table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td>We will generally oppose any move of a retiring CEO to the role of Chair.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Independence</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Companies should be led and overseen by genuinely independent
boards. When looking at board composition we generally expect to see a majority of independent directors, with boards identifying their
independence classifications in the Annual Report. It is preferable to see an identified Senior Independent Director on the board, who
will lead the appraisal of and succession planning for the Chair. We expect SIDs to meet with investors and be a point of contact for
escalating concerns if required.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In assessing a director&#x2019;s independence we will have
due regard for whether a director:</p>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">i.</td><td style="text-align: justify">Has been an employee of the company within the last five years.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">ii.</td><td style="text-align: justify">Has had within the last three years a material business relationship with the company.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">iii.</td><td style="text-align: justify">Has received remuneration in addition to director fees or participates in the company&#x2019;s option or variable incentive schemes,
or is a member of the company&#x2019;s pension scheme.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">iv.</td><td style="text-align: justify">Has close family ties with any of the company&#x2019;s advisers, directors or senior employees.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">v.</td><td style="text-align: justify">Holds cross-directorships or has significant links with other directors through involvement in other companies or bodies.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">vi.</td><td style="text-align: justify">Represents a significant shareholder.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">vii.</td><td style="text-align: justify">Has served on the board for more than 12 years (or 9 for UK companies).</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will consider voting against the re-election of non-independent directors if the board is not majority independent (excluding employee
representatives). In doing so we will have regard for whether a company is controlled and the nature of the non-independence &#x2013; for
example, we are unlikely to vote against shareholder representatives unless their representation is disproportionate to their shareholding</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Succession Planning&#xa0;&amp; Refreshment</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Regular refreshment of the non-executive portion of a board
helps draw in fresh perspectives, not least in the context of changes to business and emerging opportunities and risks. It also helps
limit the danger of group-think. Thoughtful and proactive succession planning is therefore needed for board continuity, to ensure that
a board is populated by individuals with an appropriate mix of skills, experience and perspective. We expect the board to implement a
formal process for the recruitment and appointment of new directors, and to provide transparency of this in the Annual Report.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will vote against non-executive directors where there are concerns regarding board refreshment or excessive tenure. Where there
are directors who have served for over 12 years on a board which has seen no refreshment in 3 years (2 in UK), we will generally vote
against their re-election. If a director has served for over 15 years we will generally vote against their re-election. We will, however,
consider the impact on board continuity and the company&#x2019;s succession planning efforts prior to doing so. We may also not apply the
tenure limit to directors who are founders or shareholder representatives where we believe this is appropriate.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Diversity</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We believe diversity, equity and inclusion (DEI) policies can help
ensure that the best people are appointed to each role in the company, with the combination of skills and experience judged most likely
to contribute to long- term value creation. Companies that make progress in DEI can be better positioned for long-term sustainability
and outperformance. We believe diversity of thought, paired with a culture of inclusion, can help companies to tackle increasingly complex
challenges and markets. We take into consideration whether boards report on how they promote DEI throughout the business. We recognise
the necessity of adopting a regional approach to DEI, allowing us to account for variation in the needs and requirements of the company
based on geography. We have for several years, actively encouraged progress in gender diversity at all levels, and have expanded our scope
in relation to diversity, equity and inclusion across geographies. In respect of ethnic diversity, this is coming increasingly into focus
as we encourage boards to progress in ensuring that their composition reflects their employee and customer bases.</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Our regional specific policies are below. In determining
our votes we will take account of mitigating factors, such as the sudden departure of a female board member. We will also consider the
trajectory of diversity at the company and any assurance that diversity shortfalls will soon be addressed.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Gender Diversity.</b></p>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">UK: We will generally vote against the Nomination Committee Chair of FTSE 350 companies if the board is not comprised of at least
one third female directors. We expect companies to seek to comply with the FCA&#x2019;s diversity targets and may vote against the Chair
of the Nomination Committee if we have concerns regarding the Committee&#x2019;s efforts in succession planning to achieve the gender diversity
target of 40% female members. For smaller companies, we will take action if the board does not include at least one female director.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Europe: We will generally vote against the Nomination Committee Chair of LargeCap companies if the supervisory board is not comprised
of at least 30% female directors, or is not in line with the local standard if higher. For smaller companies, we will take this action
if the supervisory board does not include at least one female director.</td></tr></table>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Australia: We will generally vote against the Nomination Committee Chair of ASX300 companies if the board is not comprised of at least
30% female directors.</td></tr></table>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Ethnic Diversity</b></p>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">UK: We will generally vote against the Nomination Committee Chair at the boards of FTSE 250 companies, if the board does not include
at least one member from an ethnic minority background. This is in line with targets set up by the Parker Review.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Directors&#x2019; Time Commitment</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Individual directors need sufficient time to carry out their
role effectively and therefore we seek to ensure that all directors maintain an appropriate level of overall commitments such that allows
them to be properly diligent.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will consider opposing the election or re-election of any director where there is a concern regarding their ability to dedicate
sufficient time to the role. In making this assessment we will have regard to the ISS classification of &#x2018;overboarding&#x2019;.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally oppose the re-election of any director who has attended fewer than 75% of board meetings in two consecutive years.</td></tr></table>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Board Committees</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Boards should establish committees, populated by independent
and appropriately skilled non-executive directors, to oversee (as a minimum) the nomination, audit and remuneration processes. It may
also be appropriate for additional committees to be established, such as a risk or sustainability committee. These committees should report
openly on an annual basis about their activities and key decisions taken.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We will consider voting against committee members if we have
concerns regarding the composition of a committee in relation to independence or skills.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Nomination Committee</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">This committee has responsibility for leading the process
for orderly non-executive and senior management succession planning and recruitment, and for overseeing the composition of the board including
skillset, experience and diversity. We expect the committee to be comprised of a majority of independent directors with an independent
Chair.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will consider voting against the re-election of the Nomination Committee Chair if we have concerns regarding the composition of
the board or concerns regarding poor succession planning.</td></tr></table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Audit Committee</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">This committee has responsibility for monitoring the integrity
of the financial statements, reviewing the company&#x2019;s internal financial controls and risk management systems, reviewing the effectiveness
of the company&#x2019;s internal audit function and appointing and overseeing the quality of the work done by external auditors. We prefer
the committee to be wholly independent, and expect this at UK and US companies in view of general market practice and board composition.
In other regions, as a minimum, we expect the committee to be comprised of a majority of independent directors with an independent Chair.
Furthermore we expect at least one member of the committee to have recent and relevant financial experience.</p>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">UK&#xa0;&amp; US: We will generally vote against the re-election of non-independent members of the Audit Committee..</td></tr></table>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Europe: We will generally vote against the re-election of non-independent members of the Audit Committee if the committee is not majority
independent. We will also generally vote against a non-independent Chair of the Audit Committee.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally vote against the re-election of the Audit Committee Chair if at least one member of the Committee does not have
recent and relevant financial experience.</td></tr></table>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Remuneration Committee</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">This committee is responsible for determining the policy
and setting remuneration levels for executive and non-executive directors. The committee should ensure that directors&#x2019; remuneration
is aligned with strategy and company performance. Remuneration policy should be cognisant of the company&#x2019;s licence to operate and
the potential overall level of remuneration. We expect remuneration committees to be robust in their approach to developing and implementing
remuneration policies, with formal and transparent procedures for developing policies and for determining remuneration packages. Remuneration
committees should be comprised of a majority of independent directors with an independent Chair and we expect members to have appropriate
experience and knowledge of the business and remuneration practices in the jurisdiction in which they operate. No executive should be
involved in setting their own remuneration..</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Where we have significant concerns regarding the company&#x2019;s remuneration policy or reward outcomes we may escalate these concerns
through a vote against the Chair or members of the Remuneration Committee.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Director Accountability</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We expect to be able to hold boards to account through engagement
and regular director re-elections and directors should feel that they are accountable to investors. We encourage individual, rather than
bundled, director elections. While our preference is for directors to be subject to re- election annually, we expect re-elections to take
place at least every three years. Lengthier board mandates, while not uncommon in some markets, risk divorcing directors from an appropriate
sense of accountability. Directors and management should make themselves available for discussions with major shareholders as we expect
to have open dialogue to share our perspectives and gain confidence that the individuals are carrying out their roles with appropriate
vigour and diligence. A further important element of director accountability to shareholders is that investors should have the right,
both formal and informal, to propose and promote individual directors to be considered for election to the board by all shareholders.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally oppose the re-election of non-independent NEDs who are proposed for a term exceeding three years. We may not apply
this to directors who are shareholder representatives.</td></tr></table>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Where we have significant concerns regarding a board member&#x2019;s performance, actions or inaction to address issues raised we may
vote against their re-election.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><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: Times New Roman, Times, Serif; font-size: 10pt"><font>&#x25cf;</font></font></td><td style="text-align: justify">We may vote against directors who decline appropriate requests for
meetings without a clear justification.</td></tr></table>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Where a director has held a position of responsibility at a company which has suffered a material governance failure, we will consider
whether we are comfortable to support their re-election at other listed companies.</td></tr></table>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally support resolutions to discharge the supervisory board or management board members from legal liability unless we
have serious concerns regarding actions taken during the year under review. Where there is insufficient information regarding allegations
of misconduct, we may prefer to abstain. In exceptional circumstances we may vote against the discharge resolution to reflect serious
ESG concerns if there is not another appropriate resolution.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td>We will not support the election of directors who are not personally identified but are proposed as corporations.</td></tr></table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Reporting</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">A company&#x2019;s board should present a fair, balanced and
understandable assessment of the company&#x2019;s position and prospects &#x2013; financial and non- financial &#x2013; and of how it has
fulfilled its responsibilities. We support the principle of full disclosure of relevant and useful information, subject to issues of commercial
confidentiality and prejudice. Boilerplate disclosure should be avoided. We encourage companies to consider using the appropriate globally
developed standards and would particularly encourage the use of those created by the Taskforce for Climate related Financial Disclosures
(TCFD), the International Integrated Reporting Council (IIRC), the Sustainability Accounting Standards Board (SASB) and the Global Reporting
Initiative (GRI).</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Audited reporting and financial numbers should be published
ahead of any relevant shareholder meetings. We continue to monitor the evolving reporting landscape and consider new reporting developments
as they emerge, either voluntary or regulatory.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We may consider voting against a company&#x2019;s Annual Report&#xa0;&amp; Accounts if we have concerns regarding timely provision
or adequacy of disclosure.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Political Donations&#xa0;&amp; Lobbying</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Companies should be consistent in their public statements
and not undermine these in private commentary to market participants or to politicians and regulators. We welcome transparency from companies
about their lobbying activities and believe that good companies have nothing to hide in this respect. Similarly we encourage transparency
of any political donations that companies deem appropriate &#x2013; and we expect a clear explanation of why such donations are an appropriate
use of corporate funds.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Risk&#xa0;&amp; Audit</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The board is responsible for determining the company&#x2019;s
risk appetite, establishing procedures to manage risk and for monitoring the company&#x2019;s internal controls. We expect boards to conduct
robust assessments of the company&#x2019;s material risks and report to shareholders on risks, controls and effectiveness. The introduction
of widely accepted global accounting standards has led to much greater investor confidence in the accounts produced by companies around
the world. It has also assisted in creating consistency of reporting across companies, enabling fairer comparisons between different operating
businesses. We therefore encourage companies seeking international investment to report under International Financial Reporting Standards
(IFRS) or US GAAP. As a firm Aberdeen supports the continued development of high quality global accounting standards.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">An independent audit, delivered by a respected audit firm,
is a required element for investor confidence in reporting by companies. We strongly favour meaningful, transparent and informative auditor
reports, giving us additional insights into the audit process and accounting outcomes. Audit fees must be sufficient to pay for an appropriately
in-depth assurance process. We would be concerned if a company sought to make unjustified savings in this respect as the cost in terms
of damage to audit effectiveness and confidence in the company&#x2019;s accounts would be much more substantial.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The independence of the auditor and the standard of their
work, particularly in challenging management, should be subject to regular assessment that is appropriately disclosed. Even when individuals
carrying out the audit are refreshed, we believe that the independence of the audit firm erodes over time and we will encourage a tender
process and change of audit firm where an engagement has lasted for an extended period. In order to demonstrate the level of independence,
companies should not have the same audit firm in place for more than 20 years.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The relationship with the auditor should be mediated through
the Audit Committee. Where we are significant shareholders, we expect to be consulted on plans to tender and replace auditors.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally vote against the re-election of an auditor which has a tenure of 20 years or over, if there are no plans for rotation
in the near term.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will consider voting against the auditors if we have concerns regarding the accounts presented or the audit procedures used.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will vote against the approval of auditor fees if we have concerns regarding the level of fees or the balance of non-audit and
audit fees.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Executive Remuneration</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Executive Remuneration policies and the overall levels of
pay should be aligned with strategy, attracting and retaining talent and incentivising the decisions and behaviours needed to create long-term
value. The component parts of remuneration should be structured so as to link rewards to corporate and individual performance and they
should be considered in the context of the remuneration policies when taken as a whole. We recognise the benefits of simplicity in forming
the policy, which should clearly link outcomes and expectations for those receiving the remuneration, as well as external stakeholders.
The structure should be transparent and understandable.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">A company&#x2019;s annual report should contain an informative
statement of remuneration policy which communicates clearly to stakeholders how it has developed and evolved. This should include details
of any stress testing that may have been undertaken to understand the policy outcomes for different business scenarios. The Remuneration
Committee should provide a clear description of the application of policy and the outcomes achieved.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Executive Directors&#x2019; base salary should be set at a level appropriate
for the role and responsibility of the executive. We discourage increases which are driven solely by peer benchmarking, and expect increases
to be aligned with the wider workforce. Consideration should also be given to the knock-on impact to variable remuneration potential.
Pension arrangements and benefits should be clearly disclosed. We generally expect pension structures to be aligned with the wider workforce.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">A company should structure variable, performance-related
pay to incentivise and reward management in a manner that is aligned with the company&#x2019;s sustainable performance and risk appetite
over the long term.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We expect all variable pay to be capped, preferably as a
multiple of base salary. In the UK we expect variable pay to be capped as a multiple of base salary. In other markets, if variable pay
is capped at a number of shares, we expect the value of grants to be kept under review annually to ensure the value remains appropriate
and is not excessive.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Performance metrics used to determine variable pay should
be clearly disclosed and aligned with the company&#x2019;s strategy. A significant portion of performance metrics should seek to measure
significant improvements in, or resilience with regard to, the underlying financial performance of the company. We also encourage the
inclusion of non-financial metrics linked to targets which are aligned with the company&#x2019;s progress inter alia on its sustainability
strategy. Where possible we expect these targets to be quantifiable and disclosed.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Variable pay arrangements should over the long term incentivise participants
to achieve above-average performance through the use of challenging targets. We encourage sliding-scale performance measures and expect
performance target ranges to be disclosed to enable shareholders to assess the level of challenge and pay for performance alignment. We
expect annual bonus targets to be disclosed retrospectively and encourage the disclosure of long term incentive (LTI) targets at the beginning
of the performance period, but at minimum we expect retrospective disclosure. Where bonus or LTI targets are not disclosed due to commercial
sensitivity we expect an explanation of why the targets continue to be considered sensitive retrospectively and expect some detail regarding
the level of achievement vs target.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Where a share price metric is being used, we expect this
to be underpinned by a challenging measure of underlying performance.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We encourage settlement of a portion of the annual bonus
in shares which are deferred for at least one year. We expect settlement of long term incentives to be in shares, with rationale provided
for any awards settled in cash. Long term incentives should have a performance period of no less than three years. In the UK we expect
a further holding period of two years to be applied, and we encourage this in other markets.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We do not generally support value creation plans. We will
consider supporting the use of restricted share plans (RSP) in the UK which have been structured consistent with the guidelines of the
Investment Association. We will consider restricted share plans either individually or as part of a hybrid scheme. Any restricted share
scheme would be expected to be issued at a significant quantum discount to conventional LTIP plans. The board would be expected to justify
why the introduction of these plans is in the best interest of shareholders. We expect appropriate malus and clawback provisions to be
applied to variable remuneration plans.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We expect shareholding guidelines to be adopted for executive
directors and encourage the adoption of post-departure shareholding guidelines.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We expect details of any use of discretion to be disclosed
and its use should be justifiable, appropriate and clearly explained. We would expect policies to be sufficiently robust so that discretion
is only necessary in exceptional circumstances. We do not generally support exceptional awards, and are particularly sensitive to such
awards being granted to reward a corporate transaction.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We expect executive service contracts to provide for a maximum
notice period of 12 months. We will consider local best practice provisions related to severance arrangements when voting.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Non-executive fees should reflect the role&#x2019;s level
of responsibility and time commitment. We do not support NED&#x2019;s participation in option or performance-related arrangements. However
we do support the payment of fees in shares, particularly where conservation of cash is an issue.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In the UK our expectations of companies are aligned with
the Investment Association&#x2019;s Principles of Remuneration.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Where significant changes to remuneration arrangements are
being considered, we would expect remuneration committees to consult with their largest shareholders prior to finalising any changes.
Where any increase to variable remuneration is proposed, we would expect this to be accompanied by a demonstrable increase in the stretch
of the targets. Furthermore we expect any increases to remuneration to be subject to shareholder approval.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In response to the issues arising from the cost of living
crisis being experienced by many people in the UK, we expect companies to focus additional capacity towards those members of the workforce
who need it most. We expect Remuneration Committees to take into account factors arising from the cost of living crisis when deliberating
over executive pay outcomes. We would be concerned by reputational issues arising from decisions made in these unusual circumstances and
may make this a factor in our voting decisions at relevant AGMs.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In line with the expectations set out above we will generally
vote against the appropriate resolution(s)&#xa0;where:</p>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We consider the overall reward potential or outcome to be excessive.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">A significant increase to salary has been granted which is not aligned with the workforce or is not sufficiently justified.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">A significant increase to performance-related pay has been granted which is not sufficiently justified, is not accompanied by an increase
in the level of stretch required for achievement or results in the potential for excessive reward.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">There is no appropriate cap on variable incentive schemes.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Performance targets for annual bonus awards are not disclosed retrospectively and the absence of disclosure is not explained.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Performance targets for long term incentive awards are not disclosed up front and there is no compelling explanation regarding the
absence of disclosure or a commitment to disclose retrospectively.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Performance targets are not considered sufficiently challenging, either at threshold, target or maximum.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Relative performance targets allow vesting of awards for below median performance.. Retesting provisions apply.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Incentives that have been conditionally awarded have been repriced or performance conditions changed part way through a performance
period.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We have concerns regarding the use of discretion or the grant of exceptional awards.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Pension arrangements are excessive.. Pension arrangements are not aligned with the wider workforce (UK).</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Investor Rights</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The interests of minority shareholders must be protected
and any major, or majority, investor should not enjoy preferential treatment. The structure of ownership or control should minimise the
potential for abuse of public shareholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Corporate Transactions</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Companies should not make significant changes to their structure
or nature without being fully transparent to their investors. Shareholders should have the opportunity to vote on significant corporate
activity, such as mergers and acquisitions. Where a transaction is with a related party, only independent shareholders should have a vote.
Even in markets where no vote is given to shareholders in these circumstances, investors need transparent disclosure of the reasons for
any such major change. Companies should expect that shareholders may want to discuss and debate proposed developments</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Diversification beyond the core skills of the business needs
to be justified as it is more often than not a distraction from operational performance. All major deals need to be clearly explained
and justified in the context of the pre-existing strategy and be subject to shareholder approval.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will vote on corporate transactions on a case by case basis.</td></tr></table>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">In markets where no vote is required on significant transactions, we may take voting action at a future general meeting if we have
concerns regarding the transaction undertaken.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Dividends</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We will generally support the payment of dividends but will
scrutinise the proposed level where it appears excessive given the company&#x2019;s financial position.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Share Capital</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The board carries responsibility for prudent capital management
and allocation.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Share Issuance</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We will consider capital raises which are proposed for a specific
purpose on a case by case basis but recognise that it can be beneficial for companies to have some general flexibility to issue shares
to raise capital. However we expect issuances to be limited to the needs of the business and companies should not issue significant portions
of shares unless offering these on a pro-rata basis to existing shareholders to protect against inappropriate dilution of investments.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Where a company seeks a general authority to issue shares we generally expect this to be limited to 25% of the company&#x2019;s share
capital for pre- emptive issuances. In the UK we are aligned with the guidance of the Investment Association Share Capital Management
Guidelines. There is no global standard on pre-emptive issuance limits, and in the rest of the world we use 25% as a benchmark limit.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Where a company seeks a general authority to issue shares we generally expect this to be limited to 10% of the company&#x2019;s share
capital for non- pre-emptive issuances. In the UK we are aligned with the guidance of the Investment Association Share Capital Management
Guidelines and those of the Pre-Emption Group.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will not generally support share issuance by investment trusts unless there is a commitment that shares would only be issued at
a price at or above net asset value.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">When considering our votes we will, however, take account
of the company&#x2019;s circumstances and any further detail regarding proposed capital issuance authorities prior to voting.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Following changes to the UK&#x2019;s Pre-Emption Group Guidelines
in November&#xa0;2022, which reflect an increase on previous limits, we will hold the Chair of the company accountable for any perceived
misuse of the increased flexibility through a vote against their re-election.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Buyback</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We recognise that share buybacks can be a flexible means
of returning cash to shareholders.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally support buyback authorities of up to 10% of the issued share capital. In the UK we will generally support authorities
which are in line with the levels permitted under the Listing Rules.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Related Party Transactions</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The nature of relations &#x2013; particularly any related
party transactions (RPTs) &#x2013; with parent or related companies, or other major investors, must be disclosed fully. Related party transactions
must be agreed on arm&#x2019;s length terms and be made fully transparent. Where they are material, they should be subject to the approval
of independent shareholders.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Where we are given a vote, we will vote against RPTs where there is insufficient transparency of the nature of the transaction, the
rationale, the terms or the views and assessment of directors and advisors.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">In markets where no vote is required on RPTs, we may take voting action at a future general meeting if we have concerns regarding
the transaction undertaken</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Article/Bylaw Amendments</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">While it is standard to see proposals from companies to amend
their articles of association or bylaws, we will review these on a case by case basis. When doing so we expect full transparency of the
proposed changes to be disclosed.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally vote against amendments which will reduce shareholder rights.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Anti-Takeover Defences</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">There should be no artificial structures put in place to
entrench management and protect companies from takeover. The best defence from hostile takeover is strong operational delivery.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally vote against anti-takeover/&#x2018;poison pill&#x2019; proposals.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Voting Rights</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We are supporters of the principle of &#x2018;one share, one
vote&#x2019; and therefore favour equal voting rights for all shareholders. Where multiple voting rights are implemented at the point of
listing, we expect an appropriate sunset clause to apply (ideally with a maximum of 7 years, in line with common market practice).</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally vote against proposals which seek to introduce or continue capital structures with multiple voting rights, unless
there is an exceptional justification and also a suitable sunset clause in place.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will consider voting against proposals to raise new capital at companies if we have concerns regarding the use of with multiple
share classes and voting rights.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>General Meetings</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Shareholder meetings provide an important
opportunity to hold boards to account not only through voting on the proposed resolutions but also by enabling investors the opportunity
to raise questions, express views and emphasise concerns to the entire board. We may make a statement at a company&#x2019;s AGM as a means
of escalation to reinforce our views to a company&#x2019;s board.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We welcome the opportunity to attend meetings virtually,
being of the view that this can increase participation given obstacles such as location or meeting concentration. However we are not supportive
of companies adopting virtual-only meetings as we believe this format reduces accountability. Our preference is for a hybrid meeting format
to balance the flexibility of remote attendance with the accountability of an in-person meeting.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally support resolutions seeking approval to shorten the EGM notice period to minimum 14 days, unless we have concerns
regarding previous inappropriate use of this flexibility.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">We will generally support proposals to enable virtual meetings to take place as long as there is confirmation that the format will
be hybrid, with physical meetings continuing to take place (unless prohibited by law). We expect virtual attendees to have the same rights
to speak and raise questions as those attending in-person. We will generally vote against proposals which permit wholly virtual general
meetings.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Sustainability</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>As part of strategic planning, boards need to have oversight
of, and clearly articulate, the key opportunities and risks affecting the sustainability of the business model. This includes having a
process for, and transparent disclosure of, potential and emerging opportunities and risks and the actions being taken to address them.</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The effective management of risks extends to long-term issues
that are hard to measure and whose timeframe is uncertain and will include the management of environmental and social issues. We use the
UN Global Compact&#x2019;s four areas of focus in assessing how companies are performing in this area.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Specifically we expect companies to be able to demonstrate
how they manage their exposures under the following headings.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>The Environment</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">It is generally accepted that companies are responsible for
the effects of their operations and products on the environment. The steps they take to assess and reduce those impacts can lead to cost
savings and reduce potential reputational damage. Companies are held responsible for their impact on the climate and they face increased
regulation from world governments on activities that contribute to climate change.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We expect that companies will</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Identify, manage and reduce their environmental impacts, as applicable.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Understand their impact along the company value chain.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Develop group-level climate policies commensurate to their business and, where relevant, set targets to manage the impact, report
on policies, practices and actions taken to reduce carbon and other environmental risks within their operations.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Comply with all environmental laws and regulations, or recognised international best practice as a minimum.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Where we have serious concerns regarding a board&#x2019;s
actions, or inaction, in relation to the environment we will consider taking voting action on an appropriate resolution.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We will use the indicators within the Carbon Disclosure Project
to identify companies which are not fulfilling their climate commitments. Where appropriate we will take voting action to encourage better
practice among companies which we deem to be laggards.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Labour and Employment</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Companies that respect internationally recognised labour
rights and provide safe and healthy working environments for employees are likely to reap the benefits. This approach is likely to foster
a more committed and productive workforce, and help reduce damage to reputation and a company&#x2019;s license to operate. We expect companies
to comply with all employment laws and regulations and adopt practices in line with the International Labour Organization&#x2019;s core
labour standards as a minimum.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In particular, companies will:</p>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Take affirmative steps to ensure that they uphold decent labour standards.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Adopt strong health and safety policies and programmes to implement such policies.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Adopt equal employment opportunity and diversity policies and a programme for ensuring compliance with such policies.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Adopt policies and programmes for investing in employee training and development.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Adopt initiatives to attract and retain talented employees, foster higher productivity and quality, and encourage in their workforce
a commitment to achieving the company&#x2019;s purpose.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Ensure policies are in place for a company&#x2019;s suppliers that promote decent labour standards, and programmes are in place to
ensure high standards of labour along supply chains.</td></tr></table>


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<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td>Report regularly on its policy and implementation of managing human capital.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Where we have serious concerns regarding a board&#x2019;s
actions, or inaction, in relation to labour and employment we will consider taking voting action on an appropriate resolution.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Human Rights</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We recognise the impact that human-rights issues can have
on our investments and the role we can play in stimulating progress. We draw upon a number of international, legal and voluntary agreements
for guidance on human-rights responsibilities and compliance. Our primary sources are the International Bill of Rights and the core conventions
of the International Labour Organisation (ILO), which form the list of internationally agreed human rights, and the UN Guiding Principles
on Business and Human Rights (UNGPs), which clarifies the roles of states and businesses. We encourage companies to use the UNGPs Reporting
Framework and encourage disclosure in line with this guidance.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We expect companies to:</p>


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<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Continually work to understand their actual and potential impacts on human rights.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


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<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Establish systems that actively ensure respect for human rights.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


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<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Take appropriate action to remedy any infringements on human rights.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Where we have serious concerns regarding a board&#x2019;s
actions, or inaction, in relation to human rights we will consider taking voting action on an appropriate resolution.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Business Ethics</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">As institutions of wealth and influence, companies have a
significant impact on the prosperity of their local communities and the wider world. Having a robust code of ethics and ensuring professional
conduct mean companies operate more effectively, particularly when it comes to ethical principles governing decision- making. A company&#x2019;s
failure to conform to internationally recognised standards of business ethics on matters such as bribery and corruption, can increase
its risk of facing investigation, litigation and fines. This could undermine its license to operate, and affect its reputation and image.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We expect companies to have policies in place to support
the following:</p>


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<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Ethics at the heart of the organisation&#x2019;s governance.</td></tr></table>


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<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">A zero-tolerance policy on bribery and corruption.. How people are rewarded, as pay can influence behaviour.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


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<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Respect for human rights.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


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<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Tax transparency.</td></tr></table>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Ethical training for employees.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Where we have serious concerns regarding a board&#x2019;s
actions, or inaction, related to business ethics we will consider taking voting action on an appropriate resolution.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Environmental&#xa0;&amp; Social Resolutions</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>We will review any resolution at company meetings we have
identified as covering environmental and social factors. The following will detail our overarching approach and expectations.</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Our approach to vote analysis is consistent across active
and quantitative investment strategies <b>Review </b>the resolution, proponent and board statements, existing disclosures, and external
research. <b>Engage </b>with the company, proponents, and other stakeholders as required.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Involve </b>thematic experts, investment analysts and
other specialists, as needed, in our in decision-making to harness a wide range of expertise and address material factors in our analysis.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Ensure </b>consistency by using our own in-house guidance
to frame case-by-case analysis.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Monitor </b>the outcomes of votes.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Follow-up </b>with on-going engagement as required.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Given the nature of the topics covered by these resolutions
we do not apply binary voting policies. We adopt a nuanced approach to our voting research and outcomes and will consider the specific
circumstances of the company concerned. Our objective is to determine the best outcome for the company in the context of the best outcome
for our clients. There may be instances where we welcome the spirit of a resolution, but other factors preclude our support for the proposal.
For example, where the wording is overly prescriptive or ambiguous, when suggested implementation is overly burdensome or where the proposal
strays too close to the board&#x2019;s responsibility for setting the company&#x2019;s strategy.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Management Proposals</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We are supportive of the steps being taken by companies to provide
transparent, detailed reporting of their sustainability strategies and targets. While shareholder proposals on environmental and social
topics have been common on AGM agendas for several years, an increasing number of companies are presenting management proposals, such
as so called &#x2018;say on climate&#x2019; votes, for shareholder approval. While we welcome the intention of accountability behind these
votes, we have reservations about the potential for them to limit the scope for subsequent investor challenge, increase a company&#x2019;s
exposure to litigation, and diminish the direct responsibility and accountability of the board and individual directors. We believe it
is the role of the board and the executive to develop and apply strategy, including sustainability strategies, and we will continue to
use existing voting items to hold boards to account on the implementation of these strategies. As active investors we also regularly engage
with investee companies on sustainability topics and find this dialogue to be the best opportunity to provide feedback.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We will review the appropriateness of &#x2018;say on climate&#x2019;
votes and consider if other voting mechanisms should be applied to ensure both boards and executives apply appropriate rigour to the oversight
and delivery of a company&#x2019;s climate approach.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Shareholder Proposals</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The vast majority of resolutions focused on environmental
and social issues are filed by shareholders. The following provides an overview of some of the factors we consider when assessing the
most prevalent themes for shareholder proposals.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Climate</b></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We do not evaluate a company&#x2019;s climate strategy in
isolation. Our approach recognises the links between corporate governance, strategy and climate approach. Where a company&#x2019;s operational
response to climate change has significant shortcomings, the effectiveness of board oversight and corporate governance may also be called
into question.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We use a range of mechanisms to evaluate whether companies
appear to be fulfilling their climate commitments. Through engagement and voting we seek to work with companies, in the context of their
local market and sector, to encourage robust methodologies underpinned by targets and, where required, improved reporting and disclosure
in alignment with the TCFD framework. We also encourage companies to carefully manage climate-related lobbying. Ensuring appropriate oversight
and disclosure of direct and indirect lobbying activities can help companies reduce the risk of misalignment with corporate strategy.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Taskforce on Nature-related Financial Disclosure (TNFD)
was established to develop and deliver a risk management and disclosure framework. While it is not currently mandatory, the TNFD framework
is likely to become the default standard for disclosure of naturebased risks. Aberdeen is supportive of TNFD and will generally support
proposals asking for companies to report in line with it, taking into consideration best practice for the local market and sector. In
addition, we encourage companies to consider their disclosure and reporting on natural capital as we believe better disclosure can support
our analysis of financially material nature-related risks and opportunities.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Nature and Biodiversity</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">For investors, the risks and opportunities associated with
the use of natural capital (the world&#x2019;s natural resources, which underpin our economy and society) are becoming increasingly financially
material. However, company reporting on these issues, and how they are managed, has historically been poor and difficult to compare.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We have seen an increase in resolutions concerning biodiversity
and nature in recent years. The focus of these resolutions has varied; however, the main themes are evaluation of scenarios for plastic
demand and associated financial implications, waste and the circular economy, and increased disclosure of environmental policies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Artificial Intelligence</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">As Artificial Intelligence (AI) technologies quickly evolve,
Aberdeen&#x2019;s objective is to work with the companies in which we invest to encourage a future where AI delivers sustainable benefits
for shareholders and other stakeholders. Heightened investor scrutiny of AI practices has become evident in shareholder resolutions filed
at the annual meetings of companies - from technology giants to entertainment businesses.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Resolutions typically request a report on the use of AI and
any ethical guidelines adopted by companies, enhanced disclosure regarding board oversight, or further information about the mitigation
of AI-generated misinformation. Our voting approach builds upon the principles that we believe will support positive and sustainable outcomes
for our investee companies. We encourage companies to focus on implementing robust governance and oversight, clear ethical guidelines,
appropriate due diligence, and sufficient transparency. Where AI is likely to have significant impact on operations and labour relations,
we believe it is prudent for companies to demonstrate a responsible approach at the earliest opportunity. Collaborating with the workforce
can enable companies to mitigate negative outcomes and avoid costly disruption to labour relations. As technology develops, we believe
these issues will remain crucial to the responsible development and use of AI.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Human Rights</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Aberdeen believes that poor oversight of human rights can
have a material impact on long-term value creation and cause avoidable harm. Resolutions concerning human rights are filed with companies
operating in a broad range of sectors and focus on operations and supply chains in regions with a poor record of protecting human rights.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">As a supporter of the UN Guiding Principles on Business and
Human Rights, we expect companies to demonstrate how human rights due diligence is conducted across operations, services, product use
and the supply chain. Companies can have a significant impact on human rights directly through operations and provision of services, and
indirectly through product use and the supply chain. When analysing a company&#x2019;s approach to human rights, we will assess its existing
policies to decide if voting action would enhance its approach and benefit the company and shareholders. Where we believe sufficient disclosure
and due diligence are already in place, we may vote against a proposal to avoid unnecessary and unduly burdensome reporting. We are usually
not supportive of resolutions that seek to dictate where and to whom companies can sell products and services or other resolutions which
may be considered unduly prescriptive.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Political Disclosure</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Corporate lobbying and political contributions disclosure
continues to be a recurrent theme of shareholder resolutions, particularly in the US. These proposals typically encompass direct lobbying
undertaken by the company and indirect lobbying undertaken by trade associations and other organisations of which it is a member or supporter.
Proposals may also request the disclosure of more information regarding the process and rationale for political contributions. We expect
companies to make transparent, consolidated disclosures of direct and indirect lobbying and political expenditure. We have seen progress
in this area and will carefully consider whether additional disclosure is in the interest of the company and its shareholders.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Diversity, Equity&#xa0;&amp; Inclusion</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Diversity, Equity&#xa0;&amp; Inclusion (DEI) is a major theme
for shareholder resolutions. In recent years resolutions have focused on pay gap reporting, racial equity audits, disclosure of DEI metrics
and assessments of the efficacy of DEI programmes.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We are generally supportive of shareholder proposals for
disclosure of standardised DEI metrics and pay gap reporting. Such disclosures can support assessments of how companies are addressing
opportunity and inclusion. We will, however, consider whether companies are allowed sufficient discretion to report on pay gaps in a way
that adequately reflects the demographic and legal variations between jurisdictions.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">A racial equity or civil rights audit is an independent analysis
of a company&#x2019;s business practices designed to identify aspects that may have a discriminatory effect. In applicable geographies,
we tend to support racial equity and civil rights audits in relation to internal and external DEI programmes where there could be an elevated
risk of discrimination. Resolutions should allow companies to carry out audits at a reasonable cost and within a reasonable timeframe.
We carefully consider a company&#x2019;s existing disclosure to ensure that proposals requesting these audits are not duplicative, prescriptive,
or unduly onerous.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Important Information</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">This document is strictly for information purposes only and
should not be considered as an offer, investment recommendation, or solicitation, to deal in any of the investments or funds mentioned
herein and does not constitute investment research. Aberdeen does not warrant the accuracy, adequacy or completeness of the information
and materials contained in this document and expressly disclaims liability for errors or omissions in such information and materials.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Any research or analysis used in the preparation of this
document has been procured by Aberdeen for its own use and may have been acted on for its own purpose. The results thus obtained are made
available only coincidentally and the information is not guaranteed as to its accuracy. Some of the information in this document may contain
projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies.
These statements are only predictions and actual events or results may differ materially. The reader must make their own assessment of
the relevance, accuracy and adequacy of the information contained in this document and make such independent investigations, as they may
consider necessary or appropriate for the purpose of such assessment. This material serves to provide general information and is not meant
to be investment, legal or tax advice for any particular investor. No warranty whatsoever is given and no liability whatsoever is accepted
for any loss arising whether directly or indirectly as a result of the reader, any person or group of persons acting on any information,
opinion or estimate contained in this document. Aberdeen reserves the right to make changes and corrections to any information in this
document at any time, without notice. This material is not to be reproduced in whole or in part without the prior written consent of Aberdeen
.</p>


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Applying ESG and sustainability criteria in the investment
process may result in the exclusion of securities within the universe of potential investments. The interpretation of ESG and sustainability
criteria is subjective meaning that products may invest in companies which similar products do not (and thus perform differently) and
which do not align with the personal views of any individual investor. Furthermore, the lack of common or harmonized definitions and labels
regarding ESG and sustainability criteria may result in different approaches by managers when integrating ESG and sustainability criteria
into investment decisions. This means that it may be difficult to compare strategies within ostensibly similar objectives and that these
strategies will employ different security selection and exclusion criteria. Consequently, the performance profile of otherwise similar
vehicles may deviate more substantially than might otherwise be expected. Additionally, in the absence of common or harmonized definitions
and labels, a degree of subjectivity is required and this will mean that a product may invest in a security that another manager or an
investor would not.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Aberdeen Group plc is registered in Scotland (SC286832) at
1 George Street, Edinburgh EH2 2LL.</p>


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<p style="margin-top: 0; margin-right: 0; margin-bottom: 0"></p>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART C - OTHER INFORMATION</b></p>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 25.</b></td><td><b><i>Financial Statements and Exhibits</i></b></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">1.</font></td><td>Financial statements. The Registrant&#x2019;s&#xa0;unaudited&#xa0;financial statements for the <a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925066106/tm2517609d5_ncsrs.htm">fiscal
period ended April 30, 2025</a> are incorporated herein by reference to the Fund&#x2019;s Semi-Annual Report, contained in its Form N-CSR.
The Registrant&#x2019;s audited financial statements, notes to the financial statements and the report of the independent public accounting
firm are included in the Fund&#x2019;s <a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465925002460/tm2430769d5_ncsr.htm">Annual
Report for the fiscal year ended October 31, 2024</a>, contained in its Form N-CSR, and are incorporated herein by reference.</td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top"><td style="width: 0.5in"></td><td style="width: 0.5in">2.</td><td>Exhibits:</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(a)</font></td><td></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(1)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1362481/000114420406019982/v042832_ex-2ai.htm">Certificate of Trust</a><sup>(1)</sup></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(i)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1362481/000175272423023579/NCEN_A_811-21901_908778_1022.htm">Certificate of Amendment
to Certificate of Trust</a><sup>(2)</sup></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(2)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1362481/000114420406019982/v042832_ex-2aii.htm">Agreement and Declaration of Trust</a><sup>(1)</sup></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(i)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1362481/000175272423023579/NCEN_A_811-21901_908778_1022.htm">Amendment to the Agreement
and Declaration of Trust</a><sup>(2)</sup></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(b)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1362481/000139834417012740/fp0028343_ex991.htm">Amended and Restated By-Laws</a><sup>(3)</sup></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(c)</font></td><td>Not applicable.</td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(d)</font></td><td>See the <a href="https://www.sec.gov/Archives/edgar/data/1362481/000114420406019982/v042832_ex-2aii.htm">Agreement and Declaration
of Trust</a> (Exhibit 2(a)(2) above) and the <a href="https://www.sec.gov/Archives/edgar/data/1362481/000139834417012740/fp0028343_ex991.htm">Amended
and Restated By-Laws</a> (Exhibit 2(b) above).</td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(e)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465922103607/tm2222784d11_ex99-7a.htm">Dividend Reinvestment Plan<sup>(</sup></a><sup>5)</sup></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(f)</font></td><td>Not applicable.</td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(g)</font></td><td></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(1)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1362481/000175272419054012/NCEN_4632186173023914.txt">Advisory Agreement</a><sup>(4)</sup></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(h)</font></td><td>Not applicable.</td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(i)</font></td><td>Not applicable.</td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(j)</font></td><td></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(1)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465922103607/tm2222784d11_ex99-9a.htm">Custodian Agreement</a><sup>(5)</sup></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1362481/000110465922103607/tm2222784d11_ex99-9b.htm">Amendment dated May 4, 2018
to Master Custodian Agreement</a><sup>(5)</sup></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in"><a href="tm2523786d1_ex99-2xjx1xii.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></a></td><td><a href="tm2523786d1_ex99-2xjx1xii.htm">Amendment, dated January 1, 2025 to the Master Custodian Agreement<font style="font-size: 10pt">&#xa0;</font><sup>(10)</sup></a></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(k)</font></td><td></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(1)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/876717/000110465911059229/a11-28545_1ex99dk1.htm">Transfer Agency and Service Agreement</a><sup>(6)</sup></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<p style="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; margin-top: 0pt; margin-bottom: 0pt">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(i)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1793855/000110465920086949/a20-18992_1ex99dkd2.htm#Exhibit99_k_2_020135">Sixth Amendment
to the Transfer Agency and Service Agreement with Computershare NA</a><sup>(7)</sup></td></tr></table>


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<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.25in"><a href="tm2523786d1_ex99-2xkx1xii.htm"><font style="font-family: Times New Roman, Times, Serif">(ii)</font></a></td><td><a href="tm2523786d1_ex99-2xkx1xii.htm">Amended and Restated Transfer Agency and Service Agreement&#xa0;<sup>(10)</sup></a></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(2)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1793855/000110465920076788/a20-18992_1ex99dkd3.htm">Amended and Restated Administration
Agreement</a><sup>(8)</sup></td></tr></table>


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<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(3)</font></td><td><a href="https://www.sec.gov/Archives/edgar/data/1379400/000110465923125329/tm2328859d2_ex99-13d.htm">Amended and Restated Investor
Relations Service Agreement</a><sup>(9)</sup></td></tr></table>


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<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(4)</font></td><td><a href="tm2523786d1_ex99-2xkx4.htm" style="-sec-extract: exhibit">Facility Agreement</a><sup>(10)</sup></td></tr></table>


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<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(l)</font></td><td>Opinion and Consent of Dechert LLP<sup>(11)</sup></td></tr></table>


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<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(m)</font></td><td>Not applicable.</td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(n)</font></td><td>Consent of independent registered public accounting firm for the Fund<sup>(11)</sup></td></tr></table>


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<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(o)</font></td><td>Not applicable.</td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(p)</font></td><td>Not applicable.</td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(q)</font></td><td>Not applicable.</td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(r)</font></td><td><a href="tm2523786d1_ex99-2xrx1.htm">(1) Code of Ethics of the Fund<sup>(10)</sup></a></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left">&#xa0;</td><td style="text-align: justify"><a href="tm2523786d1_ex99-2xrx2.htm">(2) Code of Ethics of the Investment Adviser<sup>(10)</sup></a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(s)</font></td><td><a href="tm2523786d1_exfilingfees.htm" style="-sec-extract: exhibit">Calculation of Filing Fee Table</a><sup>(10)</sup></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(t)</font></td><td></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(1)</font></td><td><a href="tm2523786d1_ex99-2xtx1.htm">Power of Attorney<sup>(10)</sup></a></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(2)</font></td><td><a href="tm2523786d1_ex99-2xtx2.htm">Form of Prospectus Supplement Relating to Common Shares<sup>(10)</sup></a></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(3)</font></td><td><a href="tm2523786d1_ex99-2xtx3.htm">Form of Prospectus Supplement Relating to Preferred Shares<sup>(10)</sup></a></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(4)</font></td><td><a href="tm2523786d1_ex99-2xtx4.htm">Form of Prospectus Supplement Relating to Notes<sup>(10)</sup></a></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(5)</font></td><td><a href="tm2523786d1_ex99-2xtx5.htm">Form of Prospectus Supplement Relating to Subscription Rights to Acquire Common Shares<sup>(10)</sup></a></td></tr></table>


<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</p>


<p style="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; margin-top: 0pt; margin-bottom: 0pt">&#xa0;</p>






<p style="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; margin: 0pt 0"></p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">Filed on May&#xa0;12, 2006, with registrant&#x2019;s Registration Statement on Form&#xa0;N-2 (File Nos.
333-134096 and 811-21901) and incorporated by reference herein.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">Filed on February&#xa0;14, 2023, with registrant&#x2019;s Annual Report on Form&#xa0;N-CEN (File No.&#xa0;811-21901)
and incorporated by reference herein.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(3)</td><td style="text-align: justify">Filed on October&#xa0;4, 2017, with registrant&#x2019;s Current Report on Form&#xa0;8-K (File No.&#xa0;811-21901)
and incorporated by reference herein.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(4)</td><td style="text-align: justify">Filed on June&#xa0;3, 2019, with registrant&#x2019;s Annual Report on Form&#xa0;N-CEN (File No.&#xa0;811-21901)
and incorporated by reference herein.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(5)</td><td style="text-align: justify">Filed on September&#xa0;28, 2022, with registrant&#x2019;s Registration Statement on Form&#xa0;N-14 (File
No.&#xa0;333-266796) and incorporated by reference herein.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(6)</td><td style="text-align: justify">Filed on October&#xa0;31, 2011, with abrdn Global Income Fund&#x2019;s Registration Statement on Form&#xa0;N-2
(File Nos. 333-177629 and 811-06342) and incorporated by reference herein.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(7)</td><td style="text-align: justify">Filed on July&#xa0;28, 2020, with abrdn Global Infrastructure Income Fund&#x2019;s Registration Statement
on Form&#xa0;N-2 (File Nos. 333-234722 and 811-23490) and incorporated by reference herein.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(8)</td><td style="text-align: justify">Filed on June&#xa0;25, 2020, with abrdn Global Infrastructure Income Fund&#x2019;s Registration Statement
on Form&#xa0;N-2 (File Nos. 333-234722 and 811-23490) and incorporated by reference herein.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(9)</td><td style="text-align: justify">Filed on December&#xa0;12, 2023 with abrdn Total Dynamic Dividend Fund&#x2019;s Registration Statement
on Form&#xa0;N-14 (File No.&#xa0;333-275152) and incorporated by reference herein.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(10)</td><td style="text-align: justify">Filed herewith.</td></tr></table>


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<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(11)</td><td style="text-align: justify">To be filed by amendment.</td></tr></table>


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<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 26.</b></td><td><b><i>Marketing Arrangements</i></b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information contained under the heading &#x201c;Plan of Distribution&#x201d;
in the Prospectus is incorporated by reference, and any information concerning any underwriters will be contained in the accompanying
Prospectus Supplement, if any.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 27.</b></td><td><b><i>Other Expenses of Issuance and Distribution</i></b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth the estimated expenses to be incurred
in connection with the offering described in this Registration Statement:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1pt solid; width: 89%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Category</td><td style="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Estimated<br> Expenses</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">SEC Registration Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">*</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Independent Public Accounting Firm Fees and Expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">*</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Legal Fees and Expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">*</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">FINRA Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">*</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Miscellaneous</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">*</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Total</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: right">*</td></tr>
  </table>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* To be completed by amendment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 28.</b></td><td><b><i>Persons Controlled by or Under Common Control</i></b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">None.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 29.</b></td><td><b><i>Number of Holders of Securities (as of [ ], 2025)</i></b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 48%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of Class</b></font></td><td style="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; width: 50%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Number of<br> Record Holders</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">*</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* To be completed by amendment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 30.</b></td><td><b><i>Indemnification and Limitation of Liability</i></b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article&#xa0;IV of the Fund&#x2019;s Agreement
and Declaration of Trust provides as follows:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&#xa0;4.1 <b>No Personal Liability of Shareholders,
Trustees,&#xa0;etc.</b> No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person
in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal
liability as is extended to stockholders of a private corporation for profit incorporated under the General Corporation Law of the State
of Delaware. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in
connection with Trust Property or the affairs of the Trust, save only liability to the Trust or its Shareholders arising from bad faith,
willful misfeasance, gross negligence or reckless disregard for his duty to such Person&#x37e; and, subject to the foregoing exception,
all Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of
the Trust. If any Shareholder, Trustee or officer of the Trust, as such, is made a party to any suit or proceeding to enforce any such
liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&#xa0;4.2 <b>Mandatory Indemnification.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#xa0;The Trust shall indemnify the Trustees
and officers of the Trust (each such person being an &#x201c;indemnitee&#x201d;) against any liabilities and expenses, including amounts
paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee
in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or
administrative or investigative body in which he may be or may have been involved as a party or otherwise (other than, except as authorized
by the Trustees, as the plaintiff or complainant) or with which he may be or may have been threatened, while acting in any capacity set
forth above in this Section&#xa0;4.2 by reason of his having acted in any such capacity, except with respect to any matter as to which
he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or, in the ease of
any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was unlawful, provided, however, that
no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of
(i)&#xa0;willful misfeasance, (ii)&#xa0;bad faith, (iii)&#xa0;gross negligence (negligence in the ease of Affiliated Indemnitees), or
(iv)&#xa0;reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i)&#xa0;through
(iv)&#xa0;being sometimes referred to herein as &#x201c;disabling conduct&#x201d;). Notwithstanding the foregoing, with respect to any action,
suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution
of such action, suit or other proceeding by such indemnitee was authorized by a majority of the Trustees.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#xa0;Notwithstanding the foregoing, no indemnification
shall be made hereunder unless there has been a determination (1)&#xa0;by a final decision on the merits by a court or other body of competent
jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification
hereunder or, (2)&#xa0;in the absence of such a decision, by (i)&#xa0;a majority vote of a quorum of those Trustees who are neither Interested
Persons of the Trust nor parties to the proceeding (&#x201c;Disinterested Non-Party Trustees&#x201d;), that the indemnitee is entitled to
indemnification hereunder, or (ii)&#xa0;if such quorum is not obtainable or even if obtainable, if such majority so directs, independent
legal counsel in a written opinion conclude that the indemnitee should be entitled to indemnification hereunder. All determinations to
make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately
succeeding paragraph (e)&#xa0;below.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#xa0;The Trust shall make advance payments
in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives
a written affirmation by the indemnitee of the indemnitee&#x2019;s good faith belief that the standards of conduct necessary for indemnification
have been met and a written undertaking to reimburse the Trust unless it is subsequently determined that he is entitled to such indemnification
and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been
met. In addition, at least one of the following conditions must be met: (1)&#xa0;the indemnitee shall provide adequate security for his
undertaking, (2)&#xa0;the Trust shall be insured against losses arising by reason of any lawful advances, or (3)&#xa0;a majority of a
quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written
opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial
reason to believe that the indemnitee ultimately will be found entitled to indemnification.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#xa0;The rights accruing to any indemnitee
under these provisions shall not exclude any other right to which he may be lawfully entitled.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&#xa0;Notwithstanding the foregoing, subject
to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify Persons providing
services to the Trust to the full extent provided by law provided that such indemnification has been approved by a majority of the Trustees.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 31.</b></td><td><b><i>Business and Other Connections of the Adviser</i></b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The description of the Adviser under the caption
 &#x201c;Management of the Fund&#x201d; in the prospectus and Statement of Additional Information of this registration statement are incorporated
by reference herein. For information as to the business, profession, vocation or employment of a substantial nature of each of the officers
and directors of the Adviser in the last two (2)&#xa0;years, reference is made to the Adviser&#x2019;s (abrdn Investments Limited) current
Form&#xa0;ADV (File No.&#xa0;801-75074) filed under the Investment Advisers Act of 1940, as amended, incorporated herein by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 32.</b></td><td><b><i>Location of Accounts and Records</i></b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All accounts, books and other documents required
by Section&#xa0;31(a)&#xa0;of the Investment Company Act of 1940, as amended, and the rules&#xa0;and regulations thereunder to be maintained
(i)&#xa0;by the registrant, will be maintained at its offices located at 1900 Market Street, Suite&#xa0;200, Philadelphia, PA 19103, or
at State Street Bank and Trust Company at State Street Financial Center, 1 Heritage Drive, 3rd Floor, North Quincy, MA 02171 and (ii)&#xa0;by
the Adviser, will be maintained at its offices located at 1900 Market Street, Suite&#xa0;200, Philadelphia, PA 19103.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 33.</b></td><td><b><i>Management Services</i></b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 34.</b></td><td><b><i>Undertakings</i></b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Not
applicable.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Not
applicable.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;The
Registrant hereby undertakes:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">a.</td><td style="text-align: justify">to file, during a period in which offers or sales are being made, a post-effective amendment to this Registration
Statement:</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">to include any prospectus required by Section&#xa0;10(a)(3)&#xa0;of the Securities Act;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">to reflect in the prospectus any facts or events after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&#xa0;424(b)&#xa0;if,
in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth
in the &#x201c;Calculation of Registration Fee&#x201d; table in the effective registration statement.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.25in">(3)</td><td style="text-align: justify">to include any material information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the Registration Statement.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top"><td style="width: 2in"></td><td style="width: 0.25in"></td><td style="text-align: justify">Provided, however, that paragraphs
a(1), a(2), and a(3)&#xa0;of this section do not apply to the extent the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&#xa0;13 or
Section&#xa0;15(d)&#xa0;of the Exchange Act that are incorporated by reference into the registration statement, or is contained in a form
of prospectus filed pursuant to Rule&#xa0;424(b)&#xa0;that is part of the registration statement.</td></tr></table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">b.</td><td style="text-align: justify">that for the purpose of determining any liability under the Securities Act, each post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">c.</td><td style="text-align: justify">to remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">d.</td><td style="text-align: justify">that, for the purpose of determining liability under the Securities Act to any purchaser:</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">if the Registrant is subject to Rule&#xa0;430B:</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify">(A)&#xa0;Each prospectus filed by the
Registrant pursuant to Rule&#xa0;424(b)(3)&#xa0;shall be deemed to be part of the registration statement as of the date the filed prospectus
was deemed part of and included in the registration statement; and</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="background-color: lightgrey"></font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify">(B)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Each
prospectus required to be filed pursuant to Rule&#xa0;424(b)(2), (b)(5), or (b)(7)&#xa0;as part of a registration statement in reliance
on Rule&#xa0;430B relating to an offering made pursuant to Rule&#xa0;415(a)(1)(i), (x), or (xi)&#xa0;for the purpose of providing the
information required by Section&#xa0;10(a)&#xa0;of the Securities Act shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities
in the offering described in the prospectus. As provided in Rule&#xa0;430B, for liability purposes of the issuer and any person that is
at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities
in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or
prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such effective date; or</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">if the Registrant is subject to Rule&#xa0;430C: each prospectus filed pursuant to Rule&#xa0;424(b)&#xa0;under
the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule&#xa0;430B
or other than prospectuses filed in reliance on Rule&#xa0;430A, shall be deemed to be part of and included in the registration statement
as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first use.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">e.</td><td style="text-align: justify">that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser
in the initial distribution of securities:</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify">The undersigned Registrant undertakes
that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities
to the purchaser:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.75in"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required
to be filed pursuant to Rule&#xa0;424 under the Securities Act;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.75in"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant
or used or referred to by the undersigned Registrant;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.75in"></td><td style="width: 0.25in">(3)</td><td style="text-align: justify">the portion of any other free writing prospectus or advertisement pursuant to Rule&#xa0;482 under the
Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by
or on behalf of the undersigned Registrant; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1.75in"></td><td style="width: 0.25in">(4)</td><td style="text-align: justify">any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(4)</td><td style="text-align: justify">The Registrant undertakes that, for the purpose of determining any liability under the Securities Act
of 1933, the information omitted from the form of prospectus filed as part of the Registration Statement in reliance upon Rule&#xa0;430A
and contained in the form of prospectus filed by the Registrant pursuant to Rule&#xa0;424(b)(1)&#xa0;will be deemed to be a part of the
Registration Statement as of the time it was declared effective.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Registrant undertakes that, for the
purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus
will be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that
time will be deemed to be the initial bona fide offering thereof.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(5)</td><td style="text-align: justify">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section&#xa0;13(a)&#xa0;or Section&#xa0;15(d)&#xa0;of
the Securities Exchange Act of 1934 that is incorporated by reference into the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(6)</td><td style="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by
the final adjudication of such issue.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(7)</td><td style="text-align: justify">The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt
delivery, within two business days of receipt of a written or oral request, any Statement of Additional Information.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>


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<p style="margin: 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Fund has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia and State of Pennsylvania on the 22nd
day of August, 2025.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">abrdn Global DYNAMIC DIVIDEND Fund</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%">&#xa0;</td>
    <td style="width: 3%; padding-right: 3pt; padding-left: 3pt">&#xa0;</td>
    <td style="width: 47%; padding-right: 3pt">&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Alan Goodson</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan Goodson, President </font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font>Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities
and on the date indicated.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;  border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 32%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></font></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="border-bottom: black 1pt solid; width: 32%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title</b></font></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="border-bottom: black 1pt solid; width: 32%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date</b></font></td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ P. Gerald Malone*</p></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee </font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&#xa0;22, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">P. Gerald Malone</font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Todd Reit*</p></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee </font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&#xa0;22, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todd Reit</font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Nancy Yao*</p></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee </font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&#xa0;22, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nancy Yao</font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ John Sievwright*</p></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee </font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&#xa0;22, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Sievwright</font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Christian Pittard*</p></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee </font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&#xa0;22, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Pittard</font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: center">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom; text-align: center">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Alan Goodson</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and<br>
President (Principal Executive<br>
Officer)</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&#xa0;22, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan Goodson</font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Sharon Ferrari</p></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer and Chief Financial<br>
Officer (Principal Financial<br>
Officer/Principal Accounting<br>
Officer) </font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&#xa0;22, 2025</font></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sharon Ferrari</font></td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td>
    <td style="vertical-align: bottom">&#xa0;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*This filing has been signed by each of the persons
so indicated by the undersigned Attorney-in-Fact pursuant to powers of attorney filed herewith.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr style="vertical-align: top">
<td style="width: 4%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*By: </font></td>
<td style="border-bottom: Black 1pt solid; width: 46%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lucia Sitar</font></td>
<td style="width: 50%">&#xa0;</td></tr>
<tr style="vertical-align: top">
<td>&#xa0;</td>
<td>Lucia Sitar</td>
<td>&#xa0;</td></tr>
<tr style="vertical-align: top">
<td>&#xa0;</td>
<td>Attorney-in-Fact pursuant to<br> Powers of Attorney</td>
<td>&#xa0;</td></tr>
<tr style="vertical-align: top">
<td colspan="3" style="padding-right: 0.05in; padding-left: 0.05in"></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2523786d1_exhibitindex.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1" -->

<p style="margin: 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXHIBIT&#xa0;INDEX</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="width: 10%"><a href="tm2523786d1_ex99-2xjx1xii.htm"><font style="font-size: 10pt">2(j)(1)(ii)</font></a></td>
    <td style="white-space: nowrap; width: 90%"><a href="tm2523786d1_ex99-2xjx1xii.htm"><font style="font-size: 10pt">Amendment, dated January 1, 2025 to the Master Custodian Agreement</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td style="white-space: nowrap">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><a href="tm2523786d1_ex99-2xkx1xii.htm"><font style="font-size: 10pt">2(k)(1)(ii)</font></a></td>
    <td style="white-space: nowrap"><a href="tm2523786d1_ex99-2xkx1xii.htm"><font style="font-size: 10pt">Amended and Restated Transfer Agency and Service Agreement</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td style="white-space: nowrap">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><a href="tm2523786d1_ex99-2xkx4.htm"><font style="font-size: 10pt">2(k)(4)</font></a></td>
    <td style="white-space: nowrap"><a href="tm2523786d1_ex99-2xkx4.htm"><font style="font-size: 10pt">Facility Agreement</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td style="white-space: nowrap">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><a href="tm2523786d1_ex99-2xrx1.htm"><font style="font-size: 10pt">2(r)(1)</font></a></td>
    <td style="white-space: nowrap"><a href="tm2523786d1_ex99-2xrx1.htm"><font style="font-size: 10pt">Code of Ethics of the Fund</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td style="white-space: nowrap">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><a href="tm2523786d1_ex99-2xrx2.htm"><font style="font-size: 10pt">2(r)(2)</font></a></td>
    <td style="white-space: nowrap"><a href="tm2523786d1_ex99-2xrx2.htm"><font style="font-size: 10pt">Code of Ethics of the Investment Adviser</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td style="white-space: nowrap">&#xa0;</td></tr>
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    <td><a href="tm2523786d1_exfilingfees.htm"><font style="font-size: 10pt">2(s)</font></a></td>
    <td style="white-space: nowrap"><a href="tm2523786d1_exfilingfees.htm"><font style="font-size: 10pt">Calculation of Filing Fee Table</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td style="white-space: nowrap">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><a href="tm2523786d1_ex99-2xtx1.htm"><font style="font-size: 10pt">2(t)(1)</font></a></td>
    <td style="white-space: nowrap"><a href="tm2523786d1_ex99-2xtx1.htm"><font style="font-size: 10pt">Power of Attorney</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td style="white-space: nowrap">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><a href="tm2523786d1_ex99-2xtx2.htm"><font style="font-size: 10pt">2(t)(2)</font></a></td>
    <td style="white-space: nowrap"><a href="tm2523786d1_ex99-2xtx2.htm"><font style="font-size: 10pt">Form of Prospectus Supplement Relating to Common Shares</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td style="white-space: nowrap">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><a href="tm2523786d1_ex99-2xtx3.htm"><font style="font-size: 10pt">2(t)(3)</font></a></td>
    <td style="white-space: nowrap"><a href="tm2523786d1_ex99-2xtx3.htm"><font style="font-size: 10pt">Form of Prospectus Supplement Relating to Preferred Shares</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td style="white-space: nowrap">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><a href="tm2523786d1_ex99-2xtx4.htm"><font style="font-size: 10pt">2(t)(4)</font></a></td>
    <td style="white-space: nowrap"><a href="tm2523786d1_ex99-2xtx4.htm"><font style="font-size: 10pt">Form of Prospectus Supplement Relating to Notes</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td style="white-space: nowrap">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><a href="tm2523786d1_ex99-2xtx5.htm"><font style="font-size: 10pt">2(t)(5)</font></a></td>
    <td style="white-space: nowrap"><a href="tm2523786d1_ex99-2xtx5.htm"><font style="font-size: 10pt">Form of Prospectus Supplement Relating to Subscription Rights to Acquire Common Shares</font></a></td></tr>
  </table>


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<DOCUMENT>
<TYPE>EX-99.2(J)(1)(II)
<SEQUENCE>2
<FILENAME>tm2523786d1_ex99-2xjx1xii.htm
<DESCRIPTION>EXHIBIT 99.2(J)(1)(II)
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d1_ex99-2xjx1xii.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1/users" -->

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;99.2(j)(1)(ii)</B></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: right"><FONT><B>Execution</B></FONT></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>AMENDMENT TO MASTER CUSTODIAN AGREEMENT</B></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"><B>THIS AMENDMENT TO MASTER
CUSTODIAN AGREEMENT</B> (the &ldquo;Amendment&rdquo;) is made and entered into as of January&nbsp;1, 2025, amending the Master Custodian
Agreement dated as of November&nbsp;18, 2010 (as amended, modified or supplemented from time to time, the &ldquo;Agreement&rdquo;) by
and between each abrdn (formerly Alpine) management investment company identified on <U>Appendix A</U> thereto (each, a &ldquo;Fund&rdquo;
and collectively, the &ldquo;Funds&rdquo;) and <B>STATE STREET BANK AND TRUST COMPANY</B> (the &ldquo;Custodian&rdquo;).</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: center"><B>WITNESSETH:</B></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"><B>WHEREAS</B>, each Fund
and the Custodian desires to amend the Agreement, as more particularly set forth below.</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"><B>NOW THEREFORE</B>, in consideration
of the foregoing and the mutual covenants and agreements hereinafter contained, the parties hereby agree as follows:</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">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment to Section&nbsp;16 (Effective Period,
Termination and Amendment) of the Agreement</U>. The first two paragraphs of Section&nbsp;16 (Effective Period, Termination, and
Amendment) of the Agreement are hereby deleted in their entirety and replaced with the following:</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 0pt 0.5in; text-align: justify">&ldquo;This Agreement shall remain in
full force and effect for an initial term ending December&nbsp;31, 2029 (the &ldquo;<B><I>Initial Term</I></B>&rdquo;). After expiration
of the Initial Term, this Agreement shall automatically renew for successive one-year renewal terms (each, a &ldquo;<B><I>Renewal Term</I></B>&rdquo;),
unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of
the Initial Term or ninety (90) days prior to the date of termination during any Renewal Term, as the case may be. During the Initial
Term and thereafter, either a Fund or the Custodian may terminate this Agreement: (i)&nbsp;in the event of the other party's material
breach of a material provision of this Agreement that the other party has either (a)&nbsp;failed to cure or (b)&nbsp;failed to establish
a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach; (ii)&nbsp;in the event of the appointment
of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate
agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to any Fund or Portfolio,
the applicable Fund shall pay Custodian its compensation due and shall reimburse Custodian for its costs, expenses and disbursements.</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 0pt 0.5in; text-align: justify">During the Initial Term or any Renewal
Term of the Agreement, in the event of: (i)&nbsp;any Fund's termination of this Agreement with respect to such Fund or one or more of
its Portfolios for any reason other than as set forth in the immediately preceding paragraph or (ii)&nbsp;a transaction not in the ordinary
course of business pursuant to which the Custodian is not retained to continue providing services hereunder to the Fund or Portfolio(s)&nbsp;(or
its respective successor), then the applicable Fund or Portfolio(s), as the case may be, shall pay the Custodian its compensation due
through the end of the then-current term (based upon the average monthly compensation previously earned by the Custodian with respect
to such Fund or Portfolio(s), as the case may be), and shall reimburse the Custodian for its costs, expenses and disbursements as provided
in the Agreement. For the avoidance of doubt, during the Initial Term or any Renewal Term, no payment will be required pursuant to this
paragraph in the event of any transaction such as a merger of a Fund or one or more of its Portfolio(s)&nbsp;into, or the consolidation
of a Fund or one or more of its Portfolio(s)&nbsp;with, another entity, or a change in control of the Fund or its adviser that results
in a termination of the Agreement, or the sale by a Fund or one or more of its Portfolio(s)&nbsp;of all, or substantially all, of its
assets to another entity, or in the event of a liquidation or dissolution of a Fund or one or more of its Portfolio(s)&nbsp;and distribution
of such Fund's or Portfolio's assets.&rdquo;</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"></P>


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<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">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Defined
Terms</U>. Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Agreement.</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">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>One
Agreement</U>. Except as expressly amended by this Amendment, all provisions of the Agreement shall remain in full force and effect. Upon
the execution of this Amendment, this Amendment and the Agreement shall form one agreement.</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">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law</U>. This Amendment shall be governed by, and construed in accordance with, the choice of law set forth in the Agreement (excluding
the law thereof which requires the application of or reference to the law of any other jurisdiction).</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-top: 0; margin-bottom: 0; text-align: justify">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes
or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically
transmitted form.</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-top: 0pt; margin-bottom: 0pt; text-align: center">[Remainder of Page&nbsp;Intentionally Left Blank]</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"><FONT>Information Classification:
Limited Access</FONT></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"></P>


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<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"><B>IN WITNESS WHEREOF</B>,
the parties have caused this Amendment to be executed by their duly authorized officers to be effective as of the date first above written.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EACH OF THE ENTITIES SET FORTH ON</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><U>APPENDIX
    A</U> TO THE AGREEMENT</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 STYLE="text-align: left"><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; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left">/s/ Lucia Sitar</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">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Lucia Sitar</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">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">VP</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">&nbsp;</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 COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>STATE STREET BANK AND TRUST COMPANY</B></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 STYLE="text-align: left"><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; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left">/s/ David
Whelan</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">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">David
Whelan</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">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Managing Director</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>




<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"><FONT>Information Classification:
Limited Access</FONT></P>


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


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


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<DOCUMENT>
<TYPE>EX-99.2(K)(1)(II)
<SEQUENCE>3
<FILENAME>tm2523786d1_ex99-2xkx1xii.htm
<DESCRIPTION>EXHIBIT 99.2(K)(1)(II)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d1_ex99-2xkx1xii.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1/users" -->

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit</B></FONT><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">99.2(k)(1)(ii)</FONT></B></P>


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


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amended and Restated<BR>
Transfer Agency and Service Agreement</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: center">Between</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: center">Each of the aberdeen Closed-End Funds<BR>
Listed on Schedule A</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: center">and</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: center">Computershare Trust Company, N.A.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</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: center">Computershare Inc.</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"></P>


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<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">This Amended and Restated Agreement (the &ldquo;Agreement&rdquo;)
dated as of the 1st day of April, 2025 amends and restates the prior transfer agency agreements by and between each of the aberdeen Closed-End
Funds listed herein on Schedule A attached hereto, which Schedule may be amended from time to time, each a US registered closed end investment
company having its principal office and place of business at 1900 Market Street, Suite&nbsp;200, Philadelphia, PA 19103 (each a &ldquo;Company&rdquo;
and collectively, the &ldquo;Companies&rdquo;), and Computershare Inc., a Delaware corporation, and its fully owned subsidiary Computershare
Trust Company, N.A., a federally chartered trust company, having its principal office and place of business at 150 Royall Street, Canton,
Massachusetts 02021 (collectively, the &ldquo;Transfer Agent&rdquo; or individually, &ldquo;Computershare&rdquo; and the &ldquo;Trust
Company&rdquo;, respectively).</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-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
each Company previously appointed Trust Company as its sole transfer agent and registrar for the Shares, and administrator of any Plans
(defined below) for Company, and Computershare as processor of all payments received or made by Company under a prior transfer agency
agreement that was effective on the date noted in Schedule A hereto (the &ldquo;Effective Date&rdquo;);</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-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
each Company and the Transfer Agent wish to amend and restate their prior transfer agency agreement to be replaced by this Agreement;</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-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS,
</B></FONT>Trust Company and Computershare will each separately provide specified services covered by this Agreement and, in addition,
Trust Company may arrange for Computershare to act on behalf of Trust Company in providing certain of its services covered by this Agreement;
and</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-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS,
</B></FONT>Trust Company and Computershare desire to accept such respective appointments and perform the services related to such appointments;</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-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOW
THEREFORE</B></FONT>, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:</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: 0.25in"><B>1.</B></TD><TD><B><U>CERTAIN DEFINITIONS</U>.</B></TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1</FONT>&#8239;&#8239;&#8239;&ldquo;<B>Account</B>&rdquo;
shall mean the account of each Shareholder which reflects any full or fractional Shares held by such Shareholder, outstanding funds,
or reportable tax information.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.2</FONT>&#8239;&#8239;&#8239;&ldquo;<B>Agreement</B>&rdquo;
shall mean this agreement and any and all exhibits or schedules attached hereto and any and all amendments or modifications which may
from time to time be executed.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.3</FONT>&#8239;&#8239;&#8239;<B>&ldquo;Authorized
Person(s)&rdquo; </B>shall mean any officers of a Company or additional individuals authorized by a Company&rsquo;s board to sign written
instruments and requests.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.4</FONT>&#8239;&#8239;&#8239;&ldquo;<B>Personal
Information</B>&rdquo; means information that identifies, relates to, describes, is reasonably capable of being associated with, or could
reasonably be linked, directly or indirectly, with a particular living individual, including, without limitation, names, signatures,
addresses, e-mail addresses, telephone numbers, account numbers and information, social security numbers and other personal identification
numbers, financial data, date of birth, transaction information, user names, passwords, security codes, employee ID numbers, identity
photos, and any other information defined in applicable privacy laws or regulations as personal information, that Transfer Agent receives
from Company, is otherwise obtained by Transfer Agent in connection with this Agreement, or to which Transfer Agent has access in the
course of performing the Services.</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"></P>


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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.5</FONT>&#8239;&#8239;&#8239;&ldquo;<B>Plans</B>&rdquo;
means any dividend reinvestment plan, direct stock purchase plan, or other investment programs administered by Trust Company for Company
relating to the Shares, whether as of the Effective Date or at any time during the term of this Agreement.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.6</FONT>&#8239;&#8239;&#8239;&ldquo;<B>Services</B>&rdquo;
means all services performed or made available by Transfer Agent pursuant to this Agreement.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.7</FONT>&#8239;&#8239;&#8239;&ldquo;<B>Share</B>&rdquo;
shall mean a Company's common stock, par value as listed in Schedule A attached hereto, authorized by the Company&rsquo;s Articles of
Incorporation, and other classes of the Company&rsquo;s stock to be designated by the Company in writing and which Transfer Agent agrees
to service under this Agreement.</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">1.8 <B>&#8239;&#8239;&ldquo;Shareholder&rdquo; </B>shall mean the
holder of record of Shares of a Company.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.9</FONT>&#8239;&#8239;&#8239;<B>&ldquo;Shareholder
Data&rdquo; </B>shall mean all information, including Personal Information, maintained on the records database of Transfer Agent concerning
Shareholders.</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: 18pt"><B>2.</B></TD><TD><B><U>APPOINTMENT OF AGENT</U>.</B></TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1</FONT>&#8239;&#8239;&#8239;<U>Appointments</U>.
Each Company hereby appoints Trust Company to act as sole transfer agent and registrar for all Shares and as administrator of Plans in
accordance with the terms and conditions hereof and appoints Computershare as the service provider to Trust Company and as processor
of all payments received or made by or on behalf of the Company under this Agreement, and Trust Company and Computershare accepts the
respective appointments. Transfer Agent is engaged in an independent business and will perform its obligations under this Agreement as
an agent of the Company.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2</FONT>&#8239;&#8239;&#8239;<U>Documents</U>.
In connection with the appointments herein, each Company has provided or will provide the following appointment and corporate authority
documents to Transfer Agent:</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: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Copies of resolutions appointing Trust Company as the transfer agent;</TD></TR></TABLE>


<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: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Specimens of all forms of outstanding Share certificates, in forms
                                            approved by the Board of Directors of the Company, with a certificate of the Secretary of
                                            Company as to such approval;</TD></TR></TABLE>


<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: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Specimens of the signatures of the officers of the Company authorized
                                            to sign stock certificates and authorized to sign written instructions and requests;</TD></TR></TABLE>


<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: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>An opinion of counsel for the Company addressed to both Trust Company
                                            and Computershare with respect to the following:</TD></TR></TABLE>


<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: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Company&rsquo;s organization and existence under the laws of its
                                            state of organization;</TD></TR></TABLE>


<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: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>The status of all Shares of the Company covered by the appointment
                                            under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), and any other
                                            applicable federal or state statute; and</TD></TR></TABLE>


<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: 1.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>That all issued Shares are, and all unissued Shares will be, when
                                            issued, validly issued, fully paid and non-assessable; and</TD></TR></TABLE>


<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: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>A certificate of the Company as to the Shares authorized, issued
                                            and outstanding, as well as a description of all reserves of unissued Shares relating to
                                            the exercise of options.</TD></TR></TABLE>


<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"></P>


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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3</FONT>&#8239;&#8239;&#8239;<U>Records</U>.
Transfer Agent may adopt as part of its records all Shareholders lists, Share ledgers, records, books, and documents which have been
employed by a Company or any of its agents and which are certified to be true, authentic and complete. Transfer Agent shall keep records
relating to the Services, in the form and manner it deems advisable. Transfer Agent agrees that all such records prepared or maintained
by it relating to the Services are the property of the Company and will be preserved, maintained and made available in accordance with
the requirements of applicable law and Transfer Agent&rsquo;s records management policy, and will be surrendered promptly to Company
in accordance with its request subject to applicable law and Transfer Agent&rsquo;s records management policy.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.4</FONT>&#8239;&#8239;&#8239;<U>Company
Audit</U>. Transfer Agent shall, upon at least thirty (30) days written notice, no more frequently than once per year (unless required
by a Company&rsquo;s regulators or in response to a previously- identified material deficiency, in which event the additional audit will
only relate to such deficiency), and at mutually agreed dates and times, allow a Company, its auditors and/or its regulators, at Company&rsquo;s
cost and expense, to inspect, examine, and audit Transfer Agent's offices, operations, procedures and business records that are relevant
to the Services provided hereunder by Transfer Agent (collectively, &ldquo;<B>Records</B>&rdquo;), solely to determine Transfer Agent&rsquo;s
compliance with this Agreement, and only to the extent that such Records were not included within the scope of the SSAE 18/SOC 1,&nbsp;ISAE
3402, AT-C Section&nbsp;205, or equivalent audit provided by Transfer Agent within the previous calendar year (collectively &ldquo;<B>Audits</B>&rdquo;).
Notwithstanding the foregoing, Transfer Agent may, in its sole discretion, prohibit a Company from entering certain areas of its facilities
for security reasons, in which case Transfer Agent will provide the Company with alternative access to the Records, information or personnel
in such restricted area, to the extent reasonably possible. Audits shall not include security assessments such as penetration testing
or vulnerability scanning by a Company. Further, each Company agrees that any Audit includes the right of the Company to inspect Records
on-site at Transfer Agent&rsquo;s offices, but not the right to copy Records. A Company will provide Transfer Agent with a written Scope
of Work including a mutually agreed level of detail, at least ten (10)&nbsp;business days in advance of commencement of an Audit. Transfer
Agent shall cooperate reasonably and in good faith with a Company&rsquo;s internal or external auditors to ensure a prompt and accurate
Audit. In addition, Transfer Agent shall address within a reasonable time period and in the manner determined by Transfer Agent any practices
found to be non-compliant with this Agreement after receipt of a Company&rsquo;s Audit report. Each Company acknowledges that Transfer
Agent may require any such auditors and/or regulators of a Company to agree to written confidentiality provisions relating to Transfer
Agent&rsquo;s proprietary and confidential information that such auditors and/or regulators may have access to during any such Audit.
Each Company agrees to compensate Transfer Agent for all reasonable out of pocket expenses incurred by Transfer Agent in connection with
any Audit (<I>e.g</I>., travel and subsistence if necessary for the location of the Audit) of that Company, and also agrees to compensate
Transfer Agent for the time of each Transfer Agent employee required to assist such Audit (<I>e.g</I>., subject matter experts in Information
Security, Technology, Business Operations, Client and External Audit Services); provided, however, that in no event shall a Company be
charged for (i)&nbsp;the time incurred by Transfer Agent&rsquo;s Relationship Management employees required to assist such Audit; or
(ii)&nbsp;costs related to another Company&rsquo;s Audit.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5</FONT>&#8239;&#8239;&#8239;<U>Shares</U>.
Each Company shall, if applicable, inform Transfer Agent as soon as possible in advance as to (i)&nbsp;the existence or termination of
any restrictions on the transfer of Shares, the application to or removal from any Shares of any legend restricting the transfer of such
Shares (which may be subject, in the case of removal of any such legend, to delivery of a legal opinion in form and substance acceptable
to Transfer Agent), or the substitution for such Share of a Share without such legend; (ii)&nbsp;any authorized but unissued Shares reserved
for specific purposes; (iii)&nbsp;any outstanding Shares which are exchangeable for Shares and the basis for exchange; (iv)&nbsp;reserved
Shares subject to option and the details of such reservation; (v)&nbsp;any Share split or Share dividend; (vi)&nbsp;any other relevant
event or special instructions which may affect the Shares; (vii)&nbsp;any bankruptcy, insolvency or other proceeding regarding the Company
affecting the enforcement of creditors&rsquo; rights; and (viii)&nbsp;any future original issuances of Shares for which Transfer Agent
will act as transfer agent under this Agreement (subject to delivery of a legal opinion of counsel for Company addressed to Transfer
Agent in a form mutually agreed upon by both parties, concerning, without limitation, the legal status of such Shares, including whether
the applicable issuance is part of an offering of Shares that is registered or exempt from registration).</P>


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


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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.6</FONT>&#8239;&#8239;&#8239;<U>Share
Certificates</U>. If a Company offers Shares in certificated form, the Company shall provide Transfer Agent with (i)&nbsp;documentation
required to print on demand Share certificates, or (ii)&nbsp;an appropriate supply of Share certificates which contain a signature panel
for use by an authorized signor of Transfer Agent and state that such certificates are only valid after being countersigned and registered,
whichever is applicable.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.7</FONT>&#8239;&#8239;&#8239;<U>Company
Responsibility</U>. Each Company shall perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and
delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by Transfer Agent for
the carrying out or performing by Transfer Agent of the provisions of this Agreement.</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">2.8 &#8239;&#8239;<U>Scope of Agency.</U></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: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Transfer Agent shall act solely as agent for Company under this Agreement
                                            and owes no duties hereunder to any other person. Transfer Agent undertakes to perform the
                                            duties and only the duties that are specifically set forth in this Agreement, and no implied
                                            covenants or obligations shall be read into this Agreement against Transfer Agent. Transfer
                                            Agent is engaged in an independent business and will perform its obligations under this Agreement
                                            as an agent of Company for the purposes of the Services to be furnished hereunder.</TD></TR></TABLE>


<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: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Transfer Agent may rely upon, and shall be protected in acting or
                                            refraining from acting in good faith reliance upon, (i)&nbsp;any communication from Company,
                                            any predecessor transfer agent or co-transfer agent or any registrar (other than Transfer
                                            Agent), predecessor registrar or co- registrar; (ii)&nbsp;any instruction, notice, request,
                                            direction, consent, report, certificate, opinion or other instrument, paper, document or
                                            electronic transmission believed in good faith by Transfer Agent to be genuine and to have
                                            been signed or given by the proper party or parties;&#8239;(iii)&nbsp;any guaranty of signature
                                            by an &ldquo;eligible guarantor institution&rdquo; that is a member or participant in the
                                            Securities Transfer Agents Medallion Program or other comparable &ldquo;signature guarantee
                                            program&rdquo; or insurance program in addition to, or in substitution for, the foregoing;
                                            or (iv)&nbsp;any instructions received through Direct Registration System/Profile. In addition,
                                            Transfer Agent is authorized to refuse to make any transfer that it determines in good faith
                                            not to be in good order.</TD></TR></TABLE>


<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: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Company shall promptly provide Transfer Agent with an updated board
                                            resolution and/or certificate of incumbency regarding any change of authority for any Authorized
                                            Person. Transfer Agent shall not be held to have notice of any change of authority of any
                                            Authorized Person, until receipt of written notice thereof from Company.</TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.9</FONT>&#8239;&#8239;&#8239;<U>Additional
Companies</U>. To the extent a Company is added to Schedule A after the Effective Date, such Company is a Company for all purposes of
this Agreement and is bound by all terms and conditions and provisions of this Agreement, including, without limitation, the representations
and warranties of a Company set forth herein.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.10</FONT>&#8239;<U>Amendment
to Schedule A</U>. The parties agree to amend Exhibit&nbsp;A to reflect the most updated information regarding Companies and Shares relevant
to this Agreement. The parties agree that notwithstanding Section&nbsp;14.4 of this Agreement, Schedule A may be amended without an executed
written amendment if an Authorized Person delivers by email to Transfer Agent's relationship manager a copy of an amended and restated
Schedule A, dated as of the date such amended and restated Schedule A is intended to be effective, and a member of Transfer Agent's relationship
management team acknowledges in a responding email that the amended and restated Schedule A has been received. To the extent Schedule
A is amended to add a Company, the added Company must provide Transfer Agent with the documents listed in Section&nbsp;2.2 of this Agreement
in relation to such Company on a timeline mutually agreed by the parties.</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"></P>


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<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: 18pt"><B>3.</B></TD><TD><B><U>STANDARD SERVICES</U>.</B></TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1</FONT>&#8239;&#8239;&#8239;<U>Share
Services</U>. Transfer Agent shall perform the Share Services set forth in the Fee and Service Schedule (&ldquo;Fee and Service Schedule&rdquo;)
attached hereto and incorporated herein. Further, Transfer Agent shall issue and record Shares as authorized, hold Shares in the appropriate
Shareholder Account, and effect transfers of Shares upon receipt of appropriate documentation.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2</FONT>&#8239;&#8239;&#8239;<U>Replacement
Shares</U>. Transfer Agent shall issue replacement Shares for those certificates alleged to have been lost, stolen or destroyed, upon
receipt by Transfer Agent of a reasonable administration fee paid by Shareholder, and an open penalty surety bond satisfactory to it
and holding it and the applicable Company harmless, absent notice to Transfer Agent that such certificates have been acquired by a bona
fide purchaser. Transfer Agent may, at its option, issue replacement Shares for mutilated stock certificates upon presentation thereof
without such indemnity. Transfer Agent may, at its sole option, accept indemnification from the Company to issue replacement Shares for
those certificates alleged to have been lost, stolen or destroyed in lieu of an open penalty bond. Transfer Agent may receive compensation,
including in the form of commissions, for services provided in connection with surety programs offered to Shareholders.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3</FONT>&#8239;&#8239;&#8239;<U>Internet
Services</U>. Transfer Agent shall make available to the Companies and Shareholders, through its web sites, including, but not limited
to, <U>www.computershare.com</U> (collectively, &ldquo;Web Site&rdquo;), online access to certain Account and Shareholder information
and certain transaction capabilities (&ldquo;Internet Services&rdquo;), subject to Transfer Agent&rsquo;s security procedures and the
terms and conditions set forth herein and on the Web Site. Transfer Agent provides Internet Services &ldquo;as is&rdquo; on an &ldquo;as
available&rdquo; basis, and hereby specifically disclaims any and all representations or warranties, express or implied, regarding such
Internet Services, including any implied warranty of merchantability or fitness for a particular purpose and implied warranties arising
from course of dealing or course of performance.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.4</FONT>&#8239;&#8239;&#8239;<U>Proprietary
Information</U>. Each Company agrees that the databases, programs, screen and report formats, interactive design techniques,&nbsp;Internet
Services, software (including methods or concepts used therein, source code, object code, or related technical information) and documentation
manuals furnished to the Company by Transfer Agent as part of the Services are under the control and ownership of Transfer Agent or a
third party (including its affiliates) and constitutes copyrighted, trade secret, or other proprietary information (collectively, &ldquo;Proprietary
Information&rdquo;). In no event shall Proprietary Information be deemed Shareholder Data. Each Company agrees that Proprietary Information
is of substantial value to Transfer Agent or other third party and will treat all Proprietary Information as confidential in accordance
with Section&nbsp;10 of this Agreement. Each Company shall take reasonable efforts to advise its relevant employees and agents of its
obligations pursuant to this Section&nbsp;3.4.</P>


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


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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.5</FONT>&#8239;&#8239;&#8239;<U>Third
Party Content</U>. Transfer Agent may provide real-time or delayed quotations and other market information and messages (&ldquo;<B>Market
Data</B>&rdquo;), which Market Data is provided to Transfer Agent by certain third parties who may assert a proprietary interest in Market
Data disseminated by them but do not guarantee the timeliness, sequence, accuracy or completeness thereof. Company agrees and acknowledges
that Transfer Agent shall not be liable in any way for any loss or damage arising from or occasioned by any inaccuracy, error, delay
in, omission of, or interruption in any Market Data or the transmission thereof; provided such third party was selected by Transfer Agent
in good faith and in the absence of negligence or willful misconduct.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.6</FONT>&#8239;&#8239;&#8239;Transfer
Agent is obligated and agrees to comply with all applicable laws and regulations, codes, orders and government rules&nbsp;in the performance
of its duties under this Agreement.</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: 0.25in"><B>4.</B></TD><TD><B><U>DIVIDEND REINVESTMENT PLAN SERVICES</U>.</B></TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT>&#8239;&#8239;&#8239;The
Trust Company shall perform all services under the Plans, as the administrator of such Plans, with the exception of payment processing
for which Computershare has been appointed as agent by a Company, and certain other services that the Trust Company may subcontract to
Computershare as permitted by applicable law (e.g. ministerial services).</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT>&#8239;&#8239;&#8239;The
Transfer Agent shall act as agent for Shareholders pursuant to the Plans in accordance with the terms and conditions of such Plans.</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>COMPUTERSHARE
                                            DIVIDEND DISBURSING AND PAYMENT SERVICES</U></B></FONT>.</TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1</FONT>&#8239;&#8239;&#8239;<U>Declaration
of Dividends</U>. Upon receipt of written notice from the President, any Vice President, Secretary, Assistant Secretary, Treasurer or
Assistant Treasurer of a Company declaring the payment of a dividend, Computershare shall disburse such dividend payments provided that
in advance of the applicable check mailing date, the Company furnishes Computershare with sufficient funds. The payment of such funds
to Computershare for the purpose of being available for the payment of dividends from time to time is not intended by the Companies to
confer any rights in such funds on Shareholders whether in trust, contract, or otherwise.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2</FONT>&#8239;&#8239;&#8239;<U>Stop
Payments</U>. Each Company hereby authorizes Computershare to stop payment of checks issued in payment of sales proceeds and of dividends,
if applicable, but not presented for payment, when the payees thereof allege either that they have not received the checks or that such
checks have been mislaid, lost, stolen, destroyed or, through no fault of theirs, are otherwise beyond their control and cannot be produced
by them for presentation and collection, and Computershare shall issue and deliver duplicate checks in replacement thereof, and the payment
issuing Company shall indemnify Transfer Agent against any loss or damage resulting from reissuance of the checks so long as Transfer
Agent has acted in accordance with the terms of this Agreement with respect to Section&nbsp;8.3.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.3</FONT>&#8239;&#8239;&#8239;<U>Tax
Withholding</U>. Each Company hereby authorizes Computershare to deduct from all payments of sales proceeds and of dividends declared
by that Company and disbursed by Computershare, as dividend disbursing agent, the tax required to be withheld pursuant to Sections 1441,
1442, 1445, 1471 through 1474, and 3406 of the Internal Revenue Code of 1986, as amended, or by any federal or state statutes subsequently
enacted, and to make the necessary returns and payment of such tax to the relevant taxing authority. Each Company will provide withholding
and reporting instructions to Computershare from time to time as relevant, and upon request of Computershare.</P>


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


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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.4</FONT>&#8239;&#8239;&#8239;<U>Plan
Payments</U>. Each Company hereby authorizes Computershare to receive all payments made to the Company (i.e., optional cash purchases)
or the Transfer Agent under the Plans and make all payments required to be made under such Plans, including all payments required to
be made to Company. For optional cash purchases, in the event funds are unavailable for any reason (including, without limitation, due
to a rejection or reversal of the payment), Computershare shall sell the Shares purchased and any gain thereon shall accrue to Computershare.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5</FONT>&#8239;&#8239;&#8239;<U>Bank
Accounts</U>. All funds administered by Computershare under this Agreement that are to be distributed or applied by Computershare in
the performance of Services (the &ldquo;<B>Funds</B>&rdquo;) shall be administered by Computershare as agent for Company and deposited
in one or more dedicated bank accounts to be maintained by Computershare in its name as agent for Company. The Funds shall not be comingled
with other client funds or Computershare&rsquo;s own corporate funds. Until paid pursuant to this Agreement, Computershare may administer
the Funds through bank accounts with commercial banks with Tier 1 capital exceeding $10 billion, and with an investment grade rating
by S&amp;P (LT Local Issuer Credit Rating), Moody&rsquo;s (Long Term Rating) and Fitch Ratings,&nbsp;Inc. (LT Issuer Default Rating)
(each as reported by Bloomberg Finance L.P.). Company shall have no responsibility or liability for any diminution of the Funds that
may result from any deposit or investment made by Computershare in accordance with this paragraph, except for any losses resulting from
a default by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or
other earnings in connection with such deposits or investments. Computershare shall not be obligated to pay such interest, dividends
or earnings to the Companies, any Shareholder or any other party.</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: 0.25in"><B>6.</B></TD><TD><B><U>FEES AND EXPENSES</U>.</B></TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1</FONT>&#8239;&#8239;&#8239;<U>Fee
and Service Schedules</U>. Each Company individually, and not jointly, agrees to pay Transfer Agent the fees and out-of-pocket expenses
for Services performed for such Company pursuant to this Agreement as set forth in the Fee and Service Schedule. At least sixty (60)
days before the expiration of the Initial Term (as defined below) or a Renewal Term (as defined below), whichever is applicable, the
parties to this Agreement will agree upon a new fee schedule for the upcoming Renewal Term. If no new fee schedule is agreed upon, then
the fees will increase as set forth in the Term Section&nbsp;of the Fee and Service Schedule.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2</FONT>&#8239;&#8239;&#8239;<U>Invoices</U>.
Each Company individually, and not jointly, will pay Transfer Agent all amounts invoiced for such Company in accordance with this
Agreement within thirty (30) days of Company&rsquo;s receipt of such invoice, except for any amounts that are subject to good faith
dispute. In the event of such dispute, Company must promptly notify Transfer Agent of such dispute and may only withhold that
portion of the amounts subject to such dispute. Company shall settle such disputed amounts within five (5)&nbsp;business days of the
date on which the parties agree on the amount to be paid by payment of the agreed amount. If no agreement is reached, then such
disputed amounts shall be settled as may be required by applicable law or legal process.</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">6.3&#8239;&#8239; <U>Late Payments</U>.</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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>If any undisputed amount in an invoice of Transfer Agent (for fees
                                            or reimbursable expenses) is not paid within thirty (30) days after the date of such invoice,
                                            the applicable Company shall pay Transfer Agent interest thereon (from the due date to the
                                            date of payment) at a per annum rate equal to eighteen percent (18%). Notwithstanding any
                                            other provision hereof, such interest rate shall be no greater than permitted under applicable
                                            law.</TD></TR></TABLE>


<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"></P>


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<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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>The failure by a Company to pay the undisputed portion of an invoice
                                            within ninety (90) days after the date of such invoice, shall constitute a material breach
                                            of this Agreement by Company pursuant to Section&nbsp;11.4 below. Transfer Agent may terminate
                                            this Agreement with respect to the applicable Company for such material breach upon ten (10)&nbsp;business
                                            days&rsquo; written notice of such proposed termination to Company.</TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.4</FONT>&#8239;&#8239;&#8239;<U>Transaction
Taxes</U>. Company is responsible for all taxes, levies, duties, and assessments levied on Services purchased under this Agreement (collectively,
 &ldquo;<B>Transaction Taxes</B>&rdquo;). Computershare is responsible for collecting and remitting Transaction Taxes in all jurisdictions
in which Computershare is registered to collect such Transaction Taxes. Computershare shall invoice Company for such Transaction Taxes
that Computershare is obligated to collect upon the furnishing of Services. Company shall pay such Transaction Taxes according to the
terms in Section&nbsp;6.2 above. Computershare shall timely remit to the appropriate governmental authorities all such Transaction Taxes
that Computershare collects from Company. To the extent that Company provides Computershare with valid exemption certificates, direct
pay permits, or other documentation that exempts Computershare from collecting Transaction Taxes from Company, invoices issued for the
Services provided after Computershare&rsquo;s receipt of such certificates, permits, or other documentation will not reflect exempted
Transaction Taxes. Computershare is solely responsible for the payment of all personal property taxes, franchise taxes, corporate excise
or privilege taxes, property or license taxes, taxes relating to Computershare&rsquo;s personnel, and taxes based on Computershare&rsquo;s
net income or gross revenues relating to the Services.</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: 18pt"><B>7.</B></TD><TD><B><U>REPRESENTATIONS AND WARRANTIES</U>.</B></TD></TR></TABLE>


<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: 0.25in">7.1</TD><TD><U>Transfer Agent</U>. Transfer Agent represents and warrants to Company that:</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Governance</U>. Trust Company is a federally chartered trust
                                            company duly organized, validly existing, and in good standing under the laws of the United
                                            States and Computershare is a corporation duly organized, validly existing, and in good standing
                                            under the laws of the State of Delaware and each has full power, authority and legal right
                                            to execute, deliver and perform this Agreement; and</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Compliance with Laws</U>. The execution, delivery and performance
                                            of this Agreement by Transfer Agent has been duly authorized by all necessary action, constitutes
                                            a legal, valid and binding obligation of Transfer Agent enforceable against Transfer Agent
                                            in accordance with its terms, will not require the consent of any third party that has not
                                            been given, and will not violate, conflict with or result in the breach of any material term,
                                            condition or provision of (i)&nbsp;any existing law, ordinance, or governmental rule&nbsp;or
                                            regulation to which Transfer Agent is subject,&#8239;(ii)&nbsp;any judgment, order, writ,
                                            injunction, decree or award of any court, arbitrator or governmental or regulatory official,
                                            body or authority applicable to Transfer Agent, (iii)&nbsp;Transfer Agent&rsquo;s incorporation
                                            documents or by-laws, or (iv)&nbsp;any material agreement to which Transfer Agent is a party.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.25in">7.2</TD><TD><U>Company</U>. Each Company represents and warrants to Transfer Agent that:</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Governance</U>. It is a corporation duly organized, validly existing
                                            and in good standing under the laws of the state in which is organized as shown on Exhibit&nbsp;A,
                                            and it has full power, authority and legal right to enter into and perform this Agreement;</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Compliance with Laws</U>. The execution, delivery and performance
                                            of this Agreement by a Company has been duly authorized by all necessary action and constitutes
                                            the legal, valid and binding obligation of the Company enforceable against the Company in
                                            accordance with its terms and will not violate, conflict with or result in the breach of
                                            any material term, condition or provision of, or require the consent of any other party to
                                            (i)&nbsp;any existing law, ordinance, or governmental rule&nbsp;or regulation to which Company
                                            is subject, (ii)&nbsp;any judgment, order, writ, injunction, decree or award of any court,
                                            arbitrator or governmental or regulatory official, body or authority applicable to Company,
                                            (iii)&nbsp;Company&rsquo;s incorporation documents or by-laws, (iv)&nbsp;any material agreement
                                            to which Company is a party, or (v)&nbsp;any applicable stock exchange rules;</TD></TR></TABLE>


<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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Securities Laws</U>. Registration statements under the <U>Investment
                                            Company Act of 1940</U>, as amended (&ldquo;1940 Act&rdquo;), <U>Securities Act of 1933</U>,
                                            as amended (&ldquo;1933 Act&rdquo;) and the 1934 Act, as applicable, have been filed and
                                            are currently effective, or will be effective prior to the sale of any Shares, and will remain
                                            so effective, and all applicable state securities law filings have been made with respect
                                            to all Shares being offered for sale except for any Shares which are offered in a transaction
                                            or series of transactions which are exempt from the registration requirements of the 1940
                                            Act, 1933 Act, 1934 Act and state securities laws; Company will immediately notify Transfer
                                            Agent of any information to the contrary.</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD><U>Shares</U>. The Shares issued and outstanding on the date hereof
                                            are duly authorized, validly issued, fully paid and non-assessable; and any Shares to be
                                            issued hereafter, when issued, will be duly authorized, validly issued, fully paid and non-assessable;
                                            and</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD><U>Facsimile Signatures</U>. The use of facsimile signatures by
                                            Transfer Agent in connection with the countersigning and registering of Share certificates
                                            has been duly authorized by Company and is valid and effective.</TD></TR></TABLE>


<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: 18pt"><B>8.</B></TD><TD><B><U>INDEMNIFICATION AND LIMITATION OF LIABILITY</U>.</B></TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.1</FONT>&#8239;&#8239;&#8239;<U>Company
Indemnity</U>. Each Company, severally and not jointly, shall indemnify and hold Transfer Agent harmless from and against, and Transfer
Agent shall not be responsible for, any and all losses, claims, damages, costs, charges, counsel fees and expenses, payments, expenses
and liability relating to that Company (collectively, &ldquo;Losses&rdquo;) arising out of or attributable to:</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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>all actions of Transfer Agent or its agents or subcontractors required
                                            to be taken pursuant to this Agreement provided such actions are taken in good faith and
                                            without negligence or willful misconduct;</TD></TR></TABLE>


<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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>the Company&rsquo;s lack of good faith, negligence or willful misconduct
                                            or the breach of any representation or warranty of Company hereunder;</TD></TR></TABLE>


<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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>reliance on or use by Transfer Agent or its agents or subcontractors
                                            of any (i)&nbsp;information, records, data, and documents which have been prepared and/or
                                            maintained by a Company or any other person or firm on behalf of the Company, including any
                                            former transfer agent or registrar, and provided to Transfer Agent or its agents or subcontractors;
                                            (ii)&nbsp;paper or document reasonably believed to be genuine and to have been signed by
                                            the proper person or persons, including Shareholders and their authorized agents or representatives
                                            (e.g. power of attorney); and (iii)&nbsp;electronic instructions from a Company or Shareholders
                                            and their authorized agents or representatives (e.g. power of attorney) submitted through
                                            Internet Services or any other electronic means pursuant to security procedures established
                                            by Transfer Agent.</TD></TR></TABLE>


<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: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>The negotiation and processing of all checks, including checks that
                                            are tendered to Transfer Agent for the purchase of Shares, provided such actions are taken
                                            in good faith and without negligence or willful misconduct; and</TD></TR></TABLE>


<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: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>The recognition, acceptance, or processing by Transfer Agent of stock
                                            certificates for a Company that has certificated Shares which are reasonably believed to
                                            bear the proper manual or facsimile signatures of officers of Company, and the proper countersignature
                                            of any former transfer agent or former registrar, or of a co-transfer agent or co- registrar,
                                            provided such actions are taken in good faith and without negligence or willful misconduct.</TD></TR></TABLE>


<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"></P>


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<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">Transfer Agent agrees that it will look only to the assets and property
of a particular Company in asserting any rights or claims under this Agreement with respect to Services rendered with respect to that
Company and will not seek to obtain settlement of such rights or claims from the assets and property of any other Company.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.2</FONT>&#8239;&#8239;&#8239;<U>Instructions</U>.
From time to time, a Company may provide Transfer Agent with instructions concerning the Services. In addition, at any time Transfer
Agent may apply to any officer of a Company for instruction, and may consult with legal counsel for the Company with respect to any matter
arising in connection with the Services to be performed by the Transfer Agent under this Agreement. Transfer Agent and its agents and
subcontractors shall not be liable and shall be indemnified by the Company for any action taken or omitted by Transfer Agent in good
faith and in reliance upon any Company instructions or upon the advice or opinion of such counsel. Transfer Agent shall not be held to
have notice of any change of authority of any person, until receipt of written notice thereof from the Company.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.3</FONT>&#8239;&#8239;&#8239;<U>Transfer
Agent Indemnification/Limitation of Liability</U>. Transfer Agent shall be responsible for and shall indemnify and hold each Company
harmless from and against any and all Losses arising out of or attributable to: (a)&nbsp;Transfer Agent&rsquo;s or its agents&rsquo;
refusal or failure to comply with the terms of this Agreement, (b)&nbsp;Transfer Agent&rsquo;s bad faith, negligence or willful misconduct,
or (c)&nbsp;Transfer Agent&rsquo;s, or its agents&rsquo;, breach of any representation or warranty hereunder, in each case for which
Transfer Agent is not entitled to indemnification under this Agreement; provided, however, that excluding Transfer Agent&rsquo;s gross
negligence, bad faith and willful misconduct Transfer Agent&rsquo;s aggregate liability during any term of this Agreement with respect
to, arising from, or arising in connection with this Agreement, or from all Services provided or omitted to be provided under this Agreement,
whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, five (5)&nbsp;times the amounts paid hereunder by
all Companies to Transfer Agent as fees and charges, but not including reimbursable expenses of any Company, during the twelve (12) months
immediately preceding the event for which recovery from Transfer Agent is being sought.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.4</FONT>&#8239;&#8239;&#8239;<U>Notice</U>.
In order that the indemnification provisions contained in this Section&nbsp;8 shall apply, upon the assertion of a claim for which one
party may be required to indemnify the other, the party seeking indemnification shall promptly notify the other party of such assertion
in writing after it becomes aware, and shall keep the other party advised with respect to all developments concerning such claim; provided
that failure to give prompt notice shall not relieve the indemnifying party of any liability to the indemnified party, except to the
extent that the indemnifying party demonstrates that the defense of such action has been materially prejudiced by the indemnified party&rsquo;s
failure to timely give such notice. The indemnifying party shall have the option to participate with the indemnified party in the defense
of such claim or to defend against said claim in its own name or the name of the indemnified party. The indemnified party shall in no
case confess any claim or make any compromise in any case in which the indemnifying party may be required to indemnify it except with
the indemnifying party&rsquo;s prior written consent, which shall not be unreasonably withheld or delayed.</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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<U>DAMAGES</U>.
</B>No party shall be liable for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but
not limited to, loss of anticipated profits, occasioned by a breach of any provision of this Agreement even if apprised of the possibility
of such damages.</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"><B>10. &#8239;<U>CONFIDENTIALITY</U>.</B></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT>&#8239;<U>Definition</U>.
 &ldquo;Confidential Information&rdquo; shall mean any and all technical or business information relating to a party, including, without
limitation, financial, marketing and product development information, Shareholder Data (including any non-public information of such
Shareholder), Personal Information, Proprietary Information, and the terms and conditions (but not the existence) of this Agreement,
that is disclosed or otherwise becomes known to the other party or its affiliates, agents or representatives before or during the term
of this Agreement, as well as any other information designated as confidential or proprietary by the disclosing party or otherwise disclosed
in a manner such that a reasonable person would understand its confidential nature. Confidential Information may constitute trade secrets
and is of great value to the owner (or its affiliates). Except for Personal Information and Proprietary Information, Confidential Information
shall not include any information that is reasonably demonstrated to be: (a)&nbsp;already known to the other party or its affiliates
on a non- confidential basis at the time of the disclosure; (b)&nbsp;publicly known at the time of the disclosure or becomes publicly
known through no wrongful act or failure of the other party; (c)&nbsp;subsequently disclosed to the other party or its affiliates on
a non-confidential basis by a third party not having a confidential relationship with the owner and which rightfully acquired such information;
or (d)&nbsp;independently developed by one party without access to the Confidential Information of the other.</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">10.2.<U>Use and Disclosure</U>. All Confidential Information of a
party will be held in confidence by the other party with at least the same degree of care as such party protects its own confidential
or proprietary information of like kind and import, but not less than a reasonable degree of care. Neither party will disclose in any
manner Confidential Information of the other party in any form to any person or entity without the other party's prior consent. However,
each party may disclose relevant aspects of the other party's Confidential Information to its officers, affiliates, agents, subcontractors,
and employees to the extent reasonably necessary to perform its duties and obligations under this Agreement and such disclosure is not
prohibited by applicable law. Without limiting the foregoing, each party will implement physical and other security measures and controls
designed to protect (a)&nbsp;the security and confidentiality of Confidential Information; (b)&nbsp;against any threats or hazards to
the security and integrity of Confidential Information; and (c)&nbsp;against any unauthorized access to or use of Confidential Information.
To the extent that a party delegates any duties and responsibilities under this Agreement to an agent or other subcontractor, such party
will ensure that such agent or subcontractor is contractually bound to confidentiality terms consistent with the terms of this Section&nbsp;10.</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">10.3.<U>Required or Permitted Disclosure</U>. In the event any requests
or demands are made for the disclosure of Confidential Information, other than requests or demands to Transfer Agent for Shareholder
records pursuant to subpoenas or requests from state or federal government authorities (<I>e.g.</I>, probate, divorce and criminal actions),
the party receiving such request or demand will promptly notify the other party to secure instructions from an authorized officer of
such party as to such request or demand and to enable the other party the opportunity to obtain a protective order or other confidential
treatment, unless such notification is otherwise prohibited by applicable law or court order. Each party expressly reserves the right,
however, to disclose Confidential Information to any person whenever it is advised by counsel that it may be held liable for the failure
to disclose such Confidential Information or if required by applicable law or court order.</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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.4 <U>Unauthorized Disclosure</U>. As may be required by applicable
law and without limiting any party's rights in respect of a breach of this Section&nbsp;10, each party will promptly:</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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>notify the other party in writing of any unauthorized possession,
                                            use or disclosure of the other party's Confidential Information by any person or entity that
                                            may become known to such party;</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>furnish to the other party full details of the unauthorized possession,
                                            use or disclosure; and</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>use commercially reasonable efforts to prevent a recurrence of any
                                            such unauthorized possession, use or disclosure of Confidential Information.</TD></TR></TABLE>


<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">10.5 <U>Data Privacy</U>.</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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Transfer Agent will not retain, use, process, or disclose Personal
                                            Information for any purpose other than: (i)&nbsp;the specific purpose of performing the Services
                                            specified in this Agreement on behalf of Company and the services reasonably related thereto;
                                            (ii)&nbsp;Transfer Agent&rsquo;s business purposes, as defined by applicable privacy laws;
                                            or (iii)&nbsp;as otherwise required or permitted by applicable law and the terms of this
                                            Agreement.</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Transfer Agent will not sell, rent, release, disclose, disseminate,
                                            make available, transfer, or otherwise communicate orally, in writing, or by electronic or
                                            other means, any Personal Information to a third party for monetary or other valuable consideration
                                            from such third party, except as permitted by applicable law.</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Transfer Agent will reasonably assist Company to support Company&rsquo;s
                                            obligations to respond to requests of Shareholders exercising their respective rights under
                                            applicable privacy laws, as directed by Company and agreed to by Transfer Agent.</TD></TR></TABLE>


<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: 0.25in"><B>11.</B></TD><TD><B><U>TERM AND TERMINATION</U>.</B></TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1</FONT>&#8239;<U>Term</U>.
The initial term of this Agreement shall be three (3)&nbsp;years from the date of the Agreement stated above (&ldquo;<B>Initial Term</B>&rdquo;)
unless terminated pursuant to the provisions of this Section&nbsp;11. This Agreement will renew automatically from year to year (each
a &ldquo;<B>Renewal Term</B>&rdquo;), unless a terminating party gives written notice to the other party not less than ninety (90) days
before the expiration of the Initial Term or a Renewal Term, whichever is in effect, or the Agreement is otherwise terminated pursuant
to the provisions of this Section&nbsp;11.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.2</FONT>&#8239;<U>Early
Termination</U>. Notwithstanding anything herein to the contrary, should a Company terminate this Agreement prior to the expiration of
the then current Initial or Renewal Term, for any reason, including but not limited to, its liquidation, acquisition, merger or restructuring,
the Company shall pay to Transfer Agent (a)&nbsp;the fees and expenses incurred as of the termination date, and (b)&nbsp;conversion costs
and expenses in accordance with Section&nbsp;11.3 of this Agreement. If a Company does not provide notice at least ninety (90) days prior
to termination, Transfer Agent shall make a good faith effort, but cannot guarantee, to convert the Company&rsquo;s records on the date
requested by Company. This Section&nbsp;11.2 shall not apply if Transfer Agent is terminated pursuant to Sections 11.4 or 12 of this
Agreement.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.3</FONT>&#8239;<U>Costs
and Expenses</U>. In the event of the expiration or termination of this Agreement by either party, Company agrees to pay all reasonable
out-of-pocket costs and expenses associated with the movement of records and materials to a Company or the successor agent.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.4</FONT>&#8239;<U>Termination</U>.
This Agreement may be terminated at any time by any party upon a material breach of a representation, covenant or term of this Agreement
by any other party provided that, except with respect to a payment breach as described in Section&nbsp;6.3, the non-breaching party gives
written notice of such breach to the breaching party and the breaching party does not cure such violation within a period not to exceed
ninety (90) days after the date of written notice thereof by one of the other parties.</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"></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.</B></FONT><B>&#8239;&#8239;&#8239;<U>ASSIGNMENT</U>.
</B>Neither this Agreement nor any rights or obligations hereunder may be assigned by a Company or Transfer Agent without the written
consent of the other party, such consent not to be unreasonably withheld; provided, however, that Transfer Agent may, without further
consent of the Companies, assign any of its rights and obligations hereunder to any affiliated transfer agent registered under Rule&nbsp;17Ac2-1
promulgated under the 1934 Act. Transfer Agent shall provide a Company with written notice of such an assignment and, upon receipt of
such notice, the Company may terminate the Agreement upon sixty (60) days written notice. The provisions of Section&nbsp;11.2 shall not
apply to such a termination.</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: 0.25in"><B>13.</B></TD><TD><B><U>SUBCONTRACTORS AND UNAFFILIATED THIRD PARTIES</U>.</B></TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1</FONT>&#8239;<U>Subcontractors</U>.
Transfer Agent may, without further consent of a Company, subcontract with (a)&nbsp;any affiliates, or (b)&nbsp;unaffiliated subcontractors
for such services as may be required from time to time (e.g<I>.</I>, lost Shareholder searches, escheatment, telephone and mailing services);
provided, however, that Transfer Agent shall be as fully responsible to the Company for the acts and omissions of any subcontractor as
it is for its own acts and omissions under this Agreement. Transfer Agent shall provide Company each year, upon request, and otherwise
upon reasonable request, with a list of its unaffiliated subcontractors who have access to Shareholder Data.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2</FONT>&#8239;<U>Unaffiliated
Third Parties</U>. Nothing herein shall impose any duty upon Transfer Agent in connection with or make Transfer Agent liable for the
actions or omissions to act of unaffiliated third parties (other than subcontractors referenced in Section&nbsp;13.1 of this Agreement),
such as, by way of example and not limitation, airborne services, delivery services, the U.S. mails, and telecommunication companies,
provided, if Transfer Agent selected such company, Transfer Agent exercised due care in selecting the same.</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: 0.25in"><B>14.</B></TD><TD><B><U>MISCELLANEOUS</U>.</B></TD></TR></TABLE>


<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.1</FONT>&#8239;<U>Notices</U>.
Any notice or communication by Transfer Agent or a Company to the other pursuant to this Agreement is duly given if in writing and delivered
in person or sent by overnight delivery service or first-class mail, postage prepaid, to the other&rsquo;s address or to the e-mail address
listed below:</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to Company:</FONT></TD>
    <TD STYLE="width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">aberdeen Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1900 Market Street</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite&nbsp;200</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Philadelphia, PA 19103</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Attention: Product Governance</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail: ProductGovernanceUS@abrdn.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to Transfer Agent:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computershare Trust Company, N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150 Royall Street</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canton, MA 02021 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Attn: General Counsel</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail: <U>#USCISLegalContractNotices@computershare.com</U></FONT></TD></TR>
  </TABLE>


<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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.2</FONT>&#8239;<U>No
Expenditure of Funds</U>. No provision of this Agreement shall require Transfer Agent to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if it shall believe in good
faith that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.3</FONT>&#8239;<U>Successors</U>.
All the covenants and provisions of this Agreement by or for the benefit of a Company or Transfer Agent shall bind and inure to the benefit
of their respective permitted successors and assigns hereunder.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.4</FONT>&#8239;<U>Amendments</U>.
This Agreement may be amended or modified by a written amendment executed by the parties hereto and, to the extent required, authorized
by a resolution of the Board of a Company.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.5</FONT>&#8239;<U>Severability</U>.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to
be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or invalidated.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.6</FONT>&#8239;<U>Governing
Law; Jurisdiction</U>. This Agreement shall be governed by the laws of the State of Massachusetts, without regard to principles of conflicts
of law. The parties irrevocably (a)&nbsp;submit to the non-exclusive jurisdiction of any Massachusetts State court sitting in Boston
or the United States District Court for the District of Massachusetts in any action or proceeding arising out of or relating to this
Agreement, (b)&nbsp;waive, to the fullest extent they may effectively do so, any defense based on inconvenient forum, improper venue
or lack of jurisdiction to the maintenance of any such action or proceeding, and (c)&nbsp;waive, to the fullest extent permitted by law,
all right to trial by jury in any action, proceeding or counterclaim arising out of this Agreement or the transactions contemplated hereby.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.7</FONT>&#8239;<U>Force
Majeure</U>. Transfer Agent will not be liable for any delay or failure in performance when such delay or failure arises from circumstances
beyond its reasonable control, including, without limitation, acts of God, acts of government in its sovereign or contractual capacity,
acts of public enemy or terrorists, acts of civil or military authority, war, riots, civil strife, terrorism, blockades, sabotage, rationing,
embargoes, epidemics, pandemics, outbreaks of infectious diseases or any other public health crises, earthquakes, fire, flood, other
natural disaster, quarantine or any other employee restrictions, power shortages or failures, utility or communication failures or delays,
labor disputes, strikes, or shortages, supply shortages, equipment failures, or software malfunctions.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.8</FONT>&#8239;<U>Third
Party Beneficiaries</U>. The provisions of this Agreement are intended to benefit only Transfer Agent, the Companies and their respective
permitted successors and assigns. No rights shall be granted to any other person by virtue of this Agreement, and there are no third
party beneficiaries hereof.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.9</FONT>&#8239;<U>Survival</U>.
All provisions regarding indemnification, warranty, liability and limits thereon, compensation and expenses and confidentiality and protection
of proprietary rights and trade secrets shall survive the termination or expiration of this Agreement.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.10</FONT>&#8239;<U>Priorities</U>.
In the event of any conflict, discrepancy, or ambiguity between the terms and conditions contained in this Agreement and any exhibits,
schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.11</FONT>&#8239;&#8239;&#8239;<U>Merger
of Agreement</U>. This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with
respect to the subject matter hereof, whether oral or written.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.12</FONT>&#8239;&#8239;&#8239;<U>No
Strict Construction</U>. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event
any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all parties
hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision
of this Agreement.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.13</FONT>&#8239;&#8239;&#8239;<U>Descriptive
Headings</U>. Descriptive headings contained in this Agreement are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.14</FONT>&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement executed
and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature<FONT STYLE="color: #34495d">.</FONT></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: center">[The remainder of page&nbsp;intentionally left
blank.]</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">IN WITNESS
WHEREOF, each of the parties hereto has caused this Agreement to be executed by one of its officers thereunto duly authorized, all as
of the date first written above.</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computershare Inc.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computershare Trust Company, N.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On Behalf of Both Entities:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On behalf of each Company listed in Schedule A:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Ann Bowering</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Lucia Sitar</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Ann Bowering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Lucia Sitar</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: CEO Issuer Services, North America</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Vice President</FONT></TD></TR>
  </TABLE>


<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"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGE TO TRANSFER AGENCY AND SERVICE
AGREEMENT]</P>


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


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


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    <DIV STYLE="break-before: page; 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: center">&nbsp;</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #363434"><FONT STYLE="text-decoration: underline solid"><B>SCHEDULE
A</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="border: black 1pt solid; padding: 5pt 5.4pt 2pt; text-align: center; width: 12%; vertical-align: bottom">Coy<BR> (Legacy
    Co<BR> Code)</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5pt 5.4pt 2pt; text-align: center; width: 43%; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Company
    Name</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5pt 5.4pt 2pt; text-align: center; width: 14%; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Par
    Value</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5pt 5.4pt 2pt; text-align: center; width: 19%; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organizational<BR>
    Structure</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5pt 5.4pt 2pt; text-align: center; width: 12%; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
    <BR> Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">ACPA</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">abrdn
    Income Credit Strategies Fund</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">$0.001</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">DE
    Statutory Trust</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">4/1/25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACPP</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    Income Credit Strategies Fund 5.250% Series&nbsp;A Perpetual Preferred Stock</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.001</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DE
    Statutory Trust</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/1/25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGD</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    Global Dynamic Dividend Fund</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DE
    Statutory Trust</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/1/25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">AOD</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">abrdn
    Total Dynamic Dividend Fund</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">N/A</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">DE
    Statutory Trust</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">4/1/25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASGI</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    Global Infrastructure Income Fund</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.001</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MD
    Business Trust</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/1/25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AWP</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    Global Premier Properties Fund</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DE
    Statutory Trust</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/1/25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">CHF</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">abrdn
    Emerging Markets ex-China Fund,&nbsp;Inc.</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">$0.001</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">MD
    Corporation</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><B>&nbsp;</B>
    4/1/25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FAXF</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    Asia-Pacific Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.010</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MD
    Corporation</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/1/25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FCOF</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    Global Income Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.001</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MD
    Corporation</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/1/25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">HQH</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">abrdn
    Healthcare Investors*</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">$0.010</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">MA
    Business Trust</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">4/1/25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HQL</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    Life Sciences Investors*</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.010</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MA
    Business Trust</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/1/25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IAF</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    Australia Equity Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.010</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MD
    Corporation</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/1/25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">IFNI</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">The
    India Fund,&nbsp;Inc.</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">$0.001</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">MD
    Corporation</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">4/1/25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JEQ</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    Japan Equity Fund,&nbsp;Inc.</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.010</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MD
    Corporation</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/1/25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THOF</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    Healthcare Opportunities Fund*</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.010</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MA
    Business Trust</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/1/25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">THW</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">abrdn
    World Healthcare Fund*</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">$0.010</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">MA
    Business Trust</TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">4/1/25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VFL</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    National Municipal Income Fund*</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.001</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MA
    Business Trust</FONT></TD>
    <TD STYLE="padding: 5pt 5.4pt 2pt; text-align: left; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/1/25</FONT></TD></TR>
  </TABLE>


<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 0pt 0.5in">*The Company is governed by a Declaration of Trust, as amended
from time to time, which is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that no trustee,
officer, employee, agent, employee or Shareholder of the Company shall have any personal liability under this Agreement, and that this
Agreement is binding only upon the assets and property of the applicable Company, individually and not jointly with any other Company,
person or entity.</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"></P>


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


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<DOCUMENT>
<TYPE>EX-99.2(K)(4)
<SEQUENCE>4
<FILENAME>tm2523786d1_ex99-2xkx4.htm
<DESCRIPTION>EXHIBIT 99.2(K)(4)
<TEXT>
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     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d1_ex99-2xkx4.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1/users" -->

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;99.2(k)(4)</B></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"><IMG SRC="tm2523786d1_ex99-2xkx4img002.jpg" ALT=""></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"><IMG SRC="tm2523786d1_ex99-2xkx4img001.jpg" ALT=""></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">BNP PARIBAS PRIME BROKERAGE INTERNATIONAL,&nbsp;LTD.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">for itself and as agent for the BNPP
    Entities</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/
    Ellen Christian</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Ellen Christian</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Secondee</FONT></TD></TR>
  </TABLE>




<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"></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2523786d1_ex99-2xkx4img003.jpg" ALT=""></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"><B><U>ALPINE GLOBAL DYNAMIC DIVIDEND FUND</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Customer</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/
    Ron Palmer</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Ron Palmer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: CFO</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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Delaware</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jurisdiction of organization</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Mutual Fund</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of organization</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>2500 Westchester Ave., Suite&nbsp;215 Purchase NY 10577</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Place of business / chief executive office</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>N/A</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Organizational identification number</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"><B>Addresses for Notices to Customer</B></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">Address: 2500 Westchester Ave., Suite&nbsp;215, Purchase, NY 10577</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">Attention: Ron Palmer</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif">Telephone: (914) 251-0880</TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif">Fax</TD>
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: left">Email: rpalmer@alpinefunds.com</TD></TR>
  </TABLE>




<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"></P>


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<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"><B>Exhibit&nbsp;A to U.S. PB Agreement &ndash;
Account Agreement</B></P>


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


<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">This account agreement (including all schedules
attached hereto, this &ldquo;<B>Account Agreement</B>&rdquo;) is entered into between Customer and BNP PARIBAS PRIME BROKERAGE INTERNATIONAL,&nbsp;LTD.
(&ldquo;<B>BNPP PB</B>&rdquo;), on behalf of itself and as agent for the BNPP Entities. This Account Agreement is incorporated as an
exhibit to the U.S. PB Agreement (the &ldquo;<B>Agreement</B>&rdquo;) and sets forth the terms and conditions on which the BNPP Entities
will open and maintain accounts (the &ldquo;<B>Accounts</B>&rdquo;) for cash loans and other products or services and otherwise transact
business with Customer<B>. </B>Certain capitalized terms used in this Agreement are defined in Section&nbsp;17.</P>


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


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<TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B>Collateral Maintenance, Repayment
                                            of Financing </B>- BNPP PB may, in its sole discretion, from time to time make loans to Customer
                                            in amounts as determined by BNPP PB in its sole discretion and on the terms and conditions
                                            as set forth herein. Customer will at all times maintain in, and upon written or oral demand
                                            furnish to, the Accounts, or otherwise provide to the BNPP Entities, in a manner satisfactory
                                            to the BNPP Entities, assets of the types and in the amounts required by the BNPP Entities
                                            in light of outstanding Contracts (&ldquo;<B>Deliverable Collateral</B>&rdquo;) as set forth
                                            in Appendix A attached hereto, which shall be subject to adjustment by BNPP PB at any time
                                            in its sole discretion. Loan proceeds, if any, shall be delivered to an account specified
                                            by Customer to BNPP PB in writing. Immediately upon written or oral demand by BNPP PB, Customer
                                            shall pay to BNPP PB in immediately available U.S. funds any principal balance of, accrued
                                            unpaid interest on, and any other Obligation owing in respect of, any Account.</TD></TR></TABLE>


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


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<TD STYLE="text-align: justify; width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B>Security Interest </B>-</TD></TR></TABLE>


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


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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Grant of Security Interest.</U> Customer
                                            hereby assigns and pledges to the BNPP Entities all Collateral, and Customer hereby grants
                                            a continuing first priority security interest therein, a lien thereon, and a right of set
                                            off against, any Collateral, and all such Collateral shall be subject to a general lien and
                                            a continuing first security interest and fixed charge, in each case securing the discharge
                                            of all Obligations, Contracts with BNPP Entities and liabilities of Customer to the BNPP
                                            Entities hereunder and thereunder, whether now existing or hereafter arising and irrespective
                                            of whether or not any of the BNPP Entities have made advances in connection with such Collateral,
                                            and irrespective of the number of accounts Customer may have with any of the BNPP Entities,
                                            and of which BNPP Entity holds such Collateral.</TD></TR></TABLE>


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


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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>No other Liens.</U> All Collateral
                                            delivered to a BNPP Entity shall be free and clear of all prior liens, claims and encumbrances
                                            (other than liens solely in favor of the BNPP Entities), and Customer will not cause or allow
                                            any of the Collateral, whether now owned or hereafter acquired, to be or become subject to
                                            any liens, security interests, mortgages or encumbrances of any nature other than security
                                            interests solely in the BNPP Entities&rsquo; favor. Furthermore, Collateral consisting of
                                            securities shall be delivered in good deliverable form (or the BNPP Entities shall have the
                                            power to place such securities in good deliverable form) in accordance with the requirements
                                            of the primary market or markets for such securities.</TD></TR></TABLE>


<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"></P>


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<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: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Perfection.</U> Customer shall execute
                                            such documents and take such other actions as the BNPP Entities shall reasonably request
in order to perfect the BNPP Entities&rsquo; rights with respect to any such Collateral. Without limiting the generality of the foregoing,
Customer agrees to record the security interests granted hereunder in any internal or external register of mortgages and charges maintained
by or with respect to Customer under Applicable Law. Customer shall pay the fees for any filing, registration, recording or perfection
of any security interest contemplated by this Agreement and pay, or cause to be paid, from the Accounts any and all Taxes imposed on
the Collateral by any authority. In addition, Customer appoints the BNPP Entities as Customer&rsquo;s attorney-in-fact to act on Customer&rsquo;s
behalf to sign, seal, execute and deliver all documents, and do all acts, as may be required, or as any BNPP Entity shall reasonably
determine to be advisable, to perfect the security interests created hereunder in, provide for any BNPP Entity to have control of, or
realize upon any rights of any BNPP Entity in, any or all of the Collateral. The BNPP Entities and Customer each acknowledge and agree
that each account maintained by any of the BNPP Entities to which any Collateral is credited is a &ldquo;securities account&rdquo; within
the meaning of Article&nbsp;8 of the Uniform Commercial Code, as in effect in the State of New York (the &ldquo;<B>NYUCC</B>&rdquo;),
and all property and assets held in or credited from time to time to such an account shall be treated as a &ldquo;financial asset&rdquo;
for purposes of Article&nbsp;8 of the NYUCC, <I>provided </I>that any such account may also be a &ldquo;deposit account&rdquo; (within
the meaning of Section&nbsp;9-102(a)(29) of the NYUCC) or a &ldquo;commodity account&rdquo; (within the meaning of Section&nbsp;9-102(a)(14)
of the NYUCC). Each BNPP Entity represents and warrants that it is a &ldquo;securities intermediary&rdquo; within the meaning of Article&nbsp;8
of the NYUCC and is acting in such capacity with respect to each such account maintained by it.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>Effect of Security Interest.</U> The
                                            BNPP Entities&rsquo; security interest in the Collateral shall (i)&nbsp;remain in full force
                                            and effect until the payment and performance in full of Customer&rsquo;s Obligations; (ii)&nbsp;be
                                            binding upon Customer, its successors and permitted assigns; and (iii)&nbsp;inure to the
                                            benefit of, and be enforceable by, the BNPP Entities and their respective successors, transferees
                                            and assigns.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>Contract Status.</U> The parties acknowledge
                                            that this Agreement and each Contract entered into pursuant to this Agreement are each a
                                            &ldquo;securities contract&rdquo;, &ldquo;swap agreement&rdquo;, &ldquo;forward contract&rdquo;
                                            or &ldquo;commodity contract&rdquo; within the meaning of the United States Bankruptcy Code
                                            (Title 11 of the United States Code) (the &ldquo;<B>Bankruptcy Code</B>&rdquo;) and that
                                            each delivery, transfer, payment and grant of a security interest made or required to be
                                            made hereunder or thereunder, or contemplated hereby or thereby, or made, required to be
                                            made or contemplated in connection herewith or therewith, is a &ldquo;transfer&rdquo; and
                                            a &ldquo;margin payment&rdquo; or a &ldquo;settlement payment&rdquo; within the meaning of
                                            Sections 362(b)(6),(7),(17) and/or (27) and
Sections 546(e), (f), (g)&nbsp;and/or (j)&nbsp;of the Bankruptcy Code. The parties further acknowledge that this Agreement is a &ldquo;master
netting agreement&rdquo; within the meaning of the Bankruptcy Code and a &ldquo;netting contract&rdquo; within the meaning of the Federal
Deposit Insurance Corporation Improvement Act of 1991.</TD></TR></TABLE>


<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"></P>


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


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<TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: left"><B>Maintenance of Collateral </B>-</TD></TR></TABLE>


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


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>General.</U> Each BNPP Entity that
                                            holds Collateral holds such Collateral for itself and also as agent and bailee for all other
                                            BNPP Entities that are secured parties under any Contract or as to which Customer has any
                                            Obligation. Except where otherwise required by Applicable Law or where adverse regulatory
                                            capital, reserve or other similar costs (&ldquo;<B>Adverse Costs</B>&rdquo;) would thereby
                                            arise, the security interests of the BNPP Entities in any Collateral shall rank in such order
                                            of priority as the BNPP Entities may agree from time to time; <I>provided, however, </I>that
                                            BNPP PB shall have first priority interest in the assets that it holds other than assets
                                            held in a cash account. In the event that any BNPP Entity is obliged by Applicable Law to
                                            maintain a first priority lien, or where such BNPP Entity would suffer Adverse Costs if it
                                            did not maintain a first priority lien, such BNPP Entity&rsquo;s interest in the applicable
                                            Collateral shall have priority over that of the other BNPP Entities to the extent required
                                            to satisfy the requirements of Applicable Law or avoid such Adverse Costs. In the event that
                                            two or more BNPP Entities are so obliged to maintain a first priority lien, or would suffer
                                            Adverse Costs if they did not maintain a first priority lien, such BNPP Entities shall determine
                                            among themselves the priority of their respective interests in the relevant Collateral. Notwithstanding
                                            anything herein to the contrary, except as otherwise agreed among the BNPP Entities, the
                                            security interest of the BNPP Entities in any Collateral consisting of the Customer&rsquo;s
                                            right, title or interest in, to or under any Contract shall be subject to any enforceable
                                            right of setoff or netting (including, without limitation, any such right granted pursuant
                                            to Section&nbsp;7 hereof) that any BNPP Entity that is party to such Contract may have with
                                            respect to the obligations of the Customer to such BNPP Entity (whether arising under such
                                            Contract or any other Contract).</TD></TR></TABLE>


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


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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Transfers of Collateral between Accounts.</U>
                                            To the extent Collateral is not held under a Special Custody and Pledge Agreement with a
                                            third-party custodian, Customer agrees that the BNPP Entities, at any time, at any BNPP Entity&rsquo;s
                                            discretion and without prior notice to Customer, may use, apply, or transfer any and all
                                            Collateral interchangeably between BNPP Entities in any accounts in which Customer has an
                                            interest. With respect to Collateral pledged principally to secure Obligations under any
                                            Contract, the BNPP Entities shall have the right, but in no event the obligation, to apply
                                            all or any portion of such Collateral to Customer&rsquo;s Obligations to any of the BNPP
                                            Entities under any other Contract, to transfer all or any portion of such Collateral to secure
                                            Customer&rsquo;s Obligations to any of the BNPP Entities under any other Contract or to release
                                            any such Collateral. Under no circumstances shall any Collateral pledged principally to secure
                                            Obligations to any of the BNPP Entities under any
Contract be required to be applied or transferred to secure Obligations to any of the other BNPP Entities or to be released if (i)&nbsp;any
BNPP Entity determines that such transfer would render it undersecured with respect to any Obligations; (ii)&nbsp;an event of default
has occurred with respect to Customer under any Contract or Obligation; or (iii)&nbsp;any such application, transfer or release would
be contrary to Applicable Law. For the avoidance of doubt, nothing in this Section&nbsp;3(b)&nbsp;shall give rise to any right for the
BNPP Entities to re- hypothecate any Collateral.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Control by BNPP Entities.</U> Each BNPP
                                            Entity that (i)&nbsp;is the securities intermediary in respect of any securities account
                                            constituting Collateral, or to which any Collateral is credited or in which any Collateral
                                            is held or carried, agrees that it will comply with entitlement orders originated by any
                                            other BNPP Entity with respect to any such securities account or Collateral without any further
                                            consent by Customer; (ii)&nbsp;is the bank in respect of any deposit account constituting
                                            Collateral, or to which any Collateral is credited or in which any Collateral is held or
                                            carried, agrees with Customer and each other BNPP Entity (each of whom so agrees with it)
                                            that it will comply with instructions originated by any other BNPP Entity directing disposition
                                            of the funds in such deposit account without further consent by Customer; and (iii)&nbsp;is
                                            the commodity intermediary in respect of any commodity contract or commodity account constituting
                                            Collateral, or any commodity account to which any Collateral is credited or in which any
                                            Collateral is held or carried, agrees with Customer and each other BNPP Entity (each of whom
                                            so agrees with it) that it will apply any value on account of any such Collateral as directed
                                            by any other BNPP Entity without further consent by Customer. Customer hereby consents to
                                            the foregoing agreements of the BNPP Entities. Each of the BNPP Entities that is the securities
                                            intermediary, commodity intermediary or bank with respect to any such securities, commodity
                                            or deposit account or any such commodity contract represents and warrants that it has not,
                                            and agrees that it will not, agree to comply with entitlement orders, directions or instructions
                                            concerning any such account or any security entitlements, financial assets, commodity contracts
                                            or funds credited thereto or held or carried thereon that are originated by any person other
                                            than (x)&nbsp;a BNPP Entity or (y)&nbsp;(until a BNPP Entity shall have given a &ldquo;notice
                                            of sole control&rdquo;) Customer. Each BNPP Entity hereby notifies each other BNPP Entity
                                            of its security interest in, and the assignment by way of security to it of, the Collateral.
                                            Each BNPP Entity acknowledges such notice from each other BNPP Entity, and each BNPP Entity
                                            and Customer consent to the security interest granted by this Section.</TD></TR></TABLE>


<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"></P>


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<TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B>Representations and Warranties of Customer
                                            </B>- Customer (and, if a person or entity is signing this Agreement on behalf of Customer,
                                            such person or entity) hereby represents and warrants as of the date hereof, which representations
                                            and warranties will be deemed repeated on each date on which this Agreement is in effect,
                                            that:</TD></TR></TABLE>


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


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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Due Organization; Organizational Information.</U>
                                            Customer is duly organized and validly existing under the laws of the jurisdiction of its
                                            organization; Customer&rsquo;s jurisdiction of organization, type of organization, place
                                            of business (if it has only one place of business) or chief executive office (if it has more
                                            than one place of business) and organizational identification number are, in each case as set forth
on the cover page&nbsp;hereof or as shall have been notified to BNPP PB not less than 30 days prior to any change of such information;
and unless Customer otherwise informs BNPP PB in writing, Customer does not have any place of business in the United Kingdom.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify">U<U>Non-Contravention; Compliance with
                                            Applicable Laws</U>. Customer is, and will at all times be, in compliance with (i)&nbsp;Applicable
                                            Law that relates to (A)&nbsp;felonies, (B)&nbsp;fraud,
(C)&nbsp;activities related to the conduct of Customer&rsquo;s business or (D)&nbsp;activities related to the securities industry, (ii)&nbsp;all
orders and awards binding on Customer or its property that would have a material adverse effect on Customer or Customer&rsquo;s ability
to perform its Obligations under any Contract, (iii)&nbsp;Customer&rsquo;s internal documents and policies (including organizational
documents), and (iv)&nbsp;all material contracts (including this Agreement) or other instruments binding on or affecting Customer or
any of its property. Further, Customer maintains adequate controls to be reasonably assured of such compliance. To the best of the Customer&rsquo;s
knowledge, other than the proceeding relating to the Wells notice dated March&nbsp;5, 2010 from the staff of the Securities&nbsp;&amp;
Exchange Commission, there are and have been no criminal or governmental enforcement proceedings, investigations, or other litigation
pending or threatened which relate to (1)&nbsp;felonies, (2)&nbsp;fraud, (3)&nbsp;activities related to the
conduct of Customer&rsquo;s business or the business of Customer&rsquo;s investment advisers or (4)&nbsp;activities related to the securities
industry to which Customer or any Related Person is a party or to which any of the properties of Customer or any Related Person is subject.
Further, to Customer&rsquo;s knowledge, the education, employment and other qualifications for the officers for the Customer in the prospectus
provided to any investors or otherwise made available by the Customer are correct and complete in all material respects.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Full Power.</U> Customer has full power
                                            and is duly authorized to execute and deliver this Agreement and to perform its obligations
                                            hereunder. Customer has full power to enter into and engage in any and all transactions (i)&nbsp;in
                                            any Account with any BNPP Entity; or (ii)&nbsp;that is subject to this Agreement. Further,
                                            this Agreement has been duly executed and delivered by Customer, and constitutes a valid,
                                            binding and enforceable agreement of Customer, enforceable in accordance with its terms,
                                            subject to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo;
                                            rights generally and general principles of equity.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>No Consent.</U> No consent of any person
                                            and no authorization or other action by, and no notice to, or filing with, any governmental
                                            authority or any other person is required that has not already been obtained (i)&nbsp;for
                                            the due execution, delivery and performance by Customer of this Agreement; or (ii) for
the exercise by any of the BNPP Entities of the rights or remedies provided for in this Agreement, including rights and remedies in respect
of the Collateral.</TD></TR></TABLE>


<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"></P>


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<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: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>No Prior Lien.</U> Customer is the
                                            lawful owner of all Collateral, free and clear of all liens, claims, encumbrances and transfer
                                            restrictions, except such as are created under this Agreement, other liens in favor of one
                                            or more BNPP Entities, and Customer will not cause or allow any of the Collateral, whether
                                            now owned or hereafter acquired, to be or become subject to any liens, security interests,
                                            mortgages or encumbrances of any nature other than those in favor of the BNPP Entities. No
                                            person (other than any BNPP Entity) has an interest in any Account or any other accounts
                                            of Customer with any of the BNPP Entities, any Collateral or other assets or property held
                                            therein or credited thereto or any other Collateral. Unless Customer has notified BNPP PB
                                            to the contrary, none of the Collateral are &ldquo;restricted securities&rdquo; as defined
                                            in Rule&nbsp;144 under the Securities Act of 1933.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><U>ERISA.</U> (i)&nbsp;The assets used
                                            to consummate the transactions provided hereunder shall not constitute the assets of (A)&nbsp;an
                                            &ldquo;employee benefit plan&rdquo; that is subject to Part&nbsp;4, Subtitle B, Title I of
                                            the Employee Retirement Income Security Act of 1974, as amended (&ldquo;<B>ERISA</B>&rdquo;), (ii) a &ldquo;plan&rdquo; within the
meaning of Section&nbsp;4975 of the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), that is subject to
Section&nbsp;4975 of the Code, or (iii) a person or entity the underlying assets of which are deemed to include plan assets as
determined under Section&nbsp;3(42) of ERISA and the regulations thereunder; and (ii)&nbsp;either (A)&nbsp;the assets used to
consummate the transactions provided hereunder shall not constitute the assets of a governmental plan that is subject to any
federal, state or local law that is substantially similar to the provisions of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the
Code (a &ldquo;<B>Similar Law</B>&rdquo;), or (B)&nbsp;the transactions hereunder do not violate any applicable Similar Law.
Customer will notify BNPP PB (1)&nbsp;if Customer is aware in advance that it will breach the foregoing representation and warranty
(the &ldquo;<B>Representation</B>&rdquo;), reasonably in advance of it breaching the Representation; or (2)&nbsp;promptly upon
becoming aware that it is in breach of the Representation. If Customer provides such notice or if BNPP PB is aware that Customer is
in breach or will be in breach of the Representation, upon a BNPP Entity's written request, Customer will terminate any or all
transactions under this Agreement (x)&nbsp;if Customer gave advance notice that it would breach the Representation, prior to
breaching the Representation; (y)&nbsp;if Customer gave no notice but BNPP PB is aware that Customer will be in breach of the
Representation, prior to breaching the Representation (unless Customer avoids the occurrence of such breach); or (z)&nbsp;if
Customer is in breach of the Representation, immediately.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(g)</TD><TD STYLE="text-align: justify">U<U>Information Provided by Customer;
                                            Financial Statements.</U>U Any information provided by Customer to any BNPP Entity in connection
                                            with this Agreement is correct and complete in all material respects and Customer agrees
                                            promptly to notify the relevant BNPP Entity if there is any material change with respect
                                            to any such information. Customer&rsquo;s financial statements or similar documents previously
                                            or hereafter provided to the BNPP Entities (i)&nbsp;do or will fairly present in all material
                                            respects the financial condition of Customer as of the date of such financial statements
                                            and the results of its operations for the period for which such financial statements are
                                            applicable; (ii)&nbsp;have been prepared in accordance with generally accepted accounting
                                            principles consistently applied; and (iii)&nbsp;if audited, have been certified without reservation
                                            by a firm of independent public accountants. Customer
will promptly furnish to the relevant BNPP Entity any information (including financial information) about Customer upon such BNPP Entity&rsquo;s
request.</TD></TR></TABLE>


<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"></P>


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<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: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify"><U>Anti-Money Laundering.</U> To the best
                                            of Customer&rsquo;s knowledge, none of Customer, any person controlling or controlled by
                                            Customer, or any person for whom Customer acts as agent or nominee in connection herewith
                                            is: (i)&nbsp;an individual or entity, country or territory, that is named on a list issued
                                            by the U.S. Department of the Treasury&rsquo;s Office of Foreign Assets Control (&ldquo;<B>OFAC</B>&rdquo;),
                                            or an individual or entity that resides, is organized or chartered, or has a place of business,
                                            in a country or territory subject to OFAC&rsquo;s various sanctions/embargo programs; (ii)&nbsp;a resident in, or
organized or chartered under the laws of (A)&nbsp;a jurisdiction that has been designated by the Secretary of the Treasury under the
USA PATRIOT Act as warranting special measures and/or as being of primary money laundering concern, or (B)&nbsp;a jurisdiction that
has been designated as non-cooperative with international anti-money laundering principles by a multinational or inter-governmental
group such as the Financial Action Task Force on Money Laundering (&ldquo;<B>FATF</B>&rdquo;) of which the United States is a
member; (iii)&nbsp;a financial institution that has been designated by the Secretary of the Treasury as warranting special measures
and/or as being of primary money laundering concern; (iv)&nbsp;a &ldquo;senior foreign political figure&rdquo;, or any
 &ldquo;immediate family&rdquo; member or &ldquo;close associate&rdquo; of a senior foreign political figure, in each case within the
meaning of Section&nbsp;5318(i)&nbsp;of Title 31 of the United States Code or regulations issued thereunder; or (v)&nbsp;a
prohibited &ldquo;foreign shell bank&rdquo; as defined in Section&nbsp;5318(j)&nbsp;of Title 31 of the United States Code or
regulations issued thereunder, or a U.S. financial institution that has established, maintains, administers or manages an account in
the U.S. for, or on behalf of, a prohibited &ldquo;foreign shell bank&rdquo;.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in">5.</TD><TD STYLE="text-align: justify"><B>Short Sales </B>- Customer agrees to
                                            comply with Applicable Law relating to short sales, including but not limited to any requirement
                                            that Customer designate a sale as &ldquo;long&rdquo; or &ldquo;short&rdquo;.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in">6.</TD><TD STYLE="text-align: justify"><B>No Obligation </B>- Customer agrees that
                                            BNPP PB shall be under no obligation to effect or settle any trade on behalf of Customer
                                            and that BNPP PB reserves the right at any time to place a limit on the type or size of transactions
                                            which are to be settled and cleared by BNPP PB. For the avoidance of doubt, no BNPP Entity
                                            is required to extend, renew or &ldquo;roll-over&rdquo; any Contract or transaction including,
                                            but not limited to, any Contract executed on an &ldquo;open&rdquo; basis or demand basis
                                            with Customer, notwithstanding past practice or market custom.</TD></TR></TABLE>


<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"></P>


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<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: 0.25in">7.</TD><TD STYLE="text-align: left"><B>Events of Default; Setoff </B>-</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Events of Default.</U> (i)&nbsp;In
                                            the event of default by Customer on any Obligation under any transaction or contract or a
                                            default, event of default, declaration of default, termination event, exercise of default
                                            remedies or other similar condition or event under any transaction or contract (howsoever
                                            characterized, which, for the avoidance of doubt, includes the
occurrence of an Additional Termination Event or Specified Condition under an ISDA Master Agreement between Customer and any BNPP
Entity, affiliate of a BNPP Entity or a third party entity, if applicable) in respect of Customer or any guarantor or credit support
provider of Customer; (ii)&nbsp;if Customer shall become bankrupt, insolvent or subject to any bankruptcy, reorganization,
insolvency or similar proceeding or all or substantially all its assets become subject to a suit, levy, enforcement or other legal
process where a secured party maintains possession of such assets, has a resolution passed for its winding-up, official management
or liquidation (other than pursuant to a consolidation, amalgamation or merger), seeks or becomes subject to the appointment of an
administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or
substantially all its assets, has a secured party take possession of all or substantially all its assets, or takes any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or (iii)&nbsp;if any
representation or warranty made or deemed made by Customer under the Agreement proves false or misleading when made or deemed made
(each of the foregoing, an &ldquo;<B>Event of Default</B>&rdquo;), BNPP PB and any and all BNPP Entities are hereby authorized, in
their discretion, to take Default Action. If BNPP PB or any other BNPP Entity elects to sell any Collateral, buy in any property, or
cancel any orders upon an Event of Default, such sale, purchase or cancellation may be made on the exchange or other market where
such business is then usually transacted, or at public auction or at private sale, without advertising the same and without any
notice of the time or place of sale to Customer or to the personal representatives of Customer, and without prior tender, demand or
call of any kind upon Customer or upon the personal representatives of Customer, all of which are expressly waived. The BNPP
Entities may purchase or sell the property to or from any BNPP Entity or third parties in whole or in any part thereof free from any
right of redemption, and Customer shall remain liable for any deficiency. A prior tender, demand or call of any kind from the BNPP
Entities or prior notice from the BNPP Entities of the time and place of such sale or purchase shall not be considered a waiver of
the BNPP Entities&rsquo; right to sell or buy any Collateral at any time as provided herein. Notwithstanding anything to the
contrary set out in this Agreement, Customer does not waive any rights under the NYUCC to the extent that Section&nbsp;9-602 of the
NYUCC (except to the extent modified in Section&nbsp;9-624 of the NYUCC) does not permit Customer to waive such rights.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Close-out.</U> Upon the Close-out of
                                            any Contract, the Close-out Amount for such Contract shall be due. If, however, Applicable
                                            Law would stay or otherwise impair the enforcement of the provisions of this Agreement or
                                            any Contract upon the occurrence of an insolvency related Close-out or Event of Default,
                                            then Close-out shall automatically occur immediately prior to the occurrence of such insolvency
                                            related Close-out or Event of Default.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Setoff.</U> At any time and from time to
                                            time, BNPP PB and any and all BNPP Entities are hereby authorized, in their discretion, to
                                            set off and otherwise apply any and all of the obligations of any and all BNPP Entities then
                                            due to Customer against any and all Obligations of Customer then due to such BNPP Entities
                                            (whether at maturity, upon acceleration or termination or otherwise). Without limiting the generality of
the foregoing, upon the occurrence of the Close-out of any Contract, each BNPP Entity shall have the right to net the Close-out Amounts
due from it to Customer and from Customer to it, so that a single settlement payment (the &ldquo;<B>Net Payment</B>&rdquo;) shall be
payable by one party to the other, which Net Payment shall be immediately due and payable (subject to the other provisions hereof and
of any Contract); <I>provided </I>that if any Close-out Amounts may not be netted against all other Close-out Amounts, such excluded
Close-out Amounts shall be netted among themselves to the fullest extent permitted under Applicable Law. Upon the occurrence of a Close-out,
each BNPP Entity may also (i)&nbsp;liquidate, apply and set off any or all Collateral against any Net Payment, payment or Obligation
owed to it or any other BNPP Entity under any Contract; and (ii)&nbsp;set off and net any Net Payment, payment or obligation owed by
it or any other BNPP Entity under any Contract against (A)&nbsp;any or all collateral or margin (or the Cash value thereof) posted by
it or any other BNPP Entity to Customer under any Contract and (B)&nbsp;any Net Payment, payment or Obligation owed by Customer to any
BNPP Entity (whether mature or unmatured, fixed or contingent, liquidated or unliquidated).</TD></TR></TABLE>


<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"></P>


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<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: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>Reinstatement of Obligations.</U> If
                                            the exercise of any right to reduce and set-off pursuant to this Agreement shall be avoided
                                            or set aside by a court or shall be restrained, stayed or enjoined under Applicable Law,
                                            the obligations in respect thereof shall be reinstated or, in the event of restraint, stay
                                            or injunction, preserved in at least the amounts as of the date of restraint, stay or injunction
                                            between the applicable BNPP Entities, on the one hand, and Customer on the other, until such
                                            time as such restraint, stay or injunction shall no longer prohibit exercise of such right.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>BNPP Entity Consent</U>. No BNPP Entity
                                            shall make any payment to Customer in respect of a Close- Out Amount without the consent
                                            of each other BNPP Entity that has a security interest in such Close-Out Amount.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in">8.</TD><TD STYLE="text-align: justify"><B>Indemnity </B>-</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>General.</U> Customer agrees to indemnify
                                            and hold the BNPP Entities harmless from and fully reimburse the BNPP Entities for any Indemnified
                                            Losses. The indemnities under this Section&nbsp;8 shall be separate from and in addition
                                            to any other indemnity under any Contract.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Delivery Failures.</U> In case of the
                                            sale of any security, commodity or other property by the BNPP Entities at the direction of
                                            Customer and the BNPP Entities&rsquo; inability to deliver the same to the purchaser by reason
                                            of failure of Customer to supply the BNPP Entities therewith, Customer authorizes the BNPP
                                            Entities to borrow or purchase any such security, commodity or other property necessary to
                                            make delivery thereof. Customer hereby agrees to be responsible for any cost, expense or
                                            loss which the BNPP Entities may sustain thereby.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in">9.</TD><TD STYLE="text-align: justify"><B>Limitation of Liability </B>-</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>General.</U> None of the BNPP Entities,
                                            nor any of their respective officers, directors, employees, agents or counsel, shall be liable
                                            for any action taken or omitted to be taken by any of them hereunder or in connection herewith
                                            except for the gross negligence or willful misconduct of the applicable BNPP Entity.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Third Parties.</U> The BNPP Entities
                                            may execute any of their duties and exercise their rights hereunder by or through agents
                                            (which may include affiliates) or employees. None of the BNPP Entities shall be liable for
                                            the acts or omissions of any subcustodian or other agent selected by it with reasonable care.
                                            All transactions effected with a third party for Customer shall be for the account of Customer
                                            and the BNPP Entities shall have no responsibility to Customer or such third party with respect
                                            thereto. Nothing in this Agreement shall create, or be deemed to create, any third party
                                            beneficiary rights in any person or entity (including any investor or adviser of Customer),
                                            other than the BNPP Entities.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>No Liability for Indirect, Consequential,
                                            Exemplary or Punitive Damages; Force Majeure.</U> In no event shall the BNPP Entities be
                                            held liable for (i)&nbsp;indirect, consequential, exemplary or punitive damages; or (ii) any
loss of any kind caused, directly or indirectly, by any Force Majeure Event.</TD></TR></TABLE>


<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"></P>


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<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: 0.25in">10.</TD><TD STYLE="text-align: left"><B>Taxes </B>-</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Withholding Tax.</U> Except as required
                                            by Applicable Law, each payment by Customer and all deliveries of Deliverable Collateral
                                            or Collateral under this Agreement shall be made, and the value of any Deliverable Collateral
                                            or Collateral shall be calculated, without withholding or deducting any Taxes. If any Taxes
                                            are required to be withheld or deducted, Customer shall pay such additional amounts as necessary
                                            to ensure that the actual net amount received by the BNPP Entities is equal to the amount
                                            that the BNPP Entities would have received had no such withholding or deduction been required.
                                            Customer will provide the BNPP Entities with any forms or documentation reasonably requested
                                            by the BNPP Entities in order to reduce or eliminate withholding tax on payments made to
                                            Customer with respect to this Agreement. The BNPP Entities are hereby authorized to withhold
                                            Taxes from any payment in delivery made hereunder and remit such Taxes to the relevant taxing
                                            authorities to the extent required by Applicable Law.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Qualified Dividends.</U> Customer acknowledges
                                            that, with respect to the reduced U.S. federal income tax rate that applies to dividends
                                            received from U.S. corporations and certain foreign corporations by individuals who are citizens
                                            or residents of the United States, (i)&nbsp;the individual must satisfy applicable holding
                                            period requirements in order to be eligible for the reduced tax rate; (ii)&nbsp;the reduced
                                            tax rate does not apply to substitute or &ldquo;in lieu&rdquo; dividend payments paid to
                                            shareholders by broker-dealers under cash lending or securities lending arrangements which
                                            permit the broker-dealers to borrow securities from investors; and (iii)&nbsp;the reduced tax rate
may not apply to dividends received from certain corporations, including money market funds, bond mutual funds, and Real Estate
Investment Trusts. Customer further acknowledges that although Customer may receive from BNPP PB a Form&nbsp;1099-DIV indicating
which dividends may qualify for the reduced tax rate, as required by applicable rules, Customer is responsible for determining which
dividends qualify for the reduced tax rate based on Customer's own tax situation.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in">11.</TD><TD STYLE="text-align: justify"><B>Notices; Instructions </B>-</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Notices.</U> All notices and other
                                            communications provided hereunder shall be in writing (including, for avoidance of doubt,
                                            electronic mail) and delivered to the address of the intended recipient specified on the
                                            cover page&nbsp;hereof or to such other address as such intended recipient may provide, or
                                            (i)&nbsp;posted onto the website maintained by BNPP PB for Customer; or (ii)&nbsp;in such
                                            other form agreed to by the parties. All communications sent to Customer, shall be deemed
                                            delivered to Customer as of (x)&nbsp;the date sent, if sent via facsimile, email or posted
                                            onto the Internet; (y)&nbsp;the date the messenger arrives at Customer&rsquo;s address as
                                            set forth on the signature page&nbsp;hereof, if sent via messenger; or (z)&nbsp;the next
                                            Business Day if sent via overnight mail, in each case, whether actually received or not.
                                            Failure by Customer to object in writing to any communication within five Business Days of
                                            delivery shall be deemed evidence, in the absence of manifest error, that such communication
                                            is complete and correct.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Instructions.</U> Notwithstanding anything
                                            to the contrary, Customer agrees that the BNPP Entities may rely upon any authorized instructions
                                            or any notice, request, waiver, consent, receipt or other document which the BNPP Entities
                                            reasonably believe to be genuine and transmitted by authorized persons.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Income and Other Taxes</U>. Except
                                            as otherwise expressly stated herein: (i)&nbsp;the BNPP Entities have no obligation or responsibility
                                            to Customer with respect to the accounting or reporting of income or other taxes with respect
                                            to the execution, delivery and performance of this Agreement, each related agreement and
                                            each transaction hereunder or thereunder (for the sake of clarity, including without limitation,
                                            with respect to any related margin lending agreement and each related transaction) (each
                                            a &ldquo;<B>Transaction</B>&rdquo;), including, without limitation, unrelated business taxable
                                            income under section 514 of the Code; and (ii)&nbsp;Customer shall alone be responsible for
                                            the payment of any and all taxes and related penalties, interests and costs arising from
                                            or relating to the Transactions. Customer represents and warrants, on and as of the date
                                            hereof and each date any Transaction remains outstanding, that Customer has in place policies
                                            and procedures necessary to ensure proper accounting and reporting of any and all taxation
                                            of the Customer and/or Accounts in connection with the Transactions.</TD></TR></TABLE>


<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"></P>


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<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: 16.95pt">12.</TD><TD STYLE="text-align: justify"><B>BNPP Entities Are Not Advisers or Fiduciaries
                                            </B>- Customer represents that it is capable of assessing the merits (on its own behalf or
                                            through independent professional advice) of, and understands and accepts, the terms and conditions
                                            set forth in this Agreement and any transaction it may undertake with the BNPP Entities.
                                            Customer acknowledges that (a)&nbsp;none of the BNPP Entities is (i)&nbsp;acting as a fiduciary
                                            for or an adviser to Customer in respect of this Agreement or any transaction it may undertake
                                            with the BNPP Entities; (ii)&nbsp;advising it, performing
any analysis, or making any judgment on any matters pertaining to the suitability of any transaction; or (iii)&nbsp;offering any
opinion, judgment or other type of information pertaining to the nature, value, potential or suitability of any particular
investment or transaction; (b)&nbsp;the BNPP Entities do not guarantee or warrant the accuracy, reliability or timeliness of any
information that the BNPP Entities may from time to time provide or make available to Customer; and (c)&nbsp;the BNPP Entities may
take positions in financial instruments discussed in the information provided to Customer (which positions may be inconsistent with
the information provided), execute transactions for themselves or others in those instruments, and provide investment banking and
other services to the issuers of those instruments or with respect to those instruments. Customer agrees that (x)&nbsp;it is solely
responsible for monitoring compliance with its own internal restrictions and procedures governing investments, trading limits and
manner of authorizing investments, and with the Applicable Law affecting its authority and ability to trade and invest; and
(y)&nbsp;in no event shall a BNPP Entity undertake to assess whether a Contract or transaction is appropriate or legal for
Customer.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 16.95pt">13.</TD><TD STYLE="text-align: justify"><B>Litigation in Court, Sovereign Immunity,
                                            Service </B>-</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(a)</TD><TD STYLE="text-align: justify">ANY LITIGATION BETWEEN CUSTOMER AND THE
                                            BNPP ENTITIES OR INVOLVING THEIR RESPECTIVE PROPERTY MUST BE INSTITUTED IN THE UNITED STATES
                                            DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR THE SUPREME COURT OF THE STATE OF
                                            NEW YORK FOR THE COUNTY OF NEW YORK. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
                                            EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION,&nbsp;INCLUDING ANY OBJECTION TO THE LAYING
                                            OF VENUE OR BASED ON THE GROUNDS OF <I>FORUM NON CONVENIENS</I>, WHICH IT MAY&nbsp;NOW OR
                                            HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH COURTS. EACH PARTY
                                            HEREBY AGREES THAT A JUDGMENT IN ANY SUCH DISPUTE MAY&nbsp;BE ENFORCED IN OTHER JURISDICTIONS
                                            BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify">ANY RIGHT TO TRIAL BY JURY WITH RESPECT
                                            TO ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM OR OTHER LEGAL ACTION IS HEREBY WAIVED BY
                                            ALL PARTIES TO THIS AGREEMENT.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify">EACH PARTY HERETO, TO THE FULLEST EXTENT PERMITTED
                                            BY APPLICABLE LAW,&nbsp;IRREVOCABLY WAIVES WITH RESPECT TO ITSELF AND ITS REVENUES AND ASSETS
                                            (IRRESPECTIVE OF THEIR USE OR INTENDED USE) ALL IMMUNITY ON THE GROUNDS OF SOVEREIGNTY OR
                                            SIMILAR GROUNDS FROM (i)&nbsp;SUIT, (ii)&nbsp;JURISDICTION OF ANY COURT, (iii)&nbsp;RELIEF
                                            BY WAY OF INJUNCTION, ORDER FOR SPECIFIC PERFORMANCE, OR RECOVERY OF PROPERTY, (iv)&nbsp;ATTACHMENT
                                            OF ITS ASSETS (WHETHER BEFORE OR AFTER JUDGMENT) AND (v)&nbsp;EXECUTION OR ENFORCEMENT OF
                                            ANY JUDGMENT TO WHICH IT OR ITS REVENUES OR ASSETS MIGHT OTHERWISE BE ENTITLED IN ANY ACTIONS
                                            OR PROCEEDINGS IN SUCH COURTS, AND IRREVOCABLY AGREES THAT IT WILL NOT CLAIM SUCH IMMUNITY
                                            IN ANY SUCH ACTIONS OR PROCEEDINGS.</TD></TR></TABLE>


<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"></P>


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<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: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">CUSTOMER HEREBY CONSENTS TO PROCESS BEING
                                            SERVED BY ANY BNPP ENTITY ON CUSTOMER IN ANY SUIT, ACTION OR PROCEEDING OF THE NATURE SPECIFIED
                                            IN CLAUSE (a)&nbsp;ABOVE BY THE MAILING OF A COPY THEREOF BY REGISTERED OR CERTIFIED AIRMAIL,
                                            POSTAGE PRE-PAID, TO CUSTOMER AT THE ADDRESS SET FORTH AFTER CUSTOMER&rsquo;S SIGNATURE BELOW;
                                            SUCH SERVICE SHALL BE DEEMED COMPLETED AND EFFECTIVE AS FROM 30 DAYS AFTER SUCH MAILING.
                                            NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
                                            BY LAW.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 16.95pt">14.</TD><TD STYLE="text-align: justify"><B>Applicable Law, Enforceability </B>-
                                            THIS AGREEMENT,&nbsp;ITS ENFORCEMENT, ANY CONTRACT (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY
                                            THEREIN), AND ANY DISPUTE BETWEEN THE BNPP ENTITIES AND CUSTOMER, WHETHER ARISING OUT OF
                                            OR RELATING TO CUSTOMER&rsquo;S ACCOUNTS OR OTHERWISE INCIDENTAL TO SUCH ACCOUNTS OR THIS
                                            AGREEMENT, SHALL BE GOVERNED BY THE INTERNAL LAW OF THE STATE OF NEW YORK. The parties hereto
further agree that (i)&nbsp;the securities intermediary&rsquo;s jurisdiction, within the meaning of Section&nbsp;8-110(e)&nbsp;of
the NYUCC, in respect of any securities account constituting Collateral, or to which any Collateral is credited, or in which any
Collateral is held or carried and in respect of any Collateral consisting of security entitlements; (ii)&nbsp;the bank&rsquo;s
jurisdiction, within the meaning of Section&nbsp;9- 304(b)&nbsp;of the NYUCC, in respect of any deposit account constituting
Collateral, or to which any Collateral is credited, or in which any Collateral is held or carried; and (iii)&nbsp;the commodity
intermediary&rsquo;s jurisdiction, within the meaning of Section&nbsp;9-305(b)&nbsp;of the NYUCC, in respect of any commodity
account constituting Collateral, or to which any Collateral is credited or in which any Collateral is held or carried and in respect
of any Collateral consisting of commodity contracts, is the State of New York, and agree that none of them has or will enter into
any agreement to the contrary. Customer and BNPP PB agree that, in respect of any Account maintained by BNPP PB, the law applicable
to all the issues specified in Article&nbsp;2(1)&nbsp;of the &ldquo;Hague Convention on the Law Applicable to Certain Rights in
Respect of Securities Held with an Intermediary (Hague Securities Convention)&rdquo; is the law in force in the State of New York
and agree that none of them has or will enter into any agreement to the contrary.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 16.95pt">15.</TD><TD STYLE="text-align: justify"><B>Modification; Termination; Assignment
                                            </B>-</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Modification.</U> Any modification
                                            of the terms of this Agreement must be made in writing and executed by the parties to this
                                            Agreement.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Termination.</U> Either BNPP PB or
                                            Customer may terminate this Agreement upon delivery of written notice to the other party;
                                            <I>provided </I>that Customer&rsquo;s termination notice is only effective if it is accompanied
                                            by instructions as to the transfer of all property held in the Accounts. Sections 8, 9, 13 and 14 and each representation
made hereunder shall survive any termination. Sections 2, 3 and 7 shall survive any termination of this Agreement until such time as
(a)&nbsp;Customer no longer has any Obligations to any BNPP Entity and (b)&nbsp;Customer has provided proper delivery instructions
as to the transfer of all property held in the Accounts.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Assignment.</U> BNPP PB may assign its rights
                                            hereunder or any interest herein or under any other Contract to any affiliate and otherwise
                                            on thirty days prior written notice to an unaffiliated entity. Customer may not assign its
                                            rights under or any interest in (i)&nbsp;any Contract without the prior written consent of
                                            BNPP PB and each BNPP Entity that is a party thereto; or (ii)&nbsp;this Agreement, including
                                            without limitation its right to any Close-Out Amount, without the prior written consent of
                                            each BNPP Entity. Any attempted assignment by Customer in violation of this Agreement shall
                                            be null, void and without effect.</TD></TR></TABLE>


<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"></P>


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<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: 16.95pt">16.</TD><TD STYLE="text-align: left"><B>Miscellaneous </B>-</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Fees.</U> To the extent applicable,
                                            Customer agrees to pay all fees for services rendered to Customer to the extent disclosed
                                            in writing by BNPP PB and agreed by Customer. Notwithstanding the foregoing, with respect
                                            to any debits, the rate shall be Fed Funds plus 95 basis points, subject to adjustment by
                                            BNPP PB at any time in its sole discretion. Customer may elect (a)&nbsp;to pay interest monthly
                                            in arrears or (b)&nbsp;to capitalize such interest and add it to the then outstanding debit.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Contingency.</U> The fulfillment of
                                            the obligations of any BNPP Entity to Customer under any Contract is contingent upon there
                                            being no breach, repudiation, misrepresentation or default (however characterized) by Customer
                                            which has occurred and is continuing under any Contract.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Conversion of Currencies.</U> The BNPP Entities
                                            shall have the right to convert currencies in connection with the effecting of transactions
                                            and the exercise of any of their rights hereunder in a commercially reasonable manner.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>Truth-in-Lending Statement.</U> Customer
                                            hereby acknowledges receipt of a Truth-in-Lending disclosure statement. Interest will be
                                            charged on any debit balances in the Accounts in accordance with the methods described in
                                            such statement or in any amendment or revision thereto which may be provided to Customer.
                                            Any debit balance which is not paid at the close of an interest period will be added to the
                                            opening balance for the next interest period.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>Federal Deposit Insurance Corporation.</U>
                                            Unless explicitly stated otherwise, transactions hereunder and funds held in the Accounts
                                            (i)&nbsp;are not insured by the Federal Deposit Insurance Corporation or any government agency;
                                            (ii)&nbsp;are not deposits or obligations of, or guaranteed by, BNP Paribas or any other
                                            bank; and (iii)&nbsp;involve market and investment risks, including possible loss of the
                                            principal amount invested.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><U>USA Patriot Act Disclosure.</U> BNPP
                                            PB, like all financial institutions, is required by Federal law to obtain, verify and record
                                            information that identifies each customer who opens an account with BNPP PB. When Customer
                                            opens an account with BNPP PB, BNPP PB will ask for Customer&rsquo;s name, address, date
                                            of birth, government- issued identification number and/or other information that will allow
                                            BNPP PB to form a reasonable belief as to Customer&rsquo;s identity, such as documents that
                                            establish legal status.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(g)</TD><TD STYLE="text-align: justify"><U>Anti-Money Laundering.</U> Customer
                                            understands and acknowledges that the BNPP Entities are, or may in the future become, subject to money laundering
statutes, regulations and conventions of the United States or other international jurisdictions, and Customer agrees to execute instruments,
provide information, or perform any other acts as may reasonably be requested by any BNPP Entity for the purpose of carrying out due
diligence as may be required by Applicable Law. Customer agrees that it will provide the BNPP Entities with such information as any BNPP
Entity may reasonably require to comply with applicable anti-money laundering laws or regulations. Customer understands, acknowledges
and agrees that to the extent permitted by Applicable Law, any BNPP Entity may provide information, including confidential information,
to the Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury, or any other agency or instrumentality
of the U.S. Government, or as otherwise required by Applicable Law, in connection with a request for information on behalf of a U.S.
federal law enforcement agency investigating terrorist activity or money laundering.</TD></TR></TABLE>


<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"></P>


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<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: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify"><U>Money Market Funds.</U> Customer agrees
                                            that with respect to transactions effected in shares of any money market fund and any other
                                            transactions listed in Rule&nbsp;10b-10(b)(1)&nbsp;of the Exchange Act, BNPP PB may provide
                                            Customer with a monthly or quarterly written statement pursuant to Rule&nbsp;10b-10(b)&nbsp;of
                                            the Exchange Act in lieu of an immediate confirmation.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(i)</TD><TD STYLE="text-align: justify"><U>No Waivers.</U> No failure or delay
                                            in exercising any right, or any partial exercise of a right will operate as a waiver of the
                                            full exercise of that right. The rights provided in the Contracts are cumulative and not
                                            exclusive of any rights provided by law.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(j)</TD><TD STYLE="text-align: justify"><U>Counterparts.</U> This Agreement may
                                            be executed by the parties hereto in any number of counterparts, each of which when so executed
                                            and delivered will be an original, but all of which counterparts will together constitute
                                            one and the same instrument.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(k)</TD><TD STYLE="text-align: justify"><U>Integration; Severability.</U> This
                                            Agreement supersedes all prior agreements as to matters within its scope. To the extent this
                                            Agreement contains any provision which is inconsistent with provisions in any other Contract
                                            or agreement between Customer and any of the BNPP Entities, or of which Customer is a beneficiary,
                                            the provisions of this Agreement shall control except if such other Contract explicitly states
                                            that it is intended to supersede this Agreement by name, in which case such other Contract
                                            shall prevail. If any provision of this Agreement is or becomes inconsistent with Applicable
                                            Law, that provision will be deemed modified or, if necessary, rescinded in order to comply.
                                            All other provisions of this Agreement shall remain in full force and effect. To the extent
                                            that this Agreement is not enforceable as to any Contract, this Agreement shall remain in
                                            full force and effect and be enforceable in accordance with its terms as to all other Contracts.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(l)</TD><TD STYLE="text-align: justify"><U>Master Agreement</U>. This Agreement,
                                            together with each Contract and any supplements, modifications or amendments hereto or thereto,
                                            shall constitute a single business and contractual relationship among the parties with respect to the subject matter hereof.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(m)</TD><TD STYLE="text-align: justify"><U>Captions.</U> Section&nbsp;designations
                                            and captions are provided for convenience of reference, do not constitute a part of this
                                            Agreement, and are not to be considered in its interpretation.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(n)</TD><TD STYLE="text-align: justify"><U>Recording of Conversations.</U> Customer
                                            is aware that the BNPP Entities may record conversations between any of them and Customer
                                            or Customer&rsquo;s representatives relating to the matters referred to in this Agreement
                                            and Customer has no objection and hereby agrees to such recording.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(o)</TD><TD STYLE="text-align: justify"><U>Proxy Disclosures.</U> Any attempt to
                                            vote securities will be void to the extent that such securities are not in the possession
                                            or control of either BNPP PB or a BNPP Entity, including (i)&nbsp;securities not yet delivered
                                            to BNPP PB or a BNPP Entity; (ii)&nbsp;securities purchased and not paid for by settlement
                                            date; and (iii)&nbsp;securities that either BNPP PB or a BNPP Entity has hypothecated, re-hypothecated,
                                            pledged, re-pledged, sold, lent or otherwise transferred. Please be advised that for the
                                            purposes of proxy voting, Customer will not be notified that the securities are not in either
                                            BNPP PB or a BNPP Entity&rsquo;s possession or control. Furthermore, neither BNPP PB nor
                                            any other BNPP Entity will notify Customer that a vote was void.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(p)</TD><TD STYLE="text-align: justify">For the sake of clarity and construction,
                                            the parties hereto set forth their acknowledgment and agreement that if Customer is a series
                                            of a Registrant then it is not a separately existing legal entity entitled to enter into
                                            contractual agreements or to execute instruments and, for these reasons, the registrant named
                                            on the signature pages&nbsp;(&ldquo;<B>Registrant</B>&rdquo;) (if any) is executing this
                                            Agreement and any other document on behalf of such series, as Customer and that such series
                                            will utilize the loans thus made on their behalf. Notwithstanding anything to the contrary
                                            in this Agreement, Customer shall only be liable hereunder for the loans made to such Customer
                                            hereunder and interest thereon and for fees and expenses associated therewith, and in no
                                            event shall Customer or its assets be held liable for the loans made to any other series
                                            of the Registrant or interest thereon or for the fees and expenses associated therewith nor
                                            shall the assets of Customer be available to satisfy the liabilities of any other series
                                            of the Registrant.</TD></TR></TABLE>


<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"></P>


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<TD STYLE="width: 15.7pt">17.</TD><TD STYLE="text-align: left"><B>Certain Definitions </B>-</TD></TR></TABLE>


<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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">&ldquo;<B>Applicable Law</B>&rdquo; means
                                            all applicable laws, rules, regulations and customs, including, without limitation, those
                                            of all U.S. and non-U.S. federal, state and local governmental authorities, self-regulatory
                                            organizations, markets, exchanges and clearing facilities, in all cases where applicable.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify">&ldquo;<B>BNPP Entities</B>&rdquo; means
                                            BNP Paribas, BNP Paribas Prime Brokerage,&nbsp;Inc. and BNPP PB.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means any
                                            day other than a Saturday, Sunday or other day on which the New York Stock Exchange is closed.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(d)</TD><TD STYLE="text-align: justify">&ldquo;<B>Close-out</B>&rdquo; means the
                                            termination, cancellation, liquidation, acceleration or other similar action with respect
                                            to all transactions under one or more Contracts.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(e)</TD><TD STYLE="text-align: justify">&ldquo;<B>Close-out Amount</B>&rdquo; means
                                            with respect to each Contract, the amount (expressed in U.S. Dollars or the U.S. Dollar Equivalent) calculated
as payable by one party to the other upon Close-out of such Contract determined in accordance with the provisions of such Contract, or
if no such provisions are specified, by following such procedures as the BNPP Entities determine in good faith are commercially reasonable
and in accordance with industry practice.</TD></TR></TABLE>


<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"></P>


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<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: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">&ldquo;<B>Collateral</B>&rdquo; means
                                            all right, title and interest of Customer in and to (i)&nbsp;the Special Custody Account
                                            (as defined in the Special Custody and Pledge Agreement), (ii)&nbsp;each deposit, custody,
                                            securities, commodity or other account maintained by Customer with any of the BNPP Entities
                                            (including, but not limited to, any or all Accounts); (iii)&nbsp;any cash, securities,
commodity contracts, general intangibles and other property which may from time to time be deposited, credited, held or carried in
any such account, that is due to Customer from any of the BNPP Entities, or that is delivered to or in the possession or control of
any of the BNPP Entities or any of the BNPP Entities&rsquo; agents and all security entitlements with respect to any of the
foregoing; (iv)&nbsp;all of Customer&rsquo;s right, title or interest in, to or under any Contract, including obligations owed by
any of the BNPP Entities (after any netting or set off, in each case to the extent enforceable, of amounts owed under such
Contract); (v)&nbsp;all of Customer&rsquo;s security interests (or similar interests) in any property of any BNPP Entity securing
any BNPP Entity&rsquo;s obligations to Customer under any Contract; (vi)&nbsp;any property of Customer in which any of the BNPP
Entities is granted a security interest under any Contract or otherwise (howsoever held); (vii)&nbsp;all income and profits on any
of the foregoing, all dividends, interest and other payments and distributions (other that those credited to Customer&rsquo;s
custody account pursuant to Section&nbsp;2(b)&nbsp;of the Special Custody and Pledge Agreement) with respect to any of the
foregoing, all other rights and privileges appurtenant to any of the foregoing, including any voting rights and any redemption
rights, and any substitutions for any of the foregoing; and (viii)&nbsp;all proceeds of any of the foregoing, in each case whether
now existing or owned by Customer or hereafter arising or acquired.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(g)</TD><TD STYLE="text-align: justify">&ldquo;<B>Contract</B>&rdquo; means this
                                            Agreement and the Special Custody and Pledge Agreement between Customer, BNPP PB and State
                                            Street Bank and Trust Company (the &ldquo;<B>Custodian</B>&rdquo;) (as amended from time
                                            to time, the &ldquo;<B>Special Custody and Pledge Agreement</B>&rdquo;) dated the date hereof,
                                            including, in each case, the schedules, exhibits, and appendices thereto.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(h)</TD><TD STYLE="text-align: justify">&ldquo;<B>Default Action</B>&rdquo; means
                                            (i)&nbsp;to terminate, liquidate and accelerate any and all Contracts; (ii)&nbsp;to exercise
                                            any right under any security relating to any Contract; (iii)&nbsp;to net or set off payments
                                            which may arise under any Contract or other agreement or under Applicable Law; (iv)&nbsp;to
                                            cancel any outstanding orders for the purchase or sale or borrowing or lending of any securities
                                            or other property; (v)&nbsp;to sell, apply or collect on any or all of the Collateral (either
                                            individually or jointly with others); (vi)&nbsp;to buy in any securities, commodities or
                                            other property of which any Account of Customer may be short; and (vii)&nbsp;to
exercise any rights and remedies available to a secured creditor under any Applicable Law or under the NYUCC (whether or not the NYUCC
is otherwise applicable in the relevant jurisdiction).</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(i)</TD><TD STYLE="text-align: justify">&ldquo;<B>Force Majeure Event</B>&rdquo;
                                            means government restrictions, exchange or market actions or rulings, suspension of trading,
                                            war (whether declared or undeclared), terrorist acts, insurrection, riots, fires, floods,
                                            strikes, failure of utility or similar services, accidents, adverse weather or other events
                                            of nature (including but not limited to earthquakes, hurricanes and tornadoes) and any other
                                            conditions beyond the BNPP Entities&rsquo; control and any event where any communications
                                            network, data processing system or computer system used by any of the BNPP Entities or Customer
                                            or by market participants is rendered wholly or partially inoperable.</TD></TR></TABLE>


<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"></P>


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<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: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">&ldquo;<B>Indemnified Losses</B>&rdquo;
                                            means any loss, claim, damage, liability, penalty, fine or excise tax (including any reasonable
                                            legal fees and expenses relating to any action, proceeding, investigation and preparation
                                            therefor) when and as incurred by the BNPP Entities (i)&nbsp;pursuant to authorized
instructions received by the BNPP Entities&rsquo; from Customer or its agents; (ii)&nbsp;as a consequence of a breach by Customer of
any covenant, representation or warranty hereunder; (iii)&nbsp;in settlement of any claim or litigation relating to BNPP
Entities&rsquo; acting as agent for Customer; or (iv)&nbsp;in connection with or related to any Account, this Agreement, any
Contract, any transactions hereunder or thereunder, any activities or services of the BNPP Entities in connection with this
Agreement or otherwise (including, without limitation, (A)&nbsp;any technology services, reporting, trading, research or capital
introduction services or (B)&nbsp;any DK or disaffirmance of any transaction hereunder). &ldquo;Indemnified Losses&rdquo; shall (x)
include without limitation any damage, loss, cost and expense that is incurred to put the BNPP Entities in the same economic
position as they would have been in had a default (howsoever defined) under any Contract not occurred, or that arises out of any
other commitment any BNPP Entity has entered into in connection with or as a hedge in connection with any transaction or in an
effort to mitigate any resulting loss to which any BNPP Entity is exposed because of a default (howsoever defined) under any
Contract; and (y) not include any losses of a BNPP Entity to the extent that such losses result directly from such BNPP
Entity&rsquo;s gross negligence or willful misconduct.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(k)</TD><TD STYLE="text-align: justify">&ldquo;<B>Obligations</B>&rdquo; means any
                                            and all obligations of Customer to any BNPP Entity arising at any time and from time to time
                                            under or in connection with any and all Contracts (including but not limited to obligations
                                            to deliver or return Deliverable Collateral or other assets or property (howsoever described)
                                            under or in connection with any such Contract), in each case whether now existing or hereafter
                                            arising, whether or not mature or contingent.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(l)</TD><TD STYLE="text-align: justify">&ldquo;<B>Related Person</B>&rdquo; means
                                            principals, directors and senior employees with investment management discretion over the
                                            trading and/or disposition of Customer&rsquo;s assets, or Customer's investment adviser or
                                            management company.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(m)</TD><TD STYLE="text-align: justify">&ldquo;<B>Taxes</B>&rdquo; means any taxes,
                                            levies, imposts, duties, charges, assessments or fees of any nature, including interest,
                                            penalties and additions thereto that are imposed by any taxing authority.</TD></TR></TABLE>


<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"></P>


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<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: 0.25in"></TD><TD STYLE="width: 0.25in">(n)</TD><TD STYLE="text-align: justify">&ldquo;<B>U.S. Dollar Equivalent</B>&rdquo;
                                            of an amount, as of any date, means, in respect of any amount denominated in a currency,
                                            including a composite currency, other than U.S. Dollars (an &ldquo;<B>Other Currency</B>&rdquo;):
                                            the amount expressed in U.S. Dollars, as determined by the BNPP Entities, that would be required
                                            to purchase such amount (where the BNPP Entities would require Customer to deliver such Other
                                            Currency in connection with a Contract) or would be received for the sale of such amount
                                            of such Other Currency (where the BNPP Entities would deliver such Other Currency to Customer
                                            in connection with a Contract), as of such date at the rate equal to the spot exchange rate
                                            of a foreign exchange agent (selected in good faith by the BNPP Entities) at or about 11:00
                                            a.m.&nbsp;(in the city in which such foreign exchange agent is located) or such later time
                                            as the BNPP Entities in their reasonable discretion shall determine.</TD></TR></TABLE>


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


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<TD STYLE="text-align: justify; width: 16.95pt">18.</TD><TD STYLE="text-align: justify"><B>Software </B>-</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>License; Use.</U> Upon any BNPP Entity&rsquo;s
                                            delivering to Customer, or making available for use by Customer, any computer software or
                                            application, as such may be delivered, made available, and modified by any BNPP Entity from
                                            time to time in its sole discretion (the &ldquo;<B>Software</B>&rdquo;), the BNPP Entities
                                            grant to Customer a personal, non- transferable and non-exclusive license to use the Software
                                            solely for Customer&rsquo;s own internal and proper business purposes and not in the operation
                                            of a service bureau or other business outside of or in addition to Customer&rsquo;s ordinary
                                            course of business. The Software includes all associated &ldquo;Information&rdquo; as that
                                            term is used in this Section. The Software may include trade blotter functions, capital accounting
                                            functions, interfaces with other systems and accounting functions, a Customer website, and
                                            other software or communication or encryption systems that may be developed from time to
                                            time. Except as set forth herein, no license or right of any kind is granted to Customer
                                            with respect to the Software.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Ownership.</U> Customer acknowledges
                                            that the BNPP Entities and their suppliers retain and have title and exclusive proprietary
                                            rights to the Software, including any trade secrets or other ideas, concepts, know-how, methodologies,
                                            or information incorporated therein and the exclusive rights to any copyrights, trademarks
                                            and patents (including registrations and applications for registration of either), or other
                                            statutory or legal protections available in respect thereof. Customer further acknowledges
                                            that all or a part of the Software may be copyrighted or trademarked (or a registration or
                                            claim made therefore) by a BNPP Entity or its suppliers. Customer may not remove any statutory
                                            copyright notice or other notice included in the Software or on any media containing the
                                            Software. Customer shall not take any action with respect to the Software inconsistent with
                                            the foregoing acknowledgments.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Limitation on Reverse Engineering,
                                            Decompilation and Disassembly.</U> Customer shall not, nor shall it attempt to decompile,
                                            disassemble, reverse engineer, modify, or create derivative works from the Software.</TD></TR></TABLE>


<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"></P>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>Transfer.</U> Customer may not, directly
                                            or indirectly, sell, rent, lease or lend the Software or provide any of the Software or any
                                            portion thereof to any other person or entity without the BNPP Entities&rsquo; prior written
                                            consent. Customer may not copy or reproduce except to create a backup copy or to move the
                                            Software to a different computer.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>Upgrades.</U> The Software includes
                                            all updates or supplements to the Software and this Section&nbsp;18 applies to all such updates
                                            or supplements, unless the BNPP Entities provide other terms along with the update or supplement.</TD></TR></TABLE>


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


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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><U>Equipment.</U> Customer shall obtain
                                            and shall maintain all equipment, software and services, including but not limited to computer
                                            equipment and telecommunications services, necessary for it to use the Software, and the
                                            BNPP Entities shall not be responsible for the reliability or availability of any such equipment,
                                            software or services.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(g)</TD><TD STYLE="text-align: justify"><U>Proprietary Information.</U> The Software,
                                            any database and any proprietary data, processes, information and documentation made available
                                            to Customer (other than those that are or become part of the public domain or are legally
                                            required to be made available to the public) (collectively, the &ldquo;<B>Information</B>&rdquo;),
                                            are the exclusive and confidential property of the BNPP Entities or their suppliers. Customer
                                            shall keep the Information confidential by using the same care and discretion that Customer
                                            uses with respect to its own confidential property and trade secrets, but not less than reasonable
                                            care. Upon termination of the Account Agreement, the PB Terms or the Software license granted
                                            herein for any reason, Customer shall return to the BNPP Entities any and all copies of the
                                            Information that are in its possession or under its control.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(h)</TD><TD STYLE="text-align: justify"><U>Support Services.</U> Other than the
                                            assistance provided in the Information, the BNPP Entities do not offer any support services
                                            in connection with the Software.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(i)</TD><TD STYLE="text-align: justify"><U>DISCLAIMER OF WARRANTIES.</U> TO THE
                                            MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE BNPP ENTITIES AND THEIR SUPPLIERS PROVIDE
                                            THE SOFTWARE TO CUSTOMER, AND ANY (IF ANY) SUPPORT SERVICES RELATED TO THE SOFTWARE AS IS
                                            AND WITH ALL FAULTS; AND THE BNPP ENTITIES AND THEIR SUPPLIERS HEREBY DISCLAIM WITH RESPECT
                                            TO THE SOFTWARE AND SUPPORT SERVICES ALL WARRANTIES AND CONDITIONS, WHETHER EXPRESS,&nbsp;IMPLIED
                                            OR STATUTORY,&nbsp;INCLUDING, BUT NOT LIMITED TO, ANY (IF ANY) WARRANTIES, DUTIES OR CONDITIONS
                                            OF OR RELATED TO: MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, LACK OF VIRUSES, ACCURACY
                                            OR COMPLETENESS OF RESPONSES, RESULTS, WORKMANLIKE EFFORT AND LACK OF NEGLIGENCE. ALSO THERE
                                            IS NO WARRANTY, DUTY OR CONDITION OF TITLE, QUIET ENJOYMENT,&#9;QUIET&#9;POSSESSION, CORRESPONDENCE
                                            TO DESCRIPTION OR NON- INFRINGEMENT. THE ENTIRE RISK ARISING OUT OF USE OR PERFORMANCE OF
                                            THE SOFTWARE AND ANY SUPPORT SERVICES REMAINS WITH CUSTOMER.</TD></TR></TABLE>


<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"></P>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(j)</TD><TD STYLE="text-align: justify"><U>EXCLUSION&#9;OF&#9;INCIDENTAL,
                                            CONSEQUENTIAL AND CERTAIN OTHER DAMAGES.</U> TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE
                                            LAW,&nbsp;IN NO EVENT SHALL THE BNPP ENTITIES OR THEIR SUPPLIERS BE LIABLE FOR ANY SPECIAL,&nbsp;INCIDENTAL,&nbsp;INDIRECT,
                                            OR CONSEQUENTIAL DAMAGES WHATSOEVER (INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS
                                            OR CONFIDENTIAL OR OTHER INFORMATION,&#9;FOR&#9;&#9;BUSINESS INTERRUPTION, FOR PERSONAL INJURY,
                                            FOR LOSS OF PRIVACY, FOR FAILURE TO MEET ANY DUTY INCLUDING OF GOOD FAITH OR OF REASONABLE
                                            CARE, FOR NEGLIGENCE, AND FOR ANY OTHER PECUNIARY OR OTHER LOSS WHATSOEVER) ARISING OUT OF
                                            OR IN ANY WAY RELATED TO THE USE OF OR INABILITY TO USE THE SOFTWARE, THE PROVISION OF OR
                                            FAILURE TO PROVIDE SUPPORT SERVICES, OR OTHERWISE UNDER OR IN CONNECTION WITH ANY PROVISION
                                            OF THIS SECTION&nbsp;18, EVEN IN THE EVENT OF THE FAULT, TORT (INCLUDING NEGLIGENCE), STRICT
                                            LIABILITY, BREACH OF CONTRACT OR BREACH OF WARRANTY OF THE BNPP ENTITIES OR ANY SUPPLIER,
                                            AND EVEN IF THE BNPP ENTITIES OR ANY SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
                                            DAMAGES. IN NO EVENT SHALL ANY BNPP ENTITY OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, ACTS
                                            OF WAR OR TERRORISM, MACHINE OR COMPUTER BREAKDOWN&#9;OR&#9;MALFUNCTION,&nbsp;INTERRUPTION
                                            OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR
                                            CAUSE BEYOND THEIR REASONABLE CONTROL.</TD>
</TR></TABLE>


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


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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(k)</TD><TD STYLE="text-align: justify"><U>Security; Reliance; Unauthorized Use.</U>
                                            Customer will cause all persons using the Software to treat all applicable user and authorization
                                            codes, passwords and authentication keys with extreme care, and Customer will establish internal
                                            control and safekeeping procedures to restrict the availability of the same to duly authorized
                                            persons only. No BNPP Entity shall be liable or responsible to Customer or any third party
                                            for any unauthorized use of the Software or of the user and authorization codes, passwords
                                            and authentications keys that may be used in connection with the Software.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(l)</TD><TD STYLE="text-align: justify"><U>Encryption.</U> Customer acknowledges
                                            and agrees that encryption may not be available for any or all data or communications between
                                            Customer and a BNPP Entity. Customer agrees that a BNPP Entity may, at any time, deactivate
                                            any encryption features such BNPP Entity may in its sole discretion provide, without notice
                                            or liability to Customer.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(m)</TD><TD STYLE="text-align: justify"><U>Termination.</U> Customer acknowledges
                                            and agrees that any BNPP Entity may, in its sole discretion, at any time, and without any
                                            notice or liability to Customer, suspend or terminate this license of the Software to Customer
                                            and deny Customer&rsquo;s access to and use of the Software.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(n)</TD><TD STYLE="text-align: justify"><U>Other Terms and Conditions.</U> Customer
                                            shall comply with all other terms and conditions that may be posted by a BNPP Entity on any
                                            website or web page&nbsp;through which Customer accesses or uses the Software or that may
                                            otherwise be delivered in any form to Customer in connection with its use of the Software.
                                            The use by Customer of the Software constitutes Customer&rsquo;s acceptance of and agreement
                                            to be bound by all such other terms and conditions.</TD></TR></TABLE>


<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: 20.1pt"></TD><TD STYLE="width: 16.95pt">(o)</TD><TD STYLE="text-align: left"><U>Compliance with Law.</U> Customer shall
                                            comply with all Applicable Law applicable to Customer&rsquo;s use of the Software.</TD></TR></TABLE>


<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"></P>


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<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: right"><B>Execution Version</B></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 0pt 0.25in; text-align: justify"><B>Appendix A &ndash; Collateral Requirements</B></P>


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


<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 0pt 0.25in; text-align: justify">THIS APPENDIX forms a part of the
U.S. PB Agreement entered into between BNP Paribas Prime Brokerage International,&nbsp;Ltd. (&ldquo;<B>BNPP</B>&rdquo;) and Alpine Global
Dynamic Dividend Fund (&ldquo;<B>Customer</B>&rdquo;) (the &ldquo;<B>Agreement</B>&rdquo;).</P>


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


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<TD STYLE="text-align: justify; width: 20.3pt"></TD><TD STYLE="text-align: justify; width: 34.85pt">1.</TD><TD STYLE="text-align: justify"><B>Collateral Requirements -</B></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 0pt 0.75in">The Collateral Requirements in relation to all positions
held in the accounts established pursuant to the Agreement or any Contract (the &ldquo;<B>Positions</B>&rdquo;) shall be the greatest
of:</P>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(a)</TD><TD STYLE="text-align: justify">the aggregate product of (i)&nbsp;the Collateral Percentage applicable
                                            to such Positions and (ii)&nbsp;the Current Market Value of such respective Positions;</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(b)</TD><TD STYLE="text-align: justify">to the extent applicable, the sum of the collateral requirements of
                                            such Positions as per Regulation T of the Board of Governors of the Federal Reserve System,
                                            as amended from time to time;</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.7pt">(c)</TD><TD STYLE="text-align: justify">to the extent applicable, the sum of the collateral requirements of
                                            such Positions as per Financial Industry Regulatory Authority Rule&nbsp;431, as amended from
                                            time to time;</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(d)</TD><TD STYLE="text-align: justify">to the extent applicable, the sum of the collateral requirements of
                                            such Positions as per Regulation X of the Board of Governors of the Federal Reserve System,
                                            as amended from time to time; or</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(e)</TD><TD STYLE="text-align: justify">40% of the Portfolio Gross Market Value.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 20.3pt"></TD><TD STYLE="text-align: justify; width: 34.85pt">2.</TD><TD STYLE="text-align: justify"><B>Eligible Securities -</B></TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(a)</TD><TD STYLE="text-align: justify">Positions in the following eligible equity and fixed income security
                                            types (&ldquo;<B>Eligible Securities</B>&rdquo;) are covered under the Agreement to the extent
                                            that BNPP has a security interest acceptable to it in such positions:</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">i.</TD><TD STYLE="text-align: justify">USD common stock, master limited partnership interests or REITs traded
                                            on the New York Stock Exchange, NASDAQ, NYSE Arca or NYSE Amex Equities;</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">ii.</TD><TD STYLE="text-align: justify">convertible and non-convertible corporate debt securities or preferred
                                            securities, <I>provided that </I>such securities are denominated in
USD (&ldquo;<B>Debt Securities</B>&rdquo;);</TD></TR></TABLE>


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


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<TD STYLE="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">iii.</TD><TD STYLE="text-align: justify">US Treasury debt obligations with a maturity of less than 30 years
                                            (&ldquo;<B>Treasuries</B>&rdquo;); and</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">iv.</TD><TD STYLE="text-align: justify">USD and non-USD common stock, provided such stock is (A)&nbsp;listed
                                            in the FTSE All-World Index, (B)&nbsp;traded on a Major Exchange in any country listed in
                                            the Eligible Country Table provided in Section&nbsp;2(b)&nbsp;below, and (C)&nbsp;denominated
                                            in any currency listed in the Eligible Currency Table provided in Section&nbsp;2(c)&nbsp;below.
                                            (together with Eligible Securities specified in Section&nbsp;2(a)(i)&nbsp;above, &ldquo;<B>Equity
                                            Securities</B>&rdquo;).</TD></TR></TABLE>


<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"></P>


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<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: 54pt"></TD><TD STYLE="width: 17.6pt">(b)</TD><TD><B>Eligible Country Table</B></TD></TR></TABLE>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; width: 13%; border: black 1pt solid"><B>Country</B> <B><BR>
Tier</B></TD>
<TD STYLE="text-align: left; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 87%; padding-left: 5.35pt; font-size: 10pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Countries</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">1</TD>
<TD STYLE="padding-left: 5.3pt; border-right: black 1pt solid; border-bottom: black 1pt solid">Australia, Austria, Belgium, Bermuda, Great Britain, Canada, Cayman Islands, Denmark, Finland, France, Germany, Greece, Guernsey,&nbsp;Ireland, Isle Of Man,&nbsp;Italy, Japan, Jersey, Luxembourg, Netherlands, Norway, Singapore, Spain, Sweden, Switzerland, and United States</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brazil, Chile, Cyprus, Hong Kong,&nbsp;Israel, and South Korea</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China,&nbsp;India, Mexico, Poland, and South Africa</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Egypt,&nbsp;Indonesia, Malaysia, Philippines, Puerto Rico, Russia, Thailand, UAE, and Ukraine</FONT></TD></TR>
</TABLE>


<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: 54pt"></TD><TD STYLE="width: 17.65pt">(c)</TD><TD><B>Eligible Currency Table</B></TD></TR></TABLE>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; width: 13%; border: black 1pt solid"><B>Currency</B> <B><BR>
Tier</B></TD>
<TD STYLE="text-align: left; width: 87%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; font-size: 10pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Currencies</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUD, CAD, CHF, DKK, EUR, GBP, JPY, NOK, SEK, and USD</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRL, CLP, HKD,&nbsp;ILS, KRW, and SGD</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INR, MXN, PLN, and ZAR</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AED, EGP,&nbsp;IDR, MYR, PHP, and THB</FONT></TD></TR>
</TABLE>


<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: 54pt"></TD><TD STYLE="width: 17.6pt">(d)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, the following shall have no collateral
                                            value, unless otherwise agreed by BNPP, in its sole discretion:</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">i.</TD><TD STYLE="text-align: justify">any security type not covered above, as determined by BNPP in its sole
                                            discretion;</TD></TR></TABLE>


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


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<TD STYLE="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">ii.</TD><TD STYLE="text-align: justify">any short security position;</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">iii.</TD><TD STYLE="text-align: justify">any security offered through a private placement or any restricted
                                            securities;</TD></TR></TABLE>


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


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<TD STYLE="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">iv.</TD><TD STYLE="text-align: justify">any security that is not maintained as a book-entry security on a
                                            major depository, such as The Depository Trust Company;</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">v.</TD><TD STYLE="text-align: justify">any securities that are municipal securities, asset-backed securities,
                                            mortgage securities, or Structured Securities (notwithstanding the fact that such securities
                                            would otherwise be covered);</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">vi.</TD><TD STYLE="text-align: justify">to the extent that the Gross Market Value of Emerging Market Securities
                                            positions exceeds 25% of the Portfolio Gross Market Value, any Emerging Market Securities
                                            in excess of such 25%;</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">vii.</TD><TD STYLE="text-align: justify">to the extent that the Gross Market Value of non-investment grade
                                            Debt Securities (for the avoidance of doubt, unrated securities are considered to be non-investment
                                            grade) positions exceeds 30% of the Portfolio Gross Market Value, any non-investment grade
                                            Debt Securities in excess of such 30%; and</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 90pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">viii.</TD><TD STYLE="text-align: justify">any security where Customer or Customer&rsquo;s Advisor (A)&nbsp;is
                                            an Affiliate of the issuer of the relevant equity securities or (B)&nbsp;beneficially owns
                                            more than 9% of either (I)&nbsp;the voting interests of the issuer or (II)&nbsp;any voting
                                            class of equity securities of the issuer (in each case,
whether such positions are held in accounts established pursuant to the 40 Act Financing Agreements or otherwise). For the avoidance
of doubt, for purposes of determining beneficial ownership, any convertible debt of preferred debt shall be treated as converted.</TD></TR></TABLE>


<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"></P>


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<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: 20.3pt"></TD><TD STYLE="width: 34.85pt">3.</TD><TD><B>Equity Securities Collateral Percentage -</B></TD></TR></TABLE>


<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 0pt 0.75in">The Collateral Percentage for a Position consisting of
applicable Equity Securities shall be:</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: 74.1pt"></TD><TD STYLE="width: 16.95pt">i.</TD><TD STYLE="text-align: justify">subject to paragraph (ii)&nbsp;below, the sum of (A)&nbsp;the Equity
                                            Core Collateral Rate and (B) the
product of (I)&nbsp;the Equity Core Collateral Rate and (II)&nbsp;the sum of the Equity Concentration Factor, the Equity Liquidity Factor,
the Equity Volatility Factor and the Country Concentration Factor; or</TD></TR></TABLE>


<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: 74pt"></TD><TD STYLE="width: 17pt">ii.</TD><TD STYLE="text-align: justify">100% if (A)&nbsp;the product determined under paragraph (i)&nbsp;above
                                            is greater than 100%, (B) the
market capitalization of the Issuer of the relevant Eligible Securities is less than USD $300,000,000, or (C)&nbsp;if Section&nbsp;3(a),
(b)&nbsp;or (c)&nbsp;so provides.</TD></TR></TABLE>


<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: 54pt"></TD><TD STYLE="width: 17.6pt">(a)</TD><TD><B>Equity Core Collateral Rate</B></TD></TR></TABLE>


<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 0pt 1in; text-align: justify">The &ldquo;<B>Equity Core Collateral
Rate</B>&rdquo; in respect of an Equity Security shall be determined pursuant to the following table, based on the Country Tier and Currency
Tier of the Equity Security (as specified in the tables provided in Section&nbsp;2(b)&nbsp;and 2(c)&nbsp;above), <I>provided that </I>to
the extent that more than one percentage would be applicable to an Equity Security, the Equity Core Collateral Rate for such Equity Security
shall be the highest of such percentages.</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Country
    Tier</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Currency
    Tier</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 56pt; text-indent: -41.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equity
    Core Collateral Rate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</FONT></TD></TR>
  </TABLE>
<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: 54pt"></TD><TD STYLE="width: 17.6pt">(b)</TD><TD><B>Equity Concentration Factor.</B></TD></TR></TABLE>


<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 0pt 1in; text-align: justify">The &ldquo;<B>Equity Concentration Factor</B>&rdquo;
shall be determined pursuant to the following table, <I>provided that </I>notwithstanding any other provision of this Appendix A, the
Collateral Percentage shall be 100% with respect to the relevant Position if its related Issuer Position Concentration is equal to or
greater than 10% of the Portfolio Gross Market Value.</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer
    Position Concentration</B></FONT></TD>
    <TD STYLE="width: 38%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equity
    Concentration Factor</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equal
    to or greater than 5% and less than 10%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.5</FONT></TD></TR>
  </TABLE>
<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: 54pt"></TD><TD STYLE="width: 17.65pt">(c)</TD><TD><B>Equity Liquidity Factor.</B></TD></TR></TABLE>


<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 0pt 1in; text-align: justify">The &ldquo;<B>Equity Liquidity Factor</B>&rdquo;
shall be determined pursuant to the following table, <I>provided that </I>notwithstanding any other provision of this Appendix A, the
Collateral Percentage shall be 100% with respect to the relevant Position if the Days of Trading Volume is equal to or greater than 10.</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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Days
    of Trading Volume</B></FONT></TD>
    <TD STYLE="width: 38%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equity
    Liquidity Factor</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    than 2 days</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equal
    to or greater than 2 and less than 5 days</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equal
    to or greater than 5 and less than 7 days</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equal
    to or greater than 7 and less than 10 days</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  </TABLE>
<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: 54pt"></TD><TD STYLE="width: 17.6pt">(d)</TD><TD><B>Equity Volatility Factor.</B></TD></TR></TABLE>


<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 0pt 1in; text-align: justify">The &ldquo;<B>Equity Volatility Factor</B>&rdquo;
shall be determined pursuant to the following table, <I>provided that </I>notwithstanding any other provision of this Appendix A, the
Collateral Percentage shall be 100% with respect to the relevant Position if the Equity Volatility is equal to or greater than 100%.</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equity
    Volatility</B></FONT></TD>
    <TD STYLE="width: 38%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equity
    Volatility Factor</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    than 20%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equal
    to or greater than 20% and less than 35%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equal
    to or greater than 35% and less than 50%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equal
    to or greater than 50% and less than 75%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equal
    to or greater than 75% and less than 100%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  </TABLE>
<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: 20.3pt"></TD><TD STYLE="width: 34.85pt">4.</TD><TD><B>Debt Securities Collateral Percentage -</B></TD></TR></TABLE>


<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 0pt 0.75in; text-align: justify">The Collateral Percentage for a Position
consisting of applicable Debt Securities shall be the sum of (x)&nbsp;the Debt Core Collateral Rate and (y)&nbsp;the product of (i)&nbsp;the
Debt Core Collateral Rate and (ii)&nbsp;the sum of the Debt Concentration Factor, the Debt Liquidity Adjustment, and the Country Concentration
Factor, <I>provided that </I>the Collateral Percentage for any debt security trading below 40% of its nominal value shall be 100%.</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: 54pt"></TD><TD STYLE="width: 17.6pt">(a)</TD><TD><B>Debt Core Collateral Rate.</B></TD></TR></TABLE>


<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 0pt 1in; text-align: justify">The &ldquo;<B>Debt Core Collateral Rate</B>&rdquo;
shall be determined pursuant to the following table, based on the credit rating of the Issuer, using the lower of the S&amp;P or Moody&rsquo;s
rating as shown below, <I>provided that </I>if there is only one such rating, then the Debt Core Collateral Rate corresponding to such
rating shall be used.</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S&amp;
    P&rsquo;s Rating</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Moody&rsquo;s
    Rating</B></FONT></TD>
    <TD STYLE="width: 36%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Debt
    Core Collateral Rate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAA
    to A-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aaa
    to A3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BBB+
    to BBB-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baa1
    to Baa3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BB+
    to B- / NR</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ba1
    to B3 / NR</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CCC+
    to CCC-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caa1
    to Caa3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
    CCC- or defaulted</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
    Caa3 or defaulted</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD></TR>
  </TABLE>
<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: 54pt"></TD><TD STYLE="width: 17.6pt">(b)</TD><TD><B>Debt Concentration Factor</B></TD></TR></TABLE>


<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 0pt 1in; text-align: justify">The &ldquo;<B>Debt Concentration Factor</B>&rdquo;
shall be determined pursuant to the following table, <I>provided that </I>notwithstanding any other provision of this Appendix A, the
Collateral Percentage shall be 100% with respect to the relevant Position if its related Issuer Position Concentration is equal to or
greater than 10% of the Portfolio Gross Market Value.</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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer
    Position Concentration</B></FONT></TD>
    <TD STYLE="width: 38%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Debt
    Concentration Factor</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equal
    to or greater than 5% and less than 10%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.5</FONT></TD></TR>
  </TABLE>
<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: 54pt"></TD><TD STYLE="width: 17.65pt">(c)</TD><TD><B>Debt Liquidity Adjustment</B></TD></TR></TABLE>


<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 0pt 1in; text-align: justify">The &ldquo;<B>Debt Liquidity Adjustment</B>&rdquo;
shall be determined pursuant to the following table, <I>provided that </I>notwithstanding any other provision of this Appendix A, the
Collateral Percentage shall be 100% with respect to the relevant Position if its percentage of Issue Size is equal to or greater than
10%.</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage
    of Issue Size</B></FONT></TD>
    <TD STYLE="width: 38%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Debt
    Liquidity Adjustment</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    than 10%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
  </TABLE>
<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: 20.3pt"></TD><TD STYLE="width: 34.85pt">5.</TD><TD><B>Country Concentration Factor -</B></TD></TR></TABLE>


<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 0pt 0.75in; text-align: justify">The &ldquo;<B>Country
Concentration Factor</B>&rdquo; for all Positions with a country of risk (as determined by BNPP) of a Country Tier specified below
shall be equal to the greater of (a)&nbsp;the difference of (i)&nbsp;the quotient of (A)&nbsp;the Country Concentration for such
Country Tier and (B)&nbsp;the Concentration Threshold for such Country Tier determined pursuant to the following table and
(ii)&nbsp;one (1)&nbsp;and (b)&nbsp;zero (0).</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Country
    Tier</B></FONT></TD>
    <TD STYLE="width: 38%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Concentration
    Threshold</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tier
    3 Country</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tier
    4 Country</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1%</FONT></TD></TR>
  </TABLE>
<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: 20.3pt"></TD><TD STYLE="width: 34.85pt">6.</TD><TD><B>Treasuries Collateral Percentage -</B></TD></TR></TABLE>


<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 0pt 0.75in; text-align: justify">The Collateral Percentage for a Position
consisting of applicable Treasuries shall be 6%.</P>


<P STYLE="text-align: justify; 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="text-align: justify; width: 20.3pt"></TD><TD STYLE="text-align: justify; width: 34.85pt">7.</TD><TD STYLE="text-align: justify"><B>Positions Outside the Scope of this Appendix A -</B></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; margin: 0pt 0 0pt 0.75in; text-align: justify">For the avoidance of doubt, the Collateral
Requirements set forth herein are limited to the types and sizes of securities specified herein. The Collateral Requirement for any Position
or part of a Position not covered by the terms of this Appendix A shall be determined by BNPP in its sole discretion.</P>


<P STYLE="text-align: justify; 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="text-align: justify; width: 20.3pt"></TD><TD STYLE="text-align: justify; width: 34.85pt">8.</TD><TD STYLE="text-align: justify"><B>One-off Collateral Requirements -</B></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; margin: 0pt 0 0pt 0.75in; text-align: justify">Notwithstanding anything to the contrary,
BNPP, in its sole discretion, may agree to a different Collateral Requirement than the Collateral Requirement determined by this Appendix
A for a particular Position.</P>


<P STYLE="text-align: justify; 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="text-align: justify; width: 20.3pt"></TD><TD STYLE="text-align: justify; width: 34.85pt">9.</TD><TD STYLE="text-align: justify"><B>Certain Definitions -</B></TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(a)</TD><TD STYLE="text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; means an affiliate as defined in Rule&nbsp;144(a)(1)&nbsp;under
                                            the Securities Act of 1933.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(b)</TD><TD STYLE="text-align: justify">&ldquo;<B>Bloomberg</B>&rdquo; means the Bloomberg Professional service.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.7pt">(c)</TD><TD STYLE="text-align: justify">&ldquo;<B>Collateral Percentage</B>&rdquo; means the percentage as
                                            determined by BNPP according to this Appendix A.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(d)</TD><TD STYLE="text-align: justify">&ldquo;<B>Collateral Requirements</B>&rdquo; means the collateral
                                            requirements determined in accordance with this Appendix A.</TD></TR></TABLE>


<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"></P>


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<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: 54pt"></TD><TD STYLE="width: 17.6pt">(e)</TD><TD STYLE="text-align: justify">&ldquo;<B>Country Concentration</B>&rdquo; means, with respect to
                                            a Country Tier, an amount equal to the quotient of (i)&nbsp;the absolute value of the Current
                                            Market Value of all Positions (whether debt or equity) of such Country Tier and (ii)&nbsp;the
                                            absolute value of the Gross Market Value of all of Customer&rsquo;s Positions, expressed
                                            as a percentage.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(f)</TD><TD STYLE="text-align: justify">&ldquo;<B>Country Tier</B>&rdquo; means, as applicable, all Tier 1
                                            Countries, Tier 2 Countries, Tier 3 Countries or Tier 4 Countries.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(g)</TD><TD STYLE="text-align: justify">&ldquo;<B>Current Market Value</B>&rdquo; means, with respect to a
                                            Position, an amount equal to the product of (i)&nbsp;the number of the relevant security
                                            and (ii)&nbsp;the price per unit of the relevant security (as determined by BNPP), which,
                                            for the avoidance of doubt, is expressed as a positive number whether or not such Position
                                            is held long.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(h)</TD><TD STYLE="text-align: justify">&ldquo;<B>Days of Trading Volume</B>&rdquo; means, with respect to
                                            an equity security, an amount equal to the quotient of (i)&nbsp;the number of shares of such
                                            security constituting the Position, as numerator, and (ii)&nbsp;the 90-day average daily
                                            trading volume of such security as shown on Bloomberg (or, if the 90-day average daily trading
                                            volume of such security is unavailable, the 30-day average daily trading volume of such security,
                                            as determined by BNPP in its sole discretion), as denominator.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.55pt">(i)</TD><TD STYLE="text-align: justify">&ldquo;<B>Emerging Market Securities</B>&rdquo; all positions with
                                            a country of risk (as determined by BNPP) of a Tier 2 Country, Tier 3 Country or Tier 4 Country.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(j)</TD><TD STYLE="text-align: justify">&ldquo;<B>Equity Volatility</B>&rdquo; means, with respect to an equity
                                            security, the 90-day historical volatility of such security as determined by BNPP in its
                                            sole discretion or, if the 90-day historical price volatility of such security is unavailable,
                                            the 30-day historical price volatility of such security as determined by BNPP in its sole
                                            discretion.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(k)</TD><TD STYLE="text-align: justify">&ldquo;<B>Gross Market Value</B>&rdquo; of one or more Positions means
                                            an amount equal to the sum of all Current Market Values of all such Positions.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.55pt">(l)</TD><TD STYLE="text-align: justify">&ldquo;<B>Issuer</B>&rdquo; means, with respect to a security, the
                                            ultimate parent company or similar term as used by Bloomberg, <I>provided that </I>if the
                                            relevant security was issued by a company or a subsidiary of a company that has issued common
                                            stock, the Issuer shall be deemed to be the entity that has issued common stock.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.7pt">(m)</TD><TD STYLE="text-align: justify">&ldquo;<B>Issuer Position Concentration</B>&rdquo; means, with respect
                                            to a Position issued by an Issuer, an amount equal to the quotient of (i)&nbsp;the absolute
                                            value of the Current Market Value of all Positions (whether debt or equity) issued by the
                                            same Issuer and (ii)&nbsp;absolute value of the Gross Market Value of all of Customer&rsquo;s
                                            Positions, expressed as a percentage.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(n)</TD><TD STYLE="text-align: justify">&ldquo;<B>Issue Size</B>&rdquo; means, with respect to a Position
                                            in a Debt Security of an Issuer, the Current Market Value of all such Debt Securities issued
                                            by the Issuer.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(o)</TD><TD STYLE="text-align: justify">&ldquo;<B>Major Exchange</B>&rdquo; means a primary stock exchange,
                                            as determined by BNPP in its sole discretion.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(p)</TD><TD STYLE="text-align: justify">&ldquo;<B>Moody&rsquo;s</B>&rdquo; means Moody&rsquo;s Investor Service,&nbsp;Inc.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.6pt">(q)</TD><TD STYLE="text-align: justify">&ldquo;<B>Percentage of Issue Size</B>&rdquo; means the quotient of
                                            (i)&nbsp;the Gross Market Value of all Positions of that issue and (ii)&nbsp;the Issue Size.</TD></TR></TABLE>


<P STYLE="text-align: justify; 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="text-align: justify; width: 54pt"></TD><TD STYLE="text-align: justify; width: 17.55pt">(r)</TD><TD STYLE="text-align: justify">&ldquo;<B>Portfolio Gross Market Value</B>&rdquo; means the Gross
                                            Market Value of all of Customer&rsquo;s Positions that are Eligible Securities.</TD></TR></TABLE>


<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"></P>


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<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: 54pt"></TD><TD STYLE="width: 17.7pt">(s)</TD><TD STYLE="text-align: justify">&ldquo;<B>Position Concentration</B>&rdquo; means, with respect to
                                            a Position, an amount equal to the quotient of (i)&nbsp;the absolute value of the Current
                                            Market Value of such Position and (ii)&nbsp;the Gross Market Value of all of Customer&rsquo;s
                                            Positions, expressed as a percentage.</TD></TR></TABLE>


<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: 54pt"></TD><TD STYLE="width: 17.6pt">(t)</TD><TD STYLE="text-align: justify">&ldquo;<B>Structured Securities</B>&rdquo; means any security (i)&nbsp;the
                                            payment to a holder of which is linked to a different security, <I>provided that </I>such
                                            different security is issued by a different issuer or (ii)&nbsp;structured in such a manner
                                            that the credit risk of acquiring the security is primarily related to an entity other than
                                            the issuer of the security itself.</TD></TR></TABLE>


<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: 54pt"></TD><TD STYLE="width: 17.6pt">(u)</TD><TD>&ldquo;<B>S&amp;P</B>&rdquo; means Standard&nbsp;&amp; Poor&rsquo;s
                                            Ratings Services, a division of The McGraw-Hill Companies,&nbsp;Inc.</TD></TR></TABLE>


<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"></P>


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<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: right"><I>Execution Version</I></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: center"><B>SPECIAL CUSTODY AND PLEDGE AGREEMENT</B></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"><FONT STYLE="font-size: 10pt"><B>AGREEMENT,
</B></FONT>(hereinafter &quot;Agreement&quot;) dated as of December&nbsp;1, 2010 among <B>State Street Bank and Trust Company</B>, a
Massachusetts trust company, in its capacity as custodian hereunder (&quot;Custodian&quot;), <B>each investment company listed on Exhibit&nbsp;A
attached hereto </B>(each individually and not collectively, a &quot;Fund&quot;), and <B>BNP Paribas Prime Brokerage International,&nbsp;Ltd.
</B>(the &quot;Counterparty&quot;).</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"><FONT STYLE="font-size: 10pt"><B>WHEREAS, </B></FONT>the
Fund will provide pledged collateral to Counterparty to secure obligations owing by the Fund to the Counterparty under the account
agreement included in the U.S. PB Agreement dated as of December&nbsp;1, 2010 with the Counterparty (the &ldquo;Account
Agreement&rdquo;); and</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"><FONT STYLE="font-size: 10pt"><B>WHEREAS,
</B></FONT>Counterparty is required to comply with applicable laws and regulations pertaining to extensions of credit and borrowing of
securities, including the margin regulations of the Board of Governors of the Federal Reserve System and of any relevant securities exchanges
and other self-regulatory associations (the &quot;Margin Rules&quot;) and Counterparty&rsquo;s internal policies; and</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"><FONT STYLE="font-size: 10pt"><B>WHEREAS,
</B></FONT>to facilitate extensions of credit and the borrowing of securities from the Counterparty, the Fund and Counterparty desire
to establish procedures for compliance with the Margin Rules; and</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"><FONT STYLE="font-size: 10pt"><B>WHEREAS,
</B></FONT>Custodian, as custodian of certain assets of the Fund pursuant to a custody agreement (the &ldquo;Custody Agreement&rdquo;),
is prepared to act as custodian for Collateral (as herein defined) pursuant to the terms and conditions of this Agreement;</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"><FONT STYLE="font-size: 10pt"><B>NOW, THEREFORE, </B></FONT>be
it agreed as follows:</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>As
used herein, capitalized terms have the following meanings unless otherwise defined herein:</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"><FONT STYLE="font-size: 10pt">&quot;Adequate
Performance Assurance&quot; shall mean such Collateral placed in the Special Custody Account (as such term is herein defined) as is adequate
under the Margin Rules</FONT>&nbsp;and as set forth in the Account Agreement.</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"><FONT STYLE="font-size: 10pt">&quot;Advice
from Counterparty&quot; means a notice or entitlement order (as defined in Section</FONT>&nbsp;8- 102 of the UCC (as defined herein))
delivered by an Authorized Representative of Counterparty to the Fund or Custodian, as applicable hereunder, communicated: (i)&nbsp;in
writing; (ii)&nbsp;by a facsimile-sending device; or (iii)&nbsp;in cases of calls for additional Collateral (as such term is herein defined)
or notices referred to in paragraph 8 hereof, by telephone to a person designated by the Fund or Custodian in writing as authorized to
receive such advice or, in the event that no such person is available, to any officer of the Fund or Custodian and confirmed in writing
promptly thereafter. A duly-authorized officer of Counterparty will certify to Custodian, on Appendix A attached hereto, the names and
signatures of those employees of Counterparty who are authorized to sign Advices from Counterparty (each, an &ldquo;Authorized Representative
of Counterparty&rdquo;), which certification may be amended from time to time. The term &ldquo;Authorized Representative of Counterparty&rdquo;
shall also include any person who has apparent authority as an officer, director, principal or manager of the Counterparty to sign Advices
from Counterparty, even in the event that such person has not been specifically named on or provided a specimen signature on an Appendix
A attached hereto.</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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&quot;Business Day&quot;
means a day on which Custodian, the Fund and the Counterparty are open for business.</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">&quot;Collateral&quot; means
U.S. cash, U.S. government securities, other U.S. margin-eligible securities or foreign margin-eligible securities (other than Japanese
government bonds (&ldquo;Foreign Securities&rdquo;) acceptable to the Counterparty and Custodian which are pledged to the Counterparty
as provided herein. With regard to Foreign Securities, the Fund and the Counterparty agree to the requirements and conditions that are
described in Section&nbsp;2(e)&nbsp;of this Agreement.</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">&ldquo;Foreign Assets&rdquo;
means any investments (including foreign currencies) for which the primary market is outside the United States, and any cash and cash
equivalents that are reasonably necessary to effect the Fund&rsquo;s transactions in those investments.</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">&ldquo;Instructions from
Fund&rdquo; means a request, direction or certification in writing signed in the name of the Fund by a person authorized by the Fund,
on Appendix B attached hereto (as may be amended from time to time), and delivered to Custodian or transmitted to it by a facsimile-sending
device, except that instructions to pledge initial or additional Collateral may be given by telephone and thereafter confirmed in writing
signed in the name of the Fund by a person authorized in writing by the Fund.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(a)&nbsp;Upon
instructions from the Fund, Custodian, in its capacity as a Securities Intermediary as defined in Revised Article&nbsp;8 of the
Uniform Commercial Code as in effect from time to time in the State of New York (the &ldquo;UCC&rdquo;), to the extent the same may
be applicable, or in applicable federal law or regulations, shall segregate Collateral on its books and records as an account for
Counterparty entitled &ldquo;BNP Paribas Prime Brokerage International,&nbsp;Ltd. (&ldquo;BNP&rdquo;), for the benefit of [Name of
the relevant Fund] pledgor to BNP&rdquo; (&ldquo;Special Custody Account&rdquo;) and shall hold therein for the Counterparty as
pledgee upon the terms of this Agreement all Collateral. The Fund agrees to limit segregation of Collateral so as not to exceed 50%
of the Fund&rsquo;s gross market value. The Custodian hereby agrees that any Collateral except U.S. cash held in the Special Custody
Account shall be treated as a financial asset for purposes of the UCC to the extent the same may be applicable, and Custodian shall
elect to hold such Collateral that is U.S. cash as a deposit in its capacity as a &ldquo;bank&rdquo; as such term is defined in
Section&nbsp;9-102(a)(8)&nbsp;of the UCC, which deposit account shall constitute part of, and be maintained in the same manner as,
the Special Custody Account. The Fund agrees to instruct Custodian through Instructions from Fund as to the cash and specific
securities which Custodian is to identify on its books and records as pledged to the Counterparty as Collateral in the Special
Custody Account.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT> The
Fund agrees to provide and at all times maintain Adequate Performance <FONT STYLE="font-size: 10pt">Assurance in the Special Custody
Account pursuant to the terms and conditions of this Agreement. Such Collateral (i)</FONT>&nbsp;may be released only in accordance
with the terms of this Agreement; and (ii)&nbsp;except as required to be released hereunder to the Counterparty, shall not be made
available to the Counterparty or to any other person claiming through the Counterparty, including creditors of the Counterparty.
Custodian will maintain accounts and records for the Collateral in the Special Custody Account separate from the accounts and
records of any other property of the Fund which may be held by Custodian, subject to the interest therein of the Counterparty as the
pledgee thereof in accordance with the terms of this Agreement. Such security interest in any item of Collateral will terminate at
such time as such item of Collateral is released to the Fund as provided in paragraph 4 hereof.</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"></P>


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<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: 1in">Unless otherwise instructed
in writing by the Fund, all distributions (other than those from a corporate action, redemptions or issuer calls) on Collateral received
by the Custodian and any proceeds of transfer or other payments (other than those from corporate actions, redemptions or issuer calls)
with respect to Collateral in the Special Custody Account, including, but not limited to, interest and dividends, shall not constitute
Collateral and shall be delivered to the Fund&rsquo;s custody account. Any distribution on Collateral from a corporate action, redemption
or issuer call received by the Custodian shall be credited to the Special Custody Account as additional Collateral and shall be held
in the Special Custody Account as Collateral until released therefrom or withdrawn in accordance with this Agreement.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c) </FONT>The
Fund, the Counterparty and Custodian agree that Collateral will be held for the Counterparty in the Special Custody Account by
Custodian under the terms and conditions of this Agreement and that the Custodian will take such actions with respect to any
Collateral (including without limitation the delivery thereof in accordance with paragraph 8) as the Counterparty shall direct in an
Advice from Counterparty, without further consent of the Fund.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT> The
Fund hereby grants a continuing security interest to the Counterparty in: <FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;the Special
Custody Account and all Collateral and other financial assets credited thereto, from time to time, (ii)&nbsp;its accounts with the
Counterparty, and (iii)&nbsp;all proceeds of the foregoing to secure the Fund's obligations to the Counterparty under the Account
Agreement. Custodian shall have no responsibility for the validity or enforceability of such security interest.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;Custodian
agrees to release Foreign Securities from the Special Custody Account only upon receipt of an Advice from Counterparty (including for
whatever uses are permissible under the Account Agreement, though Custodian shall at no time have responsibility for determining whether
Counterparty is in compliance with those permissible uses). Counterparty agrees, upon request of the Fund or Custodian, to provide such
an Advice from Counterparty to Custodian with respect to the Foreign Securities selected by the Fund directing the release of such Foreign
Securities to the Fund if any of the following are satisfied: (i)&nbsp;if said Collateral represents an excess in value of the Collateral
necessary to constitute Adequate Performance Assurance at that time; (ii)&nbsp;if there is prior receipt in the Special Custody Account
of substitute Collateral having a value at least equal (with any remaining Collateral) to constitute Adequate Performance Assurance;
or (iii)&nbsp;upon termination of the Fund's accounts with Counterparty and settlement in full of all transactions therein and any amounts
owed to the Counterparty with respect thereto. As between the Fund and Custodian, the Fund agrees that any buy-ins, fees, or penalties
assessed in a non-U.S. market in connection with the sale, segregation, or substitution of Foreign Securities covered by this Agreement
shall be solely the responsibility of the Fund, which agrees to indemnify and hold harmless Custodian in accordance with the terms of
the Custody Agreement. The Fund hereby acknowledges that its instruction to Custodian to segregate any Foreign Security as Collateral
signifies the Fund&rsquo;s acceptance of Country Risk (as defined in the Custody Agreement) with regard to holding or transacting in
such Foreign Security or in segregating such Foreign Security. The Fund and the Counterparty agree that the Fund shall not be required
to physically move a Foreign Security from a foreign sub- custodian to the Custodian in order to pledge such Foreign Security. It shall
be sufficient for purposes of any such pledge if the Custodian segregates Foreign Securities designated from time to time by the Fund
on the Custodian&rsquo;s books and records as being held pursuant to a foreign sub-custodian arrangement subject to such pledge. Notwithstanding
the foregoing, such Foreign Securities may, upon the request of the Fund and subject to the satisfaction of the conditions contained
in this sub-paragraph (e), be moved from the foreign sub-custodian account into the Fund&rsquo;s custody account or Special Custody Account,
as applicable. Furthermore, the parties agree that any attempt by the Fund to sell or trade any Foreign Security shall constitute a request
by the Fund to the Counterparty to provide an Advice from Counterparty to the Custodian to release such Foreign Security and the Fund
shall not be required to take any other action provided that Custodian or the Fund notifies Counterparty of such sale or trade.</FONT></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"></P>


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<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">The Counterparty hereby acknowledges
that with respect to any Foreign Securities that may be held by (x)&nbsp;Custodian (or its nominee), (y)&nbsp;a sub-custodian (or its
nominee) within Custodian&rsquo;s network of sub-custodians (each a &ldquo;Sub-Custodian&rdquo;), or (z)&nbsp;a depository or book- entry
system for the central handling of securities in which Custodian or the Sub-Custodian are participants, there is a risk that local law,
rule, regulation or market practice or the rules&nbsp;of any such Sub-Custodian or depository/book-entry system may be inconsistent with
the application of New York law and the performance of Custodian&rsquo;s obligations under the UCC. To the extent any such inconsistency
inhibits Custodian&rsquo;s performance of such obligations, the Counterparty hereby waives such performance. The parties hereby further
acknowledge that Custodian gives no assurance that a security entitlement is created under the UCC at the Euroclear or Cedelbank level
with respect to the Fund&rsquo;s assets held in Euroclear or Clearstream or their successors.</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"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>
Custodian will confirm in writing to the Counterparty and the Fund, within one <FONT STYLE="font-size: 10pt">(1)</FONT>&nbsp;Business
Day, all pledges, releases or substitutions of Collateral and will supply the Counterparty and the Fund with a monthly statement of
Collateral in the Special Custody Account and transactions in the Special Custody Account during the preceding month. Custodian will
also advise the Counterparty and the Fund upon reasonable request, of the kind and amount of Collateral pledged to the
Counterparty.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Custodian
agrees to release Collateral from the Special Custody Account only upon receipt of an Advice from Counterparty (including for
whatever uses are permissible under the Account Agreement, though Custodian shall at no time have responsibility for determining
whether Counterparty is in compliance with those permissible uses). Counterparty agrees, upon request of the Fund or Custodian, to
provide such an Advice from Counterparty to Custodian with respect to Collateral selected by the Fund directing the release of such
Collateral to the Fund <FONT STYLE="font-size: 10pt">if any of the following are satisfied: (i)</FONT>&nbsp;if said Collateral
represents an excess in value of the Collateral necessary to constitute Adequate Performance Assurance at that time; (ii)&nbsp;if
there is prior receipt in the Special Custody Account of substitute Collateral having a value at least equal (with any remaining
Collateral) to constitute Adequate Performance Assurance; or (iii)&nbsp;upon termination of the Fund's accounts with Counterparty
and settlement in full of all transactions therein and any amounts owed to the Counterparty with respect thereto. It is understood
that the Counterparty will be responsible for valuing Collateral; Custodian at no time has any responsibility for determining
whether the value of Collateral is equal in value to Adequate Performance Assurance. Notwithstanding the foregoing, the parties
agree that any attempt by Fund to sell or trade any Collateral shall constitute a request by Fund to the Counterparty to provide an
Advice from Counterparty to Custodian to release such Collateral and Fund shall not be required to take any other action provided
that Custodian or the Fund notifies Counterparty of such sale or trade.</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"></P>


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<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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Fund represents and warrants to the Counterparty that securities pledged to the Counterparty shall be in good deliverable form (or Custodian
shall have the unrestricted power to put such securities into good deliverable form), and that Collateral will not be subject to any
liens or encumbrances other than the liens related to foreign custodian liens permitted by Rule&nbsp;17f-5 of the Investment Company
Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) and the lien in favor of the Counterparty contemplated hereby.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Collateral
shall at all times remain the property of the Fund subject only to the extent of the interest and rights therein of the Counterparty
as the pledgee and secured party thereof. Other than liens for safe custody or administration of Foreign Assets granted to (x)&nbsp;any
entity that is incorporated or organized under the laws of a country other than the United States or (y)&nbsp;a majority-owned direct
or indirect subsidiary of a regulated and permitted U.S. bank or bank-holding company (other than Custodian or its affiliates) or (z)&nbsp;any
creditors of any entity referenced in (x)&nbsp;or (y)&nbsp;above (other than Custodian or its affiliates), (a)&nbsp;Custodian represents
that Collateral is not subject to any other lien, charge, security interest or other right or claim of Custodian or any person claiming
through Custodian, and (b)&nbsp;Custodian hereby waives any right, charge, security interest, lien or right of set off of any kind which
it may have, or acquire with respect to, the Collateral including, without limitation, liens pursuant to the Custody Agreement. Except
for the claims and interests of the Counterparty and the Fund, Custodian has not, to the best of its knowledge, received written notice
of any claim to, or interest in, the Special Custody Account, any financial asset credited thereto or any security entitlement in respect
thereof. Custodian shall use its commercially reasonable efforts to notify the Counterparty and the Fund as soon as practicable if Custodian
receives any notice of levy, lien, court order or other process purporting to affect the Collateral.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Counterparty shall, on each Business Day, compute the aggregate net credit or debit balance under the Account Agreement, and advise
the Fund by 11:00 A.M.&nbsp;New York time of the amount of the net debit or credit, as the case may be. If a net debit balance
exists on such day, the Fund will cause, by the close of business on such day, an amount of Collateral to be deposited in the
Special Custody Account to provide Adequate Performance Assurance related to such net debit balance. Counterparty will charge
interest on debit balances in accordance with Counterparty&rsquo;s policies as set forth in the Account Agreement and Counterparty
will not pay interest on credit balances.</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"></P>


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<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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
occurrence of the following constitutes a default by the Fund hereunder: there occurs an Event of Default (as defined in the Account
Agreement) with respect to the Fund (a &ldquo;Fund Default&rdquo;).</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
Counterparty&rsquo;s determination that a Fund Default has occurred, if Counterparty wishes to declare such default, Counterparty
shall notify the Fund (with a copy delivered to Custodian) in an Advice from Counterparty of such Fund Default (a
 &ldquo;Counterparty Notice of Default&rdquo;). No sooner than close of business on the next day after transmittal by Counterparty of
the Counterparty Notice of Default, Counterparty may take any action permitted pursuant to the Account Agreement.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(9)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Counterparty hereby covenants, for the benefit of the Fund, that the Counterparty will not instruct Custodian pursuant to an Advice from
Counterparty to take any action in relation to the Collateral pursuant to paragraph 8 until after the occurrence of the events and the
expiration of the time periods set forth in paragraph 8. The foregoing covenant is for the benefit of the Fund only and shall in no way
be deemed to constitute a limitation on Custodian&rsquo;s obligation to act upon instructions pursuant to an Advice from Counterparty
and Custodian&rsquo;s obligation to act upon such instructions, which instructions, for the avoidance of doubt, may include directions
to deliver Collateral to Counterparty other than pursuant to paragraph 8 (including for other permissible uses under the Account Agreement).
Custodian shall not be required to make any determination as to whether such delivery is made in accordance with any provisions of this
Agreement or any other agreement between the Counterparty and the Fund. Custodian will, however, provide prompt telephone notice to an
officer of the Fund of receipt by Custodian of an Advice from Counterparty to deliver Collateral.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(10)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Custodian's
duties and responsibilities are set forth in this Agreement. Custodian shall act only upon receipt of an Advice from Counterparty
regarding release of Collateral, except as required by applicable law. Custodian shall not be liable or responsible for anything
done, or omitted to be done by it in good faith and in the absence of negligence and may rely and shall be protected in acting upon
any Advice from Counterparty which it reasonably believes to be genuine and authorized. As between the Fund and Custodian, the terms
of the Custody Agreement shall apply with respect to any losses or liabilities of such parties arising out of matters covered by
this Agreement; for the avoidance of doubt, each Advice from Counterparty shall be considered a &ldquo;Proper Instruction&rdquo;
under the Custody Agreement and as such is subject to the terms of the Custody Agreement and, in particular, the Fund&rsquo;s
indemnity of the Custodian thereunder. As between Custodian and Counterparty, Counterparty shall indemnify and hold Custodian
harmless from and against any losses or liabilities (including reasonable legal fees) imposed on or incurred by Custodian subsequent
to the taking of any action, or arising out of any omission, of Custodian in compliance with any Advice from Counterparty, except to
the extent that any such loss or liability (i)&nbsp;results from Custodian&rsquo;s negligence, fraud, recklessness, willful
misconduct or bad faith; or (ii)&nbsp;represents special, consequential, punitive, exemplary or incidental damages. In matters
concerning or relating to this Agreement, Custodian shall not be liable for the acts or omissions of any of the other parties to
this Agreement. In matters concerning or relating to this Agreement, Custodian shall not be responsible for compliance with any
statute or regulation regarding the establishment or maintenance of margin credit, including but not limited to Regulations T or X
of the Board of Governors of the Federal Reserve System, the OCC or the Securities and Exchange Commission. Custodian shall have no
duty to require any cash or securities to be delivered to it or to determine that the amount and form of assets deposited in the
Special Custody Account comply with any applicable requirements. Custodian may hold the securities in the Special Custody Account in
bearer, nominee, book-entry, or other form and in any depository or clearing corporation (including omnibus accounts), with or
without indicating that the securities are held hereunder; provided, however, that all securities held in the Special Custody
Account shall be identified on Custodian&rsquo;s records as subject to this Agreement and shall be in a form that permits transfer
at the direction of Counterparty without additional authorization or consent of the Fund.</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"></P>


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    <!-- Field: /Page -->


<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">Neither Custodian nor Counterparty shall be responsible
or liable for any losses resulting from nationalization, expropriation, devaluation, seizure, or similar action by any governmental authority,
de facto or de jure, or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions,
exchange controls, levies or other charges affecting the property in the Special Custody Account; or acts of war, terrorism, insurrection
or revolution; or acts of God; or any other similar event beyond the control of such party or its agents. Neither Custodian nor Counterparty
shall be liable for indirect, special or consequential damages even if advised of the possibility or likelihood thereof. This paragraph
shall survive the termination of this Agreement.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(11)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>All
charges for Custodian's services under this Agreement shall be paid by the Fund upon presentation of an invoice.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(12)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Counterparty shall not be liable for any losses, costs, damages, liabilities or expenses suffered or incurred by the Fund as a result
of any transaction executed hereunder, or any other action taken or not taken by the Counterparty hereunder for the Fund's account at
Fund's direction or otherwise, except to the extent that such loss, cost, damage, liability or expense is the result of the Counterparty&rsquo;s
material breach of contract, negligence or willful misconduct.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(13)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
amendment of this Agreement shall be effective unless in writing and signed by an authorized officer of each of the Counterparty, the
Fund and Custodian.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(14)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Written
communications hereunder, other than an Advice from Counterparty, shall be sent by facsimile-sending device or telegraphed when required
herein, hand delivered or mailed first class postage prepaid, except that written notice of termination shall be sent by certified mail,
in any such case addressed:</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: 0.5in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="width: 2in">if to Custodian, to:</TD>
                                                                                                       <TD>State Street Bank and Trust Company</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>2 Avenue de Lafayette </TD></TR>
                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Boston, MA 02111</TD></TR>
                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Attention: J. M. Stratton, Senior Vice President</TD></TR>
                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Facsimile
No.: 617-662-0071</TD></TR>
                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Telephone No.: 617-662-1776</TD></TR>
                                                                                                                                                        </TABLE>


<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"></P>


<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 217.2pt"></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: 0.5in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="width: 2in">if to the Fund, to:</TD>
                                                                                                       <TD>[Name of the relevant Fund]</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Attention: Ron Palmer</TD></TR>
                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Telephone No: 914-251-0880</TD></TR>
                                                                                                                                                </TABLE>


<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: 0.5in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="width: 2in">if to the Counterparty, to:</TD>
                                                                                                       <TD>BNP Paribas Prime Brokerage International,&nbsp;Ltd.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>787 Seventh Avenue</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>New York, NY 10019</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Attention: Tomer Seifan</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Facsimile No.: 201-850-4602</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Telephone No.: 212-471-6565</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Attention: Alex Bergelson</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Facsimile No.: 201-850-4601</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Telephone No.: 212-471-6533</TD></TR>


<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD><FONT STYLE="font-size: 10pt">with a copy to:</FONT></TD>
                                                                                                       <TD><FONT STYLE="font-size: 10pt"></FONT>BNP
Paribas</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>525 Washington Boulevard</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Jersey City, NJ 07310</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Attention:
David Koppel</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Facsimile No.: 201-850-4618</TD></TR>
                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                                                                       <TD>Telephone No.: 201-850-5391</TD></TR>
                                                                                                                                                                         </TABLE>


<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 0pt 1in">Copies of Custodian's confirmations, statements and advices
issued pursuant to paragraph 4 should be sent to:</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: bottom">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.6in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">State Street Bank and Trust Company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2 Avenue de Lafayette</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Boston, MA 02111</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Attention: J. M. Stratton, Senior
    Vice President</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Facsimile No.: 617-662-0071</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Telephone No.: 617-662-1776</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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(15)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
of the parties hereto may terminate this Agreement by thirty (30) days prior written notice to the other parties hereto; provided, however,
that the status of any Collateral pledged to the Counterparty at the time of such notice shall not be affected by such termination until
the release of such pledge pursuant to the terms of the Account Agreement and any applicable Margin Rules. Upon termination of this Agreement
or the Custody Agreement, all assets of the Fund held in the Special Custody Account shall be transferred to a successor custodian specified
by the Fund and acceptable to the Counterparty in its sole discretion.</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"></P>


<!-- Field: Page; Sequence: 36; Value: 2 -->
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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(16)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Nothing
in this Agreement prohibits the Counterparty, the Fund or Custodian from entering into similar agreements with others in order to facilitate
options or other derivatives transactions.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(17)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Custodian
has not entered into, and until the termination of this Agreement will not enter into, any agreement with any person (other than the
Counterparty) relating to the Special Custody Account and/or any financial asset credited thereto pursuant to which it has agreed, or
will agree, to comply with entitlement orders of such person.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(18)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
any provision or condition of this Agreement shall be held to be invalid or unenforceable by any court, or regulatory or self-regulatory
agency or body, such invalidity or unenforceability shall attach only to such provision or condition. The validity of the remaining provisions
and conditions shall not be affected thereby and this Agreement shall be carried out as if any such invalid or unenforceable provision
or condition were not contained herein.</P>


<P STYLE="text-align: justify; 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="text-align: justify; width: 38.3pt"></TD><TD STYLE="text-align: justify; width: 34.85pt"><FONT STYLE="font-size: 10pt">(19)</FONT></TD><TD STYLE="text-align: justify">All references herein to
                                            times of day shall mean the time in New York, New York, U.S.A.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(20)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement and its enforcement (including, without limitation, the establishment and maintenance of the Special Custody Account and all
interests, duties and obligations related thereto) shall be governed by the laws of the State of New York without regard to its conflicts
of law rules. This Agreement shall be binding on the parties and any successor organizations thereof irrespective of any change or changes
in personnel thereof. The parties to this Agreement hereby submit to the exclusive jurisdiction of the courts of New York, including
any appellate courts thereof. The parties to this Agreement also hereby agree to waive their rights to a jury trial.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(21)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement may be signed in counterparts, all of which shall constitute but one and the same instrument.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(22)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>For
the sake of clarity and construction, the parties hereto set forth their acknowledgment and agreement that if the Fund is a series of
a Registrant then it is not a separately existing legal entity entitled to enter into contractual agreements or to execute instruments
and, for these reasons, the registrant named on the signature pages&nbsp;(&ldquo;<B>Registrant</B>&rdquo;) (if any) is executing this
Agreement and any other document on behalf of such series, as the Fund and that such series will utilize the loans thus made on their
behalf. Notwithstanding anything to the contrary in this Agreement, the Fund shall only be liable hereunder for the loans made to such
Fund hereunder and interest thereon and for fees and expenses associated therewith, and in no event shall the Fund or its assets be held
liable for the loans made to any other series of the Registrant or interest thereon or for the fees and expenses associated therewith
nor shall the assets of the Fund be available to satisfy the liabilities of any other series of the Registrant.</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"></P>


<!-- Field: Page; Sequence: 37; Value: 2 -->
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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(23)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of Custodian, the Fund and the Counterparty agrees that it shall maintain, and shall instruct its past, present and future agents,
attorneys and accountants to maintain, the confidentiality of the terms of this Agreement, and shall not discuss or disclose, nor
authorize such agents, attorneys or accountants to discuss or disclose, directly or indirectly, to any person the existence or terms
of this Agreement, other than as may be legally required pursuant to applicable law or regulation. Notwithstanding the foregoing,
each party may disclose the existence or terms of this Agreement to any governmental agency or regulatory body having or claiming to
have authority to regulate or oversee any aspect of the relevant party&rsquo;s business in connection with the exercise of such
authority or claimed authority. Each of Custodian, the Fund and the Counterparty agrees that there shall be no publicity, directly
or indirectly, concerning any aspect of this Agreement.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(24)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Counterparty may assign its rights or any interest under this Agreement to BNP Paribas Prime Brokerage,&nbsp;Inc. upon the written consent
of the Fund and the Custodian, such consent not to be unreasonably withheld.</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: center"><FONT STYLE="font-size: 10pt"><I>[Remainder of
Page</I></FONT><I>&nbsp;Intentionally Left Blank]</I></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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">ALPINE GLOBAL
    DYNAMIC DIVIDEND FUND</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Ronald G. Palmer,&nbsp;Jr.</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">ALPINE GLOBAL
    PREMIER PROPERTIES FUND</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">/s/ Ronald G. Palmer,&nbsp;Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">BNP PARIBAS PRIME
    BROKERAGE INTERNATIONAL,&nbsp;LTD.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><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; color: #010101"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">STATE STREET
    BANK AND TRUST COMPANY</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"> <FONT STYLE="font-size: 10pt">Michael F. Rogers</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; color: #010101"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">Executive Vice President</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">&nbsp;</P>


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


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">ALPINE GLOBAL
    DYNAMIC DIVIDEND FUND</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101; width: 45%"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">ALPINE GLOBAL
    PREMIER PROPERTIES FUND</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">BNP PARIBAS PRIME
    BROKERAGE INTERNATIONAL,&nbsp;LTD.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">/s/ Ellen Christian</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">/s/ Secondee</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">STATE STREET
    HBANK AND TRUST COMPANY</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">Michael F. Rogers</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; color: #010101"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">Executive Vice President</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">&nbsp;</P>


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


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">ALPINE GLOBAL
    DYNAMIC DIVIDEND FUND</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101; width: 45%"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><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; color: #010101"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">ALPINE GLOBAL
    PREMIER PROPERTIES FUND</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><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; color: #010101"><FONT STYLE="font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">BNP PARIBAS PRIME
    BROKERAGE INTERNATIONAL,&nbsp;LTD.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><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; color: #010101"><FONT STYLE="font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">STATE STREET
    HBANK AND TRUST COMPANY</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">/s/ Michael F. Rogers</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; color: #010101"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">Michel F. Rogers</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; color: #010101"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101"><FONT STYLE="font-size: 10pt">Executive Vice President</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">&nbsp;</P>


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


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit&nbsp;A</B></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: center">Alpine Global Dynamic Dividend Fund</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Alpine Global
Premier Properties Fund</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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">APPENDIX A</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: center">[ ]</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"></P>


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    <DIV STYLE="break-before: page; 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: center">APPENDIX B</P>


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<TYPE>EX-99.2(R)(1)
<SEQUENCE>5
<FILENAME>tm2523786d1_ex99-2xrx1.htm
<DESCRIPTION>EXHIBIT 99.2(R)(1)
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<P STYLE="text-align: right; font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;99.2(r)(1)</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>CODE OF ETHICS
(PERSONAL TRADING)</U></B></FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Introduction</B></FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Rule&nbsp;17j-1(b)&nbsp;under
the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), makes it unlawful for any affiliated person, officer or
Board member of the Funds in connection with the purchase or sale by such person of a Security (as defined below) &ldquo;held or to be
acquired&rdquo; by the Funds:</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To employ
                                            any device, scheme or artifice to defraud the Funds;</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To make to
                                            the Funds any untrue statement of a material fact or omit to state to the Funds a material
                                            fact necessary in order to make the statement made, in light of the circumstances under which
                                            they are made, not misleading;</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To engage
                                            in any act, practice, or course of business which operates or would operate as a fraud or
                                            deceit upon the Funds; or</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To engage
                                            in any manipulative practice with respect to the Funds&rsquo; investment portfolios.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B>II.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Purpose of the Code of Ethics</B></FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Funds expect that the officers and Fund Board members will conduct their personal investment activities in accordance with (1)&nbsp;the
duty at all times to place the interests of the Funds&rsquo; shareholders first; (2)&nbsp;the requirement that all personal Securities
transactions be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest
or any abuse of an individual&rsquo;s position of trust and responsibility; and (3)&nbsp;the fundamental standard that investment company
personnel should not take inappropriate advantage of their positions.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
view of the foregoing, the provisions of Section&nbsp;17(j)&nbsp;of the 1940 Act, Rule&nbsp;17j-1 under the 1940 Act, and various pronouncements
by the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and the Investment Company Institute on personal investing by investment
company personnel, <SUP>1</SUP> the Funds have adopted this Code of Ethics to specify a code of conduct for certain types of personal
Securities transactions that might involve conflicts of interest or an appearance of impropriety, and to establish reporting requirements
and enforcement procedures. This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each
of its specific provisions will not shield Fund personnel from liability for personal trading or other conduct that violates a fiduciary
duty to Fund shareholders.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Code of Ethics does not apply to any officer, Board member or employee of the Funds who is also an Access Person or Investment Personnel
(as defined under Rule&nbsp;17j-1 under the 1940 Act) employed by the Funds&rsquo; investment adviser, investment sub-advisers or principal
underwriter (&ldquo;Excluded Advisory Personnel&rdquo;). Those individuals are covered by the Codes of Ethics that have been adopted
by their respective entities and approved by the Board of each of the Funds in accordance with the provisions of Rule&nbsp;17j-1 of the
1940 Act.</FONT></P>


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


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


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<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; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">See Investment Adviser Code of Ethics, SEC Release No. IC-26492
                                                                                                                             (July 9, 2004); Personal Investment Activities of Investment Company Personnel, SEC Release No. IC-23958 (August 24, 1999); Personal
                                                                                                                             Investment Activities of Investment Company Personnel, Report by the Securities and Exchange Commission (September 1994); and Report
                                                                                                                             of the Advisory Group on Personal Investing, Investment Company Institute (May 9, 1994).</TD>
</TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B>III.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Definitions</B></FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B><U>Access
                                            Person</U></B>&rdquo; means (1)&nbsp;each Board member or officer of the Funds; and (2)&nbsp;any
                                            Advisory Person of the Funds except Excluded Advisory Personnel.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B><U>Advisory
                                            Person</U></B>&rdquo; means (1)&nbsp;each Board member, officer, general partner or employee
                                            of the Funds (or of any company in a control relationship to the Funds) who in connection
                                            with his or her regular functions or duties, makes, participates in, or obtains information
                                            regarding the purchase or sale of a Reportable Security (as defined below) by the Funds or
                                            whose functions relate to the making of any recommendations with respect to such purchases
                                            or sales; and (2)&nbsp;any natural person in a control relationship to the Funds who obtains
                                            information concerning recommendations made to the Funds with regard to the purchase or sale
                                            of a Reportable Security by the Funds.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B><U>Automatic
                                            Investment Plan</U></B>&rdquo; means a program in which regular periodic purchases (or withdrawals)
                                            are made automatically in (or from) investment accounts in accordance with a predetermined
                                            schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B><U>Beneficial
                                            Ownership</U></B>&rdquo; shall be interpreted in the same manner as it would be in determining
                                            whether a person is considered a &ldquo;beneficial owner&rdquo; as defined in Rule&nbsp;16a-1(a)(2)&nbsp;under
                                            the Securities Exchange Act of 1934, as amended (&ldquo;1934 Act&rdquo;), which generally
                                            speaking, encompasses those situations where the beneficial owner has the right to enjoy
                                            some economic benefit from the ownership of the Reportable Security. You will be treated
                                            as a &ldquo;beneficial owner&rdquo; of a Security under this Code only if you have a direct
                                            or indirect pecuniary interest in the Security. A direct pecuniary interest is the opportunity,
                                            directly or indirectly, to profit, or to share the profit, from the transaction. An indirect
                                            pecuniary interest is any nondirect financial interest, but is specifically defined in the
                                            rules&nbsp;to include, among other things, Securities held by members of your immediate family
                                            sharing the same household; Securities held by a partnership of which you are a general partner;
                                            Securities held by a trust of which you are the settlor if you can revoke the trust without
                                            the consent of another person, or a beneficiary if you have or share investment control with
                                            the trustee; and equity Securities which may be acquired upon exercise of an option or other
                                            right, or through conversion. For interpretive guidance on this test, you should consult
                                            your counsel. A person is normally regarded as the beneficial owner of Reportable Securities
                                            held in the name of his or her spouse or minor children and adults living in his or her household.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">E.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B><U>Control</U></B>&rdquo;
                                            shall have the same meaning as set forth in Section&nbsp;2(a)(9)&nbsp;of the 1940 Act. Generally,
                                            control is the power to exercise a controlling influence over the management or policies
                                            of a company unless such power is solely the result of an official position with such company.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">F.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B><U>Exempt
                                            Transactions</U></B>&rdquo; means: (1)&nbsp;purchases or sales effected in any account over
                                            which an Access Person or Investment Personnel has no direct or indirect influence or control;
                                            (2)&nbsp;purchases or sales which are non-volitional<SUP>2</SUP> on the part of the Access
                                            Person,&nbsp;Investment Personnel or the Funds; (3)&nbsp;purchases which are part of an Automatic
                                            Investment Plan; or (4)&nbsp;purchases effected upon the exercise of rights issued by an
                                            issuer pro-rata to all holders of a class of its Reportable Securities, to the extent such
                                            rights were acquired from such issuer, and sales of such rights so acquired.</FONT></TD></TR></TABLE>


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></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; text-align: left"><SUP>2</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-volitional
purchases or sales include those transactions, which do not involve a willing act or conscious decision on the part of the Board Member,
officer or employee. For example, shares received or disposed of by Access Persons or Investment Personnel in a merger, recapitalization
or similar transaction are considered non-volitional.</FONT></TD>
</TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">G.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A Security
                                            is &ldquo;<B><U>held or to be acquired</U></B>&rdquo; if within the most recent 15 days it
                                            (1)&nbsp;is or has been held by the Funds, (2)&nbsp;is being or has been considered by the
                                            Funds or the investment adviser or investment sub-adviser for purchase by the Funds or (3)&nbsp;any
                                            option to purchase or sell and any Security convertible into or exchangeable for a Reportable
                                            Security that is described in (1)&nbsp;or (2)&nbsp;of this definition.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">H.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">An Access
                                            Person&rsquo;s &ldquo;<B><U>immediate family</U></B>&rdquo; means a spouse, minor children
                                            and adults living in the same household as the Access Person.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">I.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B><U>Independent
                                            Board Member</U></B>&rdquo; means each Board member who is not an &ldquo;interested person&rdquo;
                                            of the Funds (as defined in Section&nbsp;2(a)(19) of the 1940 Act) and who would be required
                                            to make a report under Section&nbsp;V of this Code solely by reason of being a Board member
                                            of the Funds.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">J.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">An &ldquo;<B><U>Initial
                                            Public Offering</U></B>&rdquo; means an offering of Securities registered under the Securities
                                            Act of 1933, the issuer of which, immediately before the registration, was not subject to
                                            the reporting requirements of Sections 13 or 15(d)&nbsp;of the 1934 Act.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">K.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B><U>Investment
                                            Personnel</U></B>&rdquo; of the Funds means (1)&nbsp;any employee of the Funds (or of any
                                            company in a control relationship to the Funds) who, in connection with his or her regular
                                            functions or duties, makes or participates in making recommendations regarding the purchase
                                            or sale of Securities by the Funds or (2)&nbsp;any natural person who controls the Funds
                                            and who obtains information concerning recommendations made to the Funds regarding the purchase
                                            or sale of Securities by the Funds.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">L.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A &ldquo;<B><U>Limited
                                            Offering</U></B>&rdquo; means an offering that is exempt from registration under the Securities
                                            Act of 1933 pursuant to Section&nbsp;4(2)&nbsp;or Section&nbsp;4(6)&nbsp;or pursuant to Rule&nbsp;504,
                                            Rule&nbsp;505, or Rule&nbsp;506 under the Securities Act of 1933.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">M.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B><U>Purchase
                                            or sale of a Reportable Security</U></B>&rdquo; includes, among other things, the writing
                                            of an option to purchase or sell a Reportable Security.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">N.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B><U>Reportable
                                            Security</U></B>&rdquo; means a Security excluding (1)&nbsp;direct obligations of the Government
                                            of the United States; (2)&nbsp;banker&rsquo;s acceptances; (3)&nbsp;bank certificates of
                                            deposit; (4)&nbsp;commercial paper; (5)&nbsp;high quality short-term debt instruments (any
                                            instrument having a maturity at issuance of less than 366 days and that is rated in one of
                                            the two highest rating categories by a nationally recognized statistical rating organization),
                                            including repurchase agreements; and (6)&nbsp;shares of registered open-end investment companies
                                            other than those advised by an Aberdeen Adviser.</FONT></TD></TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">O.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B><U>Security</U></B>&rdquo;
                                            means a security as defined in Section&nbsp;2(a)(36)of the 1940 Act which is defined as any
                                            note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness,
                                            certificate of interest or participation in any profit-sharing agreement, collateral-trust
                                            certificate, preorganization certificate or subscription, transferable share, investment
                                            contract, voting-trust certificate, certificate of deposit for a security, fractional undivided
                                            interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege
                                            on any security (including a certificate of deposit) or on any group or index of securities
                                            (including any interest therein or based on the value thereof), or any put, call, straddle,
                                            option, or privilege entered into on a national securities exchange relating to foreign currency,
                                            or, in general, any interest or instrument commonly known as a &ldquo;security,&rdquo; or
                                            any certificate of interest or participation in, temporary or interim certificate for, receipt
                                            for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B>IV.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Policies of the Funds Regarding
                                            Personal Securities Transactions</B></FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">General Policy</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No
Access Person of the Funds shall engage in any act, practice or course of business that would violate the provisions of Rule&nbsp;17j-1(b)&nbsp;set
forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code of Ethics.</FONT></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Specific
                                            Policies</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Restrictions
                                            on Personal Securities Transactions by Independent Board Members</B></FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-size: 10pt">The Funds
recognize that an Independent Board Member does not have on-going, day-to-day interaction with the operations of the Funds. In addition,
it has been the practice of the Funds to give information about Securities purchased or sold by the Funds or considered for purchase
or sale by the Funds to Independent Board Members in materials circulated more than 15 days after such Securities are purchased or sold
by the Funds or are considered for purchase or sale by the Funds. Accordingly, the Funds believe the following controls are appropriate
for Independent Board Members:</FONT></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Personal
                                            Account Dealing in Fund Shares.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">i.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Independent
                                            Board Members are prohibited from buying or selling any Aberdeen-advised U.S. Registered
                                            Fund (closed-end, open-end, and ETFs) shares during the two week period prior to or following
                                            Board meetings of which they are aware.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">ii.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Independent
                                            Board Members are required to pre-clear with the Fund CCO or his/her designee all Aberdeen-advised
                                            U.S. Registered Fund buys or sells including funds for which an Independent Board Member
                                            does not serve as a director/trustee.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">iii.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Fund
                                            CCO may waive this prohibition in exceptional circumstances and upon a determination that
                                            the transaction does not violate any applicable laws or regulations. The Fund CCO will document
                                            any such waivers.</FONT></TD></TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Limited Pre-clearance.
                                            The Securities pre-clearance requirement contained in IV.B.2. below shall only apply to an
                                            Independent Board Member if he or she knew that during the fifteen day period before the
                                            proposed transaction in a Reportable Security (other than Exempt Transactions) or at the
                                            time of the transaction that the Reportable Security to be purchased or sold by him or her
                                            (other than Exempt Transactions) was also purchased or sold by the Fund(s)&nbsp;or considered
                                            for the purchase or sale by the Fund(s)&nbsp;(i)&nbsp;for which such Independent Board Member
                                            acts as a Director or Trustee or (ii)&nbsp;any Aberdeen-advised U.S. Registered Fund (closed-end,
                                            open-end, and ETFs).<SUP>3</SUP></FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-clearance
                                            Not Granted. When the securities pre-clearance requirement applies to an Independent Board
                                            Member, no clearance will be given to the Independent Board Member to purchase or sell any
                                            Reportable Security (1)&nbsp;on a day when any Fund has a pending &ldquo;buy&rdquo; or &ldquo;sell&rdquo;
                                            order in that same Reportable Security until that order is executed or withdrawn or (2)&nbsp;when
                                            the Funds&rsquo; Chief Compliance Officer has been advised by the Funds&rsquo; investment
                                            adviser or investment sub-adviser that the same Reportable Security is being considered for
                                            purchase or sale for any Fund.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Restrictions
                                            on Initial Public Offering or Limited Offering Personal Securities Transactions by Access
                                            Persons Who Are Not Independent Board Members</B></FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-clearance.
                                            An Access Person who is not an Independent Board Member is prohibited from buying or selling
                                            any Security through an Initial Public Offering or a Limited Offering for his or her personal
                                            portfolio or the portfolio of a member of his or her immediate family without obtaining (i)&nbsp;email
                                            or other written authorization or (ii)&nbsp;oral authorization from a Funds Chief Compliance
                                            Officer prior to effecting such Reportable Security transaction.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: bottom">
    <TD STYLE="width: 1.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A written authorization for such Security transaction will be provided by the Funds&rsquo; Chief Compliance Officer or his/her delegate to the person receiving the oral authorization (if granted). The written authorization will also be provided to the Funds&rsquo; administrator to memorialize the email and oral authorization that was granted.</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: bottom">
    <TD STYLE="width: 1.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><U>Note</U>: If an Access Person has questions as to whether
    purchasing or selling a Reportable Security for his or her personal portfolio or the portfolio of a member of his or her immediate
    family requires prior oral authorization, the Access Person should consult the Funds&rsquo; Chief Compliance Officer for clearance
    or denial of clearance to trade prior to effecting any Reportable Securities transition.</TD></TR>
  </TABLE>




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


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


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


<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><SUP>3</SUP> &#8239;Because monitoring the
publication of the portfolio holdings of series of abrdn ETFs and abrdn Funds that operate as ETFs is not construed to be within the
ordinary course of fulfilling the duties of a board member, the publication or availability of such portfolio holdings shall not be construed
to impart actual or constructive knowledge of such series&rsquo; portfolio transactions on an Independent Board Member.</P>




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


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


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<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="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-clearance
                                            Expiration. Pre-clearance approval will expire at the close of business on the trading day
                                            after the date on which written or oral authorization is received, and the Access Person
                                            is required to renew clearance for the transaction if the trade is not completed before the
                                            authority expires.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-clearance
                                            Not Granted. No pre-clearance will be given to purchase or sell any Reportable Security (1)&nbsp;on
                                            a day when any Fund has a pending &ldquo;buy&rdquo; or &ldquo;sell&rdquo; order in that same
                                            Reportable Security until that order is executed or withdrawn or (2)&nbsp;when the Funds&rsquo;
                                            Chief Compliance Officer has been advised by the Funds&rsquo; investment adviser or investment
                                            sub-adviser that the same Reportable Security is being considered for purchase or sale for
                                            any Fund.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Additional
                                            Restrictions on Investment Personnel</B></FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Gifts. No
                                            investment personnel shall receive any gift or other thing of more than <I>de minimis</I>
                                            value from any person or entity that does business with or on behalf of the Funds.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Board Service.
                                            Investment Personnel shall not serve on the boards of directors of publicly traded companies
                                            absent prior authorization by the Funds&rsquo; Chief Compliance Officer.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B>V.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Procedures &ndash; Initial
                                            Holdings Reports, Annual Holdings Reports and Quarterly Transaction Reports</B></FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In order
                                            to provide the Funds with information to enable it to determine with reasonable assurance
                                            whether the provisions of this Code of Ethics are being observed by its Access Persons:</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Independent
                                            Board Members</B></FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Holdings
                                            Reports Not Required &ndash; Each Independent Board Member need not make initial or annual
                                            holdings reports.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Limited Quarterly
                                            Transaction Reporting &ndash; An Independent Board Member must submit the same quarterly
                                            transaction report as required under paragraph V.A.2.d below to the Chief Compliance Officer
                                            of the Funds, but only for a transaction in a Reportable Security where he or she knew at
                                            the time of the transaction or, in the ordinary course of fulfilling his or her official
                                            duties as an Independent Board Member, should have known that during the 15-day period immediately
                                            preceding or after the date of the transaction, such Reportable Security is or was purchased
                                            or sold, or considered by the Funds, its investment adviser or investment sub-adviser for
                                            purchase or sale by the Fund (i)&nbsp;for which such Independent Board Member acts as a Director
                                            or Trustee or (ii)&nbsp;any Aberdeen-advised U.S. Registered Fund (closed-end, open-end,
                                            and ETFs).</FONT></TD></TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Access Persons
                                            Who Are Not Independent Board Members</B></FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Initial Holdings
                                            Reports &ndash; Each Access Person who is not an Independent Board Member will submit to
                                            the Chief Compliance Officer or his/her designee of the Funds an Initial Holdings Report
                                            in the form attached hereto as <B>Exhibit&nbsp;A</B> that lists all Reportable Securities
                                            in which the Access Person has Beneficial Ownership.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Initial
                                            Holdings Report must be submitted within ten days of becoming an Access Person and must contain
                                            information current as of a date no more than 45 days prior to becoming an Access Person.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Initial
                                            Holdings Report must include the title of each Reportable Security, the number of shares
                                            held (for equity securities), the principal amount (for debt securities) of each Reportable
                                            Security, the date the report is submitted as well as a list of any Securities accounts maintained
                                            with any broker, dealer or bank in which any Securities were held for the direct or indirect
                                            benefit of the Access Person as of the date the person became an Access Person of the Funds.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">An Access
                                            Person need not include in the report transactions effected for, and Reportable Securities
                                            held in, any account over which the Access Person has no direct or indirect influence or
                                            control.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The report
                                            may contain a statement that the report shall not be construed as an admission by the person
                                            making such report that he or she has any direct or indirect beneficial ownership in the
                                            Reportable Security to which the report relates.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Annual Holdings
                                            Reports &ndash; Each Access Person of the Funds who is not an Independent Board Member will
                                            also submit to the Chief Compliance Officer or his/her designee of the Funds an Annual Holdings
                                            Report attached hereto as <B>Exhibit&nbsp;A</B> no later than 30 days after the end of the
                                            calendar year.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The information
                                            contained in the Annual Holdings Report must be current as of a date no more than 45 days
                                            before the report is submitted.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Annual
                                            Holdings Report must list all Reportable Securities in which the Access Person has Beneficial
                                            Ownership, the title of each Reportable Security, the number of shares held (for equity securities),
                                            the principal amount (for debt securities) of the Reportable Security, and the date the report
                                            is submitted. The Report must also list any Securities accounts maintained with any broker,
                                            dealer or bank in which any Securities were held for the direct or indirect benefit of the
                                            Access Person.</FONT></TD></TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">An Access
                                            Person need not include in the report transactions effected for, and Reportable Securities
                                            held in, any account over which the Access Person has no direct or indirect influence or
                                            control.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The report
                                            may contain a statement that the report shall not be construed as an admission by the person
                                            making such report that he or she has any direct or indirect beneficial ownership in the
                                            Reportable Security to which the report relates.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Securities
                                            Confirmations &ndash; Each Access Person of the Funds who is not an Independent Board Member
                                            shall direct his or her broker to supply to a Chief Compliance Officer or his/her designee
                                            of the Funds, on a timely basis, duplicate copies of confirmation of all personal Securities
                                            transactions and copies of periodic statements for all Securities accounts in which the Access
                                            Person has Beneficial Ownership.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">d.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Quarterly
                                            Transaction Reports &ndash; Each Access Person of the Funds who is not an Independent Board
                                            Member shall submit reports in the form attached hereto as <B>Exhibit&nbsp;B</B> to the Chief
                                            Compliance Officer or his/her designee of the Funds, showing all transactions in Reportable
                                            Securities in which the person has, or by reason of such transaction acquires, any direct
                                            or indirect Beneficial Ownership, as well as all accounts established with brokers, dealers
                                            or banks during the quarter in which any Securities were held for the direct or indirect
                                            beneficial interest of the Access Person.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Quarterly
                                            transaction reports shall be filed no later than 30 days after the end of each calendar quarter.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The report
                                            shall include (a)&nbsp;the date of the transaction, (b)&nbsp;the title of the Reportable
                                            Security, (c)&nbsp;the interest rate and maturity date (if applicable), (d)&nbsp;the number
                                            of shares (for equity securities), (e)&nbsp;the principal amount of each Reportable Security
                                            involved; (f)&nbsp;the nature of the transaction (i.e., purchase, sale or any other type
                                            of acquisition or disposition), (g)&nbsp;the price at which the transaction was effected,
                                            (h)&nbsp;the name of the broker, dealer or bank with or through whom the transaction was
                                            effected; and (i)&nbsp;the date the report is submitted. In addition, with respect to any
                                            account established by the Access Person in which any Reportable Securities were held during
                                            the quarter for the direct or indirect benefit of the Access Person, the Access Person shall
                                            report the following information: (a)&nbsp;the name and address of the broker, dealer or
                                            bank with whom the Access Person established the account; (b)&nbsp;the date the account was
                                            established; and (c)&nbsp;the date the report is submitted.</FONT></TD></TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">An Access
                                            Person of the Funds need not make a quarterly transaction report with respect to (a)&nbsp;transactions
                                            effected pursuant to an Automatic Investment Plan, (b)&nbsp;a transaction if all of the information
                                            required by paragraph (ii)&nbsp;above is contained in the brokerage confirmations or account
                                            statements required to be submitted under paragraph (c)&nbsp;above, and (c)&nbsp;transactions
                                            effected for, and Reportable Securities held in, any account over which the Access Person
                                            has no direct or indirect influence or control.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The report
                                            may contain a statement that the report shall not be construed as an admission by the person
                                            making such report that he or she has any direct or indirect beneficial ownership in the
                                            Reportable Security to which the report relates.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Identification
                                            of Access Persons</B> &ndash; The Chief Compliance Officer or his/her designee of the Funds
                                            shall notify each Access Person of the Funds who may be subject to the pre-clearance requirement
                                            or required to make reports pursuant to this Code of Ethics that such person is subject to
                                            the pre-clearance or reporting requirements and shall deliver a copy of this Code of Ethics
                                            to each such person.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Compliance
                                            Review</B> &ndash; The Chief Compliance Officer or his/her designee of the Funds shall (i)&nbsp;with
                                            regard to any Access Persons or Investment Personnel reporting directly under this Code of
                                            Ethics, review any initial holdings reports, annual holdings reports, and quarterly transaction
                                            reports that are received by the Chief Compliance Officer or his/her designee under this
                                            Code of Ethics, and as appropriate compare the reports with the pre-clearance authorization
                                            received; (ii)&nbsp;with regard to any Excluded Advisory Personnel reporting under a Code
                                            of Ethics of the Funds&rsquo; investment adviser, sub-advisers or principal underwriter,
                                            quarterly contact the compliance officer of such investment adviser, sub-advisers or principal
                                            underwriter regarding the compliance of such Access Persons or Investment Personnel with
                                            their Code of Ethics and (iii)&nbsp;report to the Funds&rsquo; Board: (a)&nbsp;with respect
                                            to any transaction that appears to evidence a violation of this Code or the investment adviser&rsquo;s,
                                            sub-advisers&rsquo; or principal underwriter&rsquo;s Codes of Ethics; and (b)&nbsp;violations
                                            of the reporting requirement stated in such Codes of Ethics.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Board Review</B>
                                            &ndash; The Board shall review the operation of this Code of Ethics at least once a year.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Service
                                            Provider Code of Ethics</B> &ndash; The investment adviser, any investment sub-advisers and
                                            the principal underwriter shall adopt, maintain and enforce a separate code of ethics with
                                            respect to their personnel in compliance with Rule&nbsp;17j-1 of the 1940 Act and Rule&nbsp;204A-1
                                            of the Investment Advisers Act of 1940, as applicable. Any material changes to the investment
                                            adviser&rsquo;s, investment sub-adviser&rsquo;s or principal underwriter&rsquo;s code will
                                            be approved by the Board no later than six months after such change.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Board Reporting</B>
                                            &ndash; At each quarterly Board meeting, the Chief Compliance Officer of the Funds&rsquo;
                                            investment adviser, any investment sub-adviser and the principal underwriter of the Funds
                                            shall provide a written report to the Funds&rsquo; Board stating:</FONT></TD></TR></TABLE>


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


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


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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">any reported
                                            Securities transaction that occurred during the prior quarter that materially violated (either
                                            individually or in the aggregate) the provisions of the code of ethics adopted by the investment
                                            adviser, any investment sub-adviser or principal underwriter; and</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">all disciplinary
                                            actions<SUP>4</SUP> taken in response to such violations.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Annual Reports</B>
                                            &ndash; At least once a year, the Funds&rsquo; Chief Compliance Officer shall provide to
                                            the Board a written report that contains any previously reported material violations of the
                                            code or procedures and sanctions imposed in response to material violations, any recommended
                                            changes in the code or procedures, and a certification that the procedures which have been
                                            adopted are those reasonably necessary to prevent Access Persons (as defined under Rule&nbsp;17j-1)
                                            from violating their respective Codes of Ethics. The written report will also include an
                                            assessment of the effectiveness of the Service Providers&rsquo; Codes of Ethics outlined
                                            in Section&nbsp;6 above.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Recordkeeping &ndash;</B> This Code,
                                            the codes of the investment adviser, any investment sub-adviser and principal underwriter,
                                            a copy of each report by an Access Person, any record of any violation of this Code of Ethics
                                            and any action taken as a result thereof, any written report hereunder by the Chief Compliance
                                            Officer of the investment adviser, investment sub-adviser or the principal underwriter, records
                                            of approvals relating to Initial Public Offerings and Limited Offerings, lists of all persons
                                            required to make reports and a list of all persons responsible for reviewing such reports
                                            shall be preserved with the Funds&rsquo; records for the period required by Rule&nbsp;17j-1
                                            of the 1940 Act.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>IV.
Certification</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each
Access Person, including an Independent Board Member, will be required to certify annually that he or she has read and understood this
Code of Ethics, and will abide by it. Each Access Person, including an Independent Board Member, will further certify that he or she
has disclosed or reported all personal Securities transactions required to be disclosed or reported under the Code of Ethics. Certification
of compliance with the Code of Ethics by an Independent Board Member will occur annually.</FONT></P>


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


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


<!-- Field: Rule-Page --><DIV STYLE="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: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 0.25in; vertical-align: top"><SUP>4</SUP></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Disciplinary action includes but is not limited to any action that has a material financial effect upon the employee, such as fining, suspending, or demoting the employee, imposing a substantial fine or requiring the disgorgement of profits.</TD></TR>
  </TABLE>




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


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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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


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


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: left"><FONT STYLE="font-size: 10pt">For the Year/Period
    Ended</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 20%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Month/day/year)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>




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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">[&nbsp;&nbsp;&nbsp; ] Check here
if this is an Initial Holdings Report</FONT></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">To:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">, as the Chief Compliance Officer
    of [Name of Aberdeen Fund]</FONT></TD></TR>
  </TABLE>




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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">From:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2.5in"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>




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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
of the calendar year/period referred to above,&nbsp;I have a direct or indirect beneficial ownership interest in the Securities listed
below which are required to be reported pursuant to the Code of Ethics of the Funds.</FONT></P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 34%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
    of Security</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of Shares</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal
    Amount</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
name and address of any broker, dealer or bank with whom I maintain an account in which my Securities are held for my direct or indirect
benefit are as follows.</FONT></P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 30%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 70%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
Initial Holdings Reports: This report contains information current as of a date no more than 45 days prior to the date of becoming an
Access Person.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
Annual Holdings Reports: This report contains information current as of a date no more than 45 days before the report is submitted.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
report (i)&nbsp;excludes transactions with respect to which I had no direct or indirect influence or control, (ii)&nbsp;excludes other
transactions not required to be reported and (iii)&nbsp;is not an admission that I have or had any direct or indirect beneficial ownership
in the Securities listed above.</FONT></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left">Date:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: left"> &nbsp;</TD><TD STYLE="text-align: left; width: 2in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left">Signature:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 2.5in; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>




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


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


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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


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


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: left"><FONT STYLE="font-size: 10pt">For the Calendar
    Quarter Ended</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>


<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(month/day/year)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>




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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left">To:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: left">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">, Chief Compliance Officer</TD></TR>
  </TABLE>




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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left">From:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif; width: 2.5in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>




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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">During
the quarter referred to above, the following transactions were effected in Securities of which I had, or by reason of such transaction
acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of the Funds:</FONT></P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 11%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
    of<BR>
 Transaction</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    <BR>
of <BR>
Shares</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 1.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal
    <BR>
Amount</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
    <BR>
Rate and <BR>
Maturity <BR>
Rate (if <BR>
applicable)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nature
    of<BR>
 Transaction <BR>
(Purchase,<BR>
 Sale, or <BR>
Other)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Broker/Dealer<BR>


    or Bank<BR>
 Though Whom <BR>
Effected</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">During
the quarter referred to above,&nbsp;I established the following accounts in which Securities were held during the quarter for my direct
or indirect benefit:</FONT></P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 52%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    and address of the broker, dealer or bank with which I established the account.</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; width: 48%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
    date the account was established.</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
report (i)&nbsp;excludes transactions with respect to which I had no direct or indirect influence or control, (ii)&nbsp;excludes other
transactions not required to be reported, and (iii)&nbsp;is not an admission that I have or had any direct or indirect beneficial ownership
in the Securities listed above.</FONT></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
                                                                                                 <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: left"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt">Signature:</FONT></TD>
                                                                                                 <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 2.5in; text-align: left"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>




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


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<DOCUMENT>
<TYPE>EX-99.2(R)(2)
<SEQUENCE>6
<FILENAME>tm2523786d1_ex99-2xrx2.htm
<DESCRIPTION>EXHIBIT 99.2(R)(2)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d1_ex99-2xrx2.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1/users" -->

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;99.2(r)(2)</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Access Person
Code of Conduct</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Complying with the Access Person
Code</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Everyone who works for Aberdeen Group
plc (together with its subsidiaries, &ldquo;Aberdeen&rdquo;) is required to follow the principles contained in the Global Code of Conduct.
In addition, there are a number of supplementary requirements for people who have access to sensitive client or portfolio information.
These additional requirements are set out in this Access Person Code of Conduct (&ldquo;Access Person Code&rdquo;). Each Access Person
must receive a copy of the Access Person Code and any amendments and must confirm they have received, read and understood the Access
Person Code and any amendments when they join the firm and at least annually thereafter.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Access Persons include:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Aberdeen
                                            employees, contractors and secondees to Aberdeen who have access to certain clients&rsquo;
                                            trading information (see Definition section for regulatory definition).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">anyone
                                            else who has been advised by Risk and Compliance that they have been deemed to be an &lsquo;Access
                                            Person&rsquo;.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">All Access Persons must:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Act
                                            with integrity, competence, dignity and in an ethical manner when dealing with the public,
                                            clients, prospects, employers, employees and fellow professionals.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Use
                                            an affirmative duty of care, loyalty, honesty and good faith in complying with our fiduciary
                                            duties towards clients.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Act
                                            for the benefit of our clients and place client interests before our own.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Treat
                                            all clients fairly; never act in such a way as to grant, or appear to grant, favoured status
                                            to one client over another.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Comply
                                            with all relevant US federal securities laws, as applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Report
                                            any violations of the Access Person Code to Compliance.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Submit
                                            timely, in true and complete form, all reports as required in the Access Person Code.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Adhere
                                            to all provisions and restrictions contained in the Access Person Code.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As individuals we must know what is
expected of us, take personal accountability for our actions and know how to respond if someone is acting improperly. Please read this
Access Person Code and think about how it applies to you.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If you are unsure whether you are required
to comply with the additional requirements set out in this Access Person Code, please contact your local Risk and Compliance team.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>What happens if I do not meet the
conduct standards?</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Any action that falls short of the requirements
of the Access Person Code, or any of our regulators, may be dealt with under formal investigation and disciplinary action. Depending
on the nature of the breach, this may be regarded as gross misconduct and result in your dismissal. In the case of contractors and agency
workers, any inappropriate conduct may lead to the termination or suspension of services. We may also be obliged to submit a report to
our regulators and/or the authorities.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Aberdeen has an obligation to report
suspicious transactions to our regulators. If you participate in such an activity, this may have an impact on your regulatory authorisation
status (e.g., Approved Person status) and may be considered a reportable breach. Global regulators have recently actively prosecuted
a number of high profile market abuse and insider dealing cases. They have all made public statements of their intention to prioritise
the use of criminal and civil powers to pursue those who abuse markets.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If you become aware of a breach of the
Access Person Code and/or a regulatory breach you must report this at the earliest opportunity to your manager and/or Risk and Compliance,
or via the Speak Up helpline).</FONT></P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Personal Account Dealing</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2523786d1_ex99-2xrx2img001.jpg" ALT=""></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>What are the restrictions on my ability
to transact personal deals?</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>You and your Connected Persons are
prohibited from personal account dealing if:</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not; the transaction is likely to lead
to a conflict of interest with Aberdeen or its clients and customers</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not; you have inside information on
the security or suspect that such dealing would be market abuse</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not; the security is currently on the
 &lsquo;Insider List&rsquo;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not; the transaction is prohibited
by the seven day blackout period detailed in <B>Aberdeen&rsquo;s PA Dealing Handbook</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not; the transaction would involve
taking a short position on a financial instrument (e.g. short selling, spread betting on financial instruments, selling uncovered options)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not; the transaction is in a derivative
related to a financial instrument. Currency derivatives are permitted.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not; you have not received the appropriate
authorisation/approval for the transaction.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>What are your and your Connected
Persons&rsquo; obligations in relation to personal account dealing? You and your Connected Persons:</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not;must not engage in excessive dealing
and are restricted to a maximum of ten personal deals in Reportable Securities per calendar month. For this restriction, Connected Person
PA Deals are viewed separately from a Supervised Person&rsquo;s PA Deals.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&not;</FONT><FONT STYLE="font-size: 10pt">must
not sell a Reportable Security within 60 days of acquiring the Reportable Security or buy a Reportable Security within 60 days of selling
the Reportable Security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not;must gain approval for personal
account deals in &lsquo;Reportable Securities&rsquo; including IPOs and &ldquo;Limited Offerings&rdquo;, via MCO, in advance of transacting
the deal, except as detailed in <B>Aberdeen&rsquo;s PA Dealing Handbook</B>. PA Deals by individuals within the Investments division
and their Connected Persons require line manager approval.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not;must place your order by the end
of the business day following the approval date, within the pre-approved quantity of (amount or units), in the jurisdiction in which
the Supervised Person is dealing and record the trade on MCO, as detailed in <B>Aberdeen&rsquo;s PA Dealing Handbook</B>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not;you must report any violations
of the above requirements to Risk and Compliance.</FONT></P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Code of Conduct Reporting</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>What are my initial, quarterly and
annual reporting requirements relating to Personal Account Dealing?</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">As an Access Person you are subject
to initial, quarterly, and annual reporting requirements as detailed below. The requirements pertain to disclosing information regarding
transactions and holdings in Reportable Securities and Brokerage Accounts that hold Reportable Securities.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Initial Holdings<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
Report</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Within ten calendar days of becoming
an Access Person, you are required to complete a report in MCO that details all:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">personal
                                            investments in Reportable Securities held by you and your Connected Person. The information
                                            contained in the report must not be older than 45 days prior to the person becoming an Access
                                            Person.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Brokerage
                                            Accounts which you and your Connected Persons have that either hold or has the ability to
                                            hold Reportable Securities.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Quarterly Transaction<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>
Report</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Within 30 days of each quarter-end,
you must complete a report in MCO which includes:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">details
                                            of all transactions in Reportable Securities carried out by you and your Connected Persons
                                            within the previous quarter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">confirmation
                                            that you have provided trade confirms / contract notes for each transaction in a Reportable
                                            Security</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">confirmation
                                            that you have reported all Brokerage Accounts that either hold or have the ability to hold
                                            Reportable Securities held by you and your Connected Persons.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Annual Holdings<SUP>1</SUP> Report</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Within 30 days
of each year end, you must complete a report in MCO that details all:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">personal
                                            investments in Reportable Securities held by you and your Connected Person as at 31st December.</FONT></TD></TR></TABLE>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP> Holdings Reports (both
initial and annual) must contain: title and type of security, each issuer, (as applicable) the ticker or cusip, number of shares, principal
amount, the broker used for the account, and the date the report was made.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>2</SUP> Transaction Reports must
contain: title and type of security, each issuer, (as applicable) the ticker or cusip, maturity date and interest rate, number of shares,
principal amount, the broker used for the account, the nature of the transaction (i.e. purchase of sale, or any other type of acquisition
or disposition), the price of the security at which the transaction was effected, and the date the report was made.</FONT></P>


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


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


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


<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>US Political Contributions</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>What are my obligations in relation
to US political donations?</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not;Regardless of your location, you
must comply with <B>the US Political Contributions Policy</B>.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&not; Financial
contributions and non-financial contributions, such as participating in any type of fundraising and / or volunteering activities associated
with a US political campaign e.g. time, venue, (together &ldquo;contributions&rdquo;) may raise potential conflicts of interest because
of the ability of certain office holders to direct business to Aberdeen.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not; You are prohibited from making
contributions to any person running for or holding a U.S. city, county, state or other municipality related position. You are prohibited
from soliciting contributions for any person running for or holding a U.S. city, county, state or other municipality related position.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not; You are permitted to make contributions
to persons holding or campaigning for a federal position as long as such person does not also hold a city, county or state position.
Additionally, a contribution to Federal PACs and volunteering that is not tied to financial solicitation (i.e. holding a sign for a candidate
or campaign) is permissible.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not; You must gain pre-approval from
Compliance via MCO for any Contributions you, or your Connected Persons make to a political party or campaign within the US. You will
be asked to attest at least annually that you have disclosed all such Contributions within MCO.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&not; You are prohibited
from doing indirectly what you cannot do directly and as such cannot funnel payments through third parties, including, for example, consultants,
attorneys and/or family members as a means to circumvent this policy.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&not;Please refer to the US Political
Contributions Policy in the <B>US Registered Advisers' Compliance Manual</B> which can be found on STAN or the Policies and Procedures
SharePoint site for full details.</FONT></P>


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


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


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


<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Definitions</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Access Person is a term defined in
US regulation, and includes</B>:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">any
                                            director, partner, or officer of an Aberdeen US Registered Investment Adviser (&lsquo;Adviser&rsquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">any
                                            member of Staff who:</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-size: 10pt">has
                                            access to non-public information regarding any US Clients&rsquo; purchase or sale of securities,
                                            or non-public information regarding the portfolio holdings of any Client, or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-size: 10pt">is
                                            involved in making securities recommendations to US Clients or has access to such recommendations
                                            that are non-public, or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-size: 10pt">in
                                            connection with his or her regular functions or duties, makes, participates in, or obtains
                                            information regarding, the purchase or sale of Reportable Securities by a US Client, or whose
                                            functions relate to the making of any recommendations with respect to such purchases or sales,
                                            or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-size: 10pt">obtains
                                            information concerning recommendations made to a US Client with regard to the purchase or
                                            sale of Reportable Securities of the US Client</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">any
                                            other member of Staff who any Adviser&rsquo;s Chief Compliance Officer determines to be an
                                            Access Person.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Connected Person</B> means:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Any
                                            spouse, domestic partner or civil union partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Any
                                            dependent member of his or her Immediate Family living within his or her household</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Any
                                            member of his or her Immediate Family to whose financial support he or she makes a significant
                                            contribution</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Any
                                            individual where he or she has influence or control over the individuals&rsquo; investment
                                            decisions</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Trusts
                                            or estates over which he or she has investment control</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Any
                                            person whose relationship with the member of staff is such that such member of staff has
                                            a direct or indirect pecuniary interest in the outcome of the trade, other than a fee or
                                            commission for its execution. &ldquo;Pecuniary interest&rdquo; means the opportunity, directly
                                            or indirectly, to share in any profit derived from a transaction in the Reportable Securities.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Immediate Family Member</B> means
spouse, children, parents and siblings (including adoptive, in-law, and step- relationships); however the definition could extend to
include other family members where there is a close relationship.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>MCO</B> means MyComplianceOffice
 &ndash; Risk and Compliance record keeping system for: personal account dealing, gifts&nbsp;&amp; hospitality and other Code of Conduct-related
policy administration.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Reportable Security</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Examples of Reportable Securities include,
but are not limited to, the following:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Listed
                                            securities</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Private
                                            deals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Derivatives</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Initial
                                            Placing Offers (&lsquo;IPO&rsquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Exchange
                                            traded funds (&lsquo;ETF&rsquo;) (whether registered as open-end investment companies or
                                            unit investment trusts)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Cryptocurrency</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Standard
                                            Life Aberdeen shares</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Closed
                                            end Funds</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Non-US
                                            open-end funds (not captured by Reportable Security exclusions shown below)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">abrdn
                                            managed / sub-advised products as well as abrdn managed products in abrdn employee retirement
                                            savings accounts</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Brokered
                                            CDs</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Examples of exclusions from the Reporting
Security definitions are:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">direct
                                            obligations of the United States national government, bankers&rsquo; acceptances, bank certificates
                                            of deposit, high quality short-term debt instruments (maturity of less than 366 days at issuance
                                            and rated in one of the two highest rating categories by a Nationally Recognised Statistical
                                            Rating Organisation), including repurchase agreements, commercial paper and shares of U.S.
                                            registered money market Funds that limit their investments to the exempt securities above.</FONT></TD></TR></TABLE>


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">all
                                            U.S. registered third party open-end investment companies (e.g., open-end Mutual Funds, but
                                            not exchange traded Funds)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">Third
                                            Party regulated collective investment vehicles domiciled in EMEA and Asia that i) issue remediable
                                            securities, ii) calculate NAV on a regular basis, iii) contain trading to the day on which
                                            the Fund is priced, iv) operate a forward pricing basis and v) have no secondary market.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Any question as to whether a particular
investment constitutes a Reportable Security must be referred to the Risk&nbsp;&amp; Compliance Department.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Supervised Person</B> is:</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">All Aberdeen employees, including temporary
employees, contractors, consultants and secondees.</FONT></P>


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


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


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


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2(T)(1)
<SEQUENCE>7
<FILENAME>tm2523786d1_ex99-2xtx1.htm
<DESCRIPTION>EXHIBIT 99.2(T)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d1_ex99-2xtx1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1/users" -->

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;99.2(t)(1)</B></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: center"><B>ABRDN GLOBAL DYNAMIC DIVIDEND FUND</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(a Delaware statutory trust)</B></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: center"><B>POWER OF ATTORNEY</B></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: 1in">KNOW ALL PERSONS BY THESE PRESENTS,
that each of the undersigned as trustees of ABRDN GLOBAL DYNAMIC DIVIDEND FUND (the &ldquo;Fund&rdquo;), a Delaware statutory trust, hereby
constitutes and appoints Robert Hepp, Megan Kennedy and Lucia Sitar each of them with power to act without the others, his or her attorney-in-fact,
with full power of substitution and resubstitution, to sign and file one or more Registration Statements on Form&nbsp;N-2 under the Securities
Act of 1933, as amended, and the Investment Company Act of 1940, as amended, registering securities of the Fund for issuance by the Fund
from time to time in connection with the Fund&rsquo;s desire to raise additional capital, and any and all amendments thereto, and to file
the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission, and
each of them shall have full power and authority to do and perform in the name and on behalf of the undersigned in any and all capacities,
all and every act and thing requisite or necessary to be done, as fully and to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming that which said attorneys, or any of them, may lawfully do or cause to be done by virtue hereof.
This instrument may be executed in one or more counterparts.</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-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has herewith
set his or her name and seal as of this 2nd day of July&nbsp;2025.</P>


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




<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 49%"><FONT STYLE="font-size: 10pt">/s/ Christian Pittard</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 49%"><FONT STYLE="font-size: 10pt">/s/ Nancy Yao</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Christian Pittard</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nancy Yao</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">/s/ P. Gerald Malone</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">/s/ John Sievwright</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">P. Gerald Malone</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">John Sievwright</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Todd Reit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Todd Reit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<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"></P>


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<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: center">NOTICE</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-indent: 0.5in">THE PURPOSE OF THIS POWER OF ATTORNEY IS TO GIVE
THE PERSONS YOU DESIGNATE (YOUR &ldquo;AGENTS&rdquo;) BROAD POWERS TO ACT ON YOUR BEHALF WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION
(THE &ldquo;COMMISSION&rdquo;). THESE POWERS INCLUDE, THE POWER TO SIGN ON YOUR BEHALF AND FILE THE FORM&nbsp;N-2 REGISTRATION STATEMENT
OF ABRDN GLOBAL DYNAMIC DIVIDEND FUND AND ANY AMENDMENTS OR EXHIBITS THERETO, AND OTHER DOCUMENTS IN CONNECTION THEREWITH, WITH THE COMMISSION.
THE POWER OF ATTORNEY ALSO GIVES YOUR AGENT THE POWER TO DO AND PERFORM&nbsp;IN YOUR NAME AND ON YOUR BEHALF IN ANY AND ALL CAPACITIES,
ALL AND EVERY ACT AND THING REQUISITE OR NECESSARY TO BE DONE TO ALL INTENTS AND PURPOSES AS YOU MIGHT OR COULD DO IN PERSON THAT SUCH
AGENTS DEEM NECESSARY WITHOUT ADVANCE NOTICE TO YOU OR APPROVAL BY YOU.</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-indent: 0.5in">THIS POWER OF ATTORNEY DOES NOT IMPOSE A DUTY ON
YOUR AGENTS TO EXERCISE GRANTED POWERS, BUT WHEN POWERS ARE EXERCISED, YOUR AGENTS MUST USE DUE CARE TO ACT FOR YOUR BENEFIT AND IN ACCORDANCE
WITH THIS POWER OF ATTORNEY.</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-indent: 0.5in">YOUR AGENTS MAY&nbsp;EXERCISE THE POWERS GIVEN
HERE THROUGHOUT YOUR LIFETIME, EVEN AFTER YOU BECOME INCAPACITATED, UNLESS YOU EXPRESSLY LIMIT THE DURATION OF THESE POWERS OR YOU REVOKE
THESE POWERS OR A COURT ACTING ON YOUR BEHALF TERMINATES YOUR AGENTS&rsquo; AUTHORITY.</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-indent: 0.5in">YOUR AGENTS MUST KEEP YOUR FUNDS SEPARATE FROM
YOUR AGENTS&rsquo; FUNDS.</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-indent: 0.5in">A COURT CAN TAKE AWAY THE POWERS OF YOUR AGENTS
IF IT FINDS YOUR AGENTS ARE NOT ACTING PROPERLY.</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-indent: 0.5in">THE POWERS AND DUTIES OF AN AGENT UNDER A POWER
OF ATTORNEY ARE EXPLAINED MORE FULLY IN 20 PA.C.S. CH. 56.</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-indent: 0.5in">IF THERE IS ANYTHING ABOUT THIS FORM&nbsp;THAT
YOU DO NOT UNDERSTAND, YOU SHOULD ASK A LAWYER OF YOUR OWN CHOOSING TO EXPLAIN IT TO YOU.</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-indent: 0.5in">I HAVE READ OR HAD EXPLAINED TO ME THIS NOTICE
AND I UNDERSTAND ITS CONTENTS.</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: center">[The remainder of this page&nbsp;is intentionally
left blank.]</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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has herewith
set his or her name and seal as of this 2nd day of July&nbsp;2025.</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 49%"><FONT STYLE="font-size: 10pt">/s/ Christian Pittard</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 49%"><FONT STYLE="font-size: 10pt">/s/ Nancy Yao</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Christian Pittard</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nancy Yao</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">/s/ P. Gerald Malone</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">/s/ John Sievwright</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">P. Gerald Malone</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">John Sievwright</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Todd Reit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Todd Reit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<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"></P>


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<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: center">ACKNOWLEDGMENT</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">We, the undersigned, Robert
Hepp, Megan Kennedy and Lucia Sitar, have read the attached power of attorney and are the persons identified as the agents for the trustees
of ABRDN GLOBAL DYNAMIC DIVIDEND FUND (the &ldquo;Fund&rdquo;), a Delaware statutory trust, and the Fund (the &ldquo;Grantors&rdquo;).
We hereby acknowledge that, in the absence of a specific provision to the contrary in the power of attorney or in 20 Pa.C.S. Ch. 56, when
we act as agents:</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-indent: 0.5in">We shall exercise the powers for the benefit of
the Grantors.</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-indent: 0.5in">We shall keep the assets of the Grantors separate
from our assets.</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-indent: 0.5in">We shall exercise reasonable caution and prudence.</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-indent: 0.5in">We shall keep a full and accurate record of all
actions, receipts, and disbursements on behalf of the Grantors.</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">Date: July&nbsp;2, 2025</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert Hepp </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Hepp</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Megan Kennedy </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Megan Kennedy</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lucia Sitar</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lucia Sitar</FONT></TD></TR>
  </TABLE>


<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"></P>


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


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


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2(T)(2)
<SEQUENCE>8
<FILENAME>tm2523786d1_ex99-2xtx2.htm
<DESCRIPTION>EXHIBIT 99.2(T)(2)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d1_ex99-2xtx2.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1/users" -->

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;99.2(t)(2)</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>The information in this Prospectus Supplement is not
complete and may be changed. A Registration Statement relating to these securities has been filed with and declared effective by the Securities
and Exchange Commission. This Prospectus Supplement and the accompanying Prospectus is not an offer to sell these securities and is not
soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></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: center; color: red"><B>Subject to Completion, dated</B></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: right">Filed Pursuant to Rule&nbsp;424(b)(2)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-______</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: center"><B>FORM&nbsp;OF PRELIMINARY PROSPECTUS SUPPLEMENT
TO BE USED IN CONNECTION WITH OFFERINGS OF COMMON SHARES<SUP>1</SUP><BR>
(to Prospectus dated&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, 2025)</B></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: center"><B>[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] Shares</B></P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>abrdn Global Dynamic Dividend Fund</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares</B></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: center"><B>$[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] per Share</B></P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Fund</I></B><I>. </I>abrdn Global Dynamic Dividend Fund (the
 &ldquo;Fund&rdquo;) is a diversified, closed-end management investment company.</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"><B><I>Investment Objectives</I></B><I>.</I>&nbsp;The Fund&rsquo;s primary
investment objective is to seek high current dividend income, more than 50% of which qualifies for the reduced federal income tax rate,
as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund also focuses on long-term growth of capital as a secondary
investment objective. The Fund&rsquo;s investment objectives and some of its investment policies are considered fundamental policies and
may not be changed without shareholder approval.</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"><B><I>Investment Strategies</I></B>. Under normal
circumstances, the Fund invests at least 80% of its net assets in the equity securities of domestic and foreign corporations that pay
dividends. The Board of Trustees may change this 80% policy on not less than 60 days&rsquo; notice to shareholders. Under normal circumstances,
the Fund expects to invest in securities of issuers located in the United States and in approximately 10 to 30 foreign countries.</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">The Fund may borrow for investment purposes. abrdn
Investments Limited (the &ldquo;Adviser&rdquo;) currently intends to limit leverage through borrowing to 10% of the Fund&rsquo;s total
assets (calculated at the time of borrowing) and to borrow for investment purposes only when the Adviser believes that the potential return
on additional investments acquired with the proceeds of leverage is likely to exceed the costs incurred in connection with the borrowings.</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"><B><I>NYSE Listing.</I></B>&nbsp;The Fund&rsquo;s currently outstanding
Common Shares are, and the Common Shares offered by this Prospectus Supplement will be, subject to notice of issuance, listed on the New
York Stock Exchange (the &ldquo;NYSE&rdquo;) under the symbol &ldquo;AGD.&rdquo; As of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;,
the last reported sale price for the Fund&rsquo;s Common Shares on the NYSE was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; per
Common Share, and the net asset value of the Fund&rsquo;s Common Shares was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; per Common
Share, representing a [discount/premium] to net asset value of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;%.</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"></P>






<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">


<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: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD>In addition to the sections outlined in this form of prospectus supplement, each prospectus supplement actually used in connection
with an offering conducted pursuant to the registration statement to which this form of prospectus supplement is attached will be updated
to include such other information as may then be required to be disclosed therein pursuant to applicable law or regulation as in effect
as of the date of each such prospectus supplement, including, without limitation, information particular to the terms of each security
offered thereby and any related risk factors or tax considerations pertaining thereto. This form of prospectus supplement is intended
only to provide a rough approximation of the nature and type of disclosure that may appear in any actual prospectus supplement used for
the purposes of offering securities pursuant to the registration statement to which this form of prospectus supplement is attached, and
is not intended to and does not contain all of the information that would appear in any such actual prospectus supplement, and should
not be used or relied upon in connection with any offer or sale of securities.</TD></TR></TABLE>


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


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<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-indent: 0.5in"><B>Investing in the Fund&rsquo;s Common Shares
involves certain risks. You could lose some or all of your investment. See &ldquo;Risk factors&rdquo; on page&nbsp;[ ] of the accompanying
Prospectus and &ldquo;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&rdquo;
on page&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;of this Prospectus Supplement.</B></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-indent: 0.5in"><B>Neither the Securities and Exchange Commission
(&ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus
Supplement or the accompanying Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Per Share</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="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Total</FONT></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="width: 68%; font-size: 10pt">Public offering price</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Underwriting discounts and commissions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="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: left"><FONT STYLE="font-size: 10pt">Proceeds, before expenses, to the Fund<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>






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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;The aggregate expenses of the offering (excluding underwriting
discounts and commissions) are estimated to be $[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>].</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-indent: 0.5in">The underwriter is expected to deliver the Common
Shares to purchasers on or about</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: center">This Prospectus Supplement is dated</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"></P>


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<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-indent: 0.5in">You should read this Prospectus Supplement, the
accompanying Prospectus and the documents incorporated herein or therein by reference, which contain important information about the Fund
that you should know before deciding whether to invest, and retain them for future reference. A Statement of Additional Information, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025 (the &ldquo;SAI&rdquo;), containing additional information about the Fund, has been filed with the SEC and is incorporated by reference
in its entirety into the accompanying Prospectus. This Prospectus Supplement, the accompanying Prospectus and the SAI are part of a &ldquo;shelf&rdquo;
Registration Statement that the Fund filed with the SEC. This Prospectus Supplement describes the specific details regarding this offering,
including the method of distribution. If information in this Prospectus Supplement is inconsistent with the accompanying Prospectus or
the SAI, you should rely on this Prospectus Supplement. You may request free copies of the SAI, annual and semi-annual reports to shareholders
and other information about the Fund, and make shareholder inquiries, by calling Investor Relations toll-free at 1-800-522-5465 or by
writing to the Fund, or you may obtain a copy (and other information regarding the Fund) from the SEC&rsquo;s website (www.sec.gov). Free
copies of the Fund&rsquo;s Prospectus, SAI, reports and any incorporated information will also be available from the Fund&rsquo;s website
at <U>https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</U>. Information contained on the Fund&rsquo;s
website is not considered to be a part of, nor incorporated by reference in, this Prospectus Supplement or the accompanying Prospectus.</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-indent: 0.5in">The Fund&rsquo;s Common Shares do not represent
a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution and are not federally
insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</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-indent: 0.5in">This Prospectus Supplement, the accompanying Prospectus
and the SAI contain (or will contain) or incorporate (or will incorporate) by reference &ldquo;forward-looking statements.&rdquo; Forward-looking
statements can be identified by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; and similar terms with the negative of such terms. By their nature,
all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by
the forward-looking statements. Several factors that could materially affect the Fund&rsquo;s actual results are the performance of the
portfolio of securities the Fund holds, the price at which the Fund&rsquo;s Securities (including the Common Shares) trade in the public
markets and other factors discussed in this Prospectus Supplement, the accompanying Prospectus and the SAI, and in the Fund&rsquo;s periodic
filings with the SEC.</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-indent: 0.5in">Although the Fund believes that the expectations
expressed in the forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in
the Fund&rsquo;s forward-looking statements. Future financial condition and results of operations, as well as any forward-looking statements,
are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in &ldquo;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rdquo;
in this Prospectus Supplement and the &ldquo;Risk factors&rdquo; section of the accompanying Prospectus. All forward-looking statements
contained in this Prospectus Supplement, the accompanying Prospectus or in the SAI are made as of the date of this Prospectus Supplement,
the accompanying Prospectus or SAI, as the case may be. Except for ongoing obligations under the federal securities laws, the Fund does
not intend and is not obligated, to update any forward-looking statement.</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-indent: 0.5in">You should rely only on the information contained
or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. The Fund has not and the underwriters have
not authorized any person to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not
permitted. You should not assume that the information in this Prospectus Supplement and the accompanying Prospectus is accurate as of
any date other than the date of this Prospectus Supplement. The Fund&rsquo;s business, financial condition and results of operations may
have changed since that date. The Fund will amend this Prospectus Supplement and the accompanying Prospectus if, during the period that
this Prospectus Supplement and the accompanying Prospectus is required to be delivered, there are any subsequent material changes.</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-indent: 0.5in">Capitalized terms used herein that are not otherwise
defined shall have the meanings assigned to them in the accompanying Prospectus.</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"></P>


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<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: center"><FONT STYLE="font-variant: small-caps"><B>TABLE
OF CONTENTS</B></FONT></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">&nbsp;</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="width: 90%; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Prospectus Supplement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt; width: 1%"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 3pt; width: 9%"><FONT STYLE="font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Prospectus Supplement Summary</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Summary of Fund Expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Capitalization</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Recent Developments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Tax Matters</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Additional Information</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Prospectus</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Where you can find more information</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Incorporation by reference</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Summary of Fund expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">The Fund at a glance</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Financial highlights</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Senior securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">The Fund</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Use of proceeds</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Description of Common Shares</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Investment objectives and policies</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Risk factors</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Management of the Fund</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Legal proceedings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Net asset value of Common Shares</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Distributions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Tax matters</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Closed-end fund structure</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Dividend reinvestment and optional cash purchase plan</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Description of capital structure</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Plan of distribution</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Custodian, dividend paying agent, transfer agent and registrar</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Legal opinions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Independent registered public accounting firm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Additional information</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD></TR>
  </TABLE>


<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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>PROSPECTUS
SUPPLEMENT SUMMARY</B></FONT></P>
                                                                                                                                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 34.5pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This is only a summary of information contained elsewhere in this Prospectus Supplement and the accompanying Prospectus. This summary does not contain all the information that you should consider before investing in the Fund&rsquo;s Common Shares. You should carefully read the more detailed information contained in this Prospectus Supplement and the accompanying Prospectus and the Statement of Additional Information, dated&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, 2025 (the &ldquo;SAI&rdquo;), especially the information set forth under the headings &ldquo;Investment Objectives, Strategies and Policies&rdquo; and &ldquo;Risks.&rdquo;</I></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"><B>The Fund</B></P></TD>
    <TD STYLE="width: 84%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn Global Dynamic Dividend Fund (the &ldquo;Fund&rdquo; or &ldquo;we&rdquo;) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). The Fund was organized as a statutory trust under the laws of the State of Delaware on May&nbsp;11, 2006.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing and Symbol</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund&rsquo;s currently outstanding Common Shares are, and the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus will be, subject to notice of issuance, listed on the New York Stock Exchange (the &ldquo;NYSE&rdquo;) under the symbol &ldquo;AGD.&rdquo; As of&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, the last reported sale price for the Fund&rsquo;s Common Shares on the NYSE was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;per Common Share, and the net asset value of the Fund&rsquo;s Common Shares was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;per Common Share, representing a [discount/premium] to net asset value of&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;%.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Distributions</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Trustees has authorized a managed distribution policy
    of paying monthly distributions equal to 12% on an annual basis of the average daily NAV as of month-end prior to declaration. Payment
    of future distributions is subject to approval by the Fund&rsquo;s Board of Trustees, as well as meeting the covenants of any outstanding
    borrowings and the asset coverage requirements of the 1940 Act.</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">The Fund&rsquo;s next regularly scheduled distribution will be
for the month ending&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;and, if approved by the Board of Trustees,
is expected to be paid to Common Shareholders on or about&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;[Such distribution will not be payable with respect to Common Shares that
are issued pursuant to the Offer after the record date for such distribution.]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Offering</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is offering&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Common Shares through a group of underwriters.</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"><I>Common Shares Offered by the Fund</I></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">[TO COME]</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"><I>Common Shares Outstanding after the Offering</I></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">[The Fund&rsquo;s Common Shares have recently traded at a premium to
    net asset value (&ldquo;NAV&rdquo;) per share and the price of the Common Shares is expected to be above net asset value per share. Therefore,
    investors in this offering are likely to experience immediate dilution of their investment. Furthermore, shares of closed-end investment
    companies, such as the Fund, frequently trade at a price below their NAV. The Fund cannot predict whether its Common Shares will trade
    at a premium or a discount to NAV.]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &ldquo;Risk factors&rdquo; beginning on page&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;of the accompanying Prospectus for a discussion of factors you should consider carefully before deciding to invest in the Fund&rsquo;s Common Shares.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="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; margin: 0pt 0">The Fund estimates the net proceeds of the offering to be approximately
    $ .</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund intends to invest the net proceeds of the offering in accordance
    with its investment objectives and policies as stated in the accompanying Prospectus under the heading &ldquo;Investment objectives and
    policies.&rdquo; It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds of the offering
    in accordance with its investment objectives and policies within [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] months after the completion of the offering. However, until
    it is able to do so, the Fund may invest in temporary investments, such as cash, cash equivalents, short-term debt securities or U.S.
    government securities, which could negatively impact the Fund&rsquo;s returns during such period. The Fund may also use the proceeds for
    working capital purposes, including the payment of distributions, interest and operating expenses, although the Fund currently has no
    intent to issue Securities primarily for these purposes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: left">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Summary
of Fund expenses</B></FONT></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-indent: 0.5in">The purpose of the following table and the example
below is to help you understand the fees and expenses that holders of Common Shares (&ldquo;Common Shareholders&rdquo;) would bear directly
or indirectly. The expenses shown in the table under &ldquo;Other expenses&rdquo; are estimated for the current fiscal year ended [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>].
The expenses shown in the table under &ldquo;Interest expenses on bank borrowings&rdquo; and &ldquo;Total annual expenses&rdquo; are estimated
based on the Fund&rsquo;s average net assets for the current fiscal year ended [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] of $[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]. The tables also reflect the estimated
use of leverage by the Fund through bank borrowings representing in the aggregate [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]% of total assets (consistent with the percentage
of leverage in place as of [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]) of the Fund&rsquo;s total assets (including the assets subject to, and obtained with the proceeds
of, such borrowings), and show Fund expenses as a percentage of net assets attributable to Common Shares. The table reflects the anticipated
net proceeds of the Common Shares offered pursuant to this Prospectus Supplement and the accompanying Prospectus and assuming the Fund
incurs the estimated offering expenses. If the Fund issues fewer than all of the Common Shares available for sale pursuant to the Distribution
Agreement and the net proceeds to the Fund are less, all other things being equal, the total annual expenses shown would increase.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Common Shareholder transaction expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Sales load (as a percentage of offering price)(1)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; font-size: 10pt; text-align: right">--</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Offering expenses Borne by the Fund (as a percentage of offering price)(2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="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: left">Dividend reinvestment and optional cash purchase plan fees(3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Fee for Open Market Purchases of Common Shares</TD><TD STYLE="font-size: 10pt">&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">$[ ] (per share)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Fee for Optional Shares Purchases</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">$[ ] (max)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Sales of Shares Held in a Dividend &nbsp;Reinvestment Account</TD><TD STYLE="font-size: 10pt">&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">$[ ] (per share) and $[ ] (max)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: center; font-size: 10pt; font-weight: bold">Annual expenses <BR>
(as a percentage of net assets <BR>
attributable to <BR>
Common Shares)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 75%; font-size: 10pt">Advisory fee(4)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; font-size: 10pt; text-align: right">1.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Interest expenses on bank borrowings(5)</TD><TD STYLE="font-size: 10pt">&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">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="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: left">Other expenses</TD><TD STYLE="font-size: 10pt">&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">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total annual expenses</TD><TD STYLE="font-size: 10pt">&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">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>




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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Represents
the estimated commission with respect to the Common Shares being sold under this Prospectus Supplement and the accompanying Prospectus.
There is no guarantee that there will be any sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus.
Actual sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth
under &ldquo;Capitalization&rdquo; below. In addition, the price per Common Share of any such sale may be greater or less than the price
set forth under &ldquo;Capitalization&rdquo; below, depending on market price of the Common Shares at the time of any such sale.</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">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Assumes
the sale of Common Shares at a sales price per Common Share of $ , which represents the last reported sales price of the Common Shares
on the NYSE on . There is no guarantee that there will be any sales of Common Shares under this Prospectus Supplement and the accompanying
Prospectus. Actual sales, if any, of the Common Shares under this Prospectus Supplement and the accompanying Prospectus may be at a price
greater or less than $ per Common Share, depending on the market price of the Common Shares at the time of any such sale.</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">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;You
will pay a brokerage commission if you direct the Plan Agent to sell your Common Shares held in a dividend reinvestment account.</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">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;abrdn
Investments Limited receives an annual investment advisory fee of 1.00% based on the Fund&rsquo;s average daily net assets, computed daily
and payable monthly.</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">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
percentage in the table is based on average total borrowings of $ (the balance outstanding under the Fund&rsquo;s secured, uncommitted
line of credit (the &ldquo;Credit Facility&rdquo;) as of , representing approximately % of the Fund&rsquo;s total assets, which includes
the assets purchased through leverage) and an average interest rate during the period ended , of . There can be no assurances that the
Fund will be able to obtain such level of borrowing (or to maintain its current level of borrowing), that the terms under which the Fund
borrows will not change, or that the Fund&rsquo;s use of leverage will be profitable. The Fund currently intends during the next twelve
months to maintain a similar proportionate amount of borrowings but may increase such amount to 33 1/3% of the average daily value of
the Fund&rsquo;s total assets.</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"></P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Example</B></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-indent: 0.5in">An investor would directly or indirectly pay the
following expenses on a $1,000 investment in Common Shares, assuming a 5% annual return. This example assumes that (i)&nbsp;all dividends
and other distributions are reinvested at NAV and (ii)&nbsp;the percentage amounts listed under &ldquo;Total annual expenses&rdquo; above
remain the same in the years shown.</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-indent: 0.5in">The example should not be considered a representation
of future expenses or rate of return and actual Fund expenses may be greater or less than those shown.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1&nbsp;Year</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3&nbsp;Years</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5&nbsp;Years</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10&nbsp;Years</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 21%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 22%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 22%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
  </TABLE>
<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: center"><B>CAPITALIZATION</B></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-indent: 0.5in">The following table sets forth the audited capitalization
of the Fund as of [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] and the as adjusted capitalization of the Fund assuming the issuance of [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] Common Shares offered in this
Prospectus Supplement, including estimated offering expenses of $[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] and underwriting discounts and commissions of $[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>].</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Actual as of </B>[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 0.5pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>As Adjusted as of </B>[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Common Shareholders&rsquo; Equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; font-size: 10pt">Common Shares, no par value; [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] shares authorized &nbsp;(The &ldquo;Actual&rdquo; and &ldquo;As Adjusted&rdquo; columns reflect the [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] shares outstanding as of [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>].)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="width: 1%; 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: left">Paid-in capital*</TD><TD STYLE="font-size: 10pt">&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">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total distributable loss</TD><TD STYLE="font-size: 10pt">&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">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&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">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="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; font-weight: bold; text-align: left">Net Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>




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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;* As adjusted paid-in surplus reflects a deduction for estimated
offering expenses of $[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] and underwriting discounts and commissions of $[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>].</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: center"><B>USE OF PROCEEDS</B></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-indent: 0.5in">The Fund estimates total net proceeds of the offering
to be approximately $[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>], based on the public offering price of $[<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] per share and after deduction of the underwriting discounts
and commissions and estimated offering expenses payable by the Fund.</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-indent: 0.5in">The Fund intends to invest the net proceeds of
the offering in accordance with its investment objectives and policies as stated in the accompanying Prospectus under the heading &ldquo;Investment
objectives and policies.&rdquo; It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds
of the offering in accordance with its investment objectives and policies within [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>] months after the completion of the offering.
However, until it is able to do so, the Fund may invest in temporary investments, such as cash, cash equivalents, short-term debt securities
or U.S. government securities, which could negatively impact the Fund&rsquo;s returns during such period. A delay in the anticipated use
of proceeds could lower returns and reduce the Fund&rsquo;s distribution to Common Shareholders.</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: center"><FONT STYLE="text-transform: uppercase"><B>Recent
developments</B></FONT></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">[TO COME, <FONT STYLE="text-transform: uppercase">if
any</FONT>]</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: center"><FONT STYLE="text-transform: uppercase"><B>TAX
matters</B></FONT></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">[TO COME]</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: center"><B>UNDERWRITERS</B></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">[TO COME]</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: center"><B>LEGAL MATTERS</B></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">Certain legal matters in connection
with the Common Shares will be passed on for the Fund by Dechert LLP. Certain legal matters will be passed on by&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; , &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, as special counsel
to the underwriters in connection with the offering of Common Shares.</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"></P>


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<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: center"><B>ADDITIONAL INFORMATION</B></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">This Prospectus Supplement,
the accompanying Prospectus and the documents incorporated herein or therein by reference constitute part of a Registration Statement
filed by the Fund with the SEC under the Securities Act, and the 1940 Act. This Prospectus Supplement and the accompanying Prospectus
omit certain of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement and
related exhibits for further information with respect to the Fund and the Common Shares offered hereby. Any statements contained herein
concerning the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such document
filed as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by
such reference. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules&nbsp;and
regulations or free of charge through the SEC&rsquo;s website (www.sec.gov). Free copies of the Fund&rsquo;s Prospectus, SAI, reports
and any incorporated information will also be available from the Fund&rsquo;s website at <U>https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</U>.
Information contained on the Fund&rsquo;s website is not considered to be a part of, nor incorporated by reference in, this Prospectus
Supplement or the accompanying Prospectus.</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"></P>


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<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: center"><B>Shares</B></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: center"><B>abrdn Global Dynamic Dividend Fund</B></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: center"><B>Common Shares</B></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: center"><B>FORM&nbsp;OF</B></P>


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


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


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


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2(T)(3)
<SEQUENCE>9
<FILENAME>tm2523786d1_ex99-2xtx3.htm
<DESCRIPTION>EXHIBIT 99.2(T)(3)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d1_ex99-2xtx3.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1/users" -->

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2(t)(3)</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>The information in this Prospectus Supplement is not
complete and may be changed. A Registration Statement relating to these securities has been filed with and declared effective by the Securities
and Exchange Commission. This Prospectus Supplement and the accompanying Prospectus is not an offer to sell these securities and is not
soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></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: center; color: red"><B>Subject to Completion, dated</B></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: right">Filed Pursuant to Rule&nbsp;424(b)(2)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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; text-align: center"><B>FORM&nbsp;OF PRELIMINARY PROSPECTUS SUPPLEMENT
TO BE USED IN CONNECTION WITH OFFERINGS OF<BR>
 PREFERRED SHARES<SUP>1</SUP><BR>
(to Prospectus dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025)</B></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: center"><B>$[&bull;]</B></P>


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


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>abrdn Global Dynamic Dividend Fund</B></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: center"><B>[&bull;] Shares, [&bull;]%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
Shares</B></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: center"><B>Liquidation Preference $[&bull;] per Share</B></P>


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><B><I>The Fund</I></B><I>. </I>abrdn Global Dynamic Dividend Fund (the
 &ldquo;Fund&rdquo;) is a diversified, closed-end management investment company.</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"><B><I>Investment Objectives</I></B><I>.</I>&nbsp;The Fund&rsquo;s primary
investment objective is to seek high current dividend income, more than 50% of which qualifies for the reduced federal income tax rate,
as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund also focuses on long-term growth of capital as a secondary
investment objective. The Fund&rsquo;s investment objectives and some of its investment policies are considered fundamental policies and
may not be changed without shareholder approval.</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"><B><I>Investment Strategies</I></B>. Under normal
circumstances, the Fund invests at least 80% of its net assets in the equity securities of domestic and foreign corporations that pay
dividends. The Board of Trustees may change this 80% policy on not less than 60 days&rsquo; notice to shareholders. Under normal circumstances,
the Fund expects to invest in securities of issuers located in the United States and in approximately 10 to 30 foreign countries.</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">The Fund may borrow for investment purposes. abrdn
Investments Limited (the &ldquo;Adviser&rdquo;) currently intends to limit leverage through borrowing to 10% of the Fund&rsquo;s total
assets (calculated at the time of borrowing) and to borrow for investment purposes only when the Adviser believes that the potential return
on additional investments acquired with the proceeds of leverage is likely to exceed the costs incurred in connection with the borrowings.</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"><B><I>NYSE Listing.</I></B>&nbsp;The Fund&rsquo;s Common Shares are
listed on the New York Stock Exchange (the &ldquo;NYSE&rdquo;) under the symbol &ldquo;AGD.&rdquo; As of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
the last reported sale price for the Fund&rsquo;s Common Shares on the NYSE was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per
Common Share, and the net asset value of the Fund&rsquo;s Common Shares was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per Common
Share, representing a [discount/premium] to net asset value of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%.</P>


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="vertical-align: super; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD>In addition to the sections outlined in this form of prospectus supplement, each prospectus supplement actually used in connection
with an offering conducted pursuant to the registration statement to which this form of prospectus supplement is attached will be updated
to include such other information as may then be required to be disclosed therein pursuant to applicable law or regulation as in effect
as of the date of each such prospectus supplement, including, without limitation, information particular to the terms of each security
offered thereby and any related risk factors or tax considerations pertaining thereto. This form of prospectus supplement is intended
only to provide a rough approximation of the nature and type of disclosure that may appear in any actual prospectus supplement used for
the purposes of offering securities pursuant to the registration statement to which this form of prospectus supplement is attached, and
is not intended to and does not contain all of the information that would appear in any such actual prospectus supplement, and should
not be used or relied upon in connection with any offer or sale of securities.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"></P>


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<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">[The Fund has applied to list the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares (&ldquo;Preferred Shares&rdquo;) on the NYSE. If the application
is approved, the Preferred Shares are expected to commence trading on the NYSE under the symbol &ldquo;[&bull;]&rdquo; within [&bull;]
days of the date of issuance.]</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-indent: 0.5in"><B>Investing in the Fund&rsquo;s Preferred Shares
involves certain risks. See &ldquo;Risk factors&rdquo; on page&nbsp;[ ] of the accompanying Prospectus and &ldquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rdquo;
on page&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of this Prospectus Supplement.</B></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-indent: 0.5in"><B>Neither the Securities and Exchange Commission
(&ldquo;<U>SEC</U>&rdquo;) nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus
Supplement or the accompanying Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Per Share</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="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Total</FONT></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="width: 74%; font-size: 10pt">Public offering price</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Underwriting discounts and commissions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="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: left"><FONT STYLE="font-size: 10pt">Proceeds, before expenses, to the Fund<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>




<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">(1)&nbsp;The aggregate expenses of the offering (excluding underwriting
discounts and commissions) are estimated to be $[&bull;].</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-indent: 0.5in">The underwriter is expected to deliver the Preferred
Shares to purchasers on or about</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: center">This Prospectus Supplement is dated</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"></P>


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<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-indent: 0.5in">You should read this Prospectus Supplement, the
accompanying Prospectus and the documents incorporated herein or therein by reference, which contain important information about the Fund
that you should know before deciding whether to invest, and retain them for future reference. A Statement of Additional Information, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025 (the &ldquo;SAI&rdquo;), containing additional information about the Fund, has been filed with the SEC and is incorporated by reference
in its entirety into the accompanying Prospectus. This Prospectus Supplement, the accompanying Prospectus and the SAI are part of a &ldquo;shelf&rdquo;
Registration Statement that the Fund filed with the SEC. This Prospectus Supplement describes the specific details regarding this offering,
including the method of distribution. If information in this Prospectus Supplement is inconsistent with the accompanying Prospectus or
the SAI, you should rely on this Prospectus Supplement. You may request free copies of the SAI, annual and semi-annual reports to shareholders
and other information about the Fund, and make shareholder inquiries, by calling Investor Relations toll-free at 1-800-522-5465 or by
writing to the Fund, or you may obtain a copy (and other information regarding the Fund) from the SEC&rsquo;s website (www.sec.gov). Free
copies of the Fund&rsquo;s Prospectus, SAI, reports and any incorporated information will also be available from the Fund&rsquo;s website
at <U>https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds.</U> Information contained on the Fund&rsquo;s
website is not considered to be a part of, nor incorporated by reference in, this Prospectus Supplement or the accompanying Prospectus.</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-indent: 0.5in">The Fund&rsquo;s Securities do not represent a
deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution and are not federally
insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</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-indent: 0.5in">This Prospectus Supplement, the accompanying Prospectus
and the SAI contain (or will contain) or incorporate (or will incorporate) by reference &ldquo;forward-looking statements.&rdquo; Forward-looking
statements can be identified by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; and similar terms with the negative of such terms. By their nature,
all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by
the forward-looking statements. Several factors that could materially affect the Fund&rsquo;s actual results are the performance of the
portfolio of securities the Fund holds, the price at which the Fund&rsquo;s Securities (including the Preferred Shares) trade in the public
markets and other factors discussed in this Prospectus Supplement, the accompanying Prospectus and the SAI, and in the Fund&rsquo;s periodic
filings with the SEC.</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-indent: 0.5in">Although the Fund believes that the expectations
expressed in the forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in
the Fund&rsquo;s forward-looking statements. Future financial condition and results of operations, as well as any forward-looking statements,
are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in &ldquo;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rdquo;
in this Prospectus Supplement and the &ldquo;Risk factors&rdquo; section of the accompanying Prospectus. All forward-looking statements
contained in this Prospectus Supplement, the accompanying Prospectus or in the SAI are made as of the date of this Prospectus Supplement,
the accompanying Prospectus or SAI, as the case may be. Except for ongoing obligations under the federal securities laws, the Fund does
not intend and is not obligated, to update any forward-looking statement.</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-indent: 0.5in">You should rely only on the information contained
or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. The Fund has not and the underwriters have
not authorized any person to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not
permitted. You should not assume that the information in this Prospectus Supplement and the accompanying Prospectus is accurate as of
any date other than the date of this Prospectus Supplement. The Fund&rsquo;s business, financial condition and results of operations may
have changed since that date. The Fund will amend this Prospectus Supplement and the accompanying Prospectus if, during the period that
this Prospectus Supplement and the accompanying Prospectus is required to be delivered, there are any subsequent material changes.</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-indent: 0.5in">Capitalized terms used herein that are not otherwise
defined shall have the meanings assigned to them in the accompanying Prospectus.</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"></P>


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<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: center"><FONT STYLE="font-variant: small-caps"><B>TABLE
OF CONTENTS</B></FONT></P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><B><U>Page</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Prospectus Supplement</b></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Supplement Summary</FONT></TD>
    <TD STYLE="width: 6%; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset Coverage Ratio</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special Characteristics and Risks of the Preferred Shares</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent Developments</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Matters</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Information</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About this Prospectus</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where you can find more information</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation by reference</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Fund expenses</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund at a glance</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial highlights</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior securities</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of proceeds</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Common Shares</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment objectives and policies</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk factors</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management of the Fund</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal proceedings</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net asset value of Common Shares</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax matters</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed-end fund structure</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend reinvestment and optional cash purchase plan</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of capital structure</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Plan of distribution</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian, dividend paying agent, transfer agent and registrar</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal opinions</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent registered public accounting firm</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional information</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>PROSPECTUS SUPPLEMENT SUMMARY</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-left: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This is only a summary of information contained elsewhere in this Prospectus Supplement and the accompanying Prospectus. This summary does not contain all the information that you should consider before investing in the Fund&rsquo;s Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares. You should carefully read the more detailed information contained in this Prospectus Supplement and the accompanying Prospectus and the Statement of Additional Information, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025 (the &ldquo;SAI&rdquo;), especially the information set forth under the headings &ldquo;Investment Objectives, Strategies and Policies&rdquo; and &ldquo;Risks.&rdquo;</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 34.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"><B>The Fund</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 84%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn Global Dynamic Dividend Fund (the &ldquo;Fund&rdquo; or &ldquo;we&rdquo;) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). The Fund was organized as a statutory trust under the laws of the State of Delaware on May&nbsp;11, 2006.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing and Symbol</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s Common Shares are listed on the New York Stock Exchange
    (the &ldquo;NYSE&rdquo;) under the symbol &ldquo;AGD.&rdquo; As of &#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;, the last reported sale price for the Fund&rsquo;s Common Shares on
    the NYSE was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per Common Share, and the net asset value of the Fund&rsquo;s Common Shares was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per Common Share, representing a [discount/premium]
    to net asset value of  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%.</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">[The Fund has applied to list the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares on
    the NYSE. If the application is approved, the Preferred Shares are expected to commence trading on the NYSE under the symbol &ldquo;[&rdquo;
    within [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] days of the date of issuance.]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Offering</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is offering an aggregate of shares of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred
    Shares, no par value per share (the &ldquo;Preferred Shares&rdquo;).</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"><I>Terms of the Preferred Shares Offered by the Fund</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Preferred Shares will have a liquidation preference of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share,
    plus accumulated and unpaid dividends. The dividend rate [for the initial dividend period] will be  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. [Dividends will be paid when, as
    and if declared by the Board of Trustees, out of funds legally available therefore. Dividends and distributions on the Preferred Shares
    will accumulate from the date of their original issue. The payment date for the initial dividend period will be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .]</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">The Preferred Shares will rank senior to the Fund&rsquo;s Common Shares
    in priority of payment of dividends and as to the distribution of assets upon dissolution, liquidation or winding up of the Fund&rsquo;s
    affairs; equal in priority with all other future series of preferred shares the Fund may issue as to priority of payment of dividends
    and as to distributions of assets upon dissolution, liquidation or the winding-up of the Fund&rsquo;s affairs; and subordinate in right
    of payment to amounts owed under the Fund&rsquo;s existing credit agreement, and to the holder of any future senior Indebtedness, which
    may be issued without the vote or consent of preferred shareholders.</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">Under the Statement of Preferences governing the Series &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred
    Shares, the Preferred Shares will be subject to mandatory redemption if the Fund fails to satisfy certain asset coverage tests, subject
    to applicable cure period and other terms and conditions.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[TO COME]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &ldquo;Risk factors&rdquo; beginning on page&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the accompanying Prospectus for a discussion of factors you should consider carefully before deciding to invest in the Fund&rsquo;s Preferred Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="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; margin: 0pt 0">The Fund estimates the net proceeds of the offering to be approximately
    $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund intends to invest the net proceeds of the offering in accordance
    with its investment objectives and policies as stated in the accompanying Prospectus under the heading &ldquo;Investment objectives and
    policies.&rdquo; It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds of the offering
    in accordance with its investment objectives and policies within [&bull;] months after the completion of the offering. However, until
    it is able to do so, the Fund may invest in temporary investments, such as cash, cash equivalents, short-term debt securities or U.S.
    government securities, which could negatively impact the Fund&rsquo;s returns during such period. The Fund may also use the proceeds for
    working capital purposes, including the payment of distributions, interest and operating expenses, although the Fund currently has no
    intent to issue Securities primarily for these purposes.</P></TD></TR>
  </TABLE>
<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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAPITALIZATION</B></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-indent: 0.5in">The following table sets forth the audited capitalization
of the Fund as of [&bull;] and the as adjusted capitalization of the Fund assuming the issuance of [&bull;] Preferred Shares offered in
this Prospectus Supplement, including estimated offering expenses of $[&bull;] and underwriting discounts and commissions of $[&bull;].</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Actual as <BR> of </B>[&bull;]</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As Adjusted<BR> &nbsp;as of </B>[&bull;]</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Preferred Shares:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left">Series Preferred shares, no par value per share, [&bull;] shares authorized (The &ldquo;Actual&rdquo; column reflects the Fund&rsquo;s outstanding capitalization as of [&bull;]. The &ldquo;As Adjusted&rdquo; column assumes the issuance of [&bull;] Preferred Shares and the Common Shares outstanding at [&bull;].)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Common Shareholders&rsquo; Equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Common Shares, no par value per share; [&bull;] shares authorized &nbsp;(The &ldquo;Actual&rdquo; and &ldquo;As Adjusted&rdquo; columns reflect the [&bull;] shares outstanding as of [&bull;].)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Paid-in capital*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total distributable loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net Assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">[&bull;]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">[&bull;]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>




<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">&nbsp;* As adjusted paid-in surplus reflects a deduction for estimated
offering expenses of $[&bull;] and underwriting discounts and commissions of $[&bull;].</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: center"><B>USE OF PROCEEDS</B></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-indent: 0.5in">The Fund estimates total net proceeds of the offering
to be approximately $[&bull;], based on the public offering price of $[&bull;] per share and after deduction of the underwriting discounts
and commissions and estimated offering expenses payable by the Fund.</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-indent: 0.5in">The Fund intends to invest the net proceeds of
the offering in accordance with its investment objectives and policies as stated in the accompanying Prospectus under the heading &ldquo;Investment
objectives and policies.&rdquo; It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds
of the offering in accordance with its investment objectives and policies within [&bull;] months after the completion of the offering.
However, until it is able to do so, the Fund may invest in temporary investments, such as cash, cash equivalents, short-term debt securities
or U.S. government securities, which could negatively impact the Fund&rsquo;s returns during such period.</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: center"><B>ASSET COVERAGE RATIO</B></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">Under the 1940 Act, the Fund
is not permitted to issue preferred shares unless immediately after such issuance the value of the Fund&rsquo;s total assets less all
liabilities and indebtedness not represented by senior securities is at least 200% of the liquidation value of the outstanding preferred
shares plus the aggregate amount of any senior securities of the Fund representing indebtedness. In addition, the Fund is not permitted
to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, the outstanding preferred
shares of the Fund has an asset coverage of at least 200% (determined after deducting the amount of such dividend or other distribution).</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-indent: 0.5in">In addition, under the 1940 Act, the Fund may not
(i)&nbsp;declare any dividend with respect to any preferred shares if, at the time of such declaration (and after giving effect thereto),
the Fund&rsquo;s asset coverage with respect to any of its borrowings that are senior securities representing indebtedness (as determined
in accordance with Section&nbsp;18(h)&nbsp;under the 1940 Act), would be less than 200% (or such other percentage as may in the future
be specified in or under the 1940 Act as the minimum asset coverage for senior securities representing indebtedness of a closed-end investment
company as a condition of declaring dividends on its preferred shares) or (ii)&nbsp;declare any other distribution on the preferred shares
or purchase or redeem preferred shares if at the time of the declaration or redemption (and after giving effect thereto), asset coverage
with respect to such borrowings that are senior securities representing indebtedness would be less than 300% (or such other percentage
as may in the future be specified in or under the 1940 Act as a minimum asset coverage for senior securities representing indebtedness
of a closed-end investment company as a condition of declaring distributions, purchases or redemptions of its shares). &ldquo;Senior securities
representing indebtedness&rdquo; generally means any bond, debenture, note or similar obligation or instrument constituting a security
(other than shares of capital stock) and evidencing indebtedness and could include the Fund&rsquo;s obligations under any borrowings.
For purposes of determining the Fund&rsquo;s asset coverage for senior securities representing indebtedness in connection with the payment
of dividends or other distributions on or purchases or redemptions of stock, the term &ldquo;senior security&rdquo; does not include any
promissory note or other evidence of indebtedness issued in consideration of any loan, extension or renewal thereof, made by a bank or
other person and privately arranged, and not intended to be publicly distributed. The term &ldquo;senior security&rdquo; also does not
include any such promissory note or other evidence of indebtedness in any case where such a loan is for temporary purposes only and in
an amount not exceeding 5% of the value of the total assets of the Fund at the time when the loan is made; a loan is presumed under the
1940 Act to be for temporary purposes if it is repaid within 60 calendar days and is not extended or renewed; otherwise such loan is presumed
not to be for temporary purposes.</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"></P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Preferred Shares and any other forms of senior
securities issued by the Fund, in aggregate, are expected to have an initial asset coverage following the date of issuance of such Preferred
Shares of approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%.</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-indent: 0.5in"><B>SPECIAL CHARACTERISTICS AND RISKS OF THE SERIES
PREFERRED SHARES</B></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"><B>Dividends</B></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">[TO COME]</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"><B>Redemption</B></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">[TO COME]</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"><B>Voting Rights</B></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">[TO COME]</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"><B>Liquidation</B></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-indent: 0.5in">In the event of any liquidation, dissolution or
winding up of the Fund&rsquo;s affairs, whether voluntary or involuntary, the holders of Preferred Shares will be entitled to receive
out of the assets of the Fund available for distribution to stockholders, after satisfying claims of creditors but before any distribution
or payment will be made in respect of the Common Shares, a liquidation distribution equal to the $[&bull;] per share liquidation preference
plus an amount equal to all unpaid dividends and distributions accumulated through the date fixed for such distribution or payment (whether
or not earned or declared by the Fund, but excluding interest thereon), and such holders will be entitled to no further participation
in any distribution or payment in connection with any such liquidation, dissolution or winding up.</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-indent: 0.5in">If, upon any liquidation, dissolution or winding
up of the Fund&rsquo;s affairs, whether voluntary or involuntary, the assets of the Fund available for distribution among the holders
of all Preferred Shares and any other outstanding shares of preferred shares will be insufficient to permit the payment in full to such
holders of Preferred Shares of the $[&bull;] per share liquidation preference plus accumulated and unpaid dividends and distributions
and the amounts due upon liquidation with respect to such other shares of preferred shares, then the available assets shall be distributed
among the holders of such Preferred Shares and such other series of preferred shares ratably in proportion to the respective preferential
liquidation amounts to which they are entitled. In connection with any liquidation, dissolution or winding up of the Fund&rsquo;s affairs
whether voluntary or involuntary, unless and until the $[&bull;] per share liquidation preference on each outstanding Preferred Share
plus accumulated and unpaid dividends and distributions has been paid in full to the holders of Preferred Shares, no dividends, distributions
or other payments will be made on, and no redemption, repurchase or other acquisition by the Fund will be made by the Fund in respect
of, the Common Shares.</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"><B>Stock Exchange Listing</B></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-indent: 0.5in">Application has been made to list the&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
Series&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares on the NYSE. If the application is approved, the Preferred Shares are expected
to commence trading on the NYSE within thirty days of the date of issuance under the symbol &ldquo;[&bull;]&rdquo;</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"><B>Risks</B></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-indent: 0.5in">Risk is inherent in all investing. Therefore, before
investing in the Preferred Shares you should consider the risks carefully. See &ldquo;Risks&rdquo; in the accompanying Prospectus as well
as the risks below.</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-indent: 0.5in"><I>Market Price Risk</I>. The market price for
the Preferred Shares will be influenced by changes in interest rates, the perceived credit quality of the Preferred Shares and other factors,
and may be higher or lower than the liquidation preference of the Preferred Shares. There is currently no market for the Preferred Shares
of the Fund.</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-indent: 0.5in"><I>Liquidity Risk</I>. Currently, there is no public
market for the Preferred Shares. As noted above, an application has been made to list the Preferred Shares on the NYSE. However, during
an initial period which is not expected to exceed thirty days after the date of its issuance, the Preferred Shares will not be listed
on any securities exchange. Before the Preferred Shares are listed on the NYSE, the underwriter may, but is not obligated to, make a market
in the Preferred Shares. No assurances can be provided that listing on any securities exchange or market making by the underwriter will
occur or will result in the market for Preferred Shares being liquid at any time.</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"></P>


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<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-indent: 0.5in"><I>Redemption Risk</I>. The Fund may be required
to redeem Preferred Shares in order to meet regulatory asset coverage requirements or requirements imposed by credit rating agencies.
For example, if the value of the Fund&rsquo;s investment portfolio declines, thereby reducing the asset coverage for the Preferred Shares,
the Fund may be obligated under the terms of the Preferred Shares to redeem some or all of the Preferred Shares.</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-indent: 0.5in"><I>Subordination Risk</I>. The Preferred Shares
are not a debt obligation of the Fund. The Preferred Shares are junior in respect of distributions and liquidation preference to the current
and future indebtedness incurred by the Fund, and will have the same priority with respect to payment of dividends and distributions and
liquidation preference as any other shares of preferred shares that the Fund may issue. The Preferred Shares are subject to greater credit
risk than any of the Fund&rsquo;s debt instruments, which would be of higher priority in the Fund&rsquo;s capital structure.</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-indent: 0.5in"><I>Distribution Risk</I>. The Fund may not earn
sufficient income from its investments to make distributions on the Preferred Shares, in which case the distributions on the Preferred
Shares would be considered a return of capital. Additionally, the Fund&rsquo;s failure to meet certain regulatory and other requirements,
including asset coverage requirements and the restrictions imposed under the terms of any senior indebtedness as well as those imposed
by applicable credit rating agencies, could prohibit or limit the Fund from making distributions on the Preferred Shares.</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: center"><FONT STYLE="text-transform: uppercase"><B>Recent
developments</B></FONT></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">[TO COME, <FONT STYLE="text-transform: uppercase">if
any</FONT>]</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: center"><FONT STYLE="text-transform: uppercase"><B>TAX
matters</B></FONT></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">[TO COME]</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: center"><B>UNDERWRITERS</B></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">[TO COME]</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: center"><B>LEGAL MATTERS</B></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">Certain legal matters in
connection with the Preferred Shares will be passed on for the Fund by Dechert LLP. Certain legal matters will be passed on
by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, as special counsel to the underwriters in connection with the offering of Preferred Shares.</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: center"><B>ADDITIONAL INFORMATION</B></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">This Prospectus Supplement,
the accompanying Prospectus and the documents incorporated herein or therein by reference constitute part of a Registration Statement
filed by the Fund with the SEC under the Securities Act, and the 1940 Act. This Prospectus Supplement and the accompanying Prospectus
omit certain of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement and
related exhibits for further information with respect to the Fund and the Preferred Shares offered hereby. Any statements contained herein
concerning the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such document
filed as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by
such reference. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules&nbsp;and
regulations or free of charge through the SEC&rsquo;s website (www.sec.gov).</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">Free copies of the Fund&rsquo;s
Prospectus, SAI, reports and any incorporated information will also be available from the Fund&rsquo;s website <U>https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</U>.
Information contained on the Fund&rsquo;s website is not considered to be a part of, nor incorporated by reference in. this Prospectus
Supplement or the accompanying Prospectus.</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"></P>


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<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: center"><B>Shares</B></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: center"><B>abrdn Global Dynamic Dividend Fund</B></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: center; text-indent: 10pt"><B>% Series&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Preferred
Shares</B></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: center"><B>FORM&nbsp;OF<BR>
PROSPECTUS<BR>
SUPPLEMENT</B></P>


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


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2(T)(4)
<SEQUENCE>10
<FILENAME>tm2523786d1_ex99-2xtx4.htm
<DESCRIPTION>EXHIBIT 99.2(T)(4)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d1_ex99-2xtx4.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1/users" -->

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.2(t)(4)</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
information in this Prospectus Supplement is not complete and may be changed. A Registration Statement relating to these securities has
been filed with and declared effective by the Securities and Exchange Commission. This Prospectus Supplement and the accompanying Prospectus
is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or
sale is not permitted.</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subject
to Completion, dated</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
Pursuant to Rule&nbsp;424(b)(2)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
Statement No.&nbsp;333-______</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM&nbsp;OF
PRELIMINARY PROSPECTUS SUPPLEMENT TO BE USED IN CONNECTION WITH OFFERINGS OF NOTES<SUP>1</SUP><BR>
(to Prospectus dated&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;,
2025)</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>abrdn
Global Dynamic Dividend Fund</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Fund</I></B><I>. </I>abrdn Global Dynamic Dividend Fund (the &ldquo;Fund&rdquo;) is a diversified, closed-end management investment company.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Investment
Objectives</I></B><I>.</I>&nbsp;The Fund&rsquo;s primary investment objective is to seek high current dividend income, more than 50%
of which qualifies for the reduced federal income tax rate, as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The Fund also focuses on long-term growth of capital as a secondary investment objective. The Fund&rsquo;s investment objectives and
some of its investment policies are considered fundamental policies and may not be changed without shareholder approval.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Investment
Strategies</I></B>. Under normal circumstances, the Fund invests at least 80% of its net assets in the equity securities of domestic
and foreign corporations that pay dividends. The Board of Trustees may change this 80% policy on not less than 60 days&rsquo; notice
to shareholders. Under normal circumstances, the Fund expects to invest in securities of issuers located in the United States and in
approximately 10 to 30 foreign countries.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may borrow for investment purposes. abrdn Investments Limited (the &ldquo;Adviser&rdquo;) currently intends to limit leverage through
borrowing to 10% of the Fund&rsquo;s total assets (calculated at the time of borrowing) and to borrow for investment purposes only when
the Adviser believes that the potential return on additional investments acquired with the proceeds of leverage is likely to exceed the
costs incurred in connection with the borrowings.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>NYSE
Listing.</I></B>&nbsp;The Fund&rsquo;s Common Shares are listed on the New York Stock Exchange (the &ldquo;NYSE&rdquo;) under the symbol
 &ldquo;AGD.&rdquo; As of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;,
the last reported sale price for the Fund&rsquo;s Common Shares on the NYSE was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
per Common Share, and the net asset value of the Fund&rsquo;s Common Shares was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
per Common Share, representing a [discount/premium] to net asset value of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;%.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0%"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            addition to the sections outlined in this form of prospectus supplement, each prospectus
                                            supplement actually used in connection with an offering conducted pursuant to the registration
                                            statement to which this form of prospectus supplement is attached will be updated to include
                                            such other information as may then be required to be disclosed therein pursuant to applicable
                                            law or regulation as in effect as of the date of each such prospectus supplement, including,
                                            without limitation, information particular to the terms of each security offered thereby
                                            and any related risk factors or tax considerations pertaining thereto. This form of prospectus
                                            supplement is intended only to provide a rough approximation of the nature and type of disclosure
                                            that may appear in any actual prospectus supplement used for the purposes of offering securities
                                            pursuant to the registration statement to which this form of prospectus supplement is attached,
                                            and is not intended to and does not contain all of the information that would appear in any
                                            such actual prospectus supplement, and should not be used or relied upon in connection with
                                            any offer or sale of securities.</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; 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"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investing
in the Fund&rsquo;s Notes involves certain risks. See &ldquo;Risk factors&rdquo; on page&nbsp;[ ] of the accompanying Prospectus and
 &ldquo;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&rdquo;
on page&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;of this Prospectus Supplement.</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Neither
the Securities and Exchange Commission (&ldquo;<U>SEC</U>&rdquo;) nor any state securities commission has approved or disapproved of
these securities or determined if this Prospectus Supplement or the accompanying Prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; background-color: White; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; background-color: White; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
                                            Share</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; background-color: White; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: White; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%">Public offering price</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriting discounts and commissions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds,
    before expenses, to the Fund<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;The
aggregate expenses of the offering (excluding underwriting discounts and commissions) are estimated to be $[</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">].</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notes will be ready for delivery on or about</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus Supplement is dated</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read this Prospectus Supplement, the accompanying Prospectus and the documents incorporated herein or therein by reference, which
contain important information about the Fund that you should know before deciding whether to invest, and retain them for future reference.
A Statement of Additional Information, dated&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;,
2025 (the &ldquo;SAI&rdquo;), containing additional information about the Fund, has been filed with the SEC and is incorporated by reference
in its entirety into the accompanying Prospectus. This Prospectus Supplement, the accompanying Prospectus and the SAI are part of a &ldquo;shelf&rdquo;
Registration Statement that the Fund filed with the SEC. This Prospectus Supplement describes the specific details regarding this offering,
including the method of distribution. If information in this Prospectus Supplement is inconsistent with the accompanying Prospectus or
the SAI, you should rely on this Prospectus Supplement. You may request free copies of the SAI, annual and semi-annual reports to shareholders
and other information about the Fund, and make shareholder inquiries, by calling Investor Relations toll-free at 1-800-522-5465 or by
writing to the Fund, or you may obtain a copy (and other information regarding the Fund) from the SEC&rsquo;s website (www.sec.gov).
Free copies of the Fund&rsquo;s Prospectus, SAI, reports and any incorporated information will also be available from the Fund&rsquo;s
website at <U>https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</U>. Information contained on
the Fund&rsquo;s website is not considered to be a part of, nor incorporated by reference in, this Prospectus Supplement or the accompanying
Prospectus.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s Securities do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured
depository institution and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other
government agency.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus Supplement, the accompanying Prospectus and the SAI contain (or will contain) or incorporate (or will incorporate) by reference
 &ldquo;forward-looking statements.&rdquo; Forward-looking statements can be identified by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo;
 &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo;
and similar terms with the negative of such terms. By their nature, all forward-looking statements involve risks and uncertainties, and
actual results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially
affect the Fund&rsquo;s actual results are the performance of the portfolio of securities the Fund holds, the price at which the Fund&rsquo;s
Securities trade in the public markets and other factors discussed in this Prospectus Supplement, the accompanying Prospectus and the
SAI, and in the Fund&rsquo;s periodic filings with the SEC.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Fund believes that the expectations expressed in the forward-looking statements are reasonable, actual results could differ materially
from those projected or assumed in the Fund&rsquo;s forward-looking statements. Future financial condition and results of operations,
as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed
in &ldquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rdquo; in this Prospectus Supplement and the &ldquo;Risk factors&rdquo; section of this
Prospectus. All forward-looking statements contained in this Prospectus Supplement, the accompanying Prospectus or in the SAI are made
as of the date of this Prospectus Supplement, the accompanying Prospectus or SAI, as the case may be. Except for ongoing obligations
under the federal securities laws, the Fund does not intend and is not obligated, to update any forward-looking statement.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the information contained or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus.
The Fund has not and the underwriters have not authorized any person to provide you with different information. If anyone provides you
with different or inconsistent information, you should not rely on it. The Fund is not making an offer to sell these securities in any
jurisdiction where the offer or sale is not permitted. You should not assume that the information in this Prospectus Supplement and the
accompanying Prospectus is accurate as of any date other than the date of this Prospectus Supplement. The Fund&rsquo;s business, financial
condition and results of operations may have changed since that date. The Fund will amend this Prospectus Supplement and the accompanying
Prospectus if, during the period that this Prospectus Supplement and the accompanying Prospectus is required to be delivered, there are
any subsequent material changes.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
terms used herein that are not otherwise defined shall have the meanings assigned to them in the accompanying Prospectus.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>TABLE
OF CONTENTS</B></FONT></P>


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


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


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Page</U></B>&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: Transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus
    Supplement</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 94%; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Supplement Summary</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
    Coverage Ratio</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
    Characteristics and Risks of the Notes</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
    Developments</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    Matters</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    Information</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About
    this Prospectus</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    you can find more information</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation
    by reference</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary
    of Fund expenses</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-bottom: white 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund at a glance</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    highlights</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    securities</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of proceeds</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Common Shares</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    objectives and policies</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    factors</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
    of the Fund</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    proceedings</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    asset value of Common Shares</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    matters</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed-end
    fund structure</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    reinvestment and optional cash purchase plan</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of capital structure</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Plan
    of distribution</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian,
    dividend paying agent, transfer agent and registrar</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    opinions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    registered public accounting firm</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    information</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT></P>
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<DIV STYLE="border: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%"><P STYLE="font: 7pt 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: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS
SUPPLEMENT SUMMARY</B>&#8239;&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; margin: 0pt 0; text-indent: 0.5in; padding-left: 5.4pt"><I>This
is only a summary of information contained elsewhere in this Prospectus Supplement and the accompanying Prospectus. This summary does
not contain all the information that you should consider before investing in the Fund&rsquo;s Series Notes. You should carefully read
the more detailed information contained in this Prospectus Supplement and the accompanying Prospectus and the Statement of Additional
Information, dated , 2025 (the &ldquo;SAI&rdquo;), especially the information set forth under the headings &ldquo;Investment Objectives,
Strategies and Policies&rdquo; and &ldquo;Risks.&rdquo;</I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif"><B>The Fund </B></P></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
    Global Dynamic Dividend Fund </FONT><FONT STYLE="font-size: 10pt">(the &ldquo;Fund&rdquo; or &ldquo;we&rdquo;) is a diversified,
    closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;).
    The Fund was organized as a statutory trust under the laws of the State of Delaware on May 11, 2006. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing
    and Symbol</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund&rsquo;s Common Shares are listed on the New York Stock Exchange (the &ldquo;NYSE&rdquo;) under the symbol &ldquo;AGP.&rdquo;
    As of&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, the
    last reported sale price for the Fund&rsquo;s Common Shares on the NYSE was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;per
    Common Share, and the net asset value of the Fund&rsquo;s Common Shares was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;per
    Common Share, representing a [discount/premium] to net asset value of&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;%.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 10pt"><B>The Offering</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Terms
                                            of the Notes Offered by the Fund</I></P>
</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 25%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal&nbsp;Amount</FONT></TD>
    <TD STYLE="width: 57%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal amount
    of the notes is $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;in the aggregate.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The principal amount of the
    notes will become due and payable on &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Rate</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The interest rate will be &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;%.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frequency of payment</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest will be paid commencing&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
    .</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment Protections</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Stock&nbsp;Exchange&nbsp;Listing]</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rating</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is a condition of issuance
    that the notes be rated&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; by &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">[TO COME]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    &ldquo;Risk factors&rdquo; beginning on page&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;of the accompanying Prospectus
    for a discussion of factors you should consider carefully before deciding to invest in the Fund&rsquo;s Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use
    of Proceeds</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund estimates the net proceeds of the offering to be approximately
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .</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">The Fund intends to invest the net proceeds of the offering in
    accordance with its investment objectives and policies as stated in the accompanying Prospectus under the heading &ldquo;Investment
    objectives and policies.&rdquo; It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds
    of the offering in accordance with its investment objectives and policies within [<FONT STYLE="font-family: Symbol">&middot;</FONT>]
    months after the completion of the offering. However, until it is able to do so, the Fund may invest in temporary investments, such
    as cash, cash equivalents, short-term debt securities or U.S. government securities, which could negatively impact the Fund&rsquo;s
    returns during such period. The Fund may also use the proceeds for working capital purposes, including the payment of distributions,
    interest and operating expenses, although the Fund currently has no intent to issue Securities primarily for these purposes.</P></TD></TR>
  </TABLE>
<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: center"></P></DIV>


<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="break-before: page; 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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[TO
COME]</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USE
OF PROCEEDS</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund estimates total net proceeds of the offering to be approximately $[</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">],
based on the public offering price of $[</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]
per note and after deduction of the underwriting discounts and commissions and estimated offering expenses payable by the Fund.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund intends to invest the net proceeds of the offering in accordance with its investment objectives and policies as stated in the accompanying
Prospectus &ldquo;Investment objectives and policies.&rdquo; It is currently anticipated that the Fund will be able to invest substantially
all of the net proceeds of the offering in accordance with its investment objectives and policies within [</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]
months after the completion of the offering. However, until it is able to do so, the Fund may invest in temporary investments, such as
cash, cash equivalents, short-term debt securities or U.S. government securities, which could negatively impact the Fund&rsquo;s returns
during such period.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ASSET
COVERAGE RATIO</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the 1940 Act, the Fund is not permitted to issue debt and/or preferred shares unless immediately after such issuance the value of the
Fund&rsquo;s total assets less all liabilities and indebtedness not represented by senior securities is at least 200% of the liquidation
value of the outstanding debt and preferred shares plus the aggregate amount of any senior securities of the Fund representing indebtedness.
In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of
such declaration, the outstanding debt and preferred shares of the Fund has an asset coverage of at least 200% (determined after deducting
the amount of such dividend or other distribution).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under the 1940 Act, the Fund may not (i)&nbsp;declare any dividend with respect to any debt or preferred shares if, at the
time of such declaration (and after giving effect thereto), the Fund&rsquo;s asset coverage with respect to any of its borrowings that
are senior securities representing indebtedness (as determined in accordance with Section&nbsp;18(h)&nbsp;under the 1940 Act), would
be less than 200% (or such other percentage as may in the future be specified in or under the 1940 Act as the minimum asset coverage
for senior securities representing indebtedness of a closed-end investment company as a condition of declaring dividends on its debt
and/or preferred shares) or (ii)&nbsp;declare any other distribution on the debt and/or preferred shares or purchase or redeem debt and/or
preferred shares if at the time of the declaration or redemption (and after giving effect thereto), asset coverage with respect to such
borrowings that are senior securities representing indebtedness would be less than 300% (or such other percentage as may in the future
be specified in or under the 1940 Act as a minimum asset coverage for senior securities representing indebtedness of a closed-end investment
company as a condition of declaring distributions, purchases or redemptions of its shares). &ldquo;Senior securities representing indebtedness&rdquo;
generally means any bond, debenture, note or similar obligation or instrument constituting a security (other than shares of capital stock)
and evidencing indebtedness and could include the Fund&rsquo;s obligations under any borrowings. For purposes of determining the Fund&rsquo;s
asset coverage for senior securities representing indebtedness in connection with the payment of dividends or other distributions on
or purchases or redemptions of stock, the term &ldquo;senior security&rdquo; does not include any promissory note or other evidence of
indebtedness issued in consideration of any loan, extension or renewal thereof, made by a bank or other person and privately arranged,
and not intended to be publicly distributed. The term &ldquo;senior security&rdquo; also does not include any such promissory note or
other evidence of indebtedness in any case where such a loan is for temporary purposes only and in an amount not exceeding 5% of the
value of the total assets of the Fund at the time when the loan is made; a loan is presumed under the 1940 Act to be for temporary purposes
if it is repaid within 60 calendar days and is not extended or renewed; otherwise such loan is presumed not to be for temporary purposes.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notes and any other forms of senior securities issued by the Fund, in aggregate, are expected to have an initial asset coverage following
the date of issuance of such Notes of approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SPECIAL
CHARACTERISTICS AND RISKS OF THE NOTES</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[TO
COME]</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Recent
developments</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[TO
COME, <FONT STYLE="text-transform: uppercase">if any</FONT>]</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>TAX
matters</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[TO
COME]</FONT></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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[TO
COME]</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LEGAL
MATTERS</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
legal matters in connection with the Notes will be passed on for the Fund by Dechert LLP. Certain legal matters will be passed on by
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;,&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; ,&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
, as special counsel to the underwriters in connection with the offering of Notes.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus Supplement and the accompanying Prospectus constitutes part of a Registration Statement filed by the Fund with the SEC under
the Securities Act, and the 1940 Act. This Prospectus Supplement and the accompanying Prospectus omits certain of the information contained
in the Registration Statement, and reference is hereby made to the Registration Statement and related exhibits for further information
with respect to the Fund and the Notes offered hereby. Any statements contained herein concerning the provisions of any document are
not necessarily complete, and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration
Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by such reference. The complete Registration
Statement may be obtained from the SEC upon payment of the fee prescribed by its rules&nbsp;and regulations or free of charge through
the SEC&rsquo;s website (www.sec.gov).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Free
copies of the Fund&rsquo;s Prospectus, SAI, reports and any incorporated information will also be available from the Fund&rsquo;s website
at <U>https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</U>. Information contained on the Fund&rsquo;s
website is not considered to be a part of, nor incorporated by reference in, this Prospectus Supplement or the accompanying Prospectus.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>abrdn
Global Dynamic Dividend Fund</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM&nbsp;OF</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS<BR>
SUPPLEMENT</B></FONT></P>


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


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


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


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2(T)(5)
<SEQUENCE>11
<FILENAME>tm2523786d1_ex99-2xtx5.htm
<DESCRIPTION>EXHIBIT 99.2(T)(5)
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d1_ex99-2xtx5.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-1/tm2523786-1_n2seq1/users" -->

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2(t)(5)</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>The information in this Prospectus Supplement is not
complete and may be changed. A Registration Statement relating to these securities has been filed with and declared effective by the Securities
and Exchange Commission. This Prospectus Supplement and the accompanying Prospectus is not an offer to sell these securities and is not
soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></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: center; color: red"><B>Subject to Completion, dated</B></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: right">Filed Pursuant to Rule&nbsp;424(b)(2)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-______</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: center"><B>FORM&nbsp;OF PRELIMINARY PROSPECTUS SUPPLEMENT
TO BE USED IN CONNECTION WITH OFFERINGS OF</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Rights
to Purchase</B></FONT><B> COMMON SHARES<SUP>1</SUP><BR>
(to Prospectus dated&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, 2025)</B></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: center"><B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>] Shares</B></P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>abrdn Global Dynamic Dividend Fund</B></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: center"><B>Issuable Upon the Exercise of</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subscription Rights to Acquire Common Shares&nbsp;</B></P>


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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-indent: 0.5in">abrdn Global Dynamic Dividend Fund (the &ldquo;Fund&rdquo;)
is a diversified, closed-end management investment company.</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-indent: 0.5in">The Fund is issuing [transferable/non-transferable]
rights (&ldquo;Rights&rdquo;) to its shareholders of record as of the close of business on&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;(the &ldquo;Record
Date&rdquo;) entitling the holders of these Rights to subscribe (the &ldquo;Offer&rdquo;) for an aggregate of&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;common
shares of beneficial interest, no par value per common share (the &ldquo;Common Shares&rdquo;). The holders of Common Shares (the &ldquo;Common
Shareholders&rdquo;) of record on the Record Date (&ldquo;Record Date Shareholders&rdquo;) will receive one Right for each outstanding
Common Share owned on the Record Date. The Rights entitle the holders to purchase one new Common Share for every&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Rights
held (1 for&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;), and Common Shareholders of record who fully exercise their Rights will be entitled to
subscribe, subject to certain limitations and subject to allotment, for additional Common Shares covered by any unexercised Rights. Any
Record Date Shareholder that owns fewer than&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Common Shares as of the close of business on the Record
Date is entitled to subscribe for one full Common Share in the Offer.</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-indent: 0.5in">The Fund&rsquo;s outstanding Common Shares are,
and the Common Shares issued pursuant to the exercise of the Rights will be, listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;).
The Fund&rsquo;s Common Shares trade under the symbol &ldquo;AGD.&rdquo; [The Rights are transferable and will be admitted for trading
on the NYSE under the symbol&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;during the course of the Offer.] See &ldquo;The Offer&rdquo; for a complete
discussion of the terms of the Offer.</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-indent: 0.5in"><B>The Offer will expire at&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
New York City time, on&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, unless extended as described in this Prospectus Supplement (the &ldquo;Expiration
Date&rdquo;). The subscription price per Common Share (the &ldquo;Subscription Price&rdquo;) will be determined based upon [ ].</B></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-indent: 0.5in">Rights holders will not know the Subscription Price
at the time of exercise and will be required initially to pay for both the Common Shares subscribed for pursuant to the primary subscription
and, if eligible, any additional Common Shares subscribed for pursuant to the over-subscription privilege at the estimated Subscription
Price of $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;per Common Share and, except in limited circumstances, will
not be able to rescind their subscription.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="vertical-align: super; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD>In addition to the sections outlined in this form of prospectus supplement, each prospectus supplement actually used in connection
with an offering conducted pursuant to the registration statement to which this form of prospectus supplement is attached will be updated
to include such other information as may then be required to be disclosed therein pursuant to applicable law or regulation as in effect
as of the date of each such prospectus supplement, including, without limitation, information particular to the terms of each security
offered thereby and any related risk factors or tax considerations pertaining thereto. This form of prospectus supplement is intended
only to provide a rough approximation of the nature and type of disclosure that may appear in any actual prospectus supplement used for
the purposes of offering securities pursuant to the registration statement to which this form of prospectus supplement is attached, and
is not intended to and does not contain all of the information that would appear in any such actual prospectus supplement, and should
not be used or relied upon in connection with any offer or sale of securities.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The NAV of the Fund&rsquo;s Common Shares at the
close of business on&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;and the last reported sale price of a Common
Share on the NYSE on that date was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, representing a discount to NAV of&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;%.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-indent: 0.5in"><B>Investing in the Fund&rsquo;s Common Shares
involves certain risks. See &ldquo;Risk factors&rdquo; on page&nbsp;[ ] of the accompanying Prospectus and &ldquo;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&rdquo;
on page&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;of this Prospectus Supplement.</B></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-indent: 0.25in"><B><I>In addition, you should consider the following:</I></B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon completion of the Offer, Common Shareholders who do not fully exercise
their Rights will own a smaller proportional interest in the Fund than if they exercised their Rights, which will proportionately decrease
the relative voting power of those Common Shareholders.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">In addition, if the Subscription Price is less than the NAV as of the Expiration
Date, the completion of the Offer will result in an immediate dilution of NAV for all Common Shareholders (i.e., will cause the NAV of
the Fund to decrease) and may have the effect of reducing the market price of the Fund&rsquo;s Common Shares. It is anticipated that the
existing Common Shareholders will experience immediate dilution even if they fully exercise their Rights. Such dilution is not currently
determinable because it is not known how many Common Shares will be subscribed for, what the NAV or market price of the Fund&rsquo;s Common
Shares will be on the Expiration Date or what the Subscription Price per Common Share will be. However, assuming full exercise of the
Rights being offered at the Subscription Price and assuming that the NAV per Common Share on the Expiration Date was $ (the NAV per Common
Share as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ), it is estimated that the per share dilution resulting from the Offer would be $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. Any such dilution will disproportionately
affect non-exercising Common Shareholders. If the Subscription Price is substantially less than the current NAV, this dilution could be
substantial. The distribution to Common Shareholders of transferable Rights, which themselves have intrinsic value, will afford non-participating
Common Shareholders of record on the Record Date the potential of receiving cash payment upon the sale of the Rights, receipt of which
may be viewed as partial compensation for any dilution of their interests that may occur as a result of the Offer.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">There can be no assurance that a market for the Rights will develop or, if
such a market develops, what the price of the Rights will be. See &ldquo;The Offer &mdash; Dilution and Effect of Non-Participation in
the Offer&rdquo; beginning on page&nbsp;[ ] of this Prospectus Supplement.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">All costs of the Offer will be borne by the Fund, and indirectly by current
Common Shareholders whether they exercise their Rights or not.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Except as described herein, Rights holders will have no right to rescind
their subscriptions after receipt of their payment for Common Shares by the subscription agent for the Offer.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Fund has declared a monthly distribution payable on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with a record date
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , which will not be payable with respect to Common Shares issued pursuant to the Offer. The Fund also expects to declare a monthly
distribution to Common Shareholders payable on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with a record date on or about&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;, which will not be payable with respect to
Common Shares that are issued pursuant to the Offer after such record date.</FONT></TD></TR></TABLE>


<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-indent: 0.5in"><B>Neither the Securities and Exchange Commission
(&ldquo;<U>SEC</U>&rdquo;) nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus
Supplement or the accompanying Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Per Share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif">Estimated Subscription Price</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Estimated Sales Load</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: super; font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds, before expenses, to the Fund<SUP>(1)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 3%; text-align: left"><I>(1)</I></TD><TD STYLE="text-align: justify; width: 97%">Estimated on the basis of [ ].</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><I>(2)</I></TD><TD STYLE="text-align: justify"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the dealer manager for the Offer (the &ldquo;Dealer
Manager&rdquo;), will receive a fee from the Fund for its financial structuring and solicitation services equal to&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;%
of the Subscription Price per Common Share issued pursuant to the Offer (including pursuant to the over-subscription privilege), which
is estimated to be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;in
total and $&#8239;&#8239;&#8239;&#8239;per Common Share (assuming the Rights are fully exercised at the estimated subscription price).
The Dealer Manager will reallow a part of its fees to other broker-dealers that have assisted in soliciting the exercise of Rights. The
Dealer Manager fee will be borne by the Fund and indirectly by all of its Common Shareholders, including those who do not exercise their
Rights. See &ldquo;Distribution Arrangements&rdquo; and &ldquo;Compensation to Dealer Manager.&rdquo;</I></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><I>(3)</I></TD><TD STYLE="text-align: justify"><I>Before deduction of expenses associated with the Offer
incurred by the Fund, estimated at $&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;(or
$&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;per Common Share), including
an aggregate of up to $&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;to
be paid to the Dealer Manager as reimbursement for its expenses and up to $&#8239;&#8239;&#8239;&#8239;of expenses paid by the Fund relating
to the printing or other production, mailing and delivery expenses incurred in connection with materials related to the Offer by the
Dealer Manager, Selling Group Members (as defined below), Soliciting Dealers (as defined below) and other brokers, dealers and financial
institutions in connection with their customary mailing and handling of materials related to the Offer to their customers, and other
expenses of issuance and distribution (including registration, filing and listing fees and legal and accounting fees and expenses), estimated
to be $&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;.&nbsp; After
deduction of such offering expenses, the per Common Share and total dollar amount of proceeds to the Fund are estimated at $&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;and
$&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;, respectively. The
expenses associated with the Offer are paid by the Fund and indirectly by the Common Shareholders, including those who do not exercise
their Rights, and will immediately reduce the NAV of each outstanding Common Share.</I></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><I>(4)</I></TD><TD STYLE="text-align: justify"><I>Funds received by check or money order prior to the final
due date of the Offer will be deposited into a segregated account pending proration and distribution of Common Shares. The subscription
agent may receive investment earnings on the funds deposited into such account.</I></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><I>(5)</I></TD><TD STYLE="text-align: justify"><I>Assumes all Rights are exercised at the estimated
Subscription Price. All of the Rights offered may not be exercised.</I></TD>
</TR></TABLE>


<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"></P>


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<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: center">This Prospectus Supplement is dated</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"></P>


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<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"><B><I>Investment Objectives</I></B><I>.</I>&nbsp;The Fund&rsquo;s primary
investment objective is to seek high current dividend income, more than 50% of which qualifies for the reduced federal income tax rate,
as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund also focuses on long-term growth of capital as a secondary
investment objective. The Fund&rsquo;s investment objectives and some of its investment policies are considered fundamental policies and
may not be changed without shareholder approval.</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: left"><B><I>Investment Strategies</I></B>. Under normal
circumstances, the Fund invests at least 80% of its net assets in the equity securities of domestic and foreign corporations that pay
dividends. The Board of Trustees may change this 80% policy on not less than 60 days&rsquo; notice to shareholders. Under normal circumstances,
the Fund expects to invest in securities of issuers located in the United States and in approximately 10 to 30 foreign countries.</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: left">The Fund may borrow for investment purposes. abrdn
Investments Limited (the &ldquo;Adviser&rdquo;) currently intends to limit leverage through borrowing to 10% of the Fund&rsquo;s total
assets (calculated at the time of borrowing) and to borrow for investment purposes only when the Adviser believes that the potential return
on additional investments acquired with the proceeds of leverage is likely to exceed the costs incurred in connection with the borrowings.</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"><B><I>NYSE Listing.</I></B>&nbsp;The Fund&rsquo;s currently outstanding
Common Shares are, and the Common Shares offered by this Prospectus will be, subject to notice of issuance, listed on the New York Stock
Exchange (the &ldquo;NYSE&rdquo;) under the symbol &ldquo;AGD.&rdquo; As of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;,
the last reported sale price for the Fund&rsquo;s Common Shares on the NYSE was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; per
Common Share, and the net asset value of the Fund&rsquo;s Common Shares was $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; per Common
Share, representing a [discount/premium] to net asset value of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;%.</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-indent: 0.5in">You should read this Prospectus Supplement, the
accompanying Prospectus, and the documents incorporated herein or therein by reference, which contain important information about the
Fund that you should know before deciding whether to invest, and retain them for future reference. A Statement of Additional Information,
dated&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, 2025 (the &ldquo;SAI&rdquo;), containing
additional information about the Fund, has been filed with the SEC and is incorporated by reference in its entirety into the accompanying
Prospectus. This Prospectus Supplement, the accompanying Prospectus and the SAI are part of a &ldquo;shelf&rdquo; Registration Statement
that the Fund filed with the SEC. This Prospectus Supplement describes the specific details regarding this offering, including the method
of distribution. If information in this Prospectus Supplement is inconsistent with the accompanying Prospectus or the SAI, you should
rely on this Prospectus Supplement. You may request free copies of the SAI, annual and semi-annual reports to shareholders and other information
about the Fund, and make shareholder inquiries, by calling Investor Relations toll-free at 1-800-522-5465 or by writing to the Fund, or
you may obtain a copy (and other information regarding the Fund) from the SEC&rsquo;s website (www.sec.gov). Free copies of the Fund&rsquo;s
Prospectus, SAI, reports and any incorporated information will also be available from the Fund&rsquo;s website at <U>https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</U>.
Information contained on the Fund&rsquo;s website is not considered to be a part of, nor incorporated by reference in, this Prospectus
Supplement or the accompanying Prospectus.</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-indent: 0.5in">The Fund&rsquo;s Securities do not represent a
deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution and are not federally
insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</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-indent: 0.5in">This Prospectus Supplement, the accompanying Prospectus
and the SAI contain (or will contain) or incorporate (or will incorporate) by reference &ldquo;forward-looking statements.&rdquo; Forward-looking
statements can be identified by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; and similar terms with the negative of such terms. By their nature,
all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by
the forward-looking statements. Several factors that could materially affect the Fund&rsquo;s actual results are the performance of the
portfolio of securities the Fund holds, the price at which the Fund&rsquo;s Securities (including the Rights) trade in the public markets
and other factors discussed in this Prospectus Supplement, the accompanying Prospectus and the SAI, and in the Fund&rsquo;s periodic filings
with the SEC.</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">Although the Fund believes that the expectations expressed in the forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in the Fund&rsquo;s forward-looking
statements. Future financial condition and results of operations, as well as any forward-looking statements, are subject to change and
are subject to inherent risks and uncertainties, such as those disclosed in &ldquo;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&rdquo; in this Prospectus
Supplement and the &ldquo;Risk factors&rdquo; section of the accompanying Prospectus. All forward-looking statements contained in this
Prospectus Supplement, the accompanying Prospectus or in the SAI are made as of the date of this Prospectus Supplement, the accompanying
Prospectus or SAI, as the case may be. Except for ongoing obligations under the federal securities laws, the Fund does not intend and
is not obligated, to update any forward-looking statement.</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"></P>


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<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-indent: 0.5in">You should rely only on the information contained
or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. The Fund has not and the underwriters have
not authorized any person to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not
permitted. You should not assume that the information in this Prospectus Supplement and the accompanying Prospectus is accurate as of
any date other than the date of this Prospectus Supplement. The Fund&rsquo;s business, financial condition and results of operations may
have changed since that date. The Fund will amend this Prospectus Supplement and the accompanying Prospectus if, during the period that
this Prospectus Supplement and the accompanying Prospectus is required to be delivered, there are any subsequent material changes.</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-indent: 0.5in">Capitalized terms used herein that are not otherwise
defined shall have the meanings assigned to them in the accompanying Prospectus.</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"></P>


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<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: center"><FONT STYLE="font-variant: small-caps"><B>TABLE
OF CONTENTS</B></FONT></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: center"></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"></P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right"><B><U>Page</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt"><B>Prospectus Supplement</B></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; width: 94%; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Supplement Summary</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; width: 6%; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offer</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution Arrangements</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent Developments</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Matters</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Information</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About this Prospectus</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where you can find more information</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation by reference</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Fund expenses</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund at a glance</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial highlights</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior securities </FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of proceeds</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Common Shares</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment objectives and policies </FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk factors</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management of the Fund</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal proceedings</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net asset value of Common Shares</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax matters</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed-end fund structure</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend reinvestment and optional cash purchase plan</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of capital structure</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of distribution</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian, dividend paying agent, transfer agent and registrar</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal opinions</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent registered public accounting firm</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional information</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; padding-bottom: 3pt; background-color: white; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 COLSPAN="2" STYLE="padding: 3pt 5.4pt 10pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>PROSPECTUS SUPPLEMENT SUMMARY</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; text-indent: 0.25in; padding-bottom: 10pt; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This is only a summary of information contained elsewhere in this Prospectus Supplement and the accompanying Prospectus. This summary does not contain all the information that you should consider before investing in the Fund&rsquo;s Common Shares. You should carefully read the more detailed information contained in this Prospectus Supplement and the accompanying Prospectus and the Statement of Additional Information, dated&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, 2025 (the &ldquo;SAI&rdquo;), especially the information set forth under the headings &ldquo;Investment Objectives, Strategies and Policies&rdquo; and &ldquo;Risks.&rdquo;</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 15%; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"><B>The Fund</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding-bottom: 10pt; width: 85%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn Global Dynamic Dividend Fund (the &ldquo;Fund&rdquo; or &ldquo;we&rdquo;) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). The Fund was organized as a statutory trust under the laws of the State of Delaware on May&nbsp;11, 2006. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Important Terms of the Offer</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is issuing to Common Shareholders of record at the close of
    business on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the Record Date, one [transferable/non-transferable] Right for each whole Common Share held. Each Common Shareholder on
    the Record Date that continues to hold Rights and each other holder of the Rights is entitled to subscribe for one Common Share for every
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights held (1 for &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;). The Fund will not issue fractional Common Shares upon the exercise of Rights; accordingly, Rights may be exercised
    only in multiples of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , except that any Record Date Shareholder that owns fewer than&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares as of the close of business on the Record
    Date is entitled to subscribe for one full Common Share in the Offer. Record Date Shareholders who hold two or more accounts may not combine
    their fractional interests across accounts. Rights are evidenced by subscription certificates that will be mailed to Record Date Shareholders,
    except as described under &quot;The Offer&mdash;Foreign Common Shareholders.&quot; We refer to a Rights holder's right to acquire during
    the subscription period at the Subscription Price one additional Common Share for every Rights held (or in the case of any Record Date
    Shareholder who owns fewer than Common Shares as of the close of business on the Record Date, the right to acquire one Common Share),
    as the &ldquo;Primary Subscription.&rdquo;</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; background-color: white">Rights holders may exercise Rights at any
    time after issuance on and prior to , New York City time, on , the Expiration Date, unless otherwise extended by the Fund (the &ldquo;Subscription
    Period&rdquo;). See &ldquo;The Offer&mdash;Expiration of the Offer.&rdquo; The Rights are transferable and will be admitted for trading
    on the NYSE under the symbol &quot;AGD RT&quot; during the course of the Offer. See &quot;The Offer&mdash;Transferability and Sale of
    Rights.&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Common Shares of the Fund, as a closed-end
    fund, can trade at a discount to NAV. Upon exercise of Rights, Common Shares are expected to be issued at a price below NAV per Common
    Share.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">An investor who acquires Common Shares in
    the Offer issued after the record date for a monthly dividend (if any) to be paid by the Fund will not receive such dividend. Therefore,
    an investor who acquires Common Shares in the Offer will not receive the Fund's dividend payable on to Common Shareholders of record at
    the close of business on and an investor who acquires Common Shares in the Offer issued after the record date for the Fund's dividend
    (which is expected to be ), if declared by the Board, will not receive such dividend.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Record Date Shareholders who fully exercise
    the Rights issued to them pursuant to the Offer (other than those Rights that cannot be exercised because they represent the right to
    acquire less than one Common Share) will be entitled to an over-subscription privilege under which they may subscribe for additional Common
    Shares at the Subscription Price. Any Common Shares made available pursuant to the over-subscription privilege are subject to allotment.
    See &quot;The Offer&mdash;Over-Subscription Privilege.&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In this Prospectus Supplement, we use the
    terms &quot;Common Shareholders&quot; to refer to any person that holds Common Shares, &quot;Record Date Shareholders&quot; to refer to
    those Common Shareholders that held their Common Shares on the Record Date and &quot;Existing Rights Holders&quot; to refer to those persons
    (i)&nbsp;that are Record Date Shareholders to whom the Rights were issued initially to the extent that a Record Date Shareholder continues
    to hold Rights and (ii)&nbsp;any subsequent transferees of the Rights that continue to hold the Rights.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Important Dates to Remember</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Record Date</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">Subscription Period* &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;through</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">Final Date Rights Will Trade</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">Expiration Date*</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">Deadline for Subscription Certificates and Payment for Common
Shares*&dagger;</P></TD></TR>
</TABLE>


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


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<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="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt">
    <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">Deadline for Notice of Guaranteed Delivery*&dagger;</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">Deadline for Payment Pursuant to Notice of Guaranteed Delivery*</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">Confirmation Mailed to Exercising Rights Holders</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">Final Payment for Common Shares Due**</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">* Unless the Offer is extended.</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 0pt 0.5in; text-indent: -0.5in">** Additional amount due (in the event
    the Subscription Price exceeds the estimated Subscription Price).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscription Price</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[TO COME]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Oversubscription Privilege</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Record Date Shareholders who fully exercise
    all Rights initially issued to them (other than those Rights to acquire less than one Common Share, which cannot be exercised) are entitled
    to subscribe for additional Common Shares which were not subscribed for by other Record Date Shareholders at the same Subscription Price,
    subject to certain limitations and subject to allotment. This is known as the &quot;over-subscription privilege&quot; (the &quot;Over-Subscription
    Privilege&quot;). Investors who are not Record Date Shareholders, but who otherwise acquire Rights to purchase the Fund's Common Shares
    pursuant to the Offer (e.g., Rights acquired in the secondary market), are not entitled to subscribe for any of the Fund's Common Shares
    pursuant to the Over-Subscription Privilege. If sufficient Common Shares are available, all Record Date Shareholders' over-subscription
    requests will be honored in full. If these requests for Common Shares exceed the Common Shares available, the available Common Shares
    will be allocated pro rata among Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by
    the Fund.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">Any Common Shares
    issued pursuant to the Over-Subscription Privilege will be Common Shares registered under the Prospectus Supplement.</FONT><FONT STYLE="font-size: 13.5pt">]</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Transferability and Sale of Rights</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Rights are transferable until the close
    of business on the last Business Day prior to the Expiration Date of the Offer and will be admitted for trading on the NYSE under the
    symbol during the course of the Offer.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Offer may be terminated or extended by
    the Fund at any time for any reason before the Expiration Date. If the Fund terminates the Offer, the Fund will issue a press release
    announcing such termination and will direct the Subscription Agent (defined below) to return, without interest, all subscription proceeds
    received to such Common Shareholders who had elected to exercise their Rights.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Trading in the Rights on the NYSE is expected
    to begin Business Days prior to the Record Date and may be conducted until the close of trading on the last NYSE trading day prior to
    the Expiration Date. For purposes of this Prospectus Supplement, a &quot;Business Day&quot; shall mean any day on which trading is conducted
    on the NYSE. The Fund will use its best efforts to ensure that an adequate trading market for the Rights will exist, although there can
    be no assurance that a market for the Rights will develop.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The value of the Rights, if any, will be reflected
    by their market price on the NYSE. Rights may be sold by individual holders through their broker or financial advisor. Holders of Rights
    attempting to sell any unexercised Rights in the open market through their broker or financial advisor may be charged a commission or
    incur other transaction expenses and should consider the commissions and fees charged prior to selling their Rights on the open market.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Rights that are sold will not confer any right
    to acquire any Common Shares in any over-subscription, and any Record Date Shareholder who sells any Rights (other than those Rights that
    cannot be exercised because they represent the right to acquire less than one Common Share) will not be eligible to participate in the
    Over-Subscription Privilege, if any.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Trading of the Rights on the NYSE will be
    conducted on a when-issued basis until and including the date on which the subscription certificates are mailed to Record Date Shareholders
    and thereafter will be conducted on a regular-way basis until and including the last NYSE trading day prior to the completion of the Subscription
    Period. The Rights are expected to begin trading ex-Rights Business Day prior to the Record Date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Shareholders are urged to obtain a recent
trading price for the Rights on the NYSE from their broker, bank, financial advisor or the financial press.</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 STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Banks, broker-dealers and trust companies
that hold Common Shares for the accounts of others are advised to notify those persons that purchase Rights in the secondary market that
such Rights will not participate in any Over-Subscription Privilege.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Record Date Shareholders who do not wish to
    exercise any or all of their Rights may instruct the Subscription Agent to try to sell any Rights they do not intend to exercise themselves.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Subscription certificates evidencing the Rights
    to be sold by the Subscription Agent must be received by the Subscription Agent on or before , New York City time, on (or, if the subscription
    period is extended, on or before , New York City time, Business Days prior to the extended Expiration Date). Upon the timely receipt by
    the Subscription Agent of appropriate instructions to sell Rights, the Subscription Agent will ask the Dealer Manager if it will purchase
    the Rights. If the Dealer Manager purchases the Rights, the sales price paid by the Dealer Manager will be based upon the then-current
    market price for the Rights. If the Dealer Manager declines to purchase the Rights of a Record Date Shareholder that have been duly submitted
    to the Subscription Agent for sale, the Subscription Agent will attempt to sell such Rights in the open market. If the Rights can be sold,
    all of such sales will be deemed to have been effected at the weighted-average price of all Rights sold by the Subscription Agent during
    the Offer, less any applicable brokerage commissions, taxes and other expenses.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Alternatively, the Rights evidenced by a subscription
    certificate may be transferred in whole by endorsing the subscription certificate for transfer in accordance with the accompanying instructions.
    A portion of the Rights evidenced by a single subscription certificate (but not fractional Rights) may be transferred by delivering to
    the Subscription Agent a subscription certificate, properly endorsed for transfer, with instructions to register such portion of the Rights
    evidenced thereby in the name of the transferee and to issue a new subscription certificate to the transferee evidencing the transferred
    Rights. See &quot;The Offer&mdash;Transferability and Sale of Rights.&quot;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Offering expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The expenses of the Offer incurred by the Fund (and indirectly by all of the Fund's Common Shareholders, including those who do not exercise their Rights) are expected to be approximately $&#8239;&#8239;&nbsp;, including partial reimbursement of the Dealer Manager for its expenses incurred in connection with the offering in an amount up to $&#8239;&#8239;&nbsp;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Use of proceeds</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The net proceeds of the Offer, assuming all Common Shares offered hereby are sold at the estimated Subscription Price, are estimated to be approximately $&#8239;&#8239;&nbsp;, after deducting the sales load and expenses associated with the Offer. The Advisers anticipate that investment of the net proceeds of the Offer in accordance with the Fund's investment objectives and policies will take approximately thirty (30) days after completion of the Offer. The Fund intends to use the proceeds of the Offer to make investments consistent with its investment objectives. However, the investment of the net proceeds may take up to three months from completion of the Offer, depending on market conditions and the availability of appropriate securities. Pending such investment, it is anticipated that the net proceeds will be invested in fixed income securities and other permitted investments. See &quot;Use of Proceeds.&quot;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Restrictions on Foreign Common Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Fund will not mail subscription certificates
    to Record Date Shareholders whose record addresses are outside the United States (for these purposes, the United States includes its territories
    and possessions and the District of Columbia). Subscription certificates will only be mailed to Record Date Shareholders whose addresses
    are within the United States (other than an APO or FPO address). Record Date Shareholders whose addresses are outside the United States
    or who have an APO or FPO address and who wish to subscribe to the Offer either in part or in full should contact the Subscription Agent
    in writing no later than Business Days prior to the Expiration Date. The Fund will determine whether the Offer may be made to any such
    Record Date Shareholder. The Offer will not be made in any jurisdiction where it would be unlawful to do so. If the Subscription Agent
    has received no instruction by the Business Day prior to the Expiration Date or the Fund has determined that the Offer may not be made
    to a particular Record Date Shareholder, the Subscription Agent will attempt to sell all of such Common Shareholder's Rights and remit
    the net proceeds, if any, to such Common Shareholder. If the Rights can be sold, all of such sales will be deemed to have been effected
    at the weighted average price of all Rights sold by the Subscription Agent during the Offer, less any applicable brokerage commissions,
    taxes and other expenses.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Subscription Agent will hold the Rights
    to which those subscription certificates relate for such Common Shareholders' accounts until instructions are received to exercise, sell
    or transfer the Rights, subject to applicable law. If no instructions have been received by New York City time, on , Business Days prior
    to the Expiration Date (or, if the subscription period is extended, on or before Business Days prior to the extended Expiration Date),
    the Subscription Agent will ask the Dealer Manager if it will purchase the Rights. If the Dealer Manager declines to purchase the Rights,
    the Subscription Agent will attempt to sell such Rights in the open market. The net proceeds, if any, from the sale of those Rights will
    be remitted to Foreign Common Shareholders. See &quot;The Offer&mdash;Foreign Common Shareholders.&quot;</P></TD></TR>
</TABLE>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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 STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Distribution Arrangements</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-bottom: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">will act as Dealer Manager
    for the Offer. Under the terms and subject to the conditions contained in a Dealer Manager Agreement among the Fund, the Advisers and
    the Dealer Manager (the &quot;Dealer Manager Agreement&quot;), the Dealer Manager will provide financial structuring services in connection
    with the Offer and will solicit the exercise of Rights and participation in the Over-Subscription Privilege (if any). The Offer is not
    contingent upon any number of Rights being exercised. The Fund has agreed to pay the Dealer Manager a fee for its financial structuring
    and solicitation services equal to % of the Subscription Price for each Common Share issued pursuant to the exercise of Rights (including
    pursuant to the Over-Subscription Privilege). The Dealer Manager will reallow a part of its fees to other broker-dealers that have assisted
    in soliciting the exercise of Rights. The Fund has also agreed to pay the Dealer Manager up to $ as a partial reimbursement for its reasonable
    out-of-pocket expenses incurred in connection with the Offer. The Fund will also pay expenses relating to the printing or other production,
    mailing and delivery expenses incurred in connection with materials related to the Offer, including all reasonable out-of-pocket fees
    and expenses, if any and not to exceed $ , incurred by the Dealer Manager, Selling Group Members (as defined below), Soliciting Dealers
    (as defined below) and other brokers, dealers and financial institutions in connection with their customary mailing and handling of materials
    related to the Offer to their customers. The Fund and the Advisers have also agreed to indemnify the Dealer Manager against certain liabilities,
    including under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;). The fees paid to the Dealer Manager will be borne
    by the Fund and indirectly by all of its Common Shareholders, including those who do not exercise the Rights. All of the costs of the
    Offer will be borne by the Fund and indirectly by the Fund's Common Shareholders whether or not they exercise their Rights.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Prior to the expiration of the Offer, the
    Dealer Manager may purchase or exercise Rights during the Subscription Period at prices determined at the time of such exercise, which
    are expected to vary from the Subscription Price. See &quot;The Offer&mdash;Distribution Arrangements&quot; and &quot;&mdash;Compensation
    to Dealer Manager.&quot;]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Information Agent</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Information Agent is&#8239;&#8239;&#8239;&#8239;&nbsp;. Under the terms and subject to the conditions contained in an Information Agent Agreement between the Fund and the Information Agent, the Information Agent will provide communication, dissemination and other related services in connection with the Offer. See &quot;The Offer&mdash;Information Agent.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &ldquo;Risk factors&rdquo; beginning on page&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;of the accompanying Prospectus for a discussion of factors you should consider carefully before deciding to invest in the Fund&rsquo;s Common Shares.</FONT></TD></TR>
  </TABLE>
<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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Summary
of Fund expenses</B></FONT></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-indent: 0.5in">The purpose of the following table and the example
below is to help you understand the fees and expenses that holders of Common Shares (&ldquo;Common Shareholders&rdquo;) would bear directly
or indirectly. The expenses shown in the table under &ldquo;Other expenses&rdquo; are estimated for the current fiscal year ended [<FONT STYLE="font-family: Symbol">&middot;</FONT>].
The expenses shown in the table under &ldquo;Interest expenses on bank borrowings&rdquo; and &ldquo;Total annual expenses&rdquo; are estimated
based on the Fund&rsquo;s average net assets for the current fiscal year ended [<FONT STYLE="font-family: Symbol">&middot;</FONT>] of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>]. The tables also reflect the estimated
use of leverage by the Fund through bank borrowings representing in the aggregate [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of total assets (consistent with the percentage
of leverage in place as of [<FONT STYLE="font-family: Symbol">&middot;</FONT>]) of the Fund&rsquo;s total assets (including the assets subject to, and obtained with the proceeds
of, such borrowings), and show Fund expenses as a percentage of net assets attributable to Common Shares. The table reflects the anticipated
net proceeds of the Common Shares offered pursuant to this Prospectus Supplement and the accompanying Prospectus and assuming the Fund
incurs the estimated offering expenses. If the Fund issues fewer than all of the Common Shares available for sale pursuant to the Distribution
Agreement and the net proceeds to the Fund are less, all other things being equal, the total annual expenses shown would increase.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Common Shareholder transaction expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 84%; font: 10pt Times New Roman, Times, Serif; text-align: left">Sales load (as a percentage of offering price)(1)</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">--</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Offering expenses Borne by the Fund (as a percentage of offering price)(2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">--</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Dividend reinvestment and optional cash purchase plan fees: (3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Fee for Open Market Purchases of Common Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&#8239;&#8239;] (per share)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Fee for Optional Shares Purchases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&#8239;&#8239;] (max)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sales of Shares Held in a Dividend Reinvestment Account</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[ ] (per share) and $[ ] (max)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center">Annual&nbsp;expenses<BR> (as&nbsp;a&nbsp;percentage&nbsp;of&nbsp;net&nbsp;assets<BR> attributable&nbsp;to<BR> Common&nbsp;Shares)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif">Advisory fee(4)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">1.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest expenses on bank borrowings(5)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Other expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total annual expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>






















<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"></P>


<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; 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: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Represents
the estimated commission with respect to the Common Shares being sold under this Prospectus Supplement and the accompanying Prospectus.
There is no guarantee that there will be any sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus.
Actual sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth
under &ldquo;Capitalization&rdquo; below. In addition, the price per Common Share of any such sale may be greater or less than the price
set forth under &ldquo;Capitalization&rdquo; below, depending on market price of the Common Shares at the time of any such sale.</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">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Assumes
the sale of Common Shares at a sales price per Common Share of $ , which represents the last reported sales price of the Common Shares
on the NYSE on . There is no guarantee that there will be any sales of Common Shares under this Prospectus Supplement and the accompanying
Prospectus. Actual sales, if any, of the Common Shares under this Prospectus Supplement and the accompanying Prospectus may be at a price
greater or less than $ per Common Share, depending on the market price of the Common Shares at the time of any such sale.</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">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;You
will pay a brokerage commission if you direct the Plan Agent to sell your Common Shares held in a dividend reinvestment account.</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">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;abrdn
Investments Limited receives an annual investment advisory fee of 1.00% based on the Fund&rsquo;s average daily net assets, computed daily
and payable monthly.</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: left">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
percentage in the table is based on average total borrowings of $ (the balance outstanding under the Fund&rsquo;s secured, uncommitted
line of credit (the &ldquo;Credit Facility&rdquo;) as of , representing approximately % of the Fund&rsquo;s total assets, which includes
the assets purchased through leverage) and an average interest rate during the period ended , of . There can be no assurances that the
Fund will be able to obtain such level of borrowing (or to maintain its current level of borrowing), that the terms under which the Fund
borrows will not change, or that the Fund&rsquo;s use of leverage will be profitable. The Fund currently intends during the next twelve
months to maintain a similar proportionate amount of borrowings but may increase such amount to 33 1/3% of the average daily value of
the Fund&rsquo;s total assets.</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"><B>Example</B></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-indent: 0.5in">An investor would directly or indirectly pay the
following expenses on a $1,000 investment in Common Shares, assuming a 5% annual return. This example assumes that (i)&nbsp;all dividends
and other distributions are reinvested at NAV and (ii)&nbsp;the percentage amounts listed under &ldquo;Total annual expenses&rdquo; above
remain the same in the years shown.</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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The example should not be considered a representation
of future expenses or rate of return and actual Fund expenses may be greater or less than those shown.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 23%; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1&nbsp;Year</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: White; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; background-color: White; width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 22%; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3&nbsp;Years</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: White; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; background-color: White; width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 22%; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5&nbsp;Years</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: White; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; background-color: White; width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 22%; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10&nbsp;Years</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: White; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<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: center"><B>CAPITALIZATION</B></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-indent: 0.5in">The following table sets forth the audited capitalization
of the Fund as of [<FONT STYLE="font-family: Symbol">&middot;</FONT>] and the as adjusted capitalization of the Fund assuming the issuance of [<FONT STYLE="font-family: Symbol">&middot;</FONT>] Common Shares offered in this
Prospectus Supplement, including estimated offering expenses of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] and underwriting discounts and commissions of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>].</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; background-color: White; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: White; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Actual as of </B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; background-color: White; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; background-color: White; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As Adjusted as of </B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; background-color: White; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Common Shareholders&rsquo; Equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">Common Shares, no par value per share; [<FONT STYLE="font-family: Symbol">&middot;</FONT>] shares authorized (The &ldquo;Actual&rdquo; and &ldquo;As Adjusted&rdquo; columns reflect the [<FONT STYLE="font-family: Symbol">&middot;</FONT>] shares outstanding as of [<FONT STYLE="font-family: Symbol">&middot;</FONT>].)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Paid-in capital*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total distributable loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net Assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<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">* As adjusted paid-in surplus reflects a deduction for estimated offering
expenses of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] and underwriting discounts and commissions of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>].</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: center"><B>THE OFFER</B></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"><B>Important Terms of the Offer</B></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-indent: 0.5in">The Fund is issuing to Record Date Shareholders
[transferable/non-transferable] Rights to subscribe for an aggregate of&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Common Shares. Each Record Date
Shareholder is being issued one [transferable/non-transferable] Right for each whole Common Share owned on the Record Date. The Rights
entitle each Record Date Shareholder to acquire one Common Share at the Subscription Price for every&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Rights
held (1 for&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;). Rights may be exercised at any time during the subscription period, which commences on&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
the Record Date, and ends at&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;., New York City time, on&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
the Expiration Date, unless extended by the Fund.</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-indent: 0.5in">[The Rights are transferable and will be admitted
for trading on the NYSE under the symbol&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;during the course of the Offer. Trading in the Rights on the
NYSE is expected to be conducted until the close of trading on the NYSE on the last Business Day prior to the Expiration Date. See &ldquo;
 &mdash; Transferability and Sale of Rights&rdquo; below. The Fund&rsquo;s outstanding Common Shares are, and the Common Shares issued
pursuant to the exercise of the Rights will be, listed on the NYSE. The Fund&rsquo;s Common Shares trade under the symbol &ldquo;AGD.&rdquo;
The Rights are evidenced by subscription certificates that will be mailed to Record Date Shareholders, except as described below under
 &ldquo; &mdash; Foreign Common Shareholders.&rdquo;]</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-indent: 0.5in">The Fund will not issue fractional Common Shares
upon the exercise of Rights; accordingly, Rights may be exercised only in multiples of&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, except that
any Record Date Shareholder that owns fewer than&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Common Shares as of the close of business on the Record
Date is entitled to subscribe for one full Common Share in the Offer. Record Date Shareholders who hold two or more accounts may not combine
their fractional interests across accounts.</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-indent: 0.5in">[The Rights are transferable. Rights holders who
are not Record Date Shareholders may purchase Common Shares in the Primary Subscription, but are not entitled to subscribe for Common
Shares pursuant to the Over-Subscription Privilege. Record Date Shareholders and Rights holders who purchase Common Shares in the Primary
Subscription and Record Date Shareholders who purchase Common Shares pursuant to the Over-Subscription Privilege are hereinafter referred
to as &ldquo;Exercising Rights Holders.&rdquo;]</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-indent: 0.5in">Common Shares not subscribed for during the Primary
Subscription will be offered, by means of the Over-Subscription Privilege, to Record Date Shareholders who fully exercise the Rights issued
to them pursuant to the Offer (other than those Rights that cannot be exercised because they represent the right to acquire less than
one Common Share) and who wish to acquire more than the number of Common Shares they are entitled to purchase pursuant to the exercise
of their Rights, subject to certain limitations and subject to allotment. Investors who are not Record Date Shareholders are not entitled
to subscribe for any Common Shares pursuant to the Over-Subscription Privilege. See &ldquo; &mdash; Over-Subscription Privilege&rdquo;
below.</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"></P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of determining the maximum number
of Common Shares a Record Date Shareholder may acquire pursuant to the Offer, broker-dealers, trust companies, banks or others whose Common
Shares are held of record by or by any other depository or nominee will be deemed to be the holders of the Rights that are issued to or
the other depository or nominee on their behalf.</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-indent: 0.5in">Rights may be exercised by completing a subscription
certificate and delivering it, together with payment at the estimated Subscription Price, to the Subscription Agent. A Rights holder will
have no right to rescind a purchase after the Subscription Agent has received a completed subscription certificate together with payment
for the Common Shares offered pursuant to the Offer, except as provided under &ldquo; &mdash; Notice of NAV Decline.&rdquo; Rights holders
who exercise their Rights will not know at the time of exercise the Subscription Price of the Common Shares being acquired and will be
required initially to pay for both the Common Shares subscribed for during the subscription period and, if eligible, any additional Common
Shares subscribed for pursuant to the Over-Subscription Privilege at the estimated Subscription Price of $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;per
Common Share. The Fund, not investors, will pay a sales load on&nbsp;the aggregate Subscription Price, which will ultimately be borne
by all Common Shareholders, even those who do not exercise their Rights. For a discussion of the method by which Rights may be exercised
and Common Shares paid for, see &ldquo;The Offer &mdash; Methods for Exercising Rights,&rdquo; &ldquo;The Offer &mdash; Payment for Common
Shares&rdquo; and &ldquo;Distribution Arrangements.&rdquo;</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-indent: 0.5in">There is no minimum number of Rights which must
be exercised in order for the Offer to close. The Fund will bear the expenses of the Offer, which will be paid from the proceeds of the
Offer. These expenses include, but are not limited to, the expenses of preparing and printing the prospectus for the Offer, the Dealer
Manager fee, and the expenses of Fund counsel and the Fund&rsquo;s independent registered public accounting firm in connection with the
Offer.</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-indent: 0.5in">An investor who acquires Common Shares in the Offer
issued after the record date for a monthly dividend (if any) to be paid by the Fund will not receive such dividend. Therefore, an investor
who acquires Common Shares in the Offer will not receive the Fund&rsquo;s dividend payable on&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;to Common
Shareholders of record at the close of business on&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;and an investor who acquires Common Shares in the
Offer issued after the record date for the Fund&rsquo;s&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;dividend (which
is expected to be&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;), if declared by the Board, will not receive such
dividend.</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-indent: 0.5in">The Fund has entered into the Dealer Manager Agreement,
which allows the Dealer Manager to take actions to seek to facilitate the trading market for Rights and the placement of Common Shares
pursuant to the exercise of Rights. Those actions are expected to involve the Dealer Manager purchasing and exercising Rights during the
Subscription Period at prices determined at the time of such exercise, which are expected to vary from the Subscription Price. See &ldquo;Distribution
Arrangements&rdquo; for additional information.</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"><I>Subscription Price. </I>[TO COME]</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"><B>[Over-Subscription Privilege</B></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-indent: 0.5in">Common Shares not subscribed for by Rights holders
(the &ldquo;Excess Common Shares&rdquo;) will be offered, by means of the Over-Subscription Privilege, to the Record Date Shareholders
who have fully exercised the Rights issued to them (other than those Rights that cannot be exercised because they represent the right
to acquire less than one Common Share) and who wish to acquire more than the number of Common Shares they are entitled to purchase pursuant
to the Primary Subscription. Investors who are not Record Date Shareholders, but who otherwise acquire Rights to purchase the Fund&rsquo;s
Common Shares pursuant to the Offer (e.g., Rights acquired in the secondary market), are not entitled to subscribe for any of the Fund&rsquo;s
Common Shares pursuant to the Over-Subscription Privilege.</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-indent: 0.5in">Record Date Shareholders should indicate on the
subscription certificate, which they submit with respect to the exercise of the Rights issued to them, how many Excess Common Shares they
are willing to acquire pursuant to the Over-Subscription Privilege. If sufficient Excess Common Shares remain, all such Record Date Shareholders&rsquo;
over-subscription requests will be honored in full. If requests from such Record Date Shareholders for Common Shares pursuant to the Over-Subscription
Privilege exceed the Excess Common Shares available, the available Excess Common Shares will be allocated pro rata among Record Date Shareholders
who oversubscribe based on the number of Rights originally issued to such Record Date Shareholders. The percentage of remaining Common
Shares each over-subscribing Record Date Shareholder may acquire will be rounded down to result in delivery of whole Common Shares. The
allocation process may involve a series of allocations to assure that the total number of Common Shares available for over-subscriptions
is distributed on a<I>&nbsp;pro rata</I>&nbsp;basis.</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-indent: 0.5in">Banks, broker-dealers, trustees and other nominee
holders of Rights will be required to certify to the Subscription Agent, before any Over-Subscription Privilege may be exercised with
respect to any particular beneficial owner, as to the aggregate number of Rights exercised pursuant to the Primary Subscription and the
number of Common Shares subscribed for pursuant to the Over-Subscription Privilege by such beneficial owner and that such beneficial owner&rsquo;s
Primary Subscription was exercised in full. Nominee Holder Over-Subscription Forms and Beneficial Owner Certification Forms will be distributed
to banks, brokers, trustees and other nominee holders of Rights with the subscription certificates. Nominees should also notify holders
purchasing Right in the secondary market that such Rights may not participate in the Over-Subscription Privilege.</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"></P>


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<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-indent: 0.5in">The Fund will not offer or sell any Common Shares
that are not subscribed for pursuant to the Primary Subscription or the Over-Subscription Privilege.]</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"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expiration of the Offer</B></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-indent: 0.5in">The Offer will expire at&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
New York City time, on&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, the Expiration Date, unless extended by the Fund.</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-indent: 0.5in">Rights will expire without value on the Expiration
Date (including any extension); they may not be exercised thereafter. Any extension of the Offer will be followed as promptly as practicable
by announcement thereof, and in no event later than&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, New York City time, on the next Business Day following
the previously scheduled Expiration Date. Without limiting the manner in which the Fund may choose to make such announcement, the Fund
will not, unless otherwise required by law, have any obligation to publish, advertise or otherwise communicate any such announcement other
than by making a release to the Dow Jones News Service or such other means of announcement as the Fund deems appropriate. The Fund may
extend the Offer in its sole discretion for any reason, including as a result of a decline in the Fund&rsquo;s NAV as described below
in &ldquo; &mdash; Notice of NAV Decline.&rdquo;</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"><B>[Transferability and Sale of Rights</B></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-indent: 0.5in"><B>The Rights are transferable until the close
of business on the last Business Day prior to the Expiration Date,&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, and will be admitted for trading
on the NYSE under the symbol&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;during the course of the Offer. We may, however, extend the expiration of
the Offer.</B></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-indent: 0.5in">The Offer may be terminated or extended by the
Fund at any time for any reason before the Expiration Date. If the Fund terminates the Offer, the Fund will issue a press release announcing
such termination and will direct the Subscription Agent (defined below) to return, without interest, all subscription proceeds received
to such Common Shareholders who had elected to exercise their Rights.</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-indent: 0.5in">Although no assurance can be given that a market
for the Rights will develop, trading in the Rights on the NYSE is expected to begin&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business Days prior
to the Record Date and may be conducted until the close of trading on the last NYSE trading day prior to the Expiration Date. For purposes
of this Prospectus Supplement, a &ldquo;Business Day&rdquo; shall mean any day on which trading is conducted on the NYSE.</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-indent: 0.5in">The value of the Rights, if any, will be reflected
by their market price on the NYSE. Rights may be sold by individual holders&nbsp;through their broker or financial advisor. Holders of
Rights attempting to sell any unexercised Rights in the open market through their broker or financial advisor may be charged a commission
or incur other transaction expenses and should consider the commissions and fees charged prior to selling their Rights on the open market.</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-indent: 0.5in">Rights that are sold will not confer any right
to acquire any Common Shares in any over-subscription, and any Record Date Shareholder who sells any Rights (other than those Rights that
cannot be exercised because they represent the right to acquire less than one Common Share) will not be eligible to participate in the
Over-Subscription Privilege, if any.</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-indent: 0.5in">Trading of the Rights on the NYSE will be conducted
on a when-issued basis until and including the date on which the subscription certificates are mailed to Record Date Shareholders and
thereafter will be conducted on a regular-way basis until and including the last NYSE trading day prior to the completion of the Subscription
Period. The Rights are expected to begin trading ex-Rights Business Day prior to the Record Date.</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-indent: 0.5in">Shareholders are urged to obtain a recent trading
price for the Rights on the NYSE from their broker, bank, financial advisor or the financial press.</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-indent: 0.5in">Banks, broker-dealers and trust companies that
hold Common Shares for the accounts of others are advised to notify those persons that purchase Rights in the secondary market that such
Rights will not participate in any Over-Subscription Privilege.</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-indent: 0.5in"><I>Sales through the Subscription Agent and Dealer
Manager. </I>Record Date Shareholders who do not wish to exercise any or all of their Rights may instruct the Subscription Agent to try
to sell any Rights they do not intend to exercise themselves.</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-indent: 0.5in">Subscription certificates evidencing the Rights
to be sold by the Subscription Agent must be received by the Subscription Agent on or before&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, New York
City time, on&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;(or, if the subscription period is extended, on or before&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
New York City time,&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business Days prior to the extended Expiration Date).</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-indent: 0.5in">Upon the timely receipt by the Subscription Agent
of appropriate instructions to sell Rights, the Subscription Agent will&nbsp;attempt to sell such Rights, including by first offering
such Rights to the Dealer Manager for purchase by the Dealer Manager at the then-current market price on the NYSE. The Subscription Agent
will also attempt to sell any Rights attributable to Common Shareholders of record whose addresses are outside of the United States, or
who have an APO or FPO address. The Subscription Agent will offer Rights to the Dealer Manager before attempting to sell them on the NYSE,
which may affect the market price for Rights on the NYSE and reduce the number of Rights available for purchase on the NYSE.</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"></P>


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<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-indent: 0.5in">If the Dealer Manager purchases the Rights, the
sales price paid by the Dealer Manager will be based upon the then current market price for the Rights. The proceeds from each of such
sales to the Dealer Manager will be remitted to the Subscription Agent, which will hold such proceeds in an account segregated from the
Subscription Agent&rsquo;s own funds pending distribution to each selling Record Date Shareholder. It is expected that following each
such sale of Rights to the Dealer Manager, the proceeds from each such sale will be received by the Subscription Agent within&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business
Days of the sale.&nbsp; All of such sales will be deemed to have been effected at the weighted-average price of all Rights sold by the
Subscription Agent during the Offer, less any applicable brokerage commissions, taxes and other expenses, and the proceeds will be remitted
by the Subscription Agent to the selling Record Date Shareholder(s)&nbsp;within&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business Days following
the Expiration Date.</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-indent: 0.5in">If the Dealer Manager declines to purchase the
Rights of a Record Date Shareholder that have been duly submitted to the Subscription Agent for sale, the Subscription Agent will attempt
to sell such Rights in the open market. The proceeds from such sales will be held by the Subscription Agent in an account segregated from
the Subscription Agent&rsquo;s own funds pending distribution to the selling Record Date Shareholders. If the Rights can be sold in such
manner, all of such sales will be deemed to have been effected at the weighted-average price of all Rights sold by the Subscription Agent
during the Offer, less any applicable brokerage commissions, taxes and other expenses, and&nbsp; the proceeds of such open market sales
will be remitted by the Subscription Agent to the selling Record Date Shareholder(s)&nbsp;within&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business
Days following the Expiration Date.</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-indent: 0.5in">The Subscription Agent will also attempt to sell
(either to the Dealer Manager or in open market transactions as described above) all Rights which remain unclaimed as a result of subscription
certificates being returned by the postal authorities to the Subscription Agent as undeliverable as of the&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business
Day prior to the Expiration Date. The Subscription Agent will hold the proceeds from those sales in an account segregated from the Subscription
Agent&rsquo;s own funds for the benefit of such non-claiming Record Date Shareholders until such proceeds are either claimed or revert
to the state.</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-indent: 0.5in">There can be no assurance that the Subscription
Agent will be able to sell any Rights, and neither the Fund nor the Subscription Agent has guaranteed any minimum sales price for the
Rights. If a Record Date Shareholder does not utilize the services of the Subscription Agent and chooses to use another broker-dealer
or other financial institution to sell Rights, then the other broker-dealer or financial institution may charge a fee to sell the Rights.</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-indent: 0.5in">For a discussion of actions that may be taken by
the Dealer Manager to seek to facilitate the trading market for Rights and the placement of Common Shares pursuant to the exercise of
Rights, including the purchase of Rights and the sale during the Subscription Period by the Dealer Manager of Common Shares acquired through
the exercise of Rights and the terms on which such sales will be made, see &ldquo;Distribution Arrangements.&rdquo;</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-indent: 0.5in">The Dealer Manager&nbsp;may also act on behalf
of its clients to purchase or sell Rights in the open market and may receive commissions from its clients for such services. Holders of
Rights attempting to sell any unexercised Rights in the open market through a broker-dealer other than the Dealer Manager may be charged
a different commission and should consider the commissions and fees charged by the broker-dealer prior to selling their Rights on the
open market. The Dealer Manager is not expected to purchase Rights as principal for its own account in order to seek to facilitate the
trading market for Rights or otherwise. See &ldquo;Distribution Arrangements&rdquo; for additional information.</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-indent: 0.5in"><I>Other transfers. </I>&nbsp;The Rights evidenced
by a subscription certificate may be transferred in whole by endorsing the subscription certificate for transfer in accordance with the
accompanying instructions. A portion of the Rights evidenced by a single subscription certificate (but not fractional Rights) may be transferred
by delivering to the Subscription Agent a subscription certificate properly endorsed for transfer, with instructions to register such
portion of the Rights evidenced thereby in the name of the transferee and to issue a new subscription certificate to the transferee evidencing
such transferred Rights. In such event, a new subscription certificate evidencing the balance of the Rights, if any, will be issued to
the Record Date Shareholder or, if the Record Date Shareholder so instructs, to an additional transferee. The signature on the subscription
certificate must correspond to the name as set forth upon the face of the subscription certificate in every particular, without alteration
or enlargement, or any change. A signature guarantee must be provided by an eligible financial institution as defined in Rule&nbsp;17Ad-15
under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), subject to the standards and procedures adopted
by the Fund.</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-indent: 0.5in">Record Date Shareholders wishing to transfer all
or a portion of their Rights should allow at least&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business Days prior
to the Expiration Date for (i)&nbsp;the transfer instructions to be received and processed by the Subscription Agent; (ii)&nbsp;a new
subscription certificate to be issued and transmitted to the transferee or transferees with respect to transferred Rights, and to the
transferor with respect to retained Rights, if any; and (iii)&nbsp;the Rights evidenced by such new subscription certificate to be exercised
or sold by each recipient thereof prior to the Expiration Date. Neither the Fund, the Subscription Agent nor the Dealer Manager shall
have any liability to a transferee or transferor of Rights if subscription certificates are not received in time for exercise or sale
prior to the Expiration Date.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-indent: 0.5in">Except for the fees charged by the Subscription
Agent and Dealer Manager (which will be paid by the Fund), the transferor of the Rights shall be responsible for all commissions, fees
and other expenses (including brokerage commissions and transfer taxes) incurred or charged in connection with the purchase, sale or exercise
of Rights. None of the Fund, the Subscription Agent or the Dealer Manager will pay such commissions, fees or expenses. Investors who wish
to purchase, sell, exercise or transfer Rights through a broker, bank or other party should first inquire about any fees and expenses
that the investor will incur in connection with the transaction.</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-indent: 0.5in">The Fund anticipates that the Rights will be eligible
for transfer through, and that the exercise of the Primary Subscription and Over-Subscription Privilege may be effected through, the facilities
of or through the Subscription Agent. Eligible Record Date Shareholders may exercise the Over-Subscription Privilege in respect of exercised
Rights by properly executing and delivering to the Subscription Agent, at or prior to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, New York City
time, on the Expiration Date, a Nominee Holder over-subscription certificate or a substantially similar form satisfactory to the Subscription
Agent, together with payment of the Subscription Price for the number of Common Shares for which the Over-Subscription Privilege is to
be exercised.</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-indent: 0.5in"><I>Additional information on the transferability
of Rights. </I>&nbsp;The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights
offering to purchase Common Shares at a price below the then current net asset value so long as certain conditions are met, including:
(i)&nbsp;a good faith determination by a fund&rsquo;s board that such offering would result in a net benefit to existing shareholders;
(ii)&nbsp;the offering fully protects shareholders&rsquo; preemptive rights and does not discriminate among shareholders (except for the
possible effect of not offering fractional Rights); (iii)&nbsp;management uses its best efforts to ensure an adequate trading market in
the rights for use by shareholders who do not exercise such rights; and (iv)&nbsp;the ratio of a transferable rights offering does not
exceed one new share for each three rights held.]</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"><B>Methods for Exercising Rights</B></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-indent: 0.5in">Rights may be exercised by completing and signing
the subscription certificate that accompanies this Prospectus Supplement and mailing it in the envelope provided, or otherwise delivering
the completed and signed subscription certificate to the Subscription Agent, together with payment in full for the Common Shares at the
Subscription Price by the Expiration Date.</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-indent: 0.5in">Rights may also be exercised by contacting your
broker, trustee or other nominee, who can arrange, on your behalf, (1)&nbsp;to deliver a Notice of Guaranteed Delivery along with payment
of the shares&nbsp;prior to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, New York City time, on the Expiration Date and (2)&nbsp;to guarantee delivery
of a properly completed and executed subscription certificate pursuant to a Notice of Guaranteed Delivery by the close of business on
the&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business Day after the Expiration Date. A fee may be charged for this service. Completed subscription
certificates and related payments must be received by the Subscription Agent prior to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, New York City
time, on or before the Expiration Date (unless payment is effected by means of a Notice of Guaranteed Delivery set forth under &ldquo;
 &mdash; Payment for Common Shares&rdquo; below) at the offices of the Subscription Agent at the address set forth above. Fractional Common
Shares will not be issued upon the exercise of Rights.</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-indent: 0.5in">All questions as to the validity, form, eligibility
(including times of receipt and matters pertaining to beneficial ownership) and the acceptance of subscription forms and the Subscription
Price will be determined by the Fund, which determinations will be final and binding. No alternative, conditional or contingent subscriptions
will be accepted. The Fund reserves the right to reject any or all subscriptions not properly submitted or the acceptance of which would,
in the opinion of the Fund&rsquo;s counsel, be unlawful.</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-indent: 0.5in">See &ldquo;Distribution Arrangements&rdquo; for
additional information regarding the purchase and exercise of Rights by the Dealer Manager.</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-indent: 0.5in"><I>Common Shareholders who are record owners. </I>Exercising
Rights Holders who are holders of record may choose either option set forth under &ldquo; &mdash; Payment for Common Shares&rdquo; below.
If time is of the essence, the Fund or the Advisers, in their sole discretion, may permit delivery of the subscription certificate and
payment after the Expiration Date.</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-indent: 0.5in"><I>Record Date Shareholders whose Common Shares
are held by a nominee. </I>Record Date Shareholders whose Common Shares are held by a nominee, such as a bank, broker or trustee, must
contact that nominee to exercise their Rights. In that case, the nominee will complete the subscription certificate on behalf of the Record
Date Shareholder and arrange for proper payment by one of the methods set forth under &ldquo; &mdash; Payment for Common Shares&rdquo;
below.</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-indent: 0.5in"><I>Nominees. </I>&nbsp;Nominees, such as brokers,
trustees or depositories for securities, who hold Common Shares for the account of others, should notify the respective beneficial owners
of the Common Shares as soon as possible to ascertain the beneficial owners&rsquo; intentions and to obtain instructions with respect
to the Rights. If the beneficial owner so instructs, the nominee should complete the subscription certificate and submit it to the Subscription
Agent with the proper payment as described under &ldquo; &mdash; Payment for Common Shares&rdquo; below.</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"></P>


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<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-indent: 0.5in">Banks, brokers, trustees and other nominee holders
of Rights will be required to certify to the Subscription Agent, before any Over-Subscription Privilege may be exercised with respect
to any particular beneficial owner who is a Record Date Shareholder, as to the aggregate number of Rights exercised during the subscription
period and the number of Common Shares subscribed for pursuant to the Over-Subscription Privilege by the beneficial owner, and that the
beneficial owner exercised all Rights issued to it pursuant to the Offer.</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"><B>Foreign Common Shareholders</B></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-indent: 0.5in">Subscription certificates will not be mailed to
Record Date Shareholders whose record addresses are outside the United States (for these purposes, the United States includes its territories
and possessions and the District of Columbia) (the &ldquo;Foreign Common Shareholders&rdquo;). Subscription certificates will only be
mailed to Record Date Shareholders whose addresses are within the United States (other than an APO or FPO address). Record Date Shareholders
whose addresses are outside the United States or who have an APO or FPO address and who wish to subscribe to the Offer either in part
or in full should contact the Subscription Agent in writing no later than&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business Days prior to the
Expiration Date. The Fund will determine whether the Offer may be made to any such Record Date Shareholder. The Offer will not be made
in any jurisdiction where it would be unlawful to do so. If the Subscription Agent has received no instruction by the&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business
Day prior to the Expiration Date or the Fund has determined that the Offer may not be made to a particular Record Date Shareholder, the
Subscription Agent will attempt to sell all of such Common Shareholder&rsquo;s Rights and remit the net proceeds, if any, to such Common
Shareholder. If the Rights can be sold, all of such sales will be deemed to have been effected at the weighted average price of all Rights
sold by the Subscription Agent during the Offer, less any applicable brokerage commissions, taxes and other expenses.</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-indent: 0.5in">The Subscription Agent will hold the Rights to
which those subscription certificates relate for these Common Shareholders&rsquo; accounts until instructions are received to exercise,
sell or transfer the Rights, subject to applicable law. If no instructions have been received by&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, New
York City time, on&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business Days prior to the Expiration Date (or,
if the subscription period is extended, on or before&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business Days prior to the extended Expiration Date),
the Subscription Agent will ask the Dealer Manager if it will purchase the Rights. If the Dealer Manager purchases the Rights, the sales
price paid by the Dealer Manager will be based upon the then current market price for the Rights. The proceeds from each of such sales
to the Dealer Manager will be remitted to the Subscription Agent, which will hold such proceeds in an account segregated from the Subscription
Agent&rsquo;s own funds pending distribution to each Foreign Common Shareholder. It is expected that following each such sale of Rights
to the Dealer Manager, the proceeds from each such sale will be received by the Subscription Agent within&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business
Days of the sale. All of such sales will be deemed to have been effected at the weighted-average price of all Rights sold by the Subscription
Agent during the Offer, less any applicable brokerage commissions, taxes and other expenses, and the proceeds will then be remitted by
the Subscription Agent to the Foreign Common Shareholder within&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business Days following the Expiration
Date.</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-indent: 0.5in">If the Dealer Manager declines to purchase the
Rights of a Foreign Common Shareholder, the Subscription Agent will attempt to sell such Rights in the open market. The proceeds from
such sales will be held by the Subscription Agent in an account segregated from the Subscription Agent&rsquo;s own funds pending distribution
to the Foreign Common Shareholders. If the Rights can be sold in such manner, all of such sales will be deemed to have been effected at
the weighted-average price of all Rights sold by the Subscription Agent during the Offer, less any applicable brokerage commissions, taxes
and other expenses, and the proceeds will be remitted by the Subscription Agent to the Foreign Common Shareholders within Business Days
following the Expiration Date.</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-indent: 0.5in">There can be no assurance that the Subscription
Agent will be able to sell any Rights, and neither the Fund nor the Subscription Agent has guaranteed any minimum sales price for the
Rights.</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"><B>Notice of NAV Decline</B></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-indent: 0.5in">The Fund, as required by the SEC&rsquo;s registration
form, will suspend the Offer until it amends this Prospectus Supplement if, subsequent to the effective date of the Registration Statement,
of which this Prospectus Supplement is a part, the Fund&rsquo;s NAV declines more than 10% from its NAV as of that date. Accordingly,
the Expiration Date would be extended and the Fund would notify Record Date Shareholders of the decline and permit Exercising Rights Holders
to cancel their exercise of Rights.</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"><B>Subscription Agent</B></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-indent: 0.5in">The Subscription Agent is&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;.
Under the terms and subject to the conditions contained in a Subscription Agent Agreement between the Fund and the Subscription Agent,
the Subscription Agent in connection with the Offer will provide services related to the distribution of the subscription certificates
and the issuance and exercise of Rights to subscribe as set forth therein. The Subscription Agent will receive for its administrative,
processing, invoicing and other services a fee estimated to be approximately $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, plus reimbursement for
all out-of-pocket expenses related to the Offer.</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"></P>


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    <DIV STYLE="break-before: page; 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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Completed subscription certificates must be sent
together with proper payment of the Subscription Price for all Common Shares subscribed for in the Primary Subscription and the Over-Subscription
Privilege (for eligible Record Date Shareholders) to the Subscription Agent by one of the methods described below. Alternatively, Notices
of Guaranteed Delivery may be sent by email to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;to be received by the Subscription Agent prior to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;New
York City time, on the Expiration Date. The Fund will accept only properly completed and executed subscription certificates actually received
at any of the addresses listed below, prior to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, New York City time, on the Expiration Date or by the
close of business on the&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business Day after the Expiration Date following timely receipt of a Notice
of Guaranteed Delivery. See &ldquo; &mdash; Payment for Common Shares&rdquo; below.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscription&nbsp;Certificate<BR>
Delivery&nbsp;Method</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 63%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address/Number</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Notice of Guaranteed Delivery</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contact your broker-dealer, trust company, bank, or other nominee to notify the Fund of your intent to exercise, sell or transfer the Rights.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By First Class&nbsp;Mail Only<BR>
(No Overnight /Express Mail)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Express Mail or Overnight Courier</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<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-indent: 0.5in"><B>Delivery to an address other than one of the
addresses listed above will not constitute valid delivery.</B></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"><B>Information Agent</B></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-indent: 0.5in">The Information Agent is&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;.
Under the terms and subject to the conditions contained in an Information Agent Agreement between the Fund and the Information Agent,
the Information Agent will provide communication, dissemination and other related services in connection with the Offer. The Information
Agent will receive a fee estimated to be $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, plus reimbursement for its out-of-pocket expenses related
to the Offer.</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-indent: 0.5in">Any questions or requests for assistance concerning
the method of subscribing for Common Shares or for additional copies of this prospectus or subscription certificates or Notices of Guaranteed
Delivery may be directed to the Information Agent at its telephone number and address listed below:</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-indent: 0.5in">Common Shareholders may also contact their brokers
or nominees for information with respect to the Offer.</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"><B>Payment for Common Shares</B></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-indent: 0.5in">Exercising Rights Holders may choose between the
following methods of payment:</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-indent: 0.5in">(1)&#8239;&#8239;An Exercising Rights Holder may
send the subscription certificate together with payment by personal check for the Common Shares acquired in the Primary Subscription and
any additional Common Shares subscribed for pursuant to the Over-Subscription Privilege (for eligible Record Date Shareholders) to the
Subscription Agent based on the estimated Subscription Price of . To be accepted, the payment by personal check, together with a properly
completed and executed subscription certificate, must be received by the Subscription Agent at one of the Subscription Agent&rsquo;s offices
set forth above, prior to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, New York City time, on the Expiration Date.</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-indent: 0.5in">(2)&#8239;&#8239;An Exercising Rights Holder may
have a bank, trust company or NYSE member deliver a Notice of Guaranteed Delivery to the Subscription Agent by email or mail, along with&nbsp;payment
of the full estimated Subscription Price for the Common Shares subscribed for in the Primary Subscription and any additional Common Shares
subscribed for pursuant to the Over-Subscription Privilege (for eligible Record Date Shareholders) by&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
New York City time, on the Expiration Date guaranteeing delivery of &nbsp;a properly completed and executed subscription certificate.
The Subscription Agent will not honor a Notice of Guaranteed Delivery unless a properly completed and executed subscription certificate
is received by the Subscription Agent by the close of business on&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;or, if the Offer is extended, on the
Business Day after the Expiration Date.</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-indent: 0.5in">All payments by an Exercising Rights Holder must
be in U.S. dollars by personal check drawn on a bank or branch located in the United States and payable to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;.
The Subscription Agent will deposit all funds received by it prior to the final payment date into a segregated account pending proration
and distribution of the Common Shares. The Subscription Agent may receive investment earnings on the funds deposited into such account.</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"></P>


<!-- Field: Page; Sequence: 18 -->
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    <DIV STYLE="break-before: page; 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"></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-indent: 0.5in"><B>The method of delivery of subscription certificates
and payment of the Subscription Price to the Fund will be at the election and risk of the Exercising Rights Holders, but if sent by mail,
it is recommended that such Certificates and payments be sent by registered mail, properly insured, with return receipt requested, and
that a sufficient number of days be allowed to ensure delivery to the Subscription Agent and clearance of payment prior to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
New York City time, on the Expiration Date or the date guaranteed payments are due under a Notice of Guaranteed Delivery (as applicable).
Because uncertified personal checks may take at least five Business Days to clear, you are strongly urged to pay, or arrange for payment,
by means of certified or cashier&rsquo;s check or money order.</B></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-indent: 0.5in">Within&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business
Days following the Expiration Date (the &ldquo;Confirmation Date&rdquo;), the Subscription Agent will direct the Transfer Agent to send
to each Exercising Rights Holder (or, if Common Shares are held by Cede or any other depository or nominee, to Cede or such other depository
or nominee) a confirmation showing (i)&nbsp;the number of Common Shares purchased pursuant to the Primary Subscription; (ii)&nbsp;the
number of Common Shares, if any, acquired pursuant to the Over-Subscription Privilege (for eligible Record Date Shareholders); (iii)&nbsp;the
per Common Share and total purchase price for the Common Shares; and (iv)&nbsp;any additional amount payable to the Fund by the Exercising
Rights Holder or any excess to be refunded by the Fund to the Exercising Rights Holder, in each case based on the Subscription Price as
determined on the Expiration Date. If any Exercising Rights Holder, if eligible, exercises his right to acquire Common Shares pursuant
to the Over-Subscription Privilege, any excess payment which would otherwise be refunded to him will be applied by the Fund toward payment
for Common Shares acquired pursuant to the exercise of the Over-Subscription Privilege. Any additional payment required from an Exercising
Rights Holder must be received by the Subscription Agent within&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Business
Days after the Confirmation Date. All payments by Rights holders must be in United States dollars by personal check drawn on a bank located
in the United States of America and payable to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;. Any excess payment
to be refunded by the Fund to an Exercising Rights Holder will be mailed by the Subscription Agent to the Rights Holder as promptly as
practicable.</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-indent: 0.5in">Whichever of the two methods described above is
used, issuance of the Common Shares purchased is subject to collection of checks and actual receipt of payment. The Subscription Agent
will deposit all checks it receives prior to the final due date of this Offer into a segregated account pending proration and distribution
of the Common Shares. The Subscription Agent may receive investment earnings on the funds deposited into such account. If an Exercising
Rights Holder who subscribes for Common Shares pursuant to the Primary Subscription or Over-Subscription Privilege (for eligible Record
Date Shareholders) does not make payment of any amounts due by the Expiration Date or the date guaranteed payments are due under a Notice
of Guaranteed Delivery, the Subscription Agent reserves the right to take any or all of the following actions: (i)&nbsp;sell subscribed
and unpaid-for Common Shares to other eligible Record Date Shareholders; (ii)&nbsp;apply any payment actually received by it from the
Exercising Rights Holder toward the purchase of the greatest whole number of Common Shares which could be acquired by such Exercising
Rights Holder upon exercise of the Primary Subscription and/or the Over-Subscription Privilege; and/or (iii)&nbsp;exercise any and all
other rights or remedies to which it may be entitled, including, without limitation, the right to set off against payments actually received
by it with respect to such subscribed for Common Shares.</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-indent: 0.5in">All questions concerning the timeliness, validity,
form and eligibility of any exercise of Rights will be determined by the Fund, whose determinations will be final and binding. The Fund
or the Adviser, each in its sole discretion, may waive any defect or irregularity, or permit a defect or irregularity to be corrected
within such time as it may determine, or reject the purported exercise of any Right. Subscriptions will not be deemed to have been received
or accepted until all irregularities have been waived or cured within such time as the Fund or the Adviser determines in its sole discretion.
The Subscription Agent and the Fund will not be under any duty to give notification of any defect or irregularity in connection with the
submission of subscription certificates or incur any liability for failure to give such notification.</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-indent: 0.5in"><B>Exercising Rights Holders will have no right
to rescind their subscription after receipt of their payment for Common Shares by the Subscription Agent, except as provided above under
 &ldquo; &mdash; Notice of NAV Decline.&rdquo;</B></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: center; background-color: white"><B>DISTRIBUTION ARRANGEMENTS</B></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-indent: 0.5in">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;will act as
Dealer Manager for the Offer. Under the terms and subject to the conditions contained in the Dealer Manager Agreement among the Dealer
Manager, the Fund and the Advisers, the Dealer Manager will provide financial structuring and solicitation services in connection with
the Offer and will solicit the exercise of Rights and participation in the Over-Subscription Privilege. The Offer is not contingent upon
any number of Rights being exercised. The Dealer Manager will also be responsible for forming and managing a group of selling broker-dealers
(each a &ldquo;Selling Group Member&rdquo; and collectively the &ldquo;Selling Group Members&rdquo;), whereby each Selling Group Member
will enter into a Selling Group Agreement with the Dealer Manager to solicit the exercise of Rights and to sell Common Shares purchased
by the Selling Group Member from the Dealer Manager. In addition, the Dealer Manager will enter into a Soliciting Dealer Agreement with
other soliciting broker-dealers (each a &ldquo;Soliciting Dealer&rdquo; and collectively the &ldquo;Soliciting Dealers&rdquo;) to solicit
the exercise of Rights. See &ldquo;Compensation to Dealer Manager&rdquo; for a discussion of fees and other compensation to be paid to
the Dealer Manager, Selling Group Members and Soliciting Dealers in connection with the Offer.</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"></P>


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<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-indent: 0.5in">The services provided by the Dealer Manager differ
from those provided by the Adviser in that the Adviser acts as the investment adviser for the Fund and manages the investment and reinvestment
of the Fund&rsquo;s assets in accordance with the Fund&rsquo;s investment objectives and policies and limitations, and generally manages
the day-to-day business and affairs of the Fund. The Adviser has not been retained by the Fund to manage a rights offering; instead, given
the complexities of the transaction, the Fund believes that the retention of the Dealer Manager will be beneficial.</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-indent: 0.5in">The Fund and the Advisers have agreed to indemnify
the Dealer Manager for losses arising out of certain liabilities, including liabilities under the Securities Act. The Dealer Manager Agreement
also provides that the Dealer Manager will not be subject to any liability to the Fund in rendering the services contemplated by the Dealer
Manager Agreement except for any act of willful misfeasance, bad faith or gross negligence of the Dealer Manager or reckless disregard
by the Dealer Manager of its obligations and duties under the Dealer Manager Agreement.</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-indent: 0.5in">Prior to the expiration of the Offer, the Dealer
Manager may independently offer for sale Common Shares acquired through exercising the Rights at prices that may be different from the
market price for such Common Shares or from the price to be received by the Fund upon the exercise of Rights. The Dealer Manager is authorized
to buy and exercise Rights (for delivery of Common Shares prior to the expiration of the Offer), including unexercised Rights of Record
Date Shareholders whose record addresses are outside the United States held by the Subscription Agent for which no instructions are received,
and to sell Common Shares to the public or to Selling Group Members at the offering price set by the Dealer Manager from time to time.
In addition, the Dealer Manager has the right to buy Rights offered to it by the Subscription Agent from electing Record Date Shareholders,
and the Dealer Manager may purchase such Rights as principal or act as agent on behalf of its clients for the resale of such Rights. See
 &ldquo; &mdash; Sales through the Subscription Agent&rdquo; above for more information.</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-indent: 0.5in">In order to seek to facilitate the trading market
in the Rights for the benefit of non-exercising Common Shareholders, and the placement of the Common Shares to new or existing investors
pursuant to the exercise of the Rights, the Dealer Manager Agreement provides for special arrangements with the Dealer Manager. Under
these arrangements, the Dealer Manager is expected to purchase Rights on the NYSE. The number of Rights, if any, purchased by the Dealer
Manager will be determined by the Dealer Manager in its sole discretion. The Dealer Manager is not obligated to purchase Rights or Common
Shares as principal for its own account to facilitate the trading market for Rights or for investment purposes. Rather, its purchases
are expected to be closely related to interest in acquiring Common Shares generated by the Dealer Manager through its marketing and soliciting
activities. The Dealer Manager intends to exercise Rights purchased by it during the Subscription Period but prior to the Expiration Date.
The Dealer Manager may exercise those Rights at its option on one or more dates, which are expected to be prior to the Expiration Date.
The subscription price for the Common Shares issued through the exercise of Rights by the Dealer Manager prior to the Expiration Date
will be&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;. The price and timing of these exercises are expected to differ from those described herein
for the Offer. The Subscription Price will be paid to the Fund and the dealer manager fee with respect to such proceeds will be paid by
the Fund on the applicable settlement date(s)&nbsp;of such exercise(s).</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-indent: 0.5in">In connection with the exercise of Rights and receipt
of Common Shares, the Dealer Manager intends to offer those Common Shares for sale to the public and/or through Selling Group Members
it has established. The Dealer Manager may set the price for those Common Shares at any price that it determines, in its sole discretion.
The Dealer Manager has advised that the price at which such Common Shares are offered is expected to be at or slightly below the closing
price of the Common Shares on the NYSE on the date the Dealer Manager exercises Rights. No portion of the amount paid to the Dealer Manager
or to a Selling Group Member from the sale of Common Shares in this manner will be paid to the Fund. If the sales price of the Common
Shares is greater than the subscription price paid by the Dealer Manager for such Common Shares plus the costs to purchase Rights for
the purpose of acquiring those Common Shares, the Dealer Manager will receive a gain.</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-indent: 0.5in">Alternatively, if the sales price of the Common
Shares is less than the Subscription Price for such Common Shares plus the costs to purchase Rights for the purpose of acquiring those
Common Shares, the Dealer Manager will incur a loss. The Dealer Manager will pay a concession to Selling Group Members in an amount equal
to approximately&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;%&nbsp; of the aggregate price of the Common Shares sold by the respective Selling Group
Member. Neither the Fund nor the Advisers has a role in setting the terms, including the sales price, on which the Dealer Manager offers
for sale and sells Common Shares it has acquired through purchasing and exercising Rights or the timing of the exercise of Rights or sales
of Common Shares by the Dealer Manager. Persons who purchase Common Shares from the Dealer Manager or a Selling Group Member will purchase
Common Shares at a price set by the Dealer Manager, which may be more or less than the Subscription Price, based on the Formula Price
mechanism through which Common Shares will be sold in the Offer, and at a time set by the Dealer Manager, which is expected to be prior
to the Expiration Date, and will not have the uncertainty of waiting for the determination of the Subscription Price on the Expiration
Date.</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"></P>


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<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-indent: 0.5in">The Dealer Manager may purchase Rights as principal
or act as agent on behalf of its clients for the resale of such Rights. The Dealer Manager may realize gains (or losses) in connection
with the purchase and sale of Rights and the sale of Common Shares, although such transactions are intended by the Dealer Manager to facilitate
the trading market in the Rights and the placement of the Common Shares to new or existing investors pursuant to the exercise of the Rights.
Any gains (or losses) realized by the Dealer Manager from the purchase and sale of Rights and the sale of Common Shares are independent
of and in addition to its fee as Dealer Manager. The Dealer Manager has advised that any such gains (or losses) are expected to be immaterial
relative to its fee as Dealer Manager.</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"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since neither the Dealer Manager nor persons who
purchase Common Shares from the Dealer Manager or Selling Group Members were Record Date Shareholders, they would not be able to participate
in the Over-Subscription Privilege.</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-indent: 0.5in">There is no limit on the number of Rights the Dealer
Manager can purchase or exercise. Common Shares acquired by the Dealer Manager pursuant to the exercise of Rights acquired by it will
reduce the number of Common Shares available pursuant to the over-subscription privilege, perhaps materially, depending on the number
of Rights purchased and exercised by the Dealer Manager.</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-indent: 0.5in">Although the Dealer Manager can seek to facilitate
the trading market for Rights as described above, investors can acquire Common Shares at the Subscription Price by acquiring Rights on
the NYSE and exercising them in the method described above under &ldquo;Methods of Exercising of Rights.&rdquo;</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-indent: 0.5in">In the ordinary course of their businesses, the
Dealer Manager and/or its affiliates may engage in investment banking or financial transactions with the Fund, the Advisers and their
affiliates. In addition, in the ordinary course of their businesses, the Dealer Manager and/or its affiliates may, from time to time,
own securities of the Fund or its affiliates.</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-indent: 0.5in">The principal business address of the Dealer Manager
is&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;.]</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"><B>Compensation to Dealer Manager</B></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-indent: 0.5in">Pursuant to the Dealer Manager Agreement, the Fund
has agreed to pay the Dealer Manager a fee for its financial structuring and solicitation services equal to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;%
of the Subscription Price for each Common Share issued pursuant to the Offer, including the Over-Subscription Privilege. The Dealer Manager
will reallow to Selling Group Members in the Selling Group to be formed and managed by the Dealer Manager selling fees equal to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;%
of the Subscription Price for each Common Share issued pursuant to the Offer or the Over-Subscription Privilege as a result of their selling
efforts. In addition, the Dealer Manager will reallow to Soliciting Dealers that have executed and delivered a Soliciting Dealer Agreement
and have solicited the exercise of Rights, solicitation fees equal to&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;% of the Subscription Price for
each Common Share issued pursuant to the exercise of Rights as a result of their soliciting efforts, subject to a maximum fee based on
the number of Common Shares held by such Soliciting Dealer through DTC on the Record Date. Fees will be paid to the broker-dealer designated
on the applicable portion of the subscription certificates or, in the absence of such designation, to the Dealer Manager.</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-indent: 0.5in">The Fund has also agreed to pay the Dealer Manager
up to $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;as a partial reimbursement for its reasonable out-of-pocket expenses incurred in connection with
the Offer.&nbsp; The Fund will also pay expenses relating to the printing or other production, mailing and delivery expenses incurred
in connection with materials related to the Offer, including all reasonable out-of-pocket fees and expenses, if any and not to exceed
$&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, incurred by the Dealer Manager, Selling Group Members, Soliciting Dealers and other brokers, dealers
and financial institutions in connection with their customary mailing and handling of materials related to the Offer to their customers.
No other fees will be payable by the Fund or the Advisers to the Dealer Manager in connection with the Offer.</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: center"><B>USE OF PROCEEDS</B></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-indent: 0.5in">The Fund estimates total net proceeds of the offering
to be approximately $[<FONT STYLE="font-family: Symbol">&middot;</FONT>], based on the public offering price of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] per share and after deduction of the underwriting discounts
and commissions and estimated offering expenses payable by the Fund.</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-indent: 0.5in">The Fund intends to invest the net proceeds of
the offering in accordance with its investment objectives and policies as stated in the accompanying Prospectus. It is currently anticipated
that the Fund will be able to invest substantially all of the net proceeds of the offering in accordance with its investment objectives
and policies within [<FONT STYLE="font-family: Symbol">&middot;</FONT>] months after the completion of the offering. However, until it is able to do so, the Fund may invest in temporary
investments, such as cash, cash equivalents, short-term debt securities or U.S. government securities, which could negatively impact the
Fund&rsquo;s returns during such period.</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: center"><FONT STYLE="text-transform: uppercase"><B>Recent
developments</B></FONT></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">[TO COME, <FONT STYLE="text-transform: uppercase">if
any</FONT>]</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"></P>


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<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: center"><FONT STYLE="text-transform: uppercase"><B>TAX
matters</B></FONT></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">[TO COME]</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: center"><B>LEGAL MATTERS</B></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: left; text-indent: 0.5in">Certain legal matters in connection
with the Common Shares will be passed on for the Fund by Dechert LLP. Certain legal matters will be passed on by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , as special counsel
to the underwriters in connection with the offering of Common Shares.</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: center"><B>ADDITIONAL INFORMATION</B></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: left; text-indent: 0.5in">This Prospectus Supplement,
the accompanying Prospectus and the documents incorporated herein or therein by reference constitute part of a Registration Statement
filed by the Fund with the SEC under the Securities Act, and the 1940 Act. This Prospectus Supplement and the accompanying Prospectus
omit certain of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement and
related exhibits for further information with respect to the Fund and the Rights offered hereby. Any statements contained herein concerning
the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such document filed
as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by such
reference. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules&nbsp;and regulations
or free of charge through the SEC&rsquo;s website (www.sec.gov).</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: left; text-indent: 1in">Free copies of the Fund&rsquo;s
Prospectus, SAI, reports and any incorporated information will also be available from the Fund&rsquo;s website at <U>https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds</U>.
Information contained on the Fund&rsquo;s website is not considered to be a part of, nor incorporated by reference in, this Prospectus
Supplement or the accompanying Prospectus.</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"></P>


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    <!-- Field: /Page -->


<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: center"><B>Shares</B></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: center"><B>abrdn Global Dynamic Dividend Fund</B></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: center"><B>Common Shares</B></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: center"><B>FORM&nbsp;OF</B></P>


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


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












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          <td style="padding-bottom: .25em">
            <p>
              <b>
                <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-363">abrdn Global Dynamic Dividend Fund</ix:nonNumeric>
              </b>
            </p>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 1: Newly Registered and Carry Forward Securities</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcOfferingTableNa">&#9744;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; float: center; width: 100%; text-align: center; border: 1px solid black; font-size: 16px;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 12%;">
            <!-- BLANK -->
          </th>
          <th style="width: 2%;">
            <!-- BLANK -->
          </th>
          <th style="width: 12%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Type</b>
            </p>
          </th>
          <th style="width: 14%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Class Title </b>
            </p>
          </th>
          <th style="width: 2%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Calculation or Carry Forward Rule</b>
            </p>
          </th>
          <th style="width: 5%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount Registered</b>
            </p>
          </th>
          <th style="width: 15%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Proposed Maximum Offering Price Per Unit</b>
            </p>
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Maximum Aggregate Offering Price</b>
            </p>
          </th>
          <th style="width: 5%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Rate</b>
            </p>
          </th>
          <th style="width: 6%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Registration Fee</b>
            </p>
          </th>
          <th style="width: 1%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward Form Type</b>
            </p>
          </th>
          <th style="width: 7%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward File Number</b>
            </p>
          </th>
          <th style="width: 6%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward Initial Effective Date</b>
            </p>
          </th>
          <th style="width: 7%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b>
            </p>
          </th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Newly Registered Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_1" format="ixt:booleanfalse" id="ixv-364">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
		1
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-365">Equity</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-366">Common shares of beneficial interest, no par value</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-367">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-368">1,000,000.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-369">0.0001531</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-370">153.10</ix:nonFraction>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fees Previously Paid
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Carry Forward Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Carry Forward Securities
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; width: 16%;">
            <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-371">1,000,000.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; border-bottom: 1px black; width: 16%;">
            <p id="TotalFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-372">153.10</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fees Previously Paid:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalPreviouslyPaidAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-373">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fee Offsets:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-374">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="NetFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-375">153.10</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 100%; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Offering Note</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 100%; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_1" id="ixv-376">Estimated pursuant to Rule 457(o) under the Securities Act of 1933 solely for the purpose of determining the registration fee. The proposed maximum offering price per security will be determined, from time to time, by the Registrant in connection with the sale by the Registrant of the securities registered under the registration statement.</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 2: Fee Offset Claims and Sources</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcOffsetTableNa">&#9745;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center;  border: 1px solid black;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 10%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 8%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 16%;">
				Registrant or Filer Name
			</th>
          <th style="width: 6%;">
				Form or Filing Type
			</th>
          <th style="width: 7%;">
				File Number
			</th>
          <th style="width: 6%;">
				Initial Filing Date
			</th>
          <th style="width: 6%;">
				Filing Date
			</th>
          <th style="width: 6%;">
				Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Security Type Associated with Fee Offset Claimed
			</th>
          <th style="width: 8%;">
				Security Title Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Unsold Securities Associated with Fee Offset Claimed
			</th>
          <th style="width: 9%;">
				Unsold Aggregate Offering Amount Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Fee Paid with Fee Offset Source
			</th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rules 457(b) and 0-11(a)(2)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rule 457(p)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
      </table>
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        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 3: Combined Prospectuses</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcCombinedProspectusTableNa">&#9745;Not Applicable</span>
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          <th style="width: 4%">
            <!-- Note column -->
          </th>
          <th style="width: 14%">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Type</b>
            </p>
          </th>
          <th style="width: 25%">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Class Title</b>
            </p>
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          <th style="width: 14%">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Securities Previously Registered</b>
            </p>
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          <th style="width: 18%">
            <p style="margin: 0pt; text-align: center;">
              <b>Maximum Aggregate Offering Price of Securities Previously Registered</b>
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          <th style="width: 6%">
            <p style="margin: 0pt; text-align: center;">
              <b>Form Type</b>
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          <th style="width: 10%">
            <p style="margin: 0pt; text-align: center;">
              <b>File Number</b>
            </p>
          </th>
          <th style="width: 8%">
            <p style="margin: 0pt; text-align: center;">
              <b>Initial Effective Date</b>
            </p>
          </th>
        </tr>
        <tr style="background-color:#E7E7E2;">
          <td style="text-align: center;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
	</td>
          <td style="text-align: center;">
		N/A
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Aug. 22, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001362481<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">abrdn Global Dynamic Dividend Fund<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">N-2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">N-2<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings - Offering: 1<br></strong></div></th>
<th class="th">
<div>Aug. 22, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common shares of beneficial interest, no par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 1,000,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 153.10<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Estimated pursuant to Rule 457(o) under the Securities Act of 1933 solely for the purpose of determining the registration fee. The proposed maximum offering price per security will be determined, from time to time, by the Registrant in connection with the sale by the Registrant of the securities registered under the registration statement.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457oFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using Rule 457(o) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection o<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457oFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Aug. 22, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
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<SEQUENCE>30
<FILENAME>tm2523786d1_exfilingfees_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2025"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
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    <context id="rc">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001362481</identifier>
        </entity>
        <period>
            <startDate>2025-08-22</startDate>
            <endDate>2025-08-22</endDate>
        </period>
    </context>
    <context id="offrl_1">
        <entity>
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            <segment>
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                </xbrldi:typedMember>
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        </entity>
        <period>
            <startDate>2025-08-22</startDate>
            <endDate>2025-08-22</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="pure">
        <measure>pure</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
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    <ffd:SubmissnTp contextRef="rc" id="ixv-331">N-2</ffd:SubmissnTp>
    <ffd:FeeExhibitTp contextRef="rc" id="ixv-332">EX-FILING FEES</ffd:FeeExhibitTp>
    <dei:EntityCentralIndexKey contextRef="rc" id="ixv-333">0001362481</dei:EntityCentralIndexKey>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-334">abrdn Global Dynamic Dividend Fund</dei:EntityRegistrantName>
    <ffd:OfferingTableNa contextRef="rc" id="hiddenrcOfferingTableNa" xsi:nil="true"/>
    <ffd:OffsetTableNa contextRef="rc" id="hiddenrcOffsetTableNa">N/A</ffd:OffsetTableNa>
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    <ffd:PrevslyPdFlg contextRef="offrl_1" id="ixv-364">false</ffd:PrevslyPdFlg>
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      decimals="INF"
      id="ixv-368"
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      id="ixv-369"
      unitRef="pure">0.0001531</ffd:FeeRate>
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      contextRef="offrl_1"
      decimals="INF"
      id="ixv-370"
      unitRef="USD">153.10</ffd:FeeAmt>
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    <ffd:TtlOffsetAmt contextRef="rc" decimals="INF" id="ixv-374" unitRef="USD">0.00</ffd:TtlOffsetAmt>
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    <ffd:OfferingNote contextRef="offrl_1" id="ixv-376">Estimated pursuant to Rule 457(o) under the Securities Act of 1933 solely for the purpose of determining the registration fee. The proposed maximum offering price per security will be determined, from time to time, by the Registrant in connection with the sale by the Registrant of the securities registered under the registration statement.</ffd:OfferingNote>
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